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How To Create A Freelance Business Plan – Guide + Template

Having a solid freelance business plan is crucial for achieving long-term success. While you may not have the same traditional structure as a brick-and-mortar business, it’s essential to have a roadmap that outlines your goals, target audience, and financial projections. In this article, we’ll discuss the key components of a business plan for freelancers and offer tips on how to create a plan that sets you up for success.

  • Purpose of a business plan
  • Benefits and advantages

The Business Model Canvas

Value proposition, customer segments, customer relations, key partners, key resources, key activities.

  • Revenue Stream

Cost Structure

The lean canvas.

  • Freelance business plan template + checklist
  • Executive Summary
  • Company and Strategy
  • Products and Services
  • Market Analysis
  • Competitors
  • Marketing and Sales
  • Organization and Resources
  • Risk Analysis
  • Action Plan
  • Common mistakes when creating a business plan

Purpose of a freelance business plan

A business plan forms the foundation of your company. It records the business idea and all the important components that contribute to its success or failure. Therefore, a business plan not only helps to get an idea of what the chances of success are for a plan, but also serves to keep an eye on the development of the company after the start-up, and to make target-actual comparisons and counteract negative changes in a timely manner.

In addition to its internal purpose, a business plan also fulfils external tasks. When starting a business, it especially serves as a basis for evaluation by external capital providers.

A good business plan can already be helpful in the start-up phase to convince potential investors, banks, authorities, as well as potential sales partners, customers or suppliers of the business idea.

However, before diving straight into the creation of a business plan, one should first engage with their business idea in order to illuminate it from all sides. This not only helps to avoid early failure, but also makes the creation of a freelance business plan much easier.

Why use a business plan? Benefits and advantages

Before you start creating the perfect freelance business plan, let’s take a look at the benefits and advantages that it can offer:

  • Increased clarity: A business plan can help you get clarity to your decision-making process and helps you put your end goal at the core and work towards it.
  • Provides clear structure: A business plan provides structure and allows you to define business objectives. When consulted regularly, it can help measure and manage your areas of focus that are of the utmost priority.
  • Creates a marketing roadmap: A business plan allows you to create an effective marketing roadmap, which in turn can help you define things like target market(s), target customers, schedules, timeframes, etc.
  • Improved financial decisions: Planning for expenses effectively is crucial when it comes to freelancing. A business plan gives you the information needed to make better decisions financially.

To analyse the potential of a business idea, one can use a variety of methods. One of the most comprehensive tools for this is the Business Model Canvas by Alexander Osterwalder. In this method, a business idea is placed at the centre and related to 9 dimensions – the so-called building blocks:

Revenue Streams

Business Model Canvas template for freelancers

During the development and analysis of the business idea, all fields are filled with the corresponding contents. Plan to spend two to three hours working on these fields. It is important to take enough time to consider the thoughts for each building block, but not to plan every field in detail. Remember, the completion of the Business Model Canvas should only show whether the business idea is feasible and serves as a guide for what needs to be considered.

The Value Proposition defines the extent to which the business model brings benefits to the customer. The following questions help to define the promise of performance:

  • What problem am I solving?
  • What exactly am I offering?
  • Why are customers looking for my service specifically?
  • What makes my offer better than the competition?

Next is the definition of the target audience or customers. It is important to define customer segments that will buy your services or products. Potential customers are grouped together based on their characteristics. The group characteristics can be traditional demographic factors (age, gender, location, etc.) or can focus on purchasing behaviour or reasons for buying.

Next, the channels through which you want to inform your customers about the product or service are defined. It is important to find out where and how potential customers shop. Here are some questions to answer:

  • How and where do customers find out about the offering?
  • How do customers become aware of my product or service?
  • How can customers buy my products and services?
  • How do I provide the service or how does the service reach my customers?

To capture all relevant touchpoints between customers and your business, it is recommended to record the so-called customer journey. Here, you put yourself in your customer’s shoes and document every step he or she takes from gathering information to making a purchase (and possibly beyond). This will help you identify the channels that you need to establish and manage for your business.

If you have already thought about the customer journey, you’re halfway to defining customer care. It is not only important to consider how to attract and win customers, but also how to keep the ones you already have. Consider the following questions:

  • What options do you have to communicate with your customers?
  • Is there a customer service hotline, a contact form, an email address?
  • How do customers learn about your new offerings?

In the next step, you will think about possible partnerships and how you and your business depend on them. This includes suppliers and vendors, as well as technology partners or regulatory bodies that you need to work with. Focus on the really relevant partners without whom you couldn’t do your job.

The same applies to Key Resources. Here, the resources needed for your work are listed, including:

  • Employees or roles that need to be filled
  • Financial resources and capital
  • Intangible resources such as licences, brands, patents, etc.
  • Material resources such as laptops, office equipment, company cars, etc.

Of course, not every pencil you need to buy for your business needs to be listed here. The focus should be on the critical resources for success.

The definition of Key Activities is one of the simpler tasks in the Business Model Canvas. Here, all activities that contribute to the success of the business model are listed. The other components of the business idea also contribute to this, which is why it is worth deriving the Activities from them.

In general, you need to ask yourself what activities need to be performed to fulfil the value proposition, win customers, and maintain day-to-day operations.

Next, it is important to define how you make money with your business . For freelancers, this means defining their hourly rate or considering other revenue models to generate income. Are there perhaps special contracts that bring recurring revenue or are only the hours billed each time? Define all essential sources of revenue and how they work.

Lastly, the cost structure is defined. The most important variable and fixed costs and their causes must be identified. These may include:

  • Production costs
  • Marketing costs
  • Licence costs
  • Personnel costs

As a further development of the Business Model Canvas, the Lean Canvas became known in 2010. It is specifically adapted to the fast-paced and limited resources of a startup and focuses on the problem to be solved and the solution to be provided, as well as the so-called unfair advantage and the core metric. In the Lean Canvas, these elements replace the Key Activities, Partners, Resources, and Customer Relations.

Lean Canvas template for freelancers

Often business ideas fail because they don’t solve a relevant problem. Therefore, this component was added to the Lean Canvas.

Once the problem to be solved has been identified, the focus shifts to providing a corresponding solution quickly and easily. The Lean Canvas approach involves using an MVP (minimum viable product). The MVP represents the minimum version of the solution – the raw version. This is launched on the market as soon as possible and then further developed in collaboration with customers.

The unfair advantage essentially describes the competitive advantage. For startups, it is important to know this very well or, if it does not exist from the beginning, to define it.

Young companies often lose themselves in the masses of numbers and metrics that define the success of a business. To prevent this, entrepreneurs who choose the Lean Canvas approach should first define only one metric from which they can measure success and failure. At the beginning, when the survival of the company is paramount, this could be profit. Later, when it comes to growth, other metrics come into play.

How to create a freelance business plan – Template + checklist

For those who have thoroughly considered their business idea beforehand, writing a freelance business plan will be easy. The elements of the Business Model Canvas or the Lean Canvas often overlap with the elements of the business plan and only need to be worked out in more detail. The planned size and complexity of the business idea also determine the content and scope of the plan.

The following elements provide a guide for creating your freelance business plan:

1. Executive Summary 

The Executive Summary is a brief overview of the business plan. The business idea is explained briefly and concisely, usually along with the purpose, objectives, and goals of the business. The industry and growth potential of the market are described, and finally, the key investment and financial data are presented.

Write the Executive Summary at the end of the business plan. It serves as a compact overview of the business idea and as the first evaluation criterion for the potential success of the business model and its financing for potential investors.

The chapter, which should be no more than one and a half pages long, includes:

  • Business idea
  • Offer – products & services
  • Industry / Market
  • Growth potential of the market
  • Financial requirements

2. Company & Strategy

In this section, the foundation for the company’s concept is laid out. The approaches for a successful implementation are presented in detail. It is also important to highlight the arguments and strengths of the idea and the planned company. These can be supported, for example, by a SWOT analysis.

The following sub-chapters are included:

  • Founding history
  • Milestones, capital, and shareholder structure
  • Business goal
  • Business purpose
  • Vision and strategy

Swot analysis template

3. Products & Services

This section of a freelance business plan contains all information about your products and services. Define them precisely, describe their unique selling points, and think about pricing segments. 

The subchapters include:

  • Products or services
  • Product or service advantages
  • Pricing segments

4. Market Analysis

For a successful business, the appropriate market potential must be present. Therefore, the selected market must be analysed in detail. Identify customer groups and define strategic business areas. The topics to be addressed include:

  • Market volume
  • Market position and market shares
  • Growth potential
  • Framework conditions (economic and legal factors)
  • Entry barriers
  • Competitive analysis
  • Customer groups (segmentation)
  • Strategic business areas (product per segment)
  • Market objectives
  • Outlook on potentials and future.

5. Competition

Here you take a look beyond your own company and get an idea of who your direct competitors are, who your market companions are, and how the situation can develop in the future. The following points belong in the competition analysis:

  • Direct competitors
  • Their products and services
  • Their strengths and weaknesses

6. Marketing & Sales

For a business idea to succeed, the right marketing and promotion of the product or service is crucial. Here, you describe the marketing concept and your marketing mix, where you define what you market where, how, and at what cost. Common models for processing are, for example, the 4 or 7 P’s. In addition, the marketing concept should include all important key points for the timeframe of market entry. The sub-chapters for this chapter include:

  • Sales and distribution strategy, distribution channels
  • Pricing, price policy
  • Communication strategy, channels, advertising, PR

7. Organisation & Resources

For the successful development of a company, resources, management, and employees play an important role. Therefore, this part Organization and Resources describes everything that is important for the organisation of the company, production, or service provision. This includes points such as:

  • Production process (location, technology, capacities, etc.)
  • Inventory management
  • Research & Development
  • Legal situation
  • Patents/licences
  • Responsibilities
  • Development/expansion potential

8. Risk Analysis

In this section, possible opportunities and risks are described, as well as measures to counteract the risks. In classic risk analysis, risks and their consequences are listed and classified according to the likelihood of occurrence.

Risk analysis as part of the business plan creation process

The risk matrix provides information about which risks are critical. For risks in the high and extreme categories, measures to limit or remedy them must be defined. Potential risks can be found, for example, in:

  • Management / personnel

9. Financing

A business plan for a planned self-employment cannot be created without detailed financial planning. Create the financial plan in the business plan for a period of 3-5 years to increase planning security. The following topics belong in the financial plan:

  • Cost structure
  • Revenue cycle
  • Cash flow plan – comparison of expenses and revenues
  • Profit planning – profit and loss statement
  • (Planned) balance sheet – overview of asset ratios
  • Required capital / investments

10. Action Plan

No matter how detailed your business plan is, it won’t help if it doesn’t lead to a structured and realistic action plan. Define all the steps that need to be taken until your product or service is on the market. You can use the chapters of the business plan as a guide. The next steps need to be defined, for example, for:

  • Product/Service
  • Business start-up/Company
  • Resources/Partners
  • Marketing/Market entry
  • Location/Business premises

11. Appendix

In the appendix, documents can be included that would exceed the scope of the respective chapter. For example, the following can be included:

  • Resumes / Founders’ Profiles
  • Financial planning (Balance Sheet, Income Statement, Cash Flow)
  • Operating permits / Patents
  • Organisational charts

📌 Business Model checklist ➯ DOWNLOAD

Common mistakes when creating a business plan (and how to avoid them)

When it comes to such a labour-intensive process as creating a business plan, it can be frustrating when errors creep in. To help you with this, we’ve identified the most common sources of errors below and provide tips on how to avoid them:

Lack of knowledge (e.g. in the area of finance)

  • Scrutinise the areas where you are unsure, especially critically.
  • Acquire any missing knowledge if necessary.
  • Seek out partners and advisors who have the expertise you lack.

Missing structure in the business plan

  • Pay attention to the logical structure of the business plan. The chapters and subchapters can follow a different order in your plan if it makes more sense for your business idea.
  • Focus on the important components of your business plan, which may vary depending on the purpose of the plan (investor pitch, business planning, etc.)
  • Various organisations offer consulting services to entrepreneurs, some of which are even subsidised by the states.

Insufficient differentiation

  • Even if your idea seems incredibly unique to you, a comprehensive competitor analysis is necessary.
  • This is the only way to define a convincing unique selling proposition (USP) – which is also essential for the success of your business idea.
  • Not only does the business idea need unique selling propositions, but each product and service also needs to stand out in the market. Therefore, define a unique value proposition (UVP) for your products and services as well.

Underestimating risks

  • Nobody becomes self-employed overnight without careful consideration. Therefore, inform yourself carefully about the risks of self-employment and choose your approach consciously.
  • Use various analysis tools to minimise risks.

Poor planning

  • It’s easier to take the next steps if they are specifically planned and written down. A dedicated action plan of the individual steps is therefore essential to make the business plan a reality.
  • To avoid suddenly facing insurmountable obstacles, a secure risk planning is needed. Make sure to think this through thoroughly before embarking on the adventure!

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Stefania Volpe

Stefania joined the international team at freelancermap in 2020. She loves marketing, the digital world, foreign languages and meeting different cultures. She moved from Italy to Germany thanks to an exchange program at the university and worked as marketing manager for several startups. Now she focuses on helping freelancers and IT professionals to find jobs and clients worldwide at www.freelancermap.com.

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Writing a successful business plan

All successful businesses start with a strong business plan. Also known as a business proposal, this document helps attract investors and customers alike by demonstrating your knowledge, passion and drive

Writing a business plan is essential when  starting your own business , but what is a business plan and why do you need one? Well, a business plan describes your company, what it aims to achieve and outlines how it'll achieve it. It helps you to clarify your ideas, identify potential problems with your business model, establish short and long-term goals and, over time, measure your company's progress.

A business plan is vital if you're looking to secure investment, but it can also convince customers and suppliers to support you. You should update your business plan regularly, tailoring it to its intended reader as you would a CV and cover letter. Here's a suggested business plan template to get you started.

Executive summary

After the title page - which includes the name and business address of the author, the date of publication, and details of the plan's circulation and level of confidentiality - you'll present your executive summary. Bear in mind that this is the last section of the business plan you'll write, because its job is to grab the reader's attention by summarising what will follow.

Over three to four pages, briefly highlight the key purpose of your business plan and summarise the capital requirements, financial projections, and management structure of your company. You should also provide details of your competitors.

When writing a business plan, your focus throughout should be on highlighting how your product or service takes advantage of a significant market opportunity.

