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So You Want to Be an Entrepreneur?

• Emily Heyward

One founder’s advice on what you should know before you quit your day job.

Starting a business is not easy, and scaling it is even harder. You may think you’re sitting on a completely original idea, but chances are the same cultural forces that led you to your business plan are also influencing someone else. That doesn’t mean you should give up, or that you should rush to market before you’re ready. It’s not about who’s first, it’s about who does it best, and best these days is the business that delivers the most value to the consumer. Consumers have more power and choice than ever before, and they’re going to choose and stick with the companies who are clearly on their side. How will you make their lives easier, more pleasant, more meaningful? How will you go out of your way for them at every turn? When considering your competitive advantage, start with the needs of the people you’re ultimately there to serve. If you have a genuine connection to your idea, and you’re solving a real problem in a way that adds more value to people’s lives, you’re well on your way.

When I graduated from college in 2001, I didn’t have a single friend whose plan was to start his or her own business. Med school, law school, finance, consulting: these were the coveted jobs, the clear paths laid out before us. I took a job in advertising, which was seen as much more rebellious than the reality. I worked in advertising for a few years, and learned an incredible amount about how brands get built and communicated. But I grew restless and bored, tasked with coming up with new campaigns for old and broken products that lacked relevance, unable to influence the products themselves. During that time, I was lucky to have an amazing boss who explained a simple principle that fundamentally altered my path. What she told me was that stress is not about how much you have on your plate; it’s about how much control you have over the outcomes. Suddenly I realized why every Sunday night I was overcome with a feeling of dread. It wasn’t because I had too much going on at work. It was because I had too little power to effect change.

• EH Emily Heyward is the author of Obsessed: Building a Brand People Love from Day One (Portfolio; June 9, 2020). She is the co-founder and chief brand officer at Red Antler, a full-service brand company based in Brooklyn. Emily was named among the Most Important Entrepreneurs of the Decade by Inc.  magazine, and has also been recognized as a Top Female Founder by Inc. and one of Entrepreneur’s Most Powerful Women of 2019.

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7 Real Reasons Why Entrepreneurs Start Their Own Business

Posted april 5, 2022 by kody wirth.

Why do people want to start their own business? What drives them to strike out on their own?

If you’re considering becoming an entrepreneur , understanding your answer to this question is critical. Honestly, assessing your motivations can tell you a lot about your likelihood of success. Will you be able to navigate a financial crisis? Invest the extra hours to rework your strategy even when you’d rather go home? 

If you don’t have an answer to that question, it may be helpful to explore why you want to be an entrepreneur further. Let’s take a look at some of the most common reasons why entrepreneurs start their own businesses—which are probably leading you to do the same.

1. Freedom to pursue your passion

You’ve had this talent, skill, or hobby for years, maybe even since childhood. Now, you see a potential opportunity to develop a business structure and monetize it. So you decide to use your passion to start a business. 

However, you may want to take a moment to assess the potential of your passion. Yes, it makes you happy, but can it pay the bills?

When you set aside emotion and focus strictly on dollars and common sense, does your passion-fueled business idea truly have the potential to be financially successful? Don’t forget, with ongoing record inflation, you’ll need continuously increasing income to support yourself and your business. Can your passion keep you afloat? 

If the answer is yes, start writing a business plan and go for it. If not, then you should likely rethink using your passion and explore other small business ideas. Consider another talent or hobby that can bring emotional fulfillment, as well as a tangible financial reward. 

Or, do further market research into other opportunities outside of your core interests. You may find that there is another reason for being an entrepreneur is really what’s driving you.

Recommended Reading: 12 Types of Entrepreneurs Explained

2. Create generational wealth

Many people are fixated on the idea of creating wealth that can be enjoyed by their families. For some, it’s an ambitious financial planning goal derived from witnessing living examples of absurdly wealthy families. People who’ve been able to pass down highly successful businesses from generation to generation. Others simply want their kids and grandkids to be spared from the financial hardships they were forced to overcome. 

Yet, only a handful of businesses are able to survive the passage of time. Yes, building a prosperous foundation for your descendants is a worthy cause. However, there is no guarantee that they’ll have the work ethic or discipline necessary to maintain an existing business. Much less position it to remain competitive in an ever-evolving global marketplace.  

Therefore, your focus has to be on how this endeavor will improve your life right now. Yes, your hard work could benefit your great-great grandkids, and you can teach your children to appreciate your business. You can’t force them to have the same passion you do. You can only set them up for success and hope for the best.  

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3. Support community, non-profits, and other social efforts

Many new entrepreneurs have a deep desire to use their businesses as vehicles to help the less fortunate. These noble souls see starting a small business as a means to effect change.

Social entrepreneurs aren’t driven by money but rather by a desire to create a better world. In our 2021 State of Small Business Study , we found that 12 percent of respondents identified giving back to their community as the primary reason for starting a business. 

If you’re one of these generous individuals, you must never forget that business remains business. Even though you have the best intentions, this doesn’t remove the responsibility to serve the needs of your target market. To provide competitively viable products and services for your customers. Failure to do so will result in your customer base taking their hard-earned money elsewhere, leaving you and your cause, out in the cold.

4. Turn a side-project into something more

Many successful businesses were once the side-gigs of nine to five employees who were simply trying to earn extra money. One thing led to another, word got around, and after a while, that side-project earned enough to replace the nine to five job, and boom: A business was born. 

As of 2022, we found that 23 percent of entrepreneurs were either starting a side gig or trying to turn a side gig into a full business. In fact, for most people, having a side gig is just a necessary part of survival. 

Yes, it is possible to turn your side project into a full-fledged business that becomes your primary source of income. However, it’s often difficult to know when it’s the right time to step away from your full-time position. 

When should you begin to promote your business? Should you invest in business insurance? Get the necessary licenses and permits to become a sole proprietorship?

These are just some of the questions you’ll need to answer when turning a side gig into your full-time pursuit. You don’t need to immediately make it your primary work; just take steps in that direction to see how viable it can be.

Remember, this can take months or years to gain traction. Just like a seed that you plant, you need to water it to see growth. With enough time and “watering,” that little side-gig seed can become a huge tree that becomes a profitable business. 

5. Challenge the status quo

Have you ever felt like there’s a better way to do something? This is a sentiment often held by game-changers. The employees and dreamers who feel the job or industry they’re in isn’t doing something right, and it’s up to them to change the status quo. 

Disrupting current norms can be a powerful incentive for new entrepreneurs. It can also be extremely beneficial for consumers wanting higher quality products or more efficient service. Nevertheless, disruption shouldn’t be based on personal feelings or experience. Instead, it must be centered solely on customer wants and expectations. 

Will consumers actually be interested in the innovation you provide? If you truly want to shake up the status quo, it’s up to you to find out if the solution you see truly benefits others.

