15 Small Business Ideas to help you create a Creative Career Pivot

Discover Online Classes in Business

Accounting, business planning Logo design, business planning and much many more.    

Do you have dreams of starting a small company?

Quick Links

•     What's an small Business?
•     What is it that you need to Own a Small Business?
•     15 Creative Small Business Ideas

What's considered to be as a Small Business?

Years ago when you asked people to give examples of small-sized businesses that they could have thought of things like small coffee shops in the neighborhood and even retail stores--physical places of business that had a few employees, and mostly localized presence. These kinds of companies are still around now however, the realm of small businesses has grown across many directions.

Small business owners today operate in a wide variety of disciplines, from journalism web design, to teaching and cosmetology. Many of them run their business from their homes, as opposed to an office building or the retail shop. In many cases nowadays, the business owner is also operating their company by themselves. In 2020, 25.7 million of the country's 31.7 million small-sized businesses are employee-free.

Small Business Definition

It is the Small Business Administration (SBA) definition of a small-sized company is one that is not in excess of a particular amount of revenue or number of employees in the specific field of. In construction, for example being a small company is one that doesn't exceed $36.5 millions in annual sales. Wholesale trade is the term "small" refers to a business with 100 or less employees.

The types of small businesses

Are you asking yourself "What kind of business should I start?"

If you're considering an entrepreneurial venture that is small in size You should think about the kind you're looking at the typeof business you want to run in conjunction with the product or service you're planning to market. There are four kinds of small-sized businesses and each functions a bit differently in terms of organization and taxation status.

• Partnerships:Partnerships are small businesses run by more than two persons, with profit and loss shared by the group. If you decide to go with this option, you'll want an ironclad partnership contract to safeguard the rights and expectations of all invested parties.
• Limited liability corporation (LLC):An LLC is a separate entity that protects the personal assets of your company assets, providing security in the event of bankruptcy or lawsuits. It can be operated solo or with one or more partners.
• Corporations:Corporations are independent legal entity separate from the owners of their own. Within this designation is a range of different types of corporations (such as C corps, S corps, and B corps) with particular tax advantages and disadvantages.

Apart from partnerships, every kind of small-sized business could be managed by one individual. There are major differences in liabilities and taxes and, as your company grows, it may be beneficial to consult an advisor in the field of finance to determine which arrangement is most beneficial for you.

What Does it Take to own a small Business?

What the ease of it is to get your business off starting depends upon what you're looking forward to doing. Some small businesses have very minimal startup expenses or operational needs, while others have a greater risk and an investment up front.

In more general terms beginning and operating a small business requires ingenuity and organization. A tireless work ethic doesn't harm either, but it's certainly possible to own the business of a modest size without working your limbs to death.

Start-up costs for small businesses

The initial costs of small-scale businesses are heavily dependent upon the nature of the business. Things that you might have to take into consideration are:

• Equipment
• Office space
• Marketing
• Travel
• Incorporation fees

The SBA's calculator for startup costs to give you an estimate of the amount of cash you'll need to get your new business up and running.

Small Businesses Overhead Costs

The overhead costs relate to the continual running of your company. These will likely comprise the initial expenses mentioned earlier, as they're ongoing as well as things like:

• Health insurance
• Payroll (if there are employees)
• Taxes
• Rent
• Costs of shipping

Average Small Business Revenue

Small businesses that are not employee-owned earns $46,978 in revenue each year. Small firms with between 1 and 4 employees earn an average of $387,000. Revenue continues to increase as the number of employees grows.

These revenue numbers are calculated before taxes and expenditures. This means that the amount of money earned by the owner will be significantly lower than the total income of the business.

The Average Salary for a Small Business the Owner

In terms of taking home earnings, the mean annual salary of a small company manager is $71,813 per year. The figure includes those who run smaller businesses of any size, so the number is highly distorted. The majority of business owners of small size (86.3 percent) have under $100,000 per year.

15 Creative Small Business Ideas

There's no need to reinvent the wheel to start a profitable small business. Here are fifteen small-scale business ideas for anyone looking for a career pivot.

1. Affiliate Marketing

You can become an affiliate marketer and be paid by companies to market their products. You'll get a commission on every sale you facilitate, and some affiliate marketers have the ability to earn extra money for driving traffic to their website.

2. Sewing

If you're adept with a needle and thread you might think about becoming a seamstress, providing tailoring, alteration, as well as other services. Additionally, you can expand to original designs, or focus in specific industries like prom or wedding alterations.

3. Wedding Photography

4. Web Development

5. Freelance Writing

6. Nail Art

7. ESL Teaching

Learn to help people master English as you become an ESL teacher. You can complete your Teaching English as a Foreign Language (TEFL) certification online, then work with non-native English learners as a tutor or language coach.

8. Pet Photography

9. Spanish Interpreting

10. Travel Writing

11. Video Game Design

If you are passionate about making video games just as than playing them, start a small business as an expert in video game design. Create, market and sell your own games or join developer teams with a contractual basis to help bring their ideas to fruition.

12. Freelance Editing

13. Freelance Artistry in Makeup

As a freelance makeup artist You can offer your services for any event from weddings to fashion shows you have the most control of the rates you charge and time. Learning by yourself is okay however, you should consider pursuing training classes that will increase the chances of being successful.

14. Forensic Artistry

An artist who is forensic in nature is employed by law enforcement agencies to help visualize crimes, criminal suspects as well as other important details. If you've worked in graphic artistry, check out the International Association for Identification (IAI) for more information about ways to be certified in the field.

15. Freelance Journalism

Work as a freelance journalist and assist in telling important stories without being bound by an individual media company. Writing, researching, and storytelling skills are obviously important here You'll also have to have the ability to come up with and communicate your ideas.

Which Business Will You Start?

There are a myriad of ways to be a small-business proprietor. Find your passions and desires, then look for ways to take the things that you excel in and sell your skills to others. The process won't be simple, but it can absolutely be a fulfilling way to earn a living.

   Begin Your Freelance Career

   Building Your Freelance Business: From First Steps to Getting Paid