The business

Begin this section by addressing your company's products and services, before going into greater detail about its aims and objectives. Expand on the history of your business and explain its ownership structure. You should also mention what  type of business  it is.

An overview and outlook of the industry should be included, covering details of any relevant regulations and specific markets of interest. However, this information will be expanded on in the market analysis section, so keep it brief.

Finally, address how your business can be developed to meet future needs or changes, and admit any weaknesses that it may have. Being open in this manner will inspire confidence.

Market analysis

Essentially a condensed marketing plan, this section focuses on several factors:

  • Market research  - It's vital to know that you've got a group of buyers for your product or service. Become familiar with the market and  job sector  as a whole, so the company can be positioned appropriately in terms of price and quality.
  • Target audience  - Discuss which market segments you're aiming to pursue, such as local customers or those of a particular age group. Indicate the key characteristics of your typical buyers.
  • Competitors  - Summarise your competitors' strengths and weaknesses and consider how you can prevent others from entering your market space.
  • Existing customers and sales  - Mention any customers that you've already lined up and address how you'll sell, whether it's over the phone, on your website, face-to-face or through an agent. In addition, if you have more than one product or service, consider the contribution of each to your turnover.
  • Marketing strategy and goals  - Address how you'll promote your product. This may be through means such as advertising, public relations (PR), direct mail or email. Examine likely sales, growth, profit margins and costs.

Management and operations

This section explains how your business will function. You should detail the:

  • Background, experience, and training of the management team  - Highlight individuals' roles and responsibilities, plus their relevant skills and experiences. You should also mention the financial contributions, salaries and company benefits of each member.
  • Capital requirements  - Discuss the company's needs in terms of equipment, facilities, insurance, and personnel, before highlighting any potential limitations to production.
  • Logistics  - Detail each division and their assigned tasks, addressing how you'll cover sales, finance, marketing, administration, stock control and quality control. You should describe the systems and procedures that will be involved in all aspects of production, from the customer's initial payment through to transport and delivery, including detailed information on your suppliers.

Financial forecasts

In this section, you must translate your company's aims and objectives into measurable goals. This means providing numbers including:

  • the estimated costs of starting and running your business
  • how much additional finance you require, plus what it will be used for
  • sales forecasts for the first year
  • profit and loss forecasts for the first three years
  • cash flow forecasts, showing that you've considered key variable factors such as sales revenue and wages
  • your budget and pricing strategy.

Be aware that you should justify any assumptions that you've made when reaching each forecast.

Risk management

Consider any risks associated with running your business, plus any legal obligations surrounding factors such as insurance, licences, and health and safety.

You should also create detailed 'what-if scenario' backup plans, documenting how you'll react to issues that may arise. Not only will this help you to minimise risk, but you'll enhance your credibility with potential investors by showing that you've thought about your business plan from every angle.

The appendix of a business plan features copies of essential supporting documents, such as:

  • credit history information
  • detailed cash flow plans
  • detailed CVs of the management team
  • market research results
  • receipts and bank statements
  • tax returns.

Much of the information contained within your business plan will be highly confidential. You should therefore tailor your appendix depending on who is receiving your plan - potential investors, for example, will expect to find out more than potential affiliates.

Overall, your business plan should be clear, concise, and realistic. If it's too long, or your objectives are too ambitious, it won't be read fully or taken seriously. Keep your audience in mind, using non-technical language where possible to be more readily understood, and ensure the points you make are logical, sound and backed up with explanation or evidence.

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  • Find out whether  self-employment is right for you .
  • Learn more about freelancing .
  • Discover things to avoid when starting a business .

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Simple Business Plan Template for Entrepreneurs

Follow This Business Plan Outline to Write Your Own

Susan Ward wrote about small businesses for The Balance for 18 years. She has run an IT consulting firm and designed and presented courses on how to promote small businesses.

self employment business plan template

Pros and Cons of Using a Business Plan Template

Do i need a simple or detailed business plan, how to use this business plan template, table of contents, section 1: executive summary, section 2: business/industry overview.

  • Section 3: Market Analysis and Competition

Section 4: Sales and Marketing Plan

Section 5: ownership and management plan, section 6: operating plan, section 7: financial plan.

  • Section 8: Appendices and Exhibits

Ariel Skelley / Getty Images

Think you have a great idea for a business? The best way to find out whether your idea is feasible is to create a business plan .

A solid, well-researched business plan provides a practical overview of your vision. It can be used to ground your ideas into workable actions and to help pitch your idea to financial institutions or potential investors when looking for funding.

The standard business plan consists of a single document divided into several sections for distinct elements, such as a description of the organization, market research, competitive analysis, sales strategies, capital and labor requirements, and financial data. Your plan may include more or fewer sections to best represent your business.

The template presented here will get you well on your way toward your simple business plan.

Ready-made layouts

Free downloads

Generic, not customized

No financial guidance

Additional skills needed

  • Ready-made layouts : Templates offer general guidance about what information is needed and how to organize it, so you’re not stuck looking at a blank page when getting started. Especially detailed templates may offer instructions or helpful text prompts along the way.
  • Variations : If you know what type of business plan you need—traditional, lean, industry-specific—chances are you can find a specialized template.
  • Free downloads : There are many free business plan templates available online, which can be useful for comparing formats and features, or refining your own.
  • Generic, not customized : Templates typically contain just the basics, and there will still be a lot of work involved to tailor the template to your business. For instance, you'll have to reformat, refine copy, and populate tables.
  • No financial guidance : You’ll need enough industry knowledge to apply financial models to your specific business, and the math skills to generate formulas and calculate figures.
  • Additional skills needed : Some degree of tech savvy is required to integrate charts and graphs, merge data from spreadsheets, and keep it all up-to-date.

A corporate business plan for a large organization can be hundreds of pages long. However, for a small business, it's best to keep the plan short and concise, especially if you're submitting it to bankers or investors . Around 35 to 50 pages should be sufficient, and more allowed for extras, such as photos of products, equipment, logos, or business premises or site plans.  Your audience will likely prefer solid research and analysis over long, wordy descriptions.

An entrepreneur who creates a business plan is nearly twice as likely to secure financing and grow their business compared with those who do not have a plan.

The business plan template below is divided into sections as described in the table of contents. Each section can be copied into a document of your own; you may need to add or delete sections or make adjustments to fit your specific needs.

Once complete, be sure to format it attractively and get it professionally printed and bound. You want your business plan to convey the best possible impression. Make it engaging, something people will to want to pick up and peruse.

Enter your business information, including the legal name and address. If you already have a business logo, you can add it at the top or bottom of the title page.

  • Business Plan for "Business Name"
  • Business address
  • Website URL

If you're addressing it to a company or individual, include:

  • Presented to "Name"
  • At "Company"
  • Executive Summary................................................Page #
  • Business/Industry Overview.................................Page #
  • Market Analysis and Competition.........................Page #
  • Sales and Marketing Plan.......................................Page #
  • Ownership and Management Plan.......................Page #
  • Operating Plan..........................................................Page #
  • Financial Plan............................................................Page #
  • Appendices and Exhibits........................................Page #

The  executive summary introduces the plan, but it is written last. It provides a concise and optimistic overview of your business and should capture the reader's attention and create a desire to learn more. The executive summary should be no more than two pages long, with highlights or brief summaries of other sections of the plan.

  • Describe your  mission —what is the need for your new business? Sell your vision.
  • Introduce your company briefly, sticking to vital details such as size, location, management, and ownership.
  • Describe your main product(s) and/or service(s).
  • Identify the customer base you plan to target and how your business will serve those customers.
  • Summarize the competition and how you will get market share. What is your competitive advantage?
  • Outline your financial projections for the first few years of operation.
  • State your startup financing requirements.

This section provides an overview of the industry and explains in detail what makes your business stand out.

  • Describe the overall nature of the industry, including sales and other statistics. Note trends and demographics, as well as economic, cultural, and governmental influences.
  • Explain your business and how it fits into the industry.
  • Mention the existing competition, which you'll expand upon in the following section.
  • Identify what area(s) of the market you will target and what unique, improved, or lower-cost products and/or services you will offer.

Many business plans cover their products/services in a standalone section to add more detail or emphasize unique aspects.

Section 3: Market Analysis and Competition

This section focuses on the competitive factor of your business and justifies it with financial models and statistics. You need to demonstrate that you have thoroughly analyzed the target market, assessed the competition, and concluded that there is enough demand for your products/services to make your business viable.

  • Define the target market(s) for your products/services in your geographic locale.
  • Explain the need for your products/services.
  • Estimate the overall size of the market and the units of your products/services that the target market might buy. Include forecasts of potential repeat-purchase volume and how the market might be affected by economic or demographic changes.
  • Estimate the volume and value of your sales in comparison with any existing competitors. Highlight any key strengths over the competition in easily digestible charts and tables.
  • Describe any helpful barriers to entry that may protect your business from competition, such as access to capital, technology, regulations, employee skill sets, or location.  

You may opt to split the target market description and competitive analysis into two separate sections, if either (or both) portray your business especially favorably.

Here's where you dive into profits, giving detailed strategic view of how you intend to entice customers to buy your products and/or services, including advertising or promotion, pricing, sales, distribution, and post-sales support.

Product or Service Offerings

If your products and/or services don't take up a standalone section earlier in the plan, here is where you can answer the question: What is your unique selling proposition? Describe your products and/or services, how they benefit the customer and what sets them apart from competitor offerings.

Pricing Strategy

How will you price your products/services? Pricing must be low enough to attract customers, yet high enough to cover costs and generate a profit. You can base pricing decisions on a number of financial models, such as markup from cost or value to the buyer, or in comparison with similar products and/or services in the marketplace.  

Sales and Distribution

For products, describe how you plan to distribute to the customer. Will you be selling wholesale or retail? What type of packaging will be required? How will products be shipped? If you offer a service, how will it be delivered to the customer? What methods will be used for payment?

Advertising and Promotion

List the various forms of media you will use to get your message to customers (e.g., website, email, social media, or newspapers). Will you use sales promotional methods such as free samples and product demonstrations? What about product launches and trade shows? Don't forget more everyday marketing materials such as business cards, flyers, or brochures. Include an approximate budget.

This section describes the legal structure, ownership, and (if applicable) management and staffing requirements of your business.

  • Ownership structure : Describe the legal structure of your company (e.g., corporation, partnership, LLC, or  sole proprietorship ). List ownership percentages, if applicable. If the business is a sole proprietorship, this is the only section required.
  • Management team : Describe managers and their roles, key employee positions, and how each will be compensated. Include brief résumés.
  • External resources and services : List any external professional resources required, such as accountants, lawyers, or consultants.
  • Human resources : List the type and number of employees or contractors you will need, and estimate the salary and benefit costs of each.
  • Advisory board : Include an advisory board as a supplemental management resource, if applicable.

The operating plan outlines the physical requirements of your business, such as office, warehouse, or retail space; equipment; supplies; or labor. This section will vary greatly by industry; a large manufacturer, for instance, should provide full details about supply chain or specialty equipment, while a therapist's office can get by with a much shorter list.

If your business is a small operation (like a one-person, home-based consulting firm), you might choose to eliminate the operating plan section altogether and include the operating essentials in the business overview.

  • Development : Explain what you have done to date to identify possible locations, sources of equipment, supply chains, and other relevant relationships. Describe your production workflow.
  • Production : For manufacturing, explain how long it takes to produce a unit and when you'll be ready to start production. Include factors that may affect the time frame of production and how you'll deal with potential problems, such as rush orders.
  • Facilities : Describe the physical location of the business. Include geographical or building requirements; square footage estimates (with room for expansion if expected); mortgage or leasing costs; and estimates of maintenance, utilities, and related  overhead costs . Include zoning approvals and other permissions that are necessary in order to operate.
  • Staffing : Outline expected staffing needs and the main duties of staff members, especially the key employees. Describe how the employees will be sourced and the employment relationship (i.e., contract, full-time, part-time) as well as any training needs and how these will be provided.
  • Equipment : Include a list of any specialized equipment needed, along with cost, whether it will be leased or purchased, and sources.
  • Supplies : If your business is, for example, manufacturing, retail, or food services, include a description of the materials needed, reliable sources, major suppliers, and how you will manage inventory.

The financial plan is the most important section for lenders or investors. The goal is to demonstrate that your business will grow and be profitable. To do this, you will need to create realistic predictions or forecasts.

To avoid inflated expectations, a prudent financial plan underestimates revenues and overestimates expenses.

  • Income statements : The income statement displays projected revenues, expenses, and profit. Do this on a monthly basis for at least the first year for a startup business.
  • Cash-flow projections : The cash-flow projection shows your monthly anticipated cash revenues and disbursements for expenses. To be considered a good credit risk, it is important to demonstrate that you can manage your cash flow.
  • Balance sheet : The  balance sheet  is a snapshot summary of the assets, liabilities, and equity of your business at a particular point in time. For a startup, this would be on the day the business opens.
  • Breakeven analysis : Including a breakeven analysis will demonstrate to lenders or investors what level of sales you need to achieve to make a profit.

Section 8: Appendices and Exhibits

The appendices and exhibits section contains any detailed information needed to support other sections of the plan.  

Possible Appendix or Exhibit items include:

  • Credit histories for the business owners
  • Detailed market research and analysis of competitors
  • Résumés of the owners and key employees
  • Diagrams and/or research about your products and/or services
  • Site, building, or office plans
  • Copies of mortgage documents or equipment leases (or quotes)
  • Marketing brochures and other materials
  • References from business colleagues
  • Links to your business website
  • Any other material that may impress potential lenders or investors

SCORE. " Business Plan Template for a Startup Business ." Accessed April 28, 2021.

U.S. Small Business Administration. " Write your business plan ." Accessed April 28, 2021.

U.S. Small Business Administration. " SBA Recommended Business Plans and Length ." Accessed April 28, 2021.

Bplans. " Why Plan Your Business? Look at This Data ." Accessed April 28, 2021.

Marketing MO. " Pricing Strategy ." Accessed April 28, 2021.

Incorporate.com. " Write a Business Plan, a Step-by-Step Guide ." Accessed April 29, 2021.

Startup Nation. " The Five Costs You're Most Likely to Underestimate in Your Business Plan ." Accessed April 28, 2021.

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From Employee to Entrepreneur: 8 Steps for Transitioning to Self-Employment

Rachel Christian

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Syndicated from The Penny Hoarder

Freelancing, consulting or starting your own business could be the perfect way to launch the career of your dreams.

