What You Don’t Need When Starting A Small Business
There is no denying that launching a small business is a time-consuming and challenging process to navigate. Nevertheless, this doesn’t stop 627,000 new businesses from opening every year, as reported by the Small Business Administration (SBA). You will undoubtedly have a lot on your mind and plan for several expenses when considering starting your business. However, it may shock you to learn that you can do without many things if you wish to venture into entrepreneurship, saving yourself a lot of time and money. Below are some surprising things you can do without when starting a small business.
A great business idea seems incredibly fundamental to your entrepreneurship efforts. After all, admirable entrepreneurs like Bill Gates, Elon Musk, and Larry Page all had their “Eureka moments,” and you may wish to follow in their footsteps and bring the next big idea to life. However, it is not always true that you can’t sell a great product or service without an original idea. An example is franchising. Franchising allows you to invest in a concept that is already successful, so you can simply replicate a flourishing idea and share in its profitability. You can readily take advantage of several investment opportunities on sites like Franchise Direct. If you select well, you will access several resources most entrepreneurs are willing to die for, including an already successful idea with a defined customer base.
Employees are quite expensive to hire and maintain, but you may not need to hire them for your small business. Many modern business owners are solopreneurs and have started and exited ventures without making a single hire. According to the U.S Census Bureau, there are about 25 million “one-person” companies in America. However, it is critical to note that solopreneurship works best for some industries than others. For instance, you can easily do it all alone if you have a graphic design, tutoring, coding, photography, personal training, or business coaching company. Nevertheless, you can still run a business without employees even if you need extra hands to assist with tasks. Independent contractors are not employed by the companies they work with and are recognized under the law as self-employed. As such, you can hire and pay these contractors when you need them for tasks with no continuing obligations.
The idea of setting up a business without an office space may have passed as a good joke about a decade ago. However, it is completely feasible in today’s world, thanks to improvements in workplace technology and the effects of the ongoing pandemic. It is estimated that more than 16% of American companies currently hire only remote workers. Consequently, you can set up an entire company without a physical office space, avoiding huge rents and maintenance costs. You and your staff can work from home or other convenient personal locations. Alternatively, you can hire collaborative workspaces, which are formal but cheaper, recreating the office environment for about half the price.