6. Flexibility and balance

Having more personal and family time is one of the most powerful motivations for many new and prospective entrepreneurs. Nothing beats working on your own time and not having to worry about someone else’s standards. 

It’s time to make your own clock and choose your own hours. The harsh reality, as many new small business owners discover, is that work hours tend to increase, not decrease, after launching your own business. 

This is your project, your idea, and your customers, so it’s your responsibility. Reasoning such as “I’m not feeling well” or “that’s not in my job description” no longer applies to you. When you’re an entrepreneur, you’re always on duty.

Sure, you have “absentee owners” who simply hire people and leave them to run a business. But take a look at the most successful entrepreneurs. There is one common thread—they are hands-on. Oftentimes, their level of micromanagement is borderline psychotic. 

No, you don’t have to follow in the footsteps of Steve Jobs to be a successful entrepreneur. You don’t have to spend every waking hour to ensure your business succeeds. But you must care deeply about your business and, yes, sacrifice a great deal of time to make it a success.

7. Being the boss

One of the greatest driving forces for people starting a business is taking on the title of “Boss.” 47% of new entrepreneurs surveyed said that their main reason for starting a small business involved wanting to be their own boss. 

There’s a certain aura, a distinctive swagger, that many entrepreneurs have. Unlike top-level executives or even appointed CEOs, entrepreneurs garner a great deal of respect for being the ones who took the initial risk . They’re the ones whose vision enabled them to see an opportunity and whose determination made it happen. 

Entrepreneurship is a medal worn with pride, which most onlookers cannot ignore. Why do people start their own businesses? Because many want the respect and admiration that comes with starting a business. 

If that’s your main reason, make sure you’re totally prepared for the responsibility that comes your way. You owe it to yourself, your employees, and your customers. 

Recommended Reading: 6 Requirements of Successful Entrepreneurs

How to successfully start your own business

Whatever your reason, there is one thing you absolutely must do in order to be successful— plan . This is especially true when starting and attempting to grow a business. For an entrepreneur, being prepared is often the difference between success and failure. 

If you’re seriously considering starting your own business, then you can’t afford to leave anything to chance or be surprised by any eventuality. With powerful planning and management tools available such as LivePlan , there’s no excuse for prospective entrepreneurs not to have a solid course of action. Your planning should incorporate regular forecasting and preparing contingencies for likely scenarios.

Confirm and test your reason for starting  

Effective planning not only helps you identify the reasons you want to start a business but also allows you to assess if your business truly has the potential to be sustainable. There’s no need to waste precious time or money pursuing an idea that won’t work. By taking the time to plan properly, you’ll be able to see clearly if your business idea is worthwhile and figure out the necessary steps you’ll need to take to bring it to fruition. 

Turn hard work into strategic work

After you have developed a plan, it’s time to act. That means dedication, hard work, and the willingness to plan. Make no mistake, if you’re not prepared to put in the hours toward your entrepreneurial dream, then you should reexamine if starting a business makes sense. 

Nothing in entrepreneurship is guaranteed, and it’s driven by strategic risk. This is why effective planning, reviews, and revisions are so vital for business owners. It can help streamline time-consuming work, eliminate unnecessary risk, and ultimately help you know more about your business.

Gain the confidence of a successful entrepreneur

Now that you’ve been reminded of just how difficult starting a business can be, there is one more requirement necessary for you to succeed—self-confidence. No one is going to fully

believe you can do it until you actually turn your idea into a successful business. First and foremost, you must believe in yourself. Without this critical element, your new business is almost certain to fail.

Why would anyone support a business whose owner doesn’t believe in its future? People are attracted to winners who showcase the capability to maintain that success. Possessing this attitude, combined with thorough, objective planning , will empower you to aggressively pursue your goal and find success as an entrepreneur. 

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Entrepreneurship Essay: Topics & Samples about Entrepreneurship

In the course of your studies for management, marketing, or finance degree, you can be asked to write an entrepreneurship essay. Those who tried it know how challenging it is to compose a convincing and fact-based paper about business.

An entrepreneurship essay requires you to carry out thorough research. You have to arrange the findings to substantiate your opinion wisely. It shall be engaging for the reader. Usually, your purpose is not to inform but to explain your view on an economic phenomenon.

Entrepreneurship is about calculating one’s chances for success. It aims to establish a business opportunity and avail of it. In most cases, it involves product or process innovation. Thus, the goal of an entrepreneurship essay is to train your business thinking. It develops a habit of using subject-specific terminology and theories.

This article is your way to a perfect essay about entrepreneurship. Our team has prepared a guide and a list of topics where you can find an excellent sample essay about entrepreneurship. Yet, we know that the most challenging thing for many students is to come up with specific questions.

You can rely on the following steps while working on your paper:

• Pick or create a topic. The best essays focus on a narrow problem. Pick an idea that offers solutions or specifies how the reader can relate. Convey it all in your topic.
• Research thoroughly. Good preliminary research will prevent you from discussing stale news. Look for currently topical issues that many people face.
• Write an introduction. It is the most “selling” part of your entrepreneurship essay. Provide background information about the problem you are going to explore. Why did it arise, and who was affected?
• Work out a thesis statement. This sentence contains the central message of your writing. Specify your position on the narrow topic. For example, “Employee turnover is not always a negative thing.”
• Develop an argumentation. Make a list of all arguments that support your position and a few counterarguments. You will refine it when writing the main body. Include only the vital ideas and examples in your essay on entrepreneurship.
• Think of a conclusion. Mind that your readers will remember this paragraph most of all. What were the central ideas of your work? Summarize your arguments and restate your thesis with a development.
• Come up with an engaging title. It should make the readers want to keep on reading your text. An entrepreneurship essay title should reveal the problem you are going to discuss.

15 Entrepreneurship Essay Topics

To write a successful essay, you’ll need engaging topics on entrepreneurship. A good idea inspires you and gives a substantial reason for discussion.

Here we have collected the best entrepreneurship topics for your essay:

• Is becoming a successful entrepreneur an inborn quality or a developed skill?
• Is it efficient to unite researchers and entrepreneurs into one organization?
• Is contemporary entrepreneurship possible without online marketing?
• How can creativity make your business more identifiable?
• Does a model of economic development help entrepreneurs to achieve their goals, or does it limit their imagination?
• What are the psychological causes that urge entrepreneurs to seek profit?
• What are the reasons that spur the growing expertise of individuals in business issues?
• Which factors can bring entrepreneurship to bankruptcy?
• How could governments incentivize individuals to become sole entrepreneurs?
• What are the leadership characteristics of successful entrepreneurial management?
• Does gender influence a person’s skills in entrepreneurship as a career?
• Is it better to have a small enterprise or work for a large corporation, provided that the salary is the same?
• Compare the approaches entrepreneurs who start only one business and those who invest in multiple enterprises.
• How can MBA help you to become an entrepreneur?
• Analyze the path of a successful entrepreneur and suggest what could be improved.

