Top 13 Reasons to Launch Your Dream Business in 2022
Starting the dream business always seems to feel like a task for later. You know, when you’ll have a ton of time, more money and greater skill to back it and perhaps a better network through which to market it and on and on. The truth is, there is no better day than today to get started on your dreams, because the more time passes, the more daunting it will become. With that in mind, here are 13 reasons to go for it rather than watching the years pass as you wait for the perfect time.
- Create a Budget
- Decide on a Business Structure
- Find a Location
- Finding a Mentor Is Easier With Something to Show
- Online Businesses Are Cheap
- More spare time
- You Already Have a Network
- Your Income Potential is Up to You
- Be the creator of your own destiny
- Be recognizable and reachable
- Small Venture? No worries
- Set Up an E-Commerce Site
- Invest Your Time in Graphic Design
1. Create a Budget
Whether you plan to minimize expenses with a lean startup approach or you’ve already saved the capital to launch your business, estimate the costs associated with starting and running it. While the actual costs vary dramatically by industry, you should account for the following possible categories:
- State and local business licenses and permits
- Legal fees, especially if you plan to incorporate
- Business insurance
- Brand and website development
- Market research
- Rental lease
2. Decide on a Business Structure
Incorporating your small business protects your personal assets from business liability. This means the business is legally considered a separate entity, so your house, car and other property cannot be seized to pay business debts or legal judgments. Incorporating your business also has tax advantages. Whether it’s best for you to establish a sole proprietorship, a partnership, a limited liability company (LLC) or a corporation depends on the type of business, the number of employees and other factors.
A business attorney can advise you on the best strategy for your specific venture. For most sole proprietors, keeping the business structure as simple as possible will keep costs low as you’re starting out and give you a chance to determine the ideal setup as you grow. Entrepreneur recommends new businesses wait three to six months before forming a legal entity. Keep in mind that even when you choose a business structure, however, you can always reorganize to become a different entity down the road.
3. Find a Location
Unless you’re starting an online or home-based business, you’ll need to find the ideal physical location for your enterprise. This is where you’ll register your business, obtain the required permits and licenses and pay local and state taxes. These items can be much more costly in some municipalities than in others, so do your research to make sure you choose a city that’s on the more affordable side. On the flip side, some state and local governments offer tax incentives and credits for new businesses, and federal incentives are available for new ventures in certain zones that are historically underutilized.
4. Finding a Mentor Is Easier With Something to Show
Experts and old hats love to take newbies under their wings, but only with proof that those ingenues are willing to work. With that in mind, you’re far better off launching your business and then looking for people to help you. You can then refer to your portfolio or website with specific questions, for example. This also ensures that you will know exactly what it is you want out of your company, which many people don’t right away. Once you do, you’ll have an easier time finding the perfect guide.
5. Online Businesses Are Cheap
Luckily, we no longer live in the brick-and-mortar days. Now anyone can go online and, with a few hundred bucks and a plan, start an e-commerce website and put their offerings out into the world. You no longer have the excuse of waiting to amass capital or get a loan.
6. More spare time
It doesn’t happen straight away, but once you are established and you have employees handling the majority of responsibilities, you will have more spare time. They don’t know about you but one thing COVID has taught all, It is like not being busy all the time and being less frantic in my business and social calendar.
7. You Already Have a Network
It’s tempting to put off your dreams on the assumption that you haven’t built a good network, but guess what? You’ve already got one. Yep. If you have a mama, you have a network. A best friend, a hubby, a coworker … while it might seem that these people don’t “count,” they are actually key players in your network, able to not only cheer-lead your work, but introduce others to it as well. Your network will mature as your business does, so don’t wait.
8. Your Income Potential is Up to You
When you work for someone else, especially if it’s for a big company, there’s generally a predefined salary or wage path to follow. There are salary caps, preset wages for certain tasks and more. But, with an online business, your income potential is up to you.
You choose the amount of effort you want to put in, and the products and services you want to create. That, coupled with how the market views your products, determines your income tax online. Also, as you grow and scale, your income potential will grow and scale as well.
9. Be the creator of your own destiny
Working for yourself opens up so many more options in terms of how, where and when you work. The feeling of liberation can be overwhelming and is not for the faint-hearted. Many people meet who have started their own business have failed as they are poor at self-direction.
10. Be recognizable and reachable
Wouldn’t you be interested in the fame and recognition one gets out of the above? What the year 2021 has done is that it has brought more and more people to the internet and less on the streets. This has necessitated improving online presence and image to have a better reach to the customers and ultimately greater profits and revenue. The customer will come back again if he/she recognizes it and if it is reachable.
11. Small Venture? No worries
Already there, but now troubled about the expenses and other stuff related to it? It is not that difficult and expensive as one may think of taking the business online. We all have witnessed so many low-cost startups going online and doing a lot better. We are here to help even low-cost startups to create a mark on the market if they have what it takes.
12. Set Up an E-Commerce Site
One of the best ways to earn online income is by setting up an e-commerce store.
Here’s the plus side: if you try to go the route of affiliate marketing, the best affiliate marketers are focused on 3 main niches; dating, weight loss, and making money online. You would have to compete with the best of the best, and it’s not easy.
With the e-commerce route, in many markets, you’ll be competing against old-school business people who may or may not have any internet marketing experience. Many of them have glitchy, out-of-date websites, which leaves you a lot of room for improvement, and you can capitalize on their shortcomings.
It’s still not easy by any means. It requires hard work, and you need to stand out amongst the hundreds of thousands of e-commerce websites and online stores. But by filling a unique niche and executing the right marketing techniques, you can make your e-commerce store a profitable success.
13. Invest Your Time in Graphic Design
Ever saw a beautiful sales page or a website design that really jumps out at you? That’s all due to a graphic designer.
Graphic designers are basically visual communicators. They design web pages, sales pages, logos, and really anything else that needs to look sharp.
To be a great graphic designer, you don’t need to be great at drawing, you don’t need a college degree, and you don’t need to buy a fancy expensive computer. But you do need to be a visual thinker, you do need to specialize in something, and you definitely need a portfolio.