But making the jump to self-employment is never easy. Leaving behind the comfort and security of your day job in exchange for the massive responsibility of running your own business is exciting — but totally nerve-wrecking.

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8 steps for transitioning to self-employment

If you’ve been an employee for years, it’s tough to know where to start. Here are some important tips to keep in mind during your self-employment journey.

1. Develop a business plan

One of the first steps in transitioning to self-employment is writing a business plan .

Your business plan should outline your goals, the services or products you’ll offer, your target audience and your financial projections.

Ask yourself these questions when creating a business plan:

  • What services will you offer?
  • Who is your target audience and how will you reach them?
  • How will you land your first contract or project? How will you find future clients and leads?
  • How will you price your products or services?
  • How much revenue do you need to cover expenses?
  • When and where do you want to work?
  • How will you grow your skills and network?

You can also check out this free 30-minute course on how to create a business plan from the Small Business Administration.

When developing your plan, be realistic about your financial projections and set achievable goals. Don't underestimate the time and resources required to get your business up and running .

This is also a good time to determine what makes your skills or service unique. How will you differentiate yourself from competitors and position yourself as an expert in your field?

2. Create wiggle room in your current job

You can work toward your new freelancing career even before you leave your old job — in fact, this is advised by most career experts.

You’re likely spending more time than necessary doing work you don’t like in your current position. Start your transition by trimming the fat.

Figure out what tasks should be completed by subordinates or other departments, and get them off your plate.

Cutting out the mundane aspects of your job, like team-wide meetings and performance reviews, can free up more time to focus on your own business.

Start to grow your side hustle , working with a few clients and gigs in the time you’ve freed up so you can replace your income and transition your work and lifestyle slowly.

Your side hustle will probably take over your free time and other hobbies for a while. But it will pay off when you’re able to leave your day job behind, start a new career and do what you love.

Need some start-up money? Here’s how to get a small business loan .

3. Get your finances ready

Aim to save three to six months' worth of living expenses in an emergency fund, plus whatever capital you need for the business.

This financial cushion will give you some breathing room if you hit unexpected expenses or a slow month.

Start saving by looking for ways to cut expenses and identify ways to save money fast, like canceling subscriptions and shopping for cheaper car insurance quotes. 

Use an expense tracking app so you can identify areas where you can cut back and save more money.

By preparing yourself for life at a lower income, you can remove the financial fear that comes with quitting your day job.

Now is also a good time to take care of big expenses. Upgrade your computer, pay off credit card debt and eliminate as much other debt as possible while you can still rely on your current income.

You also need to figure out how much money you need to start your business and how you will finance it: Personal savings, small business loans or private investors .

Calculate how many hours per day and per week that you need to work in order to meet your financial goals and replace your current income.

Don't expect to make a full-time income right away and be prepared to work hard and stay committed.

Finally, create separate accounts for your business and personal finances. This makes it easier to track your business income and expenses for tax purposes. Keeping things separate also helps avoid a mix up between your personal savings and your business cash reserves .

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4. Figure out your health care and taxes

Launching your own business means you’ll be responsible for many expenses currently covered by your employer, including taxes and health insurance.

Unlike traditional jobs, self-employed individuals are responsible for paying their own taxes. A good rule of thumb is to set aside about 20% to 35% of every paycheck you make to cover your self-employment taxes .

You’ll need to pay estimated taxes each quarter in addition to filing an annual tax return. This will include both federal income tax and self-employment tax , an additional tax levied on independent contractors currently totalling 15.3%.

Before you transition to self-employment, sit down with a certified public accountant . This professional can help set-up your accounting processes and tax reporting. A CPA can also assist in helping you create realistic billable rates.

Taxes are complicated. Check out our guide on how to file small business taxes to learn more.

Next, you’ll need to figure out your health insurance. Buying your own coverage can be costly, but luckily, there are a few ways to get health insurance if you’re self-employed. 

You can purchase a plan through the Affordable Care Act (ACA) Health Insurance Marketplace . Here, you can compare health insurance from a variety of providers — and you may be eligible for subsidies based on your income.

Additionally, you can look into getting health insurance from your spouse’s employer. Or maybe you can continue working part-time for your current employer to keep your benefits in place.

5. Network and learn

Use this time before leaving your full-time job to educate yourself about freelancing and your new industry.

Continuing education and professional development are key to staying competitive in today’s job market.

Attend workshops and conferences, take online courses and read industry publications to stay up-to-date with business trends and best practices.

Networking is also key. It’s crucial to start building relationships before you make the transition to self-employment.

Learn how to utilize your resources, and find new ones. Join your local chamber of commerce , reach out to the Small Business Administration and connect with colleagues on social media.

Work to add more people to your support network over time, whether that's a mentor, a business coach or a meet-up of fellow entrepreneurs.

You don’t need to be a social butterfly to thrive at networking events. These networking tips for introverts can help.

6. Embrace time management

As a self-employed individual, you’re responsible for managing your own schedule, finances and client relationships.

It’s important to stay organized in your business and keep track of your to-do list and deadlines.

Learning how to track your time will make it easier to calculate your billable hours, create reports and conduct a proper cost/benefit analysis. It’ll also help you get time back from your business .

Consider using tools like project management software , accounting software and time-tracking apps to stay on top of your workload.

Using a timesheet calculator or a similar app for a few weeks can provide insight into your biggest time wasters, as well as your most productive hours.

7. Make the jump … gracefully

When the time comes to part ways with your job, give proper notice and maintain a positive relationship with your employer.

After all, you never know when you might need a reference or want to work with the company again on a part-time or contract basis.

Before calling it quits, review your employment contract to identify any non-compete or non-disclosure agreements you may have signed.

Don’t let these documents stop you, though.

Be proactive and let your employer know that you won’t solicit their clients. If you’re honest and objective, your employer is less likely to enforce a NDA or non-compete.

8. Know what’s holding you back — and let go of those fears

Sometimes fear is the biggest thing holding people back from transitioning to self-employment.

You have the passion and the ability to acquire all the skills and knowledge you need to do what you want. Hurdles in your life may make the transition difficult — a family who needs your time and attention, a day job that leaves you exhausted, a mortgage that insists on being paid each month.

But none of these challenges make your dream impossible.

Be prepared for the ups and downs of entrepreneurship and have a plan in place for dealing with setbacks and challenges.

Then take a deep breath and jump.

Rachel Christian is a Certified Educator in Personal Finance and a senior writer at The Penny Hoarder. She focuses on retirement, investing, taxes, and life insurance.

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SELF-EMPLOYED BUSINESS PLAN: How do I Write One?

  • by Kenechukwu Muoghalu
  • August 13, 2023
  • No comments
  • 7 minute read

self employed business plan

Table of Contents Hide

What is a self-employed business plan, what is the importance of a business plan, is it difficult to write a self-employed business plan, #1. executive summary, #2. company overview, #3. market analysis, #4. management and organisational team, #5. competitive analysis, #6. sales and marketing strategy, #7. financial plan, #8. appendix, can you write a self-employed business plan in a day, how long should a self-employed business plan be for a small business, when should i start a self-employed business plan, still confused about how you can write a self-employed business plan, conclusion , why do business plans fail , what makes an excellent business plan, what are the common errors in the preparation of a business plan.

Whichever profession or career you determine to settle for, taking the decision to work on your terms and become self-employed is a big step. Hence, for you to run a smooth business while being self-employed, you need to have a business plan. Owning a business plan as a self-employed individual can help outline your goals and aid you achieve those goals. To get more insights on how you can run a successful business on your own, this article will cover the basic information you need to know about a self-owned business. With our self-employed business plan template, you will also learn how to write a plan for your business. 

Just before we dive in, you can choose to ignore these procedures and just stick to our ready-made self-employed business plan .

A self-employed business plan is a living document that analyses your business ideas, its goals, your products or services, your mission, how you intend to make revenue, its leadership and many other details essential to its success. You can also define a business plan as a road map that will help you attain the growth of your business. 

Read Also: SELF EMPLOYED MORTGAGE: How to Get One

Not every potential or successful corporation started with a business plan, but many wise founders take out time to research their ideas, market, and audience to understand the basics of how to scale in their new field. This is strictly why you need to sit down and learn how to write a self-employed business plan for you to be able to handle your business on your own. To fail to plan is to plan to fail. 

Working side by side with a business plan comes with multiple advantages. As a self-employed individual, you might need some form of funding at some point, and you can only pull that through by having a business plan. Investors and banks rely solely on a business plan to evaluate the credibility of a business before agreeing to sponsor it. 

Aside from needing a business plan in terms of funding, it can also help you focus on more important goals with the highest chance of success. A business plan also has the ability to help you manage your resources wisely and know when best to take in opportunities. Working for yourself can be rewarding because you get to choose what you are passionate about, work long hours and control your income, but it can only become better with a plan. 

Writing a business plan can be a fun activity because all you have to do is to write down those growth strategies. But other times, the process can be daunting, especially when it is your first time. But to make it easier, we have provided a unique template that can help you create a self-employed business plan with ease. In any case, if it gets too tough along the way, you can use our ready-made business plan. Having known this, let’s analyse how to write a self-employed business plan using the template below.

How is a Self-employed Business Plan Written?

To write a business plan, you will need a structured outline that will serve as a guide on the best steps to take. These outlines will also help you construct a compelling plan that any reader will access with ease. They include:

Your executive summary is a brief of the other sections. It is more of a summary of what your business is all about. Most of the time, your readers might not have all the time in the world to go through your business plan. To curb this, they will refer directly to your executive summary. This being the case, this section should serve as a hook that will attract them to read more. Make sure to also leave it clear and concise during this course. This section should cover your financial plan, team, marketing strategy, market analysis and goals among others. 

The company overview section of your self-employed business plan is where you get to explain who you are and the unique plans you have for your business. You can give a brief history of your business, yourself, industry, vision, and objectives, among others. Ensure not to leave out your short and long-term goals in this section.

Before you settle down to conclude your target market and market analysis , you will have to perform some research on your market. The essence of this research is to understand your industry and predict who your target client is. As a self-employed individual, you may require some assistance during this section. Discovering this information will also convince your readers of your ability to reach your ideal audience. 

Your team should not be left out of your business plan. You should be able to tell your readers about the personnel involved in the smooth running of your business. While doing this, you can also utilise this opportunity to highlight their different roles and skills in the firm. You can also educate your readers on how each person will contribute to the growth of your company. 

Your competitors are clearly not left out of this plan. In this section of your competitive analysis , you will need to research who your competitors are and also tell your readers how you plan on being different from the crowd. You also need to note their weaknesses and strengths and decipher how to approach your client better.

Your sales and marketing strategy should cover the different marketing techniques you will be applying to your business to identify prospects, sell your products, and land new clients. You can decide to create an online presence or use manual advertisements. 

Your financial plan is also an essential section of your self-employed business plan. You will need to explain your current funding, a clear estimation of how much revenue your business will yield per month, a list of expenditures, a balance sheet, a cash flow statement, and an income statement.

The appendix of your business plan covers any other important supplemental documents that didn’t make their way into the plan. This document can come in the form of insurance, resumes, legal forms, credit histories, licences and permits, among others. They will also convince your readers of how credible your corporation is.

The time span solely depends on the amount of data you have at your disposal. If your business plan is a complex one that will cover a lot of information about your business, then you should be able to pull it through within 2-7 days. Whereas, when creating a basic plan, it should last for 3 hours or a day to finish.

A business plan for self-employment should be basically from two to four pages. You should focus more on making it clear, brief and concise. It does not need to be too complex and wordy. Let it serve as a clear guide that would easily define what your business is all about. 

According to the current statistics, an average successful entrepreneur writes their business plan between six and twelve months after planning on how to start up a business. Constructing a plan within this time frame tends to yield more results. 

If there are something entrepreneurs still find hard to manoeuvre whilst starting a business, then it is mostly getting stuck on how to write a self-employed business plan for themselves. It is normal to face difficulties considering the fact that you are new to this field. 

This is exactly why we have created a professional, ready-to-use self-employed business plan for your convenience. Over the years, Businessyield consulting has helped thousands of entrepreneurs like you start up on the right foot by taking the time to construct a unique plan for your business. What else do you seek? Get a copy here and unleash those ideas. 

Making provisions for a business plan before starting off any type of business is always a great way to start and validate your business idea. That is why you need to give it a good steer to be able to produce a clear, concise and realistic self-employed business plan using our template , in order to enjoy all of its benefits. You should also remember to review the plan once in a while to keep your data updated. 

Owning a business plan does not fully guarantee the success of your business. Most of the time, you can face a certain failure, and this is mainly because you lack quality operational force. You end up planning the whole day and then put in zero effort to actualize your plans. Your action elements are not applied, monitored, functional, or refined. Once you do not put in the work, then your business plan will not reach its full potential. 

A professional business plan should contain some necessary elements, including a marketing strategy, an executive summary, a financial plan, an operational structure, and a clear market analysis.

There are common errors that you should take note of when writing a self-employed business plan for your firm. They include using a bad business idea, neglecting the essence of an exit strategy, using an incapable team, having spelling and grammatical errors and writing half-baked financial projections among others. These are crucial errors you should take note of while writing. 

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Be Your Own Boss: 55 Business Ideas for Self-Employment

If you are looking for a way to earn money on your own terms, starting your own business and becoming self-employed might be the way to go. The beauty of self-employment is that it allows you to work on your own schedule, and take on projects that you are truly passionate about.  Before you dive…

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Be Your Own Boss: 55 Business Ideas for Self-Employment

If you are looking for a way to earn money on your own terms, starting your own business and becoming self-employed might be the way to go. The beauty of self-employment is that it allows you to work on your own schedule, and take on projects that you are truly passionate about. 

Before you dive headfirst into the world of working for yourself, it’s important to identify your skills and think creatively about what you could offer to potential clients.

In this guide, we’re going over 55 potential ideas for self-employment as well as the critical steps for getting your venture off the ground. 

55 Ideas for Self-Employment 

If you are eager to start your own business, it’s essential to choose a path that interests you. Take a look at 55 solid ideas for self-employment . 