5 Entrepreneurship Essay Questions

Your college or school professors can give you detailed essay questions. They direct your thought to make sure you do not diverge from the central idea.

Here you can check a list of entrepreneurship essay questions:

• In your opinion, is there a moment when an entrepreneur should stop expanding their business? Small business is easier to manage, but it provides less revenue. Big enterprises earn more but bring their investors to more serious risks and more significant expenses. Substantiate your point of view.
• What makes a successful business plan? Is it more important to calculate the economic feasibility of the future enterprise or predict the reaction of the target audience? Give examples of both approaches.
• Explain the concept of entrepreneurship. The essay should synthesize different formulations of prominent economists and sociologists. Make up your explanation of the term based on your synthesis.
• What can be done to avoid cutting the expenses of an enterprise? Staff reduction, renting smaller premises, and cutting salaries usually have negative aftermath. Are there any universal ways to make your business survive a recession?
• Imagine you are looking for a business partner. Which questions would you ask the candidates during the interview? Are there any traits you would look for? What kind of behavior would immediately tell you it is the wrong person?

Thanks for reading the article! Below you can find sample essays about entrepreneurship illustrating the structure that we have described above.

426 Best Sample Essays about Entrepreneurship

A clothing boutique as a business idea.

• Words: 1227

Starting a Business: Advantages and Disadvantages

• Words: 1730

The Definition of Entrepreneurship

• Words: 1654

Concept of an Entrepreneur in Business

• Words: 2037

Entrepreneurship: Interview with Small Business Owner

• Words: 1643

Business Failures: Reasons and Recommendations

Small business: features and development, entrepreneurship: making a business plan, case study analysis: opening a coffee shop.

• Words: 1783

Steve Jobs as a Successful Entrepreneur

Entrepreneurs’ strengths and weaknesses, working for someone vs. owning a business, the definition of entrepreneurship and entrepreneurial behavior.

• Words: 2683

Natural Hair Care Products as a Business Idea

3m corporation’s innovation engine case, starting a business vs. working for an employer, chinese and japanese business systems comparison.

• Words: 3387

“Drinkworks: Home Bar” by Keurig

Strategic entrepreneurship: creating values.

• Words: 2626

Entrepreneurship, Intrapreneurship, and Formulated Marketing

The concept of enterprise “push” and “pull” in a business.

• Words: 2024

Entrepreneurship: History, Reasons and Roles

Kirzner’s theory of opportunity.

• Words: 2450

Independent Entrepreneurship, Intrapreneurship, and Social Entrepreneurship

• Words: 1531

Women Entrepreneurs

Entrepreneurship: business planning and characteristics.

• Words: 3246

Entrepreneurship Journey Case Study

• Words: 2941

Entrepreneurial Leadership Characteristics and Types

Phenomenon of entrepreneurship.

• Words: 1495

“Steve Jobs” by Walter Isaacson

The microeconomics and macroeconomics factors in a startup café, entrepreneurship vs. working as an employee, apple inc.’s entrepreneurship: ipod and ipad, entrepreneurs and opportunity recognition.

• Words: 2804

Finding Financing for Business Startup

Governmental role for business, entrepreneur interview: local business store.

• Words: 1111

Eco-Friendly Packaging for Food and Beverage Industry

• Words: 2749

Owning & Operating a Family Business

Starting a small business and planning, trait (or personality characterisitcs) approach to explaining enterpreneurship.

• Words: 1972

International Franchising and Its Benefits

How a business idea becomes an innovative product, what is business intelligence, concepts of customer data dynamics and sub-concepts, amazon and tesco: corporate entrepreneurship, warner media and its subsidiary.

• Words: 2093

Enterprise Computing Challenges and Enterprise Resource Planning

• Words: 1449

Franchising and Its Advantages

Andy keller’s company “chicobag”.

• Words: 2534

Critical Success Factors for Entrepreneurs

• Words: 3872

Foreign and Native Beginner Entrepreneurs

• Words: 5611

Entrepreneurship: Reducing Unemployment

• Words: 1410

Defining Corporate Entrepreneurship

• Words: 3501

Women in Entrepreneurship

• Words: 3172

The Entrepreneurial Journey of Foods Future Global

• Words: 1385

Innovation Management vs. Entrepreneurship

• Words: 2502

Monzo Company as a Small Entreprise

• Words: 3031

Business Planning Process and Entrepreneurial Characteristics

• Words: 2825

Entrepreneurship Themes: Potential and Skills

• Words: 1826

Entrepreneurial Action Module for Modular Business Model

• Words: 11408

The Doctrine of Insurable Interest

• Words: 2412

Khemka Family and Their Beer Business in Russia

Elon musk on start-ups and entrepreneurial duties, social entrepreneurship and social change, the benefits of considering small businesses in government contract solicitations, sources of capital for entrepreneurs, entrepreneurship: advantages and disadvantages.

• Words: 1297

Entrepreneurship: Amara Online Shoe Shop

• Words: 7379

Franchise Agreement: Term Definition

Establishing a food truck business in dubai, maha al-ghunaim, a kuwaiti businesswoman, free enterprise systems.

• Words: 1434

Social Enterprise: Asian Paints

• Words: 2476

Experiences Critical to Entrepreneurial Development

Business models in contemporary art, a new business idea for the rolls royce company, revolutionizing independent cinema streaming.

• Words: 1840

Application of Schumpeter’s Innovative Entrepreneurship Theory to Ooredoo

• Words: 8185

Innovation and Entrepreneurship at Uber Technologies, Inc.

Discussion: being an entrepreneur, elizabeth hobbs keckley as a woman in american business, digital transformation for small businesses in indonesia.

• Words: 3052

Entrepreneurship and Business Ethics

• Words: 1683

Entrepreneurship and Leadership in Freelance and Real Estate

• Words: 2321

Employee vs. Entrepreneur: Benefits and Drawbacks

New enterprise start-up plan: on-demand courier service to deliver medicine.

• Words: 15616

Frank Zamboni, an Entrepreneur and Inventor

Sole proprietorship and internal control.

• Words: 1285

The African American Entrepreneurship Development Program Evaluation

• Words: 1467

The African American Entrepreneurship Development Program

The dopeplus social entrepreneurship.

• Words: 1166

Luxury Linens: Review of an Interview With an Entrepreneur

• Words: 1104

Entrepreneurship by Young People

Sole proprietorship: advantages and disadvantages, capability: business model innovation in mergers, characteristics of writing a business plan, entrepreneurial activity: the key aspects, entrepreneurial personality and decision to start a business, the determinants of self-employment for artists, a study of ooredoo’s practices in the context of schumpeter’s theory, discussion: female entrepreneurship in asian countries, types of business forms and their organisation, entrepreneurship and christian world view.

• Words: 1001

Entrepreneurship as a Powerful Practice

• Words: 2501

Kier Group Plc: The Impacts of COVID-19

• Words: 4343

The Minority Business Development Agency Program

• Words: 1455

Supporting the Innovative Entrepreneurs in Turkish Universities

Starting a business: a restaurant of national cuisine, entrepreneurial education for university students.

• Words: 2656

The Book “Shoe Dog: A Memoir by the Creator of Nike” by Phil Knight

Family business succession in asian countries.

• Words: 8061

Commercialization and Innovation Best Practices

• Words: 2754

Establishing a Small Business Tourist Agency in the UAE

• Words: 1669

Investing in an Offshore Wind Power Plant in Greece

• Words: 1214

Crowdfunding Project on Kickstarter

• Words: 1010

“The Art of the Start” by Guy Kawasaki

The innovation process: successes and failures, elements and infrastructures for technology startups.

• Words: 2585

The Milaha Express Firm’s Possibilities in Qatar

Starting a Personal Small Business

Introduction, essential steps to successful business management, works cited.

Small businesses have certainly started to play an important role in the growth and development of a lot of economies in the world today, and they are becoming increasingly popular. The reasons for this are not particularly hard to discern. More and more individuals are joining the small business for a variety of reasons that include the search for extra income, independence and for convenience purposes. As an established serial entrepreneur, I have had my share of personal experiences on the critical success path towards success in small businesses. During this period, I have had the chance to discover a lot about the most critical things that you need to become successful in managing your small business. Use this guide as your checklist to determine whether your business plan is on the right path or whether you need more information as regards your strategy and the business market you are venturing into.

The first step is to make sure you offer what people want to buy, not what you feel comfortable selling. Many small businesses often make the biggest mistake in this stage. You are much better off selling products that fall under proven category than venturing into an entirely new market. The risks associated with such a venture are very large in measure that small businesses cannot sustain. The next step is to get your cash flowing immediately because cash flows remain the lifeline of any business. You can easily do this by requesting for work up- front and arranging to pay the balance on delivery. Lussier (107) illustrates that.

You can do the same in retail, especially on high-ticket or specialty item and position it as an added value and a way to insure delivery by a specific date and you can also add value to generic items by creating private labels, and develop continuity programs where customers pay an up-front monthly fee to insure delivery or availability of items they will buy on a repeat basis.

You must be strategically positioned to have first hand news in order to keep your costs at their minimum levels. In business, “All the cash flow in the world is worthless if it’s not positive cash flow, which means you have to bring in more cash than you pay out” (Pilgrim, 37). To achieve this, you must ensure that your costs and expense remain at bare minimum.

In addition to the above, the major driving factor behind any business unit is a good return on investment. It is necessary to spend a good fraction of your time exploring ways to increase your profits. This involves analyzing the five business drivers that include leads, conversion rates, average dollar sale, average number of transactions and profit margins and how they relate to each other. If you can develop the capacity to master them while at the same time keep your costs low, then you are on your way to success. “In planning, it is far more important to overestimate your expenses and underestimate your revenues” (Pilgrim, 39).

Accountants and economists with tell you that “Being conservative in your numbers doesn’t mean you are willing to accept those numbers, it just means you are arming yourself with information you can work with and work over” (Hodgetts, 90). The mistake here is to focus on raising your brand before you get your leads. Leads are far more essential than brands because they define your brands and not vice versa. In addition to the above, test and measure everything because in business, you cannot charge what you cannot measure and you cannot tell the impact of a strategy if you cannot track its results. You must accept that learning is process and indeed a continuous one in this filed and do not be tempted to think that once your last annual sales were exemplary, you are bound to ride on the same trend.

Research articles on the rise of small business in the market today reveal that more and more people are opting to retire early and use their savings for personal businesses. In fact, over 30% percent of businesses are managed by early retirees and 25% of those that made use of the strategy listed above have demonstrated the tenacity to survive. While managing your personal business comes along with a number of challenges, the satisfaction derived from increased income and high levels of independence warrants a trial. Do not fear venturing into a small business, many have tried and succeeded. This could be your gate-way to freedom and run-away from the stressful workplace and a tyrant boss.

Hodgetts, Richard M. Effective Small Business Management. Journal of Business Management. 4.3. (1992): 89-99.

Lussier, Robert, N. Management Fundamentals: Concepts, Applications, Skill Development. Journal of Business Management. 11.2. (2008): 107-128.

Pilgrim, Bruce. Talking to My Cats: A Small Business Journal . Journal of Small Business. 5.2. (2007): 37-44.

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Business Essay Writing: How to Start Your Own Business Essay

Table of Contents

Most people believe that launching a small business is the best way to achieve freedom. Even though this claim has some merit, it is debatable.

Why do people choose to launch their businesses? They yearn to be on their own. One can better manage his time by operating a small business. You can create the products and services he desires, attempt to be thoughtful and responsible.

The economy of any state relies heavily on small enterprises. Small business owners make significant contributions to the state budget.

One could argue that the complex of small and middle-sized businesses brings the nation the same profit as big enterprises. Simply put, a prosperous state cannot exist without small businesses.

Without small businesses, poverty cannot be eradicated. Allow me to discuss some factors that should be considered when starting your business.

Factors to Consider When Starting Your Own Business

1. starting up is difficult.

It’s not simple to launch a small business . Whether you own a construction company or a business, you must be financially and mentally prepared for hurdles.

Additionally, having a basic understanding of management, marketing, and business is essential.

You should first familiarize yourself with the industry and market. Use trustworthy education websites to learn.

The most essential component is researching the market to determine what products and services consumers want.

If a product is needed, but no one is making it, you have the best chance of dominating the market.

2. the Cost and Caliber of Your Product

The cost and caliber of your product are the second things you should consider. Two choices are available.

The creation of pricey, high-quality products that will last a long time is a choice to make. The second choice has to do with consumption. You make cheap, subpar items and draw customers by offering the most affordable pricing.

Sadly, selecting the ideal solution might be challenging. Many people are willing to spend much money to own a high-quality item. Others steer clear of high prices and favor affordable goods. Consider requesting a title loan if you require title cash to launch your company.

3. Business Plan

You should write your business plan, which will include all of the details about how your company will operate. Consider the client’s target markets, production, distribution, storage, and retail.

It would appear that you should create and keep your stuff somewhere. Then, problems like revenue and expense would come up.

You will need to hire a few staff to run your firm profitably. To bring the appropriate people into your company, you will need to be picky, demanding, and careful.

You will eventually run into issues with rent, taxes, etc. A business is similar to a family. Pay attention to the slightest problem, question, or misunderstanding to enhance your income and build your small business.

The Peaks and Valleys of Starting Your Own Business

Starting a small business involves a lot of benefits and drawbacks, as one might anticipate. Independence is the strongest side. You are not required to labor for another person.