  • Freelance Writer: Write for online blogs, websites, or publications
  • Virtual Assistant: Provide administrative or technical assistance to clients from home
  • Online Tutor: Teach students remotely a specific subject or skill
  • Social Media Manager: Manage and curate social media accounts for clients
  • Personal Trainer: Help clients achieve their fitness goals through personalized training sessions
  • Event Planner: Organize and execute events such as weddings, parties, or corporate events
  • Graphic Designer: Create logos, designs, and branding materials for clients
  • Copywriter: Write advertising copy or content for websites and other digital media
  • Photographer: Take photographs for clients, such as portraits, weddings, or events
  • Web Developer: Create and design websites for clients
  • App Developer: Develop mobile apps for businesses or individuals
  • Landscaper: Provide lawn care, landscaping, and gardening services to clients
  • Handyman: Offer general repair and maintenance services for homes and businesses
  • House Cleaner: Provide house cleaning services for clients
  • Pet Sitter/Dog Walker: Provide pet care services, such as pet sitting or dog walking
  • Personal Chef: Prepare meals for clients based on their dietary needs and preferences
  • Beauty Consultant: Offer beauty advice and services, such as makeup application or skincare consultations
  • Fashion Consultant: Help clients choose and style outfits that fit their personal style
  • Interior Designer: Design and decorate interior spaces for clients
  • Language Tutor: Teach a foreign language to students
  • Music Teacher: Teach music lessons to students in a specific instrument or voice
  • Etsy Seller: Sell handmade or vintage items on the online marketplace
  • Personal Shopper: Shop for and purchase items on behalf of clients
  • Party Planner: Plan and coordinate parties for clients, such as birthdays or corporate events
  • Yoga Instructor: Teach yoga classes to clients in person or online
  • Personal Stylist: Help clients choose clothing and accessories that fit their personal style
  • Social Media Influencer: Build a following on social media and partner with brands for sponsored content
  • Voice Actor: Record voiceovers for commercials, animations, and other media
  • DJ: Provide music and entertainment for events and parties
  • Podcast Host: Host a podcast on a specific topic or niche
  • Etsy Store Manager: Manage and operate an Etsy store for a client
  • Caterer: Provide food and beverage services for events and parties
  • Online Course Creator: Create and sell online courses on a specific topic or skill
  • Tour Guide: Provide guided tours of local areas or landmarks
  • Personal Shopper/Stylist for Seniors: Assist seniors with shopping and styling services
  • Cleaning Service for Airbnb Rentals: Clean and prepare Airbnb rentals for the next guest
  • Gift Basket Creator: Create and sell custom gift baskets for various occasions
  • Event Rental Service: Rent out event equipment such as tables, chairs, and decorations
  • Video Editor: Edit and produce video content for businesses and individuals
  • Personalized Stationary Designer: Create custom stationery for weddings, events, or businesses
  • Candlemaker: Create and sell handmade candles in various scents and designs
  • Bookkeeper: Offer bookkeeping services for small businesses
  • Child Caregiver: Offer childcare services for busy parents
  • Travel Planning: Help individuals plan and book travel arrangements, such as flights and hotels
  • Mobile Notary: Offer notary services to individuals and businesses at their location
  • House Painter: Offer painting services to homeowners and businesses
  • Mover: Help individuals and businesses move their belongings from one location to another
  • Accountant: Offer accounting services to small businesses
  • Bicycle Repair: Repair and maintain bicycles for individuals
  • Car Washer: Offer car washing and detailing services to individuals and businesses
  • Real Estate Agent: Help clients buy, sell, and rent properties 
  • Pool Cleaner: Maintain and clean swimming pools 
  • Computer Repair: Diagnose and fix issues with computers and related devices 
  • Carpet Cleaner: Clean carpets in homes and businesses 
  • Content Creator: Create digital content for websites, social media, or other digital platforms. 

Remember, these are just brainstorming ideas. It’s important to conduct your own research and due diligence to see if a business idea is feasible and profitable in your specific area and market. 

Pros and Cons of Being Self-Employed

Self-employment offers a level of freedom and autonomy that is often absent in traditional work environments. While being your own boss can be rewarding, it’s not for everyone. Before you abandon your current job to start your own business or work as a freelancer, it’s important to consider whether self-employment is right for you.

Self-employment can be unpredictable, and you may not start generating income immediately. It’s critical to determine whether you have the necessary savings to tide you over during the early stages of your self-employment journey. Additionally, you’ll need to think about other factors such as your ability to secure financing and whether you have the financial acumen to manage your business finances.

Another factor to consider is your level of self-motivation. When you are self-employed, you don’t have a boss to push you to get things done. You’ll need to be self-motivated and disciplined to stay on top of your workload and remain productive. 

Finally, it’s important to consider whether self-employment aligns with your personality and lifestyle. Self-employment requires a significant amount of initiative, innovation, and creativity. You’ll face challenges and experience highs and lows, and your ability to persevere through these fluctuating periods is crucial. Beyond this, you’ll also need to think about how self-employment will impact your lifestyle. 

Are you willing to work long hours or take on multiple jobs to make ends meet? Can you handle the isolation of working from home , or do you thrive in a traditional office environment? 

Depending on how you answer these questions, you may find that self-employment is or isn’t a viable path for your future.

9 Steps for Starting a Business and Becoming Self-Employed

Becoming self-employed is a fantastic opportunity to take control of your career and work life and to build something truly exciting and worthwhile for yourself. It does, however, take a lot of hard work, determination, and a proactive approach. Here’s a roadmap of what to expect. 

1. Define Your Business Idea

Before you can develop a business plan , it’s essential to have a clear idea of what product or service you will be offering. Define your target market, competition, and unique selling proposition.

2. Conduct Market Research

Once you have a clear idea of your business and target market, it’s essential to conduct market research to validate your idea. Look into industry trends, demand, and competitors to determine the viability of your business idea.

3. Develop a Marketing Strategy

Your marketing strategy will outline how you plan to reach and engage your target market. Identify key marketing channels, such as social media, email marketing, or paid advertising, and develop a plan to implement them.

4. Establish Your Business Structure

Determining the legal structure of your business, such as a sole proprietorship, Limited Liability Company (LLC ), or corporation, will affect aspects such as taxes , liability, and ownership. Although there are several business structures to choose from, most self-employed business owners typically start as an LLC or sole proprietorship. 

5. Create an Operations Plan

Your operations plan will outline how your business will operate day-to-day. This includes determining your location, equipment, and staffing needs. 

6. Develop a Financial Plan

Your financial plan will outline your startup costs, projected revenue and expenses, and financial projections over the next few years. This will ensure that you have a clear understanding of your business’s profitability and financial sustainability.

7. Consider Whether You’ll Need Financing 

In many cases, starting a business requires a significant investment in equipment, inventory, and marketing, among other costs. Before seeking financing, it is important to evaluate your financial needs as well as your ability to repay any loans.

There are many ways to obtain financing, including traditional bank loans, Small Business Administration ( SBA ) loans, crowdfunding, and personal loans. Each option has its advantages and disadvantages, and it is important to carefully consider your options before making a decision.

8. Open a Business Bank Account

Opening a business bank account is an essential step for any entrepreneur who wants to establish a business. Having a business bank account is necessary to keep your business finances separate from your personal finances. It also helps you keep accurate records of your business transactions, making it easier to manage your cash flow, account receivables, and expenses.

 9. Manage and Grow Your New Self-Employed Business

Starting a self-employed business isn’t exactly the most difficult part of the journey. The real challenge comes when you need to market, manage, and grow your business. This includes handling day-to-day tasks, client needs, financial matters, and other challenges associated with daily operations. Plus, you’ll also need to juggle growth. It’s important to constantly work on developing your brand, stay up to date on the latest industry trends, and network with similar professionals. 

Find Flexibility With Self-Employment

Self-employment offers a lifestyle that is ideal for those seeking autonomy and the flexibility to design their own career path. With careful consideration and research, it’s possible to find the right self-employment option that aligns with your skills, interests, and lifestyle. It may be challenging at times, but the satisfaction of being your own boss and the potential rewards make it well worth the effort.

As you start your self-employment journey, doola is here every step of the way to assist your new business. From bookkeeping to entity formation to business banking and more, use doola to help you manage your new enterprise and get set up for success!

What type of self-employment ideas can I pursue without leaving my current job?

If you are looking to start small, you can consider freelancing, starting an online business, or working as an independent contractor on the side of your current job.

Do I need prior experience to start my own business?

Prior experience is helpful but not necessary. You can consider starting a business in an area you are passionate about or invest in a franchise that provides you with a solid business model and support.

Can I start a business with limited funds?

Yes, there are plenty of businesses that require minimal investment such as consulting, virtual assistant services, pet-sitting, tutoring, and blogging.

How do I ensure my self-employment business is successful?

Figure out the most effective marketing strategy, keep a close eye on your finances, and network, and seek out appropriate advice wherever possible.

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Self-Employment 101: A Guide to Starting the Process

A re you considering taking the path of entrepreneurship but feeling unsure where to begin? Well, you’re in the right place! Our guide below will go over some tips for starting the process of your self-employment journey and joining the 16 million Americans who identify as self-employed.

Keep reading to learn more about being self-employed.

Identify Your Passions and Interests

When you start a business, you have the chance to turn what you’re passionate about into a profitable venture. First, you will need to take some time to do some self-reflection. Think about what activities you enjoy and what you’re truly passionate about.

Also, think about the problems you enjoy solving, either for yourself or others. Most businesses emerge from addressing certain challenges. So, if there’s a problem you’re passionate about solving, this could be your starting point for your business venture.

Once you have some things in mind, it’s time to conduct some market research. You want to explore niches and industries that already exist. The goal is to find any gaps where your idea can fit in and help others.

Create a Business Plan

Creating a business plan is a critical step in starting any business. Briefly describe your business idea, its unique value proposition, and the problem it solves. Outline your short and long-term objectives and what you aim to achieve with the business.

You also want to define the purpose and mission of your business. Think about the legal structure of your business. The most common choices are sole proprietorship, LLC, and partnership.

It’s also important to analyze the industry your business will operate in and its current trends. Define your target audience and their specific needs in your business plan. You will also have to do a competitor analysis, where you evaluate who your competitors are along with their strengths and weaknesses.

Your business plan will need a section where you write all the details about your product or service. Highlight what makes your business product unique and different from anything else out there.

There should also be a section for your implementation plan. Create a timeline for launching your business where you include key milestones. Write down the tasks and responsibilities for you to implement the plan.

Keep in mind that the business plan you create will continue to evolve as you get started. You want to revisit this and adjust the plan as needed. Think of this plan as your roadmap that will help with day-to-day operations and even securing funding.

Legal and Practical Considerations

Once you have a business name and have decided on which legal structure is best, you will need to register your business. Depending on where you live, there are certain local, state, and federal authorities you will need to follow to stay legit. This is also where you have to see if your industry or location requires certain licenses or permits to operate legally.

For example, if your business deals with food, public health, or hazardous materials, you might need specific health and safety permits. If your business impacts the environment, then you will more than likely need environmental permits.

You can’t forget about Uncle Sam because self-employment taxes are a must to avoid any fines or legal issues in the future. You will have to keep track of all your income and expenses. It’s also a smart idea to estimate quarterly taxes because it will help you not fall behind when tax season comes around.

We recommend setting up an accounting system to help you manage all the money that comes in and out for business purposes. If you don’t have the time or are not good with finances, then you might want to consider hiring an accountant. There’s also the option to use accounting software that is linked to your bank account that does most of the sorting for you.

If you have a brand name, logo, or product that you feel people can easily use as their own, you might want to consider protecting it through copyrights and trademarks. Also, if you deal with sensitive information, then you want to use confidentiality agreements to help safeguard your data.

Marketing and Branding

The foundation of your business image is your brand identity. Part of your brand identity is your business logo, name, typography, and color scheme. The more consistent you are with these elements, the more you will create a strong and memorable presence where people start to associate your colors with your business.

For example, most people think of Target when they see red circles or Starbucks when they see a certain shade of green. The reason is that these brands have been very consistent with their color scheme throughout the years.

When you are working on your marketing, you want to identify what your unique selling proposition (USP) is. These are the things that set your business apart from the competition. When you highlight your own USP, it will help customers understand why they choose your products or services instead of your competitors.

You have to understand your target audience so that you can speak to them through your marketing. During your research, you have to identify where your target audience likes to spend their time. The goal is to show up where they are hanging out so that you can reach them.

This includes speaking to your target audience through social media platforms. This is a great place to meet and speak to your target audience.

Now You’re Familiar With Starting the Process

Taking on the task of becoming your own boss can be both exciting and challenging at the same time. Sometimes you will find yourself working a lot more than a 40-hour work week, but it’s satisfying because you are doing it for your own company instead of growing someone else’s company. As you can see, starting the process doesn’t have to be complicated.

Did our article help you out? We have more helpful guides, so make sure you check out the rest of our business section.

This article is published by NYTech in collaboration with Syndication Cloud.

Self-Employment 101: A Guide to Starting the Process

70 Small Business Ideas for Anyone Who Wants to Run Their Own Business

Meg Prater (she/her)

Published: July 31, 2023

A good business idea may seem hard to come by, but with some planning and preparation, you can easily launch a small business to supplement your income — or become your own full-time boss.

Small business ideas symbolically showing the spirit of a small business

Maybe you already have an idea of the business you’d like to start. But while you might feel ready for a new venture and passionate about your idea, you might be looking for some direction.

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To help get you started, here's a list of small business ideas separated into a few sections:

Best Small Business Ideas

Best businesses to start with little money, home business ideas, easy businesses to start, how to start a small business at home.

The first step to becoming a successful entrepreneur is finding a business idea that works for you. In this article, you’ll find dozens of small business ideas you can start from home and scale up as your clientele grows. Let’s get started.

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Fill out this form to build your business plan today., what makes a good small business idea.

Not all small business ideas are made equal: Some require more effort and funding than others, while some can be launched with few resources — or resources you already have. As a potential small business owner, you’ll want to save as much money as possible on training, rent, supplies, and other necessities.

Let’s go over what makes a good business idea:

  • Requires little to no training . A good small business idea will ideally leverage your existing field of expertise and require little to no training. That will not only shorten your time-to-launch, but also lessen your expenses, since training courses can cost a significant amount of money. Plus, you’ll be more confident offering services that you feel prepared to deliver.
  • Requires low setup costs. Your business should be cheap to start. Maybe you only need to purchase a website domain or buy a desk for your garage.
  • Requires little hands-on inventory or supply management . A great business idea needs few supplies and little inventory management. If you want to sell physical goods, you can either try drop-shipping and manually make goods in small batches.
  • Is based online . The best small business ideas are based online and can be carried out from your personal computer. This will automatically lower your commuting costs and give you greater flexibility over your personal and work life.
  • Can sustainably be managed by few people . As a small business owner, you won’t have the funds to hire other people to help you run your business — at least not at first. A good business idea should give you the ability to run your business on your own.

Airbnb Co-founder, Brian Chesky, said, "If we tried to think of a good idea, we wouldn’t have been able to think of a good idea. You just have to find the solution for a problem in your own life."

If you’re like Brian and you’ve already thought about a solution for a problem you encounter in your life — or you’re on the path to doing so — then starting a small business may be in your future. It may also be for you if you dream of clocking out of your nine-to-five job for the last time and becoming your own boss.

Below, we include the absolute best ideas for you to start your small business — with resources and examples to help you get started.

1. Handyman

small business idea example: handyman

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Are you always fixing things around the house? Often on-call when friends need small projects completed? Create a website , conduct a competitive analysis to determine what your time and expertise are worth, and turn to the friends you’ve helped before for referrals.

A handyman business is a good idea if you’ve already built a robust set of skills to help others fix up their homes. Consider specializing in what you feel well-prepared to do — for instance, if you know your way underneath a sink and water system, then you might provide sink fixing services to start, then expand your offerings once you earn more skills.

No certifications are needed to become a handyman, and there are no special education requirements. You might need, however, a license if you’re planning to undertake jobs worth more than a certain dollar amount. Some states might not require this license.

To start your handyman business, we recommend the following resources:

  • Handyman License Requirements by State
  • The Most Requested Handyman Services
  • Association of Certified Handyman Professionals

2. Woodworker

Similarly, if you have a passion for crafting beautiful furniture or other home goods out of wood, that could be a small business niche for you. Get started by listing a few of your pieces on sites like Etsy . Once you build a following, consider starting a website, accepting custom orders, or expanding to refinishing work and upholstery.

A woodworker small business is ideal if you already have a passion for woodworking, as well as the tools to begin fulfilling orders as they begin to come in. Since delivering a well-made product is key to keeping your customers happy, you don’t want to be “training” as you create a custom shelf or a custom storage box. It’s recommended to have at least one year of experience as a woodworking apprentice.

To start a woodworking business, there are no special education requirements, but there are a wide range of woodworking training certifications online, so we suggest starting with a certification. The Woodwork Institute , YesTomorrow , and The School of Fine Woodworking are potential places to start.

3. Online Dating Consultant

Dating consultants usually charge for their time. They help people create successful online dating profiles, source possible matches from outside the typical online channels, and offer a level of personalization that a site like Tinder can’t. Think you’ve got a knack for the match? This might be the business for you.

Online dating consultants need to have strong communication and interpersonal skills, as well as heightened levels of empathy. The good news is that there are no special education or licensure requirements, though we recommend getting a certification such as IAP College’s relationship coach certification or Hart Academy’s online dating coach certificate .

To start an online dating consultant business, you’ll need a website that shares all about you and offers free dating resources your customers might benefit from. Once they download a resource, you can loop them in for a free consultation.

4. Sewing and Alteration Specialist

small business idea example: sewing and alterations

People will always need clothing hemmed and buttons mended — and you could be the person to do it. If you love sewing and have a sewing machine at home, start by offering simple services like those mentioned above and expand your repertoire to dressmaking and design as you build a customer base and demand.

You don’t need a special license or degree to begin a sewing and alterations business, but it’s essential to build your skills so you can take on more complicated projects. High-value clients will want to customize complicated items of clothing such as suits, pants, gowns, and dresses. That’s where you’ll see the highest potential for profits.

Altering these items require special skills, however. A few courses you might consider include:

  • International Open Academy's Tailoring Course for Beginners
  • Jackson Sewing Academy’s Basic Alterations Course
  • American Bespoke Tailoring Academy’s Programs

You’ll also need to shop for sewing supplies of all colors to accommodate your clients.

5. Freelance Developer

From building websites for other small businesses to providing technical support for certain projects, quality web development is in high demand right now. As a web developer, you'll naturally have a technical skill set. Distill your knowledge and expertise so customers who don't have your experience are able to understand what it is you'll be helping them achieve.

To help with this, test your messaging on friends and family who don’t have a firm understanding of the work you do. If they’re able to summarize what you do, your messaging is likely effective among people outside of your industry. You can start finding your first freelance contracts by visiting different freelance websites .

Unlike a few other options in this list, a freelance developer does need some training to launch a successful business and start taking on projects, but if you’re a beginner, don’t worry. There are plenty of boot camps to get you up to speed with either full-stack or front-end web development. Some of these boot camps are even offered through accredited tech schools.

Some boot camps you might consider include:

  • Coding Dojo
  • Fullstack Academy
  • Georgia Institute of Technology Coding Boot Camp

These vary in price, so be sure to do extensive research to find one that fits you and your budget.

6. Personal Trainer

Offer in-home consultations, personalized nutrition and exercise regimens, and community boot camps to get the word out. Don’t forget to populate an Instagram feed with inspirational quotes, free exercise videos, and yummy snack ideas as well — it’s a common way for fitness gurus to build their brands in our digital world.

If you choose to go this route, it’s OK to start small at first, then scale up. For instance, MOURfit is a personal training business in Indianapolis that started in a shared gym, then grew to a private gym that offers group fitness, personal training, and nutrition services.

To start a personal training business, you’ll need a certification. If you already earned a degree in an unrelated discipline, we recommend starting with the NASM-CPT certification , which is nationally accredited and only requires a high school diploma or GED. You can also get a Bachelor’s degree in physical and exercise science — here’s one example from Emory & Henry College .

7. Freelance Graphic Designer

Set your own hours, choose your projects, and build a portfolio and business you’re proud of. From website design to blog graphics and more, many companies seek out experienced graphic designers for support on a variety of projects.

The good news? There are no special education requirements for becoming a freelance graphic designer, though we recommend seeking a credential (like SAIC’s graphic design certificate or RISD’s graphic design certificate ) or an Associate’s degree in design so you can confidently present your portfolio and complete your first few projects.

If you’re just starting out with graphic design, try these tips and tricks that are ideal for beginners. If you’re more experienced but need to build your portfolio to attract clients, these prompts will get your creativity flowing in no time. We also recommend reviewing other people’s work on portfolio websites to get a feel for what is “trendy” and receive feedback as you grow your small business.

Free Download: How to Hire and Work with Freelancers

8. Life/ Career Coach

If you have experience navigating career, personal, and social transitions successfully, put it to good use as a life or career coach. Many of us are looking for guidance in our careers — and finding someone with the time to mentor us can be tough.

Life/career coaches don’t come cheap, but they are able to offer clients the intense and hands-on training and advice they need to make serious moves in their personal and professional lives. After all, everyone needs some uplifting advice from time to time.

To start your life/career coaching business with confidence, you can look for a certification program (like the Life Coach School’s or Diane Hudson’s ), then apply your skills as you acquire new clients.

small business idea example: Career Coach Nariah Broadus

A resume writing business is economical, has few overhead costs, and has few educational requirements. We still recommend having an Associate’s or Bachelor’s degree and a few resume samples on hand. If you still feel that you need to brush up on your resume writing skills, you can take a course like Coursera’s or LinkedIn Learning’s .

Once you’ve gotten resume writing down, you can expand your business to include cover letter writing, and even offer career coaching services in conjunction with these services.

10. Freelance Writer

If you have writing skills , there’s someone out there willing to pay you for them. Write blog posts, magazine articles, and website copy galore — just make sure you have a body of work built up to share with potential clients. Even if you create a few sample pieces to have on hand, they’ll help exhibit your work and attract new business.

To become a freelance writer, it’s essential to choose a specialty. For instance, you might choose to only write for publications in the healthcare industry (maybe because you were previously a healthcare worker), or focus on lifestyle publications. Whatever the case, specializing will help you find your niche market and gain confidence as a new freelancer writer.

There are no educational requirements to freelance writing, but you do need strong writing skills. It also helps to enjoy writing. While a certification may beneficial, getting practice and writing every day is more important. Try these writing prompts to start.

11. Landscaper

Mowing, tree-trimming, and seasonal decor are all neighborhood needs. If you have or can acquire the equipment, a landscaping business can be a lucrative affair. It’s also a great choice if you enjoy doing it for your own home and have a good eye for landscape design.

The good news is that you can start small. For instance, you could offer your neighbors seasonal planting services and start with a few perennial plants, or simply offer mulching services.

To grow your landscaping business, you should consider taking some formal training. The following organizations offer courses:

  • New York Botanical Gardens

After completing a course and getting enough experience, you can apply for a certificate from a landscaping organization. While a certificate isn’t necessary to work in the field, it can build your credentials and help you make industry connections to take your landscaping business to the next level. The Association of Professional Landscape Designers offers one potential certificate you could pursue.

Some states require licensure, especially if you’ll be using pesticides and fertilizers. Be sure to review the requirements for your state.

Learn some of the basics now with this video on landscape design from Lowe’s:

12. Videographer

Video production requires you to have invested in the equipment up front, which can be quite expensive. But that’s also what makes your services so valuable. Make sure you have a reel of your work to share or create a website with several selections of your work available for interested viewers.

There are no educational or licensure requirements for starting a video production business. As with writing and other creative arts, though, it pays to specialize. Real estate videos differ radically from wedding videos, and wedding videos differ radically from in-studio interviews and testimonials. By specializing, you target a highly specific customer who’ll benefit the most from your services, and you can also skill-up more effectively in one shooting style.

While you can find general classes on videography, you should consider taking a class in the type of videography you’d like to do. For instance, you could take The Complete Wedding Videography Course , if that’s the route you’d like to take.

Hot tip: If you’re interested in specializing in video marketing, check out The Ultimate Guide to Video Marketing and download our starter pack below.

→ Access Now: Video Marketing Starter Pack [Free Kit]

13. Photographer

Start by conducting photo shoots for your family and friends. As you build a body of work, ask for referrals and reviews. Photography businesses often grow by word of mouth, so create a Facebook page where you can tag recent clients. Photos where you tag those clients will show up in their friends’ newsfeeds, where they can view your work. You can also ask them to leave reviews on your Facebook business page.

Like with a video production small business, you’ll want to specialize. Will you do product shoots or portraits? How about wedding or fashion photo shoots? Once you specialize, you’ll be able to create a body of work that most accurately represents your strengths.

There are no educational or licensure requirements for starting a small photography business, but we recommend investing in a few photography courses, especially if you haven’t used your camera in a while. Some courses you might start with include:

  • Cornell’s Digital Photography Certificate Program
  • New York Institute of Photography’s Course

From there, seek courses that help you build skills in your chosen specialty.

If you’re not sure where to start with freelance photography, take a look at Erica Clayton’s journey into the business below. Her advice? Give yourself a firm deadline to turn a profit.

14. Bed and Breakfast Owner

small business idea example: bed and breakfast

This is another business venture that will require you to research the correct licensure from your state, but it will be well worth it to see your dreams come true. Consider what guests will be traveling to your area and create special packages and themed stays that coincide with their interests in your locale.

To start a bed and breakfast business, you’ll need a physical business location and a small staff for maintenance, customer service, and upkeep. For that reason, we recommend it if you have startup funds to start your business. (Don’t have any? Here’s how to start crowdfunding to launch your new business .)

A successful bed and breakfast business will also need an SEO-optimized website with a hotel booking system. If you create your website on the WordPress platform, you can easily create a B&B website using a hotel booking plugin — so there’s no need to code the booking form from scratch.

With Airbnb and hotels stealing market share, the competition is tough in the bed and breakfast space, so we recommend providing a unique angle to the stay. As mentioned, the stays can be themed — maybe your B&B is a vintage home with all original furniture, or maybe you offer traditional fare from your homeland.

15. Clothing Boutique Owner

If you dream of building your own fashion empire, why not start with a local boutique? Build buzz with impressive clothing styles, inspiring social media accounts, and heavy community involvement. While you can open a physical store, you can easily start online — and if that proves profitable, you can open up a local shop.

There are a few ways you can start a clothing boutique. First, you can make the clothes yourself if you already have experience in fashion design or know how to sew, knit, and curate colors and patterns.

Alternatively, you can design certain aspects of the clothing — such as a graphic or a logo — then send it to be printed on-demand at a local print shop when orders come in.

Lastly, you can dropship the items from a warehouse you’ve partnered with. This method is less reliable because there’s less quality assurance for each item, especially if you never visit the warehouses yourself. Regardless of the method you choose, starting a clothing boutique is highly doable, and you don’t need to have a fashion degree (though it certainly helps).

Take some inspiration from Sleep Ova , a luxury loungewear boutique based in Los Angeles, CA.

small business idea example: sleep ova

16. Specialty Food Store Owner

small business idea example: specialty food store

Gourmet foods, cheeses, sake, wine — you name a food, there’s a specialty food store out there for it. Put your passion for exotic olive oils to good use and open a store like American Provisions where you offer the kind of expertise and selection your audience couldn’t dream of getting from their local grocer.

To start your specialty food store, you’ll want to curate and source the items from makers that you love and trust. Ask around your community to find local makers of the food you want to sell, and the makers will likely be open to a partnership, especially if they get a cut of the profits.

When it’s time to sell, you’ll want to find a physical location, but if that investment is too high, you can start by setting up stalls at food festivals and local markets. Or you can go the ecommerce route and sell the products through your website, taking care to carefully pack perishable items.

17. Food Truck Owner

Always dreamt of owning a restaurant but not quite ready to take the plunge? Test out your concepts with a food truck. It’s a great way to become familiar with food and restaurant licensing in your state, see what people like and don’t like, and build a ravenous following before ever opening or investing in a brick-and-mortar location.

Food trucks will require a larger investment, but thankfully, you can rent the truck itself — the Food Truck Group and Roaming Hunger are two potential leasers you could look at. The cost will be high, so we recommend renting one in preparation for an event such as a food festival or concert. There, you’ll get to test out the popularity of your cuisine and see if the food truck business is right for you.

Taco Nganas , a taco truck in Memphis, TN, started with one food truck and expanded to three, building a loyal customer base along the way.

18. Car-detailing Specialist

small business idea example: car detailing

The devil is in the details, and you can be too. Car-detailing services that travel to the client are convenient for busy people who can’t find the time to run through the car wash. With this business, your clients only have to pay and the service will be done for them before they know it. Just make sure you have the flexibility, transportation, and equipment to take your business on the road.

There are no educational requirements for car detailing, but you should still take a course such as Auto Finesse’s detailing training to learn core concepts and brush up on your skills.