You can decide what to do and how and work to benefit yourself. If you don’t feel recognized and valued at work, you can implement your unique and entertaining ideas in your own company.

Ambitious people always attempt to launch a small business if given a chance. When you are late, you do not have to heed the advice and warnings of your boss. You will eventually start to make more money. The entire profit belongs to you because you are the boss.

However, there are a lot of things that can be problematic for a new business owner. Keep in mind that independence comes with responsibility.

You are accountable for your business’s success, your employees’ well-being, and both. Additionally, you are responsible for the well-being and lives of those who use your products.

You must understand how to build and enhance your small business profitably. You should be aware of how to act in emergencies and unforeseen circumstances.

To handle crucial issues and employee disagreements, you must be willing to work nights and weekends. You should be a skilled educator, psychologist, and negotiator who can settle disputes and inspire his team.

Starting a small business is a challenging but worthwhile endeavor. You can open your shop, café, restaurant, or bakery and implement your brilliant and eccentric ideas there. To protect and build your firm, you must face many challenges and work hard.

Abir Ghenaiet

Abir is a data analyst and researcher. Among her interests are artificial intelligence, machine learning, and natural language processing. As a humanitarian and educator, she actively supports women in tech and promotes diversity.

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How to Start a Business: A Comprehensive Guide and Essential Steps

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Conducting Market Research

Crafting a business plan, reviewing funding options, understanding legal requirements, implementing marketing strategies, the bottom line.

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Starting a business in the United States involves a number of different steps spanning legal considerations, market research, creating a business plan, securing funding, and developing a marketing strategy. It also requires decisions about a business’ location, structure, name, taxation, and registration. Here are the key steps involved in starting a business, as well as important aspects of the process for entrepreneurs to consider.

Key Takeaways

• Entrepreneurs should start by conducting market research to understand their industry space, competition, and target customers.
• The next step is to write a comprehensive business plan, outlining the company’s structure, vision, and strategy.
• Securing funding in the form of grants, loans, venture capital, and/or crowdfunded money is crucial if you’re not self-funding.
• When choosing a venue, be aware of local regulations and requirements.
• Design your business structure with an eye to legal aspects, such as taxation and registration.
• Make a strategic marketing plan that addresses the specifics of the business, industry, and target market.

Before starting a business, entrepreneurs should conduct market research to determine their target audience, competition, and market trends. The U.S. Small Business Administration (SBA) breaks down common market considerations as follows:

• Demand : Is there a need for this product or service?
• Market size : How many people might be interested?
• Economic indicators : What are the income, employment rate, and spending habits of potential customers?
• Location : Are the target market and business well situated for each other?
• Competition : What is the market saturation ? Who and how many are you going up against?
• Pricing : What might a customer be willing to pay?

Market research should also include an analysis of market opportunities, barriers to market entry, and industry trends, as well as the competition’s strengths, weaknesses, and market share .

There are various methods for conducting market research, and these will vary depending on the nature of the industry and potential business. Data can come from a variety of places, including statistical agencies, economic and financial institutions, and industry sources, as well as direct consumer research through focus groups, interviews, surveys, and questionnaires.

A comprehensive business plan is like a blueprint. It lays the foundation for business development and affects decision-making, day-to-day operations, and growth. Potential investors or partners may want to review and assess it in advance of agreeing to work together. Financial institutions often request business plans as part of an application for a loan or other forms of capital. 

Business plans will differ according to the needs and nature of the company and should only include what makes sense for the business in question. As such, they can vary in length and structure. They can generally be divided into two formats: traditional and lean start-up. The latter is less common and more useful for simple businesses or those that expect to rework their traditional business plan frequently. It provides a vivid snapshot of the company through a small number of elements.

The process of funding a business depends on its needs and the vision and financial situation of its owner.  The first step is to calculate the start-up costs . Identify a list of expenses and put a dollar amount to each of them through research and requesting quotes. The SBA has a start-up costs calculator for small businesses that includes common types of business expenses.  

The next step is to determine how to get the money. Common methods include:

• Self-funding , also known as “ bootstrapping ”
• Finding investors willing to contribute to your venture capital
• Raising money online by crowdfunding
• Securing a business loan from a bank, an online lender, or a credit union
• Winning a business grant from a donor, usually a government, foundation, charity, or corporation

Different methods suit different businesses, and it’s important to consider the obligations associated with any avenue of funding. For example, investors generally want a degree of control for their money, while self-funding puts business owners fully in charge. Of course, investors also mitigate risk; self-funding does not.

Availability is another consideration. Loans are easier to get than grants, which don’t have to be paid back. Additionally, the federal government doesn’t provide grants for the purposes of starting or growing a business, although private organizations may. However, the SBA does guarantee several categories of loans , accessing capital that may not be available through traditional lenders. No matter the funding method(s), it’s essential to detail how the money will be used and lay out a future financial plan for the business, including sales projections and loan repayments . 

Businesses operating in the U.S. are legally subject to regulations at the local, county, state, and federal level involving taxation, business IDs, registrations, and permits.

Choosing a Business Location

Where a business operates will dictate such things as taxes, zoning laws (for brick-and-mortar locations), licenses, and permits. Other considerations when choosing a location might include:

• Human factors : These include target audience and the preferences of business owners and partners regarding convenience, knowledge of the area, and commuting distance.
• Regulations : Government at every level will assert its authority.
• Regionally specific expenses : Examples are average salaries (including required minimum wages), property or rental prices, insurance rates, utilities, and government fees and licensing.
• The tax and financial environment : Tax types include income, sales, corporate, and property, as well as tax credits; available investment incentives and loan programs may also be geographically determined.

Picking a Business Structure

The structure of a business should reflect the desired number of owners, liability characteristics, and tax status. Because these have legal and tax compliance implications , it’s important to understand them fully. If necessary, consult a business counselor, a lawyer, and/or an accountant.

Common business structures include:

• Sole proprietorship : A sole proprietorship is an unincorporated business that has just one owner, who pays personal income tax on its profits.
• Partnership : Partnership options include a limited partnership (LP) and a limited liability partnership (LLP) .
• Limited liability company (LLC) : An LLC protects its owners from personal responsibility for the company’s debts and liabilities.
• Corporation : The different types of corporations include C corp , S corp , B corp , closed corporation , and nonprofit .

Getting a Tax ID Number

A tax ID number is the equivalent of a Social Security number for a business. Whether or not a state and/or federal tax ID number is required will depend on the nature of the business and the location in which it’s registered.