To get your car detailing business off the ground, you’ll need an SEO-optimized website and a way for customers to book online with you. Before you take that step, however, consider listing your services on websites like Angi , Thumbtack , and even Nextdoor.com so you can get your first local clients.

Don’t have a lot of money to start your business? Check out the ideas below.

1. Translator

Speak a foreign language? Start a translation service. Consider specializing in a specific genre of translation, like medical or financial translation, as you might be able to fill a niche need in your community.

small business ideas: translator

To become a translator, you should have a rock-solid grasp of two languages — ideally, you’ll be near native level for both. You don’t need special credentials to become a translator, but a certification (such as from the American Translators Association ) will legitimize your business and help you get clients.

Prior to gaining a certification, you can also pursue an online certificate, which will teach you the basics of translation. Some providers include:

  • University of Massachusetts Amherst
  • The University of Arizona
  • University of Georgia

2. Garden Designer

Many people have the willingness to do the dirty work in their backyards, but few have the know-how to complete the first part of this process — designing and planning the backyard space. Draw up the designs for your clients’ outdoor spaces and let them do the actual digging.

But you can also offer installation services, or hire your own contractors to fulfill the design.

small business ideas: garden designer

To become a garden designer, you should seek at least one credential so you’re well-versed in the basics and prevent damage to a client’s landscape. The American Academy of Garden Design offers courses and certificates that start at $450. A cheaper option is New Skills Academy’s Garden Design Certification ($120).

Remember, the goal is to start a business for cheap, and a certification can have a high ROI after you book your first few clients for garden design.

3. Travel Planner

The time of the travel agent might be passing, but people are still looking for those with a knack for more nontraditional travel coordination. If you always plan the perfect vacations complete with beautiful hotels, the ideal location, and a bevy of delicious restaurants lined up for every evening, consider advertising your services as a more modern approach to travel planning.

You don’t have to only plan trips for individuals, either. If you’re experienced enough, you can even start a group travel company, like Art N Soul Escapes .

You can become a travel planner by first volunteering to plan a few trips for your family and friends. Try it and see if you like it. Once you feel like you’ve gotten a good taste, attend a travel planner program and get certified. Some options include:

  • The Travel Institute Training & Certification Program
  • Penn Foster Travel and Tourism Specialist Diploma

You can also seek employment at a travel agency first, then strike out on your own once you’ve learned the basics.

4. Home Inspector

A home inspector examines a house’s drywall, electrical wiring, energy efficiency, and structural integrity to find potential issues on behalf of a home buyer. Home inspectors work in the field. They visit homes in person and provide a written inspection report. Alternatively, some home inspectors offer virtual inspections, which may be a good fit if you’d prefer to work from home.

small business ideas: home inspector

Working as a home inspector requires certification and a great deal of expertise, but it can offer a flexible work schedule and stable income. Confirm the licensing requirements in your state before getting started with this type of small business. You’ll want to make sure you’re providing the best service to your clients by having all of your credentials in order.

To become a home inspector, you should invest in a certification program, such as:

  • International Association of Certified Home Inspectors
  • ATI Home Inspector Academy

Be sure to check local authorities and universities for a course.

5. Personal Chef

We all love to eat, but few of us have the time or energy to cook healthy, delicious meals. Advertise your services to local families and businesses alike. To save on start-up costs, consider scheduling certain groups of clients together — say, vegetarians — so you can cook larger quantities of the same dish.

You can also begin by selling food in batches at local farmer’s markets or via a food truck. Once you’ve generated some awareness, you can begin taking on clients. Alternatively, you can start a delivery meal prep service by cooking 5-7 days’ worth of meals for clients.

small business idea example: personal chef

Chef Paul’s mouth-watering dishes are available to clients across the country. His clientele niche consists of athletes, corporate businesses, and local gyms.

6. Property Manager

Many people maintain properties they don’t live in — often based in different cities or states. As a property manager, you can help a property owner ensure their home is well taken care of, handle small fixes as they arise, and serve as a liaison to renters. It’s helpful if you have a background in real estate.

This option is a great fit if you have stupendous organizational, administrative, and customer service skills. As a property manager, you’ll be handling everything from screening potential tenants to collecting rent.

To become a property manager, you must first complete coursework in your desired state. We recommend working at an existing property management company to get your foot in the door. Once you’ve learned the basics, you can then start your own property management business.

7. Massage Therapist

Soothe aching muscles and promote peace for your clients as a massage therapist. As a massage therapist, you’ll offer targeted, personalized care that’s an edge above in-shop or mall massage services. To start this small business, you should invest in customer service courses, as well as a massage therapy certification.

small business idea example: massage therapist

Be sure to look into training and certification courses in your city and state, and to invest in a portable bed to take on client visits.

8. Interior Designer

Similar to landscape design — there are many people who have the ability to buy the furniture and home decor they need to fill their rooms, but few who know where to start. It might take some time to build a portfolio, but documenting your projects and sharing them online can build a fanbase beyond your wildest dreams.

To start an interior design business, we first recommend trying your hand at decorating your friends’ homes and working with their vision and specifications. One big aspect of interior design is providing fantastic customer service and knowing how to fulfill a client’s design vision while employing your interior design expertise.

You can then take an interior design course to round out your knowledge, such as the one offered by The New York Institute of Art and Design .

Need inspiration? Check out Sandra Cavallo’s interior design Instagram account.

small business idea example: interior designer

9. Nonprofit Owner

If you dream of devoting your life to a cause you believe in, it might be time to start a nonprofit. You’ll need to incorporate your business and file for 501(c)(3) tax-exempt status — and then you’ll be required to meet ongoing standards of compliance, but the payoff is making a meaningful impact on a cause you believe in.

The best thing is that you can begin a nonprofit easily from your home, even before filing for 501(c)(3) status. First, create a non-profit website (ideally with a .org top-level-domain). Define your mission and goals, and figure out how you’ll execute your non-profit activities. For instance, if you’re raising money to buy books for local schools, who will deliver them? Which retailer will you use? Start small, then expand.

Thereafter, apply for exempt status so that you’re not taxed like a regular business. The profit margins may be smaller, but the job is endlessly rewarding.

Whether you’re a math whiz, piano master, or Shakespeare aficionado, there’s someone out there who needs a little help in your area of expertise and is willing to pay for it. Advertise your services through local schools, community colleges, community centers, and even social media to get the word out and build a customer base.

To start a tutoring business, you should first gain experience educating others by either volunteering or even teaching friends and family. But you can begin straight away by listing your services locally and online and launching a tutoring website.

Be sure to define your niche. Will you be tutoring students in their homes? Or opening a local tutoring location? Which subject will you teach? Create handouts, use textbooks, and know which online resources will be best for your tutee’s learning style.

11. Consultant

If you have significant experience in or knowledge of a specific subject, consider becoming a consultant. Perhaps you’re an expert at hiring practices, have a knack for SEO , or have led multiple sales teams to six-figure success. Identify your expertise and market yourself as a consultant and charge the going rate.

Download Now: Free Consultant's Success Kit

Some consulting industries are more competitive than others, so be sure to complete your research prior to starting a small consulting business. One way to find out how competitive a consulting niche is by doing keyword search . If your target niche is highly searched or already is dominated by big companies, you may have a harder time breaking in. You can use keyword research tools to uncover keyword volume and local demand.

12. Event Planner

An event planning business is an excellent choice if you have great organizational and interpersonal skills, and it’s relatively cheap to start. You might choose to specialize in a specific type of event — like weddings or company meetings — or set yourself up as an event planner of all trades.

The good news is that event planners are always in demand. It’s not a job that can be easily automated, so this small business idea is set to thrive regardless of the digital landscape. To start, you’ll want to look for a platform that will easily allow you to advertise your availability, such as event planner directories like Eventective and WeddingWire .

If you’re highly organized, are detail-oriented, and have experience planning large events, it might be time for others to benefit from your skills.

13. Personal Assistant

Personal assistants help business owners and executives take care of administrative tasks. To launch a freelance personal assistant business, you should leverage networking opportunities on LinkedIn and attend small business events at local chambers of commerce. Most local business owners might not even know they need a personal assistant until you market your services to them.

If you’re an organized, highly-detailed person, the life of a personal assistant might be for you. Don’t want to be tied to one office or person all day, every day? Consider becoming a virtual assistant, which allows you a more flexible work environment.

To become an assistant, choose a niche — will you be helping women business owners specifically? Do you have a specific field of expertise, like bookkeeping? A website can also go a long way, and be sure to print business cards for you to hand out during networking events.

14. Consignment Shop Owner

If you have an eye for style but don’t want to invest in the inventory of a brand-new boutique, consider starting a consignment shop. It will allow you to curate a collection of clothing that matches your goals and aesthetic, without the overhead of a boutique selling entirely new garments.

The beauty of a small consignment business is that you can now start one online. You can sign up on a platform such as Poshmark , Depop , and even Etsy , then easily start selling your own used fashion from home.

Once you’ve defined your niche — such as vintage clothing, unique locally made art, or colorful shoes — you can begin sourcing new products from your local stores and thrift shops.

15. Caterer

If the personal chef gig is too restrictive for your schedule, consider catering instead. Pick your projects, work on fewer but larger events, and hone in on your time management skills.

Becoming a caterer is a natural step for those who are used to cooking for large events — for instance, you may have already catered your friend’s wedding, or brought a 20-person meal to a potluck (that counts, too!).

It’s essential that you have enough temperature-regulated storage for the meals prior to each event, and that you arrange for reliable, temperature-controlled transportation to and from your home kitchen. Alternatively, you can lower your costs by inviting customers to pick up their order at your home.

16. Gym Owner

Kickboxing gyms, yoga studios, CrossFit, oh my! Turn your passion for fitness into a community for others by creating your own gym — start one from the ground up, become an affiliate, or open a franchise location.

Available franchise opportunities include Anytime Fitness, Orangetheory Fitness, Pure Barre, Planet Fitness, Crunch Fitness, and more. Be prepared to take out a loan to finance your franchise — most agreements start with fees upward of $20,000. But the payoff can be tremendous due to brand recognition. You’ll have no trouble recruiting new members as long as you use local marketing strategies .

Alternatively, you can create a local studio, but ideally, it should be for a specific activity instead of general fitness. Yoga, pilates, bootcamp-style gyms, and martial arts perform well as independent fitness studios.

17. Boutique Agency Owner

What’s your specialty? Whether it’s marketing, social media, or PR, it might be time to start your own agency. Many other small businesses need this type of help but don’t have the resources or volume to necessitate a full-time position.

To start an agency, you would ideally have worked in your specialty for a number of years. You should also be prepared to interface directly with clients, fulfill their requirements, and temper their expectations (if they want results in an unreasonably short amount of time).

Consider building a small team and learn from other entrepreneurs who’ve successfully started their own agencies, like Duane Brown of Take Some Risk .

18. Coffee Shop Owner

Turn your caffeine addiction into something a little more lucrative. Opening a franchise or buying an existing shop are lower-risk entry points to the coffee game, but they usually require a little more cash upfront. Starting a shop from scratch requires more planning and work — but it also maximizes your earning potential in the future.

A coffee shop is an excellent fit if you already have a full-time remote job and wish to supplement your income with a small business. You can manage the coffee shop as you work at one of the tables, but be sure to have the budget to hire an experienced barista who can pick up the slack.

If you would like to open a coffee shop and run it full-time on your own, you’ll need to undertake barista training, understand worldwide coffee sources, and have excellent customer service skills.

19. Moving Company

A truck, moving equipment, manpower, and the correct permits and insurance are the building blocks of starting your own moving company . Before you buy your first fleet of trucks, however, start small with a moving van and keep your costs low.

Still sound like too much of an initial investment? Consider offering packing services only, which have a much lower financial barrier to entry. You can partner with moving companies and offer to do their packing, or have them refer clients to you.

You could even take a niche approach to the industry as Astro International has by offering international moving services.

small business idea example: moving company

20. Home Staging

If you have a flair for interior design, a staging service might serve as your creative outlet and professional calling. You can build a portfolio with little initial investment by staging homes using the owner’s existing furnishings and decor. Most stagers eventually build up an inventory of furniture as they become more established and network with area realtors.

To get your first home staging clients, you should first rely exclusively on networking. Find your local realtors’ association and attend their events with business cards handy. Once you’ve gotten your first clients and built your portfolio, you can begin posting your designs on your home staging website.

small business ideas: home staging

If you don’t yet have enough experience, be sure to pursue an interior design course before opening this small business.

These home business ideas give you a few more business options that are either based at home or online.

Frontend, backend, and every type of code in between, this skill requires no in-person interaction with your clients. But one skill you’ll want to carry over from the in-person world for this type of business is active listening. It can be easy to zone out while building a product, but developing a connection with the client is just as important as developing the code for their website.

If you keep the client top of mind when you can’t be around physically, you can ensure that you’re meeting their development needs with your coding work.

Download Now: 25 Free HTML & CSS Hacks

2. Vending Machine Owner

Since 2015, the growth rate for vending machine businesses has increased 1.4%. Even as social distancing restrictions are still in place, this business can still be lucrative if you choose the right locations. High-traffic is key — places like hospitals, schools, and community centers are smart places to start placing your machines to generate enough revenue to cover cost and turn a profit.

small business idea example: vending machine owner

3. Social Media Manager

Do you have a knack for social media? As a social media manager, you can use your skills to manage the social media accounts for companies and even individual people. Influencer marketing has become more common and many influencers rely on marketing agencies or employees to help them run their social channels.

→ Free Download: Social Media Calendar Template [Access Now]

4. Data Entry Clerk

Many businesses seek data entry clerks to help them enter information into their computer systems and spreadsheets. If you have strong computer and typing skills, this might be the business for you.

5. Audio or Video Editor

As of March 2021, there are 1.75 million podcasts available to listeners. For this reason, brands are turning to audio and visual content to connect with consumers. The catch is that many don't have the time to invest in the production of this content, or they don't have the skills to do it. Audio and video editors are in demand when it comes to producing quality content for hungry audiences.

6. Voiceover Artist

Speaking of podcasts and videos, many content creators recognize the value and level of professionalism that great voice talent can bring to a project. There are gigs out there for podcast intros/outros, narration for explainer videos, or even voice work for audiobooks. Learn how to get started with no experience from Kat Theo below:

7. Dog Walker, Groomer, or Trainer

Licensing and insurance will be the two most important factors in opening a dog walking, grooming, or training business, but your canine colleagues will surely make up for the initial red tape. To test the waters before jumping in, consider walking dogs through companies like Rover. Ready to run your own show? Consider a franchise like Dogtopia .