A federal tax ID, also known as an employer identification number (EIN) , is required if a business:

• Operates as a corporation or partnership
• Pays federal taxes
• Has employees
• Files employment, excise, alcohol, tobacco, or firearms tax returns
• Has a Keogh plan
• Withholds taxes on non-wage income to nonresident aliens
• Is involved with certain types of organizations, including trusts, estates, real estate mortgage investment conduits, nonprofits, farmers’ cooperatives, and plan administrators

An EIN can also be useful if you want to open a business bank account, offer an employer-sponsored retirement plan, or apply for federal business licenses and permits. You can get one online from the Internal Revenue Service (IRS) . State websites will do the same for a state tax ID.

Registering a Business

How you register a business will depend on its location, nature, size, and business structure.  For example, a small business may not require any steps beyond registering its business name with local and state governments, and business owners whose business name is their own legal name might not need to register at all.

That said, registration can provide personal liability protection, tax-exempt status, and trademark protection, so it can be beneficial even if it’s not strictly required. Overall registration requirements, costs, and documentation will vary depending on the governing jurisdictions and business structure.  

Most LLCs, corporations, partnerships, and nonprofits are required to register at the state level and will need a registered agent to file on their behalf. Determining which state to register with can depend on factors such as:

• Whether the business has a physical presence in the state
• If the business often conducts in-person client meetings in the state
• If a large portion of business revenue comes from the state
• Whether the business has employees working in the state

If a business operates in more than one state, it may need to file for foreign qualification in other states in which it conducts business. In this case the business would register in the state in which it was formed (this would be considered the domestic state) and file for foreign qualification in any additional states.

Obtaining Permits

Filing for the applicable government licenses and permits will depend on the industry and nature of the business and might include submitting an application to a federal agency, state, county, and/or city. The SBA lists federally regulated business activities alongside the corresponding license-issuing agency, while state, county, and city regulations can be found on the official government websites for each region.

Every business should have a marketing plan that outlines an overall strategy and the day-to-day tactics used to execute it. A successful marketing plan will lay out tactics for how to connect with customers and convince them to buy what the company is selling. 

Marketing plans will vary according to the specifics of the industry, target market, and business, but they should aim to include descriptions of and strategies for the following:

• A target customer : Including market size, demographics, traits, and relevant trends
• Value propositions or business differentiators : An overview of the company’s competitive advantage with regard to employees, certifications, and offerings
• A sales and marketing plan : Including methods, channels, and a customer’s journey through interacting with the business
• Goals : Should cover different aspects of the marketing and sales strategy, such as social media follower growth, public relations opportunities, and sales targets
• An execution plan : Should detail tactics and break down higher-level goals into specific actions
• A budget : Detailing how much different marketing projects and activities will cost

How Much Does It Cost to Start a Business?

Business start-up costs will vary depending on the industry, business activity, and product or service offered. Home-based online businesses will usually cost less than those that require an office setting to meet with customers. The estimated cost can be calculated by first identifying a list of expenses and then researching and requesting quotes for each one. Use the SBA’s start-up costs calculator for common types of expenses associated with starting a small business.

What Should I Do Before Starting a Business?

Entrepreneurs seeking to start their own business should fully research and understand all the legal and funding considerations involved, conduct market research, and create marketing and business plans. They will also need to secure any necessary permits, licenses, funding, and business bank accounts.

What Types of Funding Are Available to Start a Business?

Start-up capital can come in the form of loans, grants, crowdfunding, venture capital, or self-funding. Note that the federal government does not provide grant funding for the purposes of starting a business, although some private sources do.

Do You Need to Write a Business Plan?

Business plans are comprehensive documents that lay out the most important information about a business. They reference its growth, development, and decision-making processes, and financial institutions and potential investors and partners generally request to review them in advance of agreeing to provide funding or to collaborate.

Starting a business is no easy feat, but research and preparation can help smooth the way. Having a firm understanding of your target market, competition, industry, goals, company structure, funding requirements, legal regulations, and marketing strategy, as well as conducting research and consulting experts where necessary, are all things that entrepreneurs can do to set themselves up for success.

U.S. Small Business Administration. “ Market Research and Competitive Analysis .”

U.S. Small Business Administration. “ Write Your Business Plan .”

U.S. Small Business Administration. " Calculate Your Startup Costs ."

U.S. Small Business Administration. “ Fund Your Business .”

U.S. Small Business Administration. “ Grants .”

U.S. Small Business Administration. “ Loans .”

U.S. Small Business Administration. “ Pick Your Business Location .”

U.S. Small Business Administration. “ Choose a Business Structure .”

Internal Revenue Service. “ Do You Need an EIN? ”

U.S. Small Business Administration. “ Get Federal and State Tax ID Numbers .”

U.S. Small Business Administration. “ Register Your Business .”

U.S. Small Business Administration. “ Apply for Licenses and Permits .”

U.S. Small Business Administration. “ Marketing and Sales .”

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Business Essay Examples

13 Business Essay Examples for Students

14 min read

Published on: May 1, 2023

Last updated on: Jan 30, 2024

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Are you struggling to figure out the structure, research, or data required to make your essay stand out? Or frustrated by the lack of inspiration and ideas for your essay?

But don't give up yet! We have a powerful solution that will make your essay writing a breeze. Our list of business essay examples is here to help! 

We have compiled expertly written business essay examples that will illustrate how to write a striking business essay.

With our examples, you'll be able to see how to structure your essay and generate creative ideas for your topic. And our tips will help you make the most of these examples.

So, let's dive in and get ready to learn!

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What is a Business Essay?

A business essay is a type of academic writing that focuses on business-related topics and issues. These essays can cover a wide range of topics such as marketing, finance, management, entrepreneurship, and more.

The importance of business essay lies in presenting a well-researched and informed analysis. To do this effectively, writers need to conduct extensive research and analysis on the topic at hand.

Referring to examples of business essays can help you gain insight into the structure, tone, and content of a well-written essay.

Business Essay Examples For Students

Here is a list of business writing examples

Business Essay Examples Pdf

Business Essay Example Grade 10

Business Essay Example Grade 11

A Level Business Essay Examples

University Business Essay Examples

International Business Essay Examples

Short Essay About Business

College Essay About Starting A Business

Types of Business Essay with Examples

When it comes to business essay writing, there are several different types that you might encounter. 

Here's a brief overview of each type, including their characteristics and an example of each.

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Case Studies

A case study is an in-depth analysis of a specific business situation or problem. It involves extensive research and data analysis to provide recommendations.

Case studies often showcase the application of theory to real-world business scenarios.

Research Papers

Research papers involve a more academic approach to business writing. They typically require an extensive literature review, data analysis, and original research. 

Business research papers aim to contribute new knowledge to the field of business. These often involve a hypothesis or research question.

Argumentative Essays

Argumentative business essays aim to persuade the reader to adopt a particular point of view or take a specific action. They present an argument and use evidence and logic to support their claims. 

Argumentative essays can address various business topics such as management practices, ethical issues, or market trends.

White Papers

A white paper is a document that provides a detailed explanation of a particular issue or problem, often with recommendations or solutions. 

White papers are typically used to educate stakeholders about a specific topic. These are often used in the business-to-business (B2B) context.

Comparative Essays 

Comparative business essays compare and contrast two or more topics or ideas. They typically analyze the similarities and differences between the topics to evaluate their pros and cons. 

Comparative essays can focus on various aspects such as products, companies, markets, or strategies.

How to Structure Your Business Essays

As you begin writing your business essay, it's important to structure it in a clear and organized way. 

Here's a step-by-step guide with business essay samples to help you do just that:

Executive Summary

The executive summary is a brief overview of your entire essay. It should summarize your main points and highlight your recommendations. 

This section should be written after completing the essay, as it gives a clear picture of what the essay covers. 

Here is how you start a business essay sample:

Introduction

The introduction sets the stage for the rest of the essay. It should introduce the topic, provide background information, and explain the purpose of the essay. 

Here is a business essay introduction example:

Industry Analysis

In this section, you'll conduct a thorough analysis of the industry in which the business operates. You should examine factors such as competition, market trends, and customer behavior. 

Here is a sample industry analysis

Key Issues or Problems

This section should identify the main issues or problems faced by the business. You should provide evidence to support your claims and analyze the impact of these issues. 

Here is an example paragraph:

Solutions or Recommendation

Here, you'll provide solutions or recommendations to address the issues identified in the previous section. Your solutions should be well-supported and feasible. 

For instance:

Implementation Plan

For this part, you'll outline a plan for implementing the solutions or recommendations you've proposed. This is sort of a description of the business model you suggest. 

This section should be detailed and include specific action steps. 

For example:

Finally, you'll wrap up your essay by summarizing your main points and reiterating your recommendations. 

This section should be clear, concise, and impactful. 

By following this structure, your business essay will be well-organized, coherent, and easy to follow for your readers.

Tips for Using Business Essay Examples Effectively

Now that you have quite a few business essay examples at hand, you should know how to use them effectively:

• Use them as a guide, not a template : While it's great to learn from examples, you should never copy them outright. Instead, use them as a starting point for your own research and writing.
• Analyze the strengths and weaknesses of the essay : Take note of what works well in the example essay, as well as any areas that could be improved. This will help you understand how to make your own essay even better.
• Use them to inform your own research and writing : Pay attention to the research methods, sources, and evidence used in the example essay. This can give you ideas for your own research and help you strengthen your arguments.
• Avoid plagiarism and ensure proper citation: Whenever you use ideas or information from an example, make sure to cite your sources. This will help you avoid plagiarism and maintain academic integrity.

You now have a plenty of business essay examples on different topics to help you get started!

By following our tips and studying the sample essays, you can confidently write your own essays that are clear, concise, and impactful. 

However, if you still find yourself struggling with your business essays, just reach out to our professional business essay writing service . 

We have the best online essay writing service and are ready to provide you a high-quality business. Our writing service has subject specialist writers who can tackle any business essay topic.  

So why wait? Contact us today and let our AI essay writer take your business essays to the next level!

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Resources and Knowledge for the Small Business CEO

Essay on starting a small business.

Starting a small business is the best way to gain freedom. Although this statement is disputable, it has sense.

Why do people decide to become entrepreneurs? They are longing for independence. Small business helps one manage his time in the way he wants. He can produce the goods and services he likes. Finally, he is able to try to be responsible and creative.

Meet the Complete digital marketing agency in Hyderabad . Get organic and paid search, social media, website design and development, and more.

Small business is very important for the economy of every state. Small entrepreneurs contribute into the state budget a lot. It is possible to say that the complex of small and middle firms provides the country with the same profit as big business does. In simple words, a prosperous state cannot survive without small business. It is impossible to defeat poverty without small business. Thus, if you have any genuine and uncommon ideas concerning the production of useful goods and services, establish your own small firm.

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Starting up is not easy

Starting a small business is not an easy thing. Whether you’re doing something as simple as business paper writing as a business or as grand as running a construction company building skyscrapers, you should be psychologically and financially prepared to numerous challenges. Moreover, it is vital to know something about business, management and marketing.

To begin with, you should educate yourself about the business and market. Learn from reputable education websites. You can take Research Prospect as an excellent example of educational websites as its visual appearance is fantastic. It has simplicity, informational content, responsiveness, and a proper Content Management System. You can read an excellent article written by Research prospect professional editors on how to write an essay here:  https://www.researchprospect.com/how-to-write-an-essay/

You should also study the market in order to learn about the goods and services that are required by consumers. This factor is the crucial one. When you discover that people demand an item but no one has produced it yet, you have the best chances to conquer the chosen sector of the market. Secondly, you ought to think about the price and quality of your product.

There are two options. The foremost one is the production of high-quality and expensive goods that will serve long. The second option is related to consumerism. You produce poor-quality cheap goods and attract clients with the help of the lowest prices.

Sad to say but it is difficult to choose the best option. Many people are ready to pay a lot to possess a quality item. Others avoid paying a lot and prefer cheap products. If you need title cash now to start your business, consider applying for a title loan.

Create a business plan

Then, you should create your own business plan that will contain the entire information about the functioning of your firm. Think about the target groups of customers, production, logistics, storage and retail.

Apparently, you should produce and store your goods somewhere. Then, you will meet with such issues as revenue and expense. You will need to hire a few employees to run your business rewardingly. Without doubt, you will have to be selective, demanding and attentive in order to recruit the right people into your firm. Finally, you will meet the problem of rent, taxation, etc. A firm resembles a household. You should pay attention to the slightest problem, question and misunderstanding if you want to increase your income and develop your small firm into something bigger.

The ups and downs

As might be expected, starting a small business has many advantages and disadvantages. The most solid strong side is independence. You do not have to work for someone else. You work for your own profit. You possess the freedom of choice and actions. If you are not respected and appreciated at work, you can embody your original and amusing ideas in your own business.

Ambitious people always try to start a small business if they receive such an opportunity. You do not need to listen to the instructions and threats of your boss when you are late. At long last, you will earn more money. You are the boss and the entire profit is yours.

Nevertheless, there are many factors that cause problems to a novice entrepreneur. You should remember that independence is also responsibility. You are responsible for your firm, its prosperity and the wellbeing of your employees. Furthermore, you are responsible for the health and life of your customers who consume your products.

You are expected to know how to develop and improve your small company beneficially. You should know how to behave in case of crisis and unpredictable situations. You should be ready to wake up at night and spend the whole day at your firm in order to settle down all urgent problems and conflicts between employees. You should be a teacher, psychologist and negotiator who is able to resolve conflicts and motivate his staff practically.

You have a great opportunity to share your experience in creating and managing your business, shoot and edit a video using ad maker  in which you can talk about the difficulties and successes that you have experienced. Perhaps this will be useful for people who also want to open their own business.