8. Candy Seller

If you grew up in a close-knit, southern neighborhood, you're probably familiar with the " Candy Lady ". This home business can be started by anyone who's trustworthy in the community. Aside from selling the most popular snacks, a candy seller can provide the neighborhood with fresh fruit and produce that may be harder to find if you live in a food desert.

Online Business Ideas

If you want a business idea that you can run entirely online, check out the ones below. These ideas are ideal for those looking for a passive income stream. In other words, you shouldn’t need to do too much manual work to launch these businesses from your home or preferred business location.

1. Become an online reseller.

To become an online reseller, all you need is some business savvy and some funds to invest in product stock from manufacturers — or, of course,the willingness to sell your own used items. Generally, this is a low-touch but high-performance way of creating a passive income online business.

Online resellers usually use a platform, such as Facebook Marketplace or Amazon Sellers, to sell either their own or manufacturers’ stock. The benefit of using Facebook Marketplace is that you can begin today with your own Facebook account, and simply list items that you already own.

Interested buyers typically drive directly to your home for pick-up — but if you’re not interested in human interaction, you can leave it outside and have the buyer pay via an online platform.

online business ideas: amazon seller

Amazon Sellers requires a little more up-front investment, but the yield is usually higher and you can turn your Amazon reselling business into a more passive income stream. Amazon allows you to buy stock from various manufacturers, which they then keep in their warehouses. When an Amazon user buys from you, Amazon will fulfill that order and then give you a substantial cut.

2. Try affiliate marketing.

An affiliate marketing business is a great fit if you already own a website or a blog you wish to monetize. We’ve already shared how blogging is a great business to start — if you’ve already bought a domain name and begun writing content, then using it to start your affiliate marketing business is a great option.

Affiliate marketers create blog posts and content that contain affiliate links. When a user clicks on that link, a cookie is added to their browser that tracks their activity for a specified period of time. If they make a purchase at the affiliate website, then you get a commission — usually recurring, if you’re selling subscription products.

There are countless affiliate marketing programs for you to start your online business. These programs come with many benefits, such as pre-made advertisements and lazy copy for you to use.

To create a viable affiliate marketing online business, you should choose the right blog niche , such as technology, household decor and organization, or fitness, and then find affiliate marketing programs that offer products your readership would be genuinely interested in.

3. Become a content creator or influencer.

Instagrammers, YouTubers, podcasters, and TikTokkers with more than ten thousand followers can eventually turn their accounts into a small online business that generates passive income.

As a content creator or influencer on social media, you can not only earn money from sponsored partnerships, but you can monetize your audience in other ways, such as creating Subscriptions on Instagram , allowing companies to advertise on your YouTube channel, or creating a paid-only newsletter.

online business ideas: content creator

Becoming an influencer or content creator takes hard work, but it can be a fun way to create a small online business, assuming you’re posting content that you enjoy creating. First, you should choose a niche, such as thrifted fashion, work-from-home hacks, or even industry tips. Then, you should learn how to become a social media influencer and digital creator , then create a social media content calendar .

Most importantly, have fun with this online business idea as you give it a try. The good news is that it has little overhead — all you need is a willingness to spend time on social media content creation.

4. Open a dropshipping store.

We’ve mentioned dropshipping a few times already, but this is such a great online business idea that it’s absolutely worth mentioning again. Dropshipping businesses don’t manufacture what they sell, or even buy stock from manufacturers in advance. Instead, wholesalers fulfill the order directly after a buyer places an order through your website.

Opening an ecommerce store can be forbidding for those who don’t want to deal with inventory management or supply chain logistics . Dropshipping is the best alternative.

The only thing you need is the willingness to invest in an ecommerce website builder and the ability to manage relationships with local or international manufacturers. From there, you need to only publish your site and advertise your brand via ecommerce marketing .

Learn how to start a dropshipping business here , with examples.

5. Sell print-on-demand products.

Print-on-demand (POD) is another way to start a dropshipping business, except it’s a little more frictionless because most POD services allow you to create a storefront right on their website, instead of you needing to look for a separate ecommerce site builder.

With a POD online business, you design unique artwork. The print-on-demand provider will allow you to place that design on t-shirts, hats, tote bags, phone cases, and more. You do not keep any inventory; instead, the POD provider will print it only after a buyer makes an order, then ships it directly to them.

online business ideas: print on demand shop

The only thing you need to start this small online business is a penchant for design and the budget to pay for a print-on-demand subscription (although most providers are free, and they simply take a cut of the sale). Get acquainted with design principles and color theory , and you can get started with this business in no time.

6. Become an independent author.

Think becoming an author is only for those who are extremely lucky? Think again. Whether you write historical epics or self-help guides, chances are that there’s a market to read your work, and you can now easily publish it online .

We recommend editing and proofreading your book, or hiring someone to do it, before self-publishing it. Then, it’s as simple as signing up on a self-publishing platform such as Kindle Direct Publishing or Barnes & Noble Press , uploading your file and cover, and pushing it live. You’ll enjoy benefits such as large royalties (up to 70%) and the ability to unpublish the book at any time, in case you find a typo or another change you’d like to make.

To get this online business idea off to a strong start, invest in an author website , spend some time doing social media marketing , and learn the basics of book marketing .

7. Sell downloadable digital products.

Downloadable journals, templates, art prints, designs… Some people would simply prefer to print these at home, instead of paying for the full price of the paper and the design. Downloadable digital products can be a profitable small business idea for those who are already design-savvy or who are willing to learn how to use an online design tool .

online business ideas: digital products

But if you’re not too crafty, you don’t need to create full-on journals or beautiful art prints, either; you can create templates for marketplaces such as Canva’s . There, people are able to customize a base design to their specifications, so you don’t have to worry too much about creating something specially beautiful — it’s more about functionality and customizability.

If you plan to create digital products that buyers can print at home, think about printing specifications, such as recommended paper size, paper weight, PPI (pixels per inch; a higher PPI results in better print quality), and so on. It’s essential to create a positive customer experience, even if users are ultimately responsible for what the final result looks like.

8. Publish a subscription-based newsletter.

We’ve already discussed becoming an independent author, but if long-form writing, such as novels, seems out of reach, you can always go for something much shorter and simpler: Newsletters. And the best part about paid newsletters is that you typically don’t need to have a separate website and blog; instead, you can sign up on a platform and begin publishing right away.

A website can, of course, benefit you, but the core of your revenue will come from the newsletter itself.

online business ideas: paid newsletter

With newsletter monetization platforms such as Substack or even Patreon , you can publish shorter content that features your opinion, experience, and expertise. We recommend pairing this small business idea with a robust social media marketing strategy , where your followers can learn more about you and be swayed to subscribe to a gated newsletter.

Choose a niche you’re passionate about, and this online business idea can feel less like work and more like a profitable hobby.

9. Create an online course.

If you want to monetize your expertise a little further for your online business, then creating an online course is the best choice.

To create a course, you’ll need to sign up on an online course platform such as WordPress or Teachable , sketch out a curriculum, film your lectures, and create worksheets and guides. You can be as hands-on or as hands-off as you’d like, but to make this online business as passive as possible, you’d ideally record all your lectures at once and allow users to access them by paying a premium fee.

If you’d like to try your hand at it first, you can try publishing a course on a platform such as Udemy and see if it feels viable to you. To become an online course teacher, you don’t need a specific level of education, but you should have a strong grasp on the material you’re teaching and a strong set of customer service skills to handle inquiries or course refunds.

10. Transcript videos, shows, and podcasts.

A freelance transcription business is an excellent idea for those who speak only one language and are passionate about improving communication. Transcribers listen to speech, write it out — usually verbatim — and deliver it to the original publisher in an organized document.

This small online business is a good fit for those who are looking for a part-time side business. You should be able to type quickly and have a good listening ear. Indeed has listed the top transcription companies where you can get your foot in the door.

Once you understand how the industry works, you can consider opening your own small transcription business and offering services on freelancer marketplaces such as Fiverr or Upwork .

Whether you’re looking to start your venture today or you simply don’t want to jump through the normal hoops of launching a small business, the below ideas are extremely easy to start — so easy, all you’ll need to do is sign up on a website or tell your friends about your services.

1. Vacation Host

Have you ever used a home-sharing service instead of a hotel? You could make a living by hosting visitors in your own home or renting out a room. Consider becoming a host with companies like Airbnb .

To become a vacation host, you don’t need any special skills except friendliness, courteousness, and agility (in case of guest emergencies or language barriers). A customer service course will prepare you to welcome guests and give them a pleasant stay.

You’ll need to invest in supplies and toiletries, such as new bedding and one-time soaps and toothbrushes, but the overhead is relatively small, and you can stop at any time.

2. Pet Sitter

Do you have a passion for pets? Consider becoming a pet sitter. While the pet's owners are away on vacation, either host their pet at your home or make visits to their home. Join a pet sitting service like Wag to get started.

small business idea example: pet sitter

If you start a pet sitting business, be sure to have some experience with dogs, cats, and other household pets. You should also choose a niche based on timing. For instance, do you prefer long-term arrangements? You can market yourself as an excellent vacation pet sitter. Do you only do single afternoons, or only on weekends? You can pull in clients by telling them you’ll take care of their pets during their dates or weekend trips.

3. Daycare Owner

Childcare continues to be in high demand. While nannies and nanny shares are popular right now, a good daycare is hard to find. Fill a need in your neighborhood by opening your own. And, as always, make sure you’re complying with your city and state’s zoning, licensure, insurance, and inspection requirements.

Home daycares are especially a good fit if you’re an experienced parent and have all supplies ready at home. But be warned that you’ll also need to buy more supplies to accommodate the additional children you’ll need to take care of.

We recommend getting a soft start with this business by advertising it first to your friends, families, and close neighbors. That way, you can better gauge whether it’s a good fit for you and whether you want to make the full investment.

If there’s a topic you have a heavy interest in, then there’s an audience out there with a heavy interest in it too. A blog can be used to build an online community whose engagement can be monetized. Affiliate marketing , sponsored content , and co-marketing are some ways to make money once your blog develops a following.

→ Download Now: 6 Free Blog Post Templates

Blogging is one of the most accessible small businesses to start, and there are countless niches to choose from. That said, because there are many blogs online, you’ll need to learn blog SEO and keyword research to ensure your audience finds you. That way, you actually make money out of your blogging efforts.

The great news is that a small blogging business has a ridiculously low overhead. All you need is a custom domain and your time for writing blog posts.

5. Home-Baked Goods Seller

Warehouse-made, store-bought chocolate chip cookies will never compare to a batch made with love in someone’s home. Simple desserts can be easily baked and packaged to sell at local events or around your neighborhood. Use custom labels and watch the word spread about your goods!

You can begin a baked goods business easily by opening a Facebook and Instagram profile. Facebook and Instagram are both excellent platforms to market your goods, show pictures of your previous baked products, and even showcase happy clients.

Build a loyal following slowly, and save on costs by asking clients to drive to your home to pick up their order. Choosing a niche can be helpful here, or baking in a specific style that can’t be found at grocery store bakeries. The overhead can be especially low if you already have most essential baking supplies.

6. Ecommerce Store Owner

Do you create, collect, or curate anything special? Consider starting an ecommerce store and turning your hobby into a full-time job. Whether you need somewhere to sell all that pottery you’ve been making, or an excuse to search for the sports memorabilia you love tracking down, an ecommerce store can make it financially viable for you to pursue your passion.

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Starting an ecommerce store is simple and easy. You can set up a shop using an ecommerce website builder , all of which start at a minimal monthly subscription (some even start at free). Be sure to take good photos of your products and write descriptive product pages .

If you don’t have inventory, you can always own an ecommerce store by using dropshipping . Instead of creating and shipping your products yourself, you’ll instead partner with a dropshipping website and have them mail out the orders directly to your client.

7. House Cleaner

With a low barrier to entry, house cleaning can be a great way to start doing what you love — soon. Consider advertising to homes in your neighborhood and get more bang for your buck by earning a few small businesses as clients as well. They’ll usually bring in a higher paycheck for a similar amount of work.

To become a house cleaner, you should be prepared to invest in cleaning supplies and accessories, or be willing to use your own. If you plan to serve small businesses, you should buy industrial janitorial supplies so you can get work done more effectively.

Need some inspiration? This small business cleaning service grew virtually overnight on Instagram after their content went viral during the pandemic.

small business idea example: go clean co

8. Packing Services Facilitator

Moving is always a pain, and many people hire the entire packing process out. As a packing services facilitator, you’ll be going to people’s homes and packing up their smaller items into organized boxes. To start this business, you must be comfortable with face-to-face contact and with manual labor.

small business ideas: packing services facilitator

You can begin this business by advertising in your own neighborhood. Once you’re ready to expand, consider partnering with a local moving service that will refer new clients to you. That way, you’ll have a steady stream of clients, and you won’t have to invest in a moving truck (the moving service will take care of that for you).

Business Ideas for Students

1. etsy shop owner.

Creating novelties by hand is a fun and unique way to start a small business, and you can easily sell them via Etsy . Whether you make jewelry, knitted comfort items, or even custom wigs , there’s probably a market for your products and an Etsy buyer who’s ready to purchase.

small business ideas: etsy shop owner

This idea is excellent if you’re already an expert in the craft you aim to sell. That way, you don’t need to pursue additional education or certification courses. Once you set up your Etsy store, which is free, tap into your audience with creative marketing on social media and optimize your website using keywords that describe the products you make.

2. Tour Guide

Love the local history of your city or state? Consider becoming a tour guide. Sure, you’ll need to conduct plenty of research to be able to do the job well, but that’s half the fun. Set yourself apart by offering tours that speak to a specific niche of your community’s history.

You can start a tour guide business easily. First, decide what your specialty will be. Some tour guides, like the ones at Freedom Trail in Boston , offer historical walking tours of their town’s most haunted spots while others curate guided foodie tours for guests to get a true taste of the city.

small business idea example: tour guide

Maybe you love the outdoors and are an experienced backpacker — you can then offer hiking tours. To begin, use a platform such as TripAdvisor or Airbnb, where you can sign up as a tour guide provider. Remember to launch a website, and to file for sole proprietorship status .

3. Online Class Instructor

Tutoring is often done in person and with one client at a time. Remotely teaching an online class offers more flexibility because you can teach multiple students from home. English is a common subject for online classes because of how many people want to learn it. But anything that you have a mastery over could be translated to a virtual class.