Starting a small business is a challenging but beneficial idea. You are able to establish you own store, café, restaurant or bakery and embody your offbeat and splendid ideas there. On the other hand, you should be ready to resist numerous challenges and work hard for the protection and development of your business.

This business related essay is sponsored by the following writing company: https://papersmart.net .

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Starting up a Small Business, Essay Example

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Key Factors

After watching the videos on YouTube, it is obvious that the key factors related to starting up a successful small business venture includes 1), knowing how to make and sustain profit, 2); striving to develop new products or services while focusing on existing products and services; 3), keeping overhead costs at a bare minimum; 4), knowing how to keep customers coming back for more; and 5), maintaining the satisfaction of high-end and middle-range customers, retailers, and manufacturers.

Of course, knowing how to make and sustain profit is the foundation for business success, for without profit, a business is doomed to failure and the person that is attempting to start the business will end up with nothing for his efforts. Also, developing new products and/or services to complement existing ones provides a competitive edge compared to other businesses that fail to do so. Closely linked to profit is keeping overhead costs low, for the more one has to spend to maintain overhead, the less profit that is made.

Also, profit is closely associated with maintaining a customer base, for without a sufficient number of paying customers, profits eventually will tumble, not to mention the reputation of one’s business. Lastly, keeping customers satisfied is perhaps the most important key factor, due to the fact that unsatisfied customers will simply go someplace else for their products and/or services as consumers. Of course, there are other important key factors associated with starting a successful small business; however, the above five factors must play a major role in establishing a small business and keeping it solvent if for no other reason than because they are based on common sense and the lifelong and often hard-fought experiences of successful business entrepreneurs.

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This Is How Much Capital You Really Need to Start Your Small Business

T here's not an easy answer for how much money it takes to start a small business. If you want to start a simple home-based business, you might only need a few hundred dollars. If you want to open a brick-and-mortar retail storefront or restaurant, you're likely going to need tens of thousands of dollars of upfront capital to pay for rent, inventory, employee expenses, and more.

Let's look at a few examples of average start-up capital needed to start a small business -- and how you can improve your chances of success.

Home-based professional services business: $1,000 (or less)

If you have professional skills that can be used to start a business as a consultant or freelancer, congratulations: you have a chance to start one of the lowest-cost businesses of all. If you start a professional services business, you might need up to $1,000 of actual cash to get your business off the ground.

A few examples of start-up costs for a home-based professional services business include:

• Website builder
• Business cards
• Forming a Limited Liability Company (LLC) or other legal business entity
• Advertising and marketing expenses

The biggest "cost" of starting a business as a freelancer or consultant is mostly the value of your time. You'll need to burn the midnight oil (or wake up early) to introduce yourself to new clients, promote your services on social media, and otherwise get known by the people who can hire you. But being a freelancer or consultant is one of the best ways to start a business without a big checking account balance.

Online store: $40,000

You don't always need a lot of money to start an online store. But if you want to make a serious impact with attractive inventory that people want to buy, and with powerful search engine marketing that can drive traffic to your site, you need to spend some cash.

A survey from Shopify found that the average online small business owner spends about $40,000 in the first year. Ideally, you can start making sales and earning revenue quickly so you can cover those costs. But $40,000 is a reasonable average estimate for the cost of starting an online small business .

Franchise: $20,000-$50,000

Sometimes the fastest way to start a business is to buy into an existing business by opening a franchise. When you buy a franchise, you get the support and marketing muscle of a larger brand that can help you make money. The classic phrase to explain the advantage of franchising is that it feels like "being in business for yourself, but not by yourself."

Opening a franchise is not free, of course. You have to pay a franchise fee to the larger company as a one-time investment to get your business started. According to the International Franchise Professionals Group, the average cost of a franchise fee can range from $20,000-$50,000 -- and that's just the franchise fee, not counting other start-up costs you might need, like real estate and inventory.

Some of the most famous franchise brands, like McDonald's, require a lot more money than that. For example, McDonald's requires its new franchisees to have at least $500,000 of non-borrowed personal resources before you can be considered to open a franchise.

But if you believe in the company's brand, if you can work within established systems and processes, and if you can hustle to find new customers and build your franchise's presence in your local market, becoming a franchisee can be a cost-effective way to become an entrepreneur.

Food truck: $40,000-$150,000

Food trucks have become a big trend in America's culinary scene, and unlike the costs of starting a larger restaurant at a fixed location, they can offer a lower-price way to get into the food business. Data from Square shows that average food truck start-up costs might range from $40,000 to $150,000.

One advantage of opening a food truck is that you're not dependent on one location; you can go where the people are. And food trucks are made for social media -- you can build an audience with photogenic, memorable food, and a colorful truck that's fun to pose with for selfies. If you can find a winning concept with food that people love to eat, you might find that opening a food truck is a cost-effective business idea.

Restaurant: $175,500-$750,500

Opening a restaurant is many people's dream start-up idea: What could be more fun than creating a unique hospitality environment, where people can gather for delicious food and happy memories? But although restaurants can be cool and glamorous, they're not cheap.

A survey from RestaurantOwner.com found that the average start-up costs for a restaurant range from $175,500 to $750,500. Restaurants have lots of costs: food, other inventory, real estate leases, construction, employee wages, utilities, license and permit fees, and more. That all adds up to a median start-up cost per seat of $3,586 -- or $14,344 for a four-seat restaurant table. Starting a restaurant can be risky, and the profits are not often huge: the RestaurantOwner.com survey found that the typical restaurant's (median) profit margin was 5.5%.

Bottom line

Starting a business doesn't have to be expensive, but it's important to know just how much it can cost. Many entrepreneurs fund their startups with credit cards or personal funds. Until you're ready to apply for a small business loan, you might need to "bootstrap" your business in this way.

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• Pacific NW Magazine

Despite the odds, you started a small business. Tell us your story.

Why did you decide to start your small business, juggling all it entails — inflation costs, health insurance, federal and local regulations, finding qualified employees?

The long-term odds are not in your favor.

A quarter of new businesses don’t make it past the first year , according to the U.S. Bureau of Labor Statistics. And after 10 years? The failure rate is 65%.

And yet, U.S. Census Bureau figures show a record-breaking 5.5. million new business applications were filed in 2023, with 97,000 of them in Washington state.

So plenty of you are willing to take the chance. If you run a small business in Washington, we want to hear your story of challenges and triumphs, and of dreams and realities.

Please contact me if you’re willing to share the details of your business and your daily battles. Fill out the form below, or email [email protected] with your name and phone number (not for publication!), and share a little bit about yourself. Pacific NW magazine writer Erik Lacitis might reach out to request an interview for an upcoming story.

Small businesses make up two-fifths of our economy , says the Small Business Administration. Your stories are important.

Can’t see the form? Click here.

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