4. Small-Batch Goods Seller

Using organic, all-natural ingredients is more expensive, but worth it. There are many products you can learn how to make at home without any preservatives, chemicals, or toxins. Candles, soaps, shampoos, and moisturizers are some examples of goods you can create and tailor with custom scents. Try starting out making soap with this complete beginner’s guide to soapmaking:

5. Makeup Artist

Many people prefer to have a professional do their makeup because they may lack the proper products or just the skills. It may be for a special occasion, photoshoot, or video shoot, or another event. Being able to do a variety of different looks will make your business more attractive to more customers.

To run a successful makeup artist business, you’ll need to be social media savvy . Instagram in particular is an excellent platform to advertise your services and get new clients.

You should also consider honing in on a specific niche. For instance, you might do wedding makeup exclusively.

6. Professional Organizer

A lot of people struggle with clutter or disorganization in their homes and offices. It can be a large undertaking to create organized systems and habits. Grab a lot of storage bins and a label maker and get started!

To become an organizer, you’ll first need to have the chops: Is your own home organized? Do you enjoy making order out of chaos? Then, launch a website to market your services locally. Be sure to create local listings to ensure people find your business, including listings on Angi, Houzz, and Thumbtack.

Meg Golightly, founder at Gosimplified , has made this small business idea into a successful career.

Is your head buzzing with small business ideas yet? After all that brainstorming, you’ll need a practical plan to get started with your new small business.

  • Identify your small business idea.
  • Start as a side business or hobby.
  • Decide on your software.
  • Create a business plan.
  • Decide whether you'll be an LLC or sole proprietorship.
  • Create a business bank account.
  • Determine if your business idea works well from home.
  • Set up an office.
  • Get to work!

1. Identify your small business idea.

Whether you choose an option from the list above or have another idea up your sleeve, it’s important to have the experience, training, or skills necessary to be successful. Want to run a daycare but have never even visited a successful daycare center? Spend time conducting research to learn whether this is really the right fit for your experience, interests, and target audience.

2. Start as a side business or hobby.

Can you get your business off the ground as something you do in the evenings or on the weekends (a.k.a. a side job)? This allows you to make some mistakes, test the market, and understand whether your idea has legs before you quit your nine-to-five job and lose your primary income.

3. Decide on your software.

You’ve got a lot of things on your plate when first starting up. But one step that’s critical (and often forgotten by first-time entrepreneurs) is deciding on the software that can help you be more efficient as your business grows.

Every business is different — but almost all companies can use software to help with analytics, project management , accounting, bookkeeping, email marketing, and other basic day-to-day tasks.

One of the most important software tools every small business should utilize is a free all-in-one CRM platform to keep track of important customer information in one central database. It will help align your team and make sure you stay organized as your business grows.

4. Create a business plan.

No business plan? No business. Particularly if your small business idea requires investors, you'll need to draft up a business plan to provide an overview of your market positioning, your financial projections, and your unique competitive advantages. You can download HubSpot's free business plan templates for free to get started.

One-Page Business Plan Template

Download Free Business Plan Templates

Your business plan should include the following elements:

  • Executive summary — A high-level overview of your company and market placement.
  • Business model — Outline what your business does, who your business serves, and how your business is structured. You should include a description of what products and services you offer, and how they meet the needs of your customers.
  • Market condition — A summary of pertinent competitor information. Determine the strengths and weaknesses of your closest competitors.
  • Products and services — Use this section to describe your products and services in detail, and outline what differentiates your product from others in the market.
  • Operations and management — Outline your business’ organizational structure, key roles, and responsibilities.
  • Marketing and sales strategy — This section should describe how you will market and sell your product. Include information on your ideal customer, how you plan to position your offering, and your sales strategy.
  • Financial plan — Create a detailed outline of your business financials. Include your start-up costs, your initial financial productions, and how you anticipate generating funding.
  • Appendix — Once the above pieces are complete, end the document with an appendix summarizing your business plan.

Every business is different — but almost all companies can use software to help with analytics, project management, accounting, bookkeeping, email marketing, and other basic day-to-day tasks.

5. Decide whether you’ll be an LLC or sole proprietorship.

Two common legal structures for small businesses are limited liability corporations (LLCs) and sole proprietorships.

An LLC is a more complex business structure than a sole proprietorship and can include individuals, corporations, and other LLCs as members. Additionally, LLCs are not subject to a separate level of tax and offer the business owner liability protection and tax advantages. LLCs are formed on a state-by-state basis.

Sole proprietorships are businesses owned and operated by one person and are not identified as a separate entity from the owner by the government. While a sole proprietorship is the simplest business structure, sole proprietors are personally liable for their business.

Besides an LLC or sole proprietorship, there are a few other options for you to consider.

Sean Flannigan, Sendle's Content Manager, says, "While many small businesses might be best served by choosing an LLC or sole proprietorship, there are a few other options."

"Partnerships are great for businesses operated by several individuals. It hews most closely to a sole proprietorship in that the individuals take on the business liability and pay taxes on a personal level."

He adds, "To completely avoid personal liability, small businesses might choose to incorporate as a corporation, S corporation, or B Corp. S corporations avoid corporate taxation whereas B Corps must meet a threshold for public benefit and accountability."

Additionally, Flannigan says, "There are tons of great reasons to become a B Corp beyond just doing good business. All that said, many small businesses that aren't aimed at super-fast growth choose to go with an LLC to keep things simple while shielding owners from too much liability."

Learn more about choosing the right structure for your business from the Small Business Administration.

6. Create a business bank account.

Once you have a legally formed business and have been issued an Employer Identification Number (EIN), open a bank account specifically for your business. Having a business bank account is essential for keeping your personal and business finances separate which can help you gain an accurate picture of your business’s cash flow and financial health.

Additionally, keeping your personal and business finances separate makes bookkeeping and tax preparation easier.

Many banks offer business checking and savings accounts. Business checking accounts typically do not have a limit on the number of transactions that can take place, and issue a debit card that can be used for making business purchases. However, these checking accounts do not accrue interest.

Business savings accounts typically earn interest over time but have a limited number of transactions that can occur each month. When you’re just starting out, look for a business bank account that does not have a minimum balance requirement so you are not penalized for having low funds as you work to build your business.

7. Determine if your business idea works well from home.

Ask yourself whether your business idea will work well from home. Some businesses simply aren’t suited to be based from home. If you want to run a dog boarding center but live in an apartment without a backyard, you might want to consider a dog walking business instead.

8. Set up an office.

If your business idea is well-suited for being run from home, it’s still important you have a designated workspace. While a home office might not be possible, consider setting aside a corner in your living room or putting a desk in your bedroom for a space that inspires you and creates the conditions for success.

Need a more professional space? If you conduct client-facing work requiring you to be on video calls, no one wants to see your rumpled sheets in the background. Check out local coworking spaces for memberships that earn you access to conference rooms, desk space, and more.

9. Get to work!

You’ve put in the hard work and I’ve got good news — it’s only going to get harder. But most entrepreneurs will agree that the payoff of being your own boss, making your own hours, and working on projects that you’re passionate about will pay dividends for the rest of your life.

Starting a Small Business: FAQ

What are the types of small businesses.

The types of small business structures are sole proprietorships, partnerships, limited liability companies (LLCs), and corporations.

Which business type is best?

The best business type is a limited liability company (LLC). Operating as an LLC means that your personal assets are separate from your business assets. If your business goes bankrupt, your personal holdings won’t be affected. That said, it’s also one of the costlier types, requiring a fee paid to the state.

The easiest business type to start is a sole proprietorship. The main downside is that there’s no differentiation between you and your business.

How do I create a business idea?

To create a business idea, determine your skill set, work preferences, startup budget, and available resources. It’s important to strike the right balance between what you can feasibly offer and what you can feasibly afford in the short and long term.

We recommend starting with your skill set so that you can easily determine the niche in which you can effectively compete. For instance, if you have ample experience as a writer, you might consider starting a freelance writing business. But if you know you’d prefer to work with clients face-to-face, you might choose to start a ghostwriting business instead. That’s why it’s so important to take your work preferences into account, as well.

After that, take a look at your budget and determine the type of business you can start based on the resources at your disposal. For instance, you might not be able to afford a physical office or location, so a location-based business will likely not be a good fit. In that case, starting an online business is your best option.

What are some of the most successful small businesses?

Every small business has the potential to be successful and profitable, provided it’s backed by a strong product-market fit and a robust business plan . These two elements are essential. Maybe post-natal services are one of the most successful small businesses to launch, but if you live in an area with declining population or a large elderly population, then that small business idea won’t yield a high return on investment.

Think carefully about the market where you’re launching your business, and you’ll be more than likely to see lasting success.

What are the top growing small businesses?

top growing small businesses as reported by the bureau of labor statistics

The top growing industries are healthcare support, technology, personal care, food preparation, and community and social service. As such, launching a small business in any of these fields is bound to yield a high return on investment, but remember to take your target market into account.

Here are some small business ideas for each of those industries:

Healthcare Support

  • In-home care assistant
  • In-home elderly care provider
  • Psychological care provider
  • Pre-natal and post-natal support specialist
  • Freelance programmer or web developer
  • Freelance IT support specialist
  • Freelance cybersecurity expert

Personal Care

  • Hair stylist
  • Nail technician

Food Preparation

  • Personal chef
  • Food truck owner
  • Food delivery

Community and Social Services

  • Non-profit owner
  • Education specialist

Brainstorm Your Next Small Business Venture

Selecting a small business idea to work on is a personal decision. Money is important, but you’ll need more motivation than that to keep going. Bounce ideas off your friends and family until you reach the perfect idea that works for your schedule, fulfills your life’s passion, and makes financial sense. Don’t be afraid to ask for help throughout this process — and remember to have a little fun while you’re putting in the work.

Editor's note: This post was originally published in August 2020 and has been updated for comprehensiveness.

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Free Small Business Income Statements, Spreadsheets, and Templates

By Andy Marker | April 6, 2022

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We’ve compiled a collection of the most helpful small business income statements, worksheets, and templates for small business owners and other stakeholders, free to download. 

Included on this page, you’ll find a small business income statement template , a small business balance sheet and income statement template , a simple small business cash flow template , and a small business comparative income statement . Plus, you’ll find helpful tips on using a small business income statement template .

Printable Small Business Income and Expenses Template

Printable Small Business Income and Expenses Template

Download Printable Small Business Income and Expenses Template Microsoft Excel | Microsoft Word | Adobe PDF | Google Sheets

Use this printable small business income and expenses template to determine your net income over a period of time. Enter values into the customizable line-item rows, and the template will calculate your revenue and cost of goods sold (COGS) to determine your gross profit. Enter your expenses (such as rent, utilities, and office supplies) to see your total net income. This template is a great tool to track your business's finances over time. 

Read our article on free small business expense templates to find additional resources and to get the most out of your small business budgeting.

Yearly Small Business Income Statement Template

Yearly Small Business Income Statement Template

Download Yearly Small Business Income Statement Template Microsoft Excel | Google Sheets

Use this yearly small business income statement template to manage your profit and losses over a three-year timeline. Track your costs in the customizable Expenses column, and enter your revenue and expenses to determine your net income. The template also includes a built-in tax rate calculator for a more accurate account of your net profit. 

To find more resources, check out our comprehensive roundup of free profit and loss templates .

Monthly Small Business Income Statement Template

Monthly Small Business Income Statement Template

Download Monthly Small Business Income Statement Template Microsoft Excel | Google Sheets

Use this monthly small business income statement template to track and manage your small business finances. Enter the number of customers and the average sale per customer to determine your total monthly sales. Then, enter your operating, payroll, and office expenses to determine your total expenses. The template will automatically calculate these totals to show your net profit.

Sample Small Business Income Statement Template

Sample Small Business Income Statement Template

Download Sample Small Business Income Statement Template Microsoft Excel | Google Sheets

Use this simple small business income statement template for an overall analysis of your net income. You can customize the Revenue and Expenses lines to include items specific to your business; additionally, the template includes a Years Represented column that allows you to compare numbers over a two-year timeline. This is the perfect tool for taking a quick snapshot of your business cash flow. 

To find more resources, check out our small business budget templates.

Printable Monthly Small Business Income and Expenses Worksheet Template

Printable Monthly Small Business Income and Expenses Worksheet Template

Download Printable Monthly Small Business Income and Expenses Worksheet Template Microsoft Excel | Adobe PDF | Google Sheets

This simple, printable template is the perfect tool for tracking your business’s income, expenses, and transactions. The template includes three separate worksheets — simply enter monthly financial data, and the template will automatically calculate yearly totals. Help ensure you meet your financial goals, accurately predict projections, and make necessary adjustments with this template.

Freelance Income Statement Template

Freelance Income Statement Template

Download Freelance Income Statement Template Microsoft Excel | Google Sheets

Self-employed individuals can use this template to track their business income from clients, along with any business expenses. Enter your personalized expenses, including rent, office supplies, and insurance, to see your cash outflow. Then, enter your taxes, and the template will automatically calculate your net income. This is a must-have tool for small business owners looking to understand their business profits.

Daily Income and Expenditure Template for Small Business

Daily Income and Expenditure Template for Small Business

Download Daily Income and Expenditure Template for Small Business Microsoft Excel | Google Sheets

For a daily analysis of your small business’s cash flow, use this template to track cash receipts, cash payments, and operating expenses. The template automatically calculates these totals on a daily basis to provide you with a detailed financial report. The template also shows your monthly ending cash position, so you can avoid any shortcomings. 

Check out our profit and loss templates for more resources on tracking your business’s cash flow.

Small Business Balance Sheet and Income Statement Template

Small Business Balance Sheet and Income Statement Template

Download Small Business Balance Sheet and Income Statement Template Microsoft Excel | Google Sheets

Use this income and expenses spreadsheet to help ensure that you never lose sight of your small business’s financial outlook. Enter your revenue and expenses, and the template will automatically calculate your net income. Plus, the customizable year columns enable you to compare your net income over a five-year timeline so that you can easily forecast your business’s economic health. 

Read our article on small business balance sheet templates for more resources on tracking your business expenses.

Small Business Income Statement Template

Small Business Income Statement Template

Download Small Business Income Statement Template Microsoft Excel | Google Sheets

This simple small business income statement template calculates your total revenue and expenses, including advising, equipment, and employee benefits, to determine your net income. Use this template to track and compare your finances over a two-year timeline. Save the document so that you always have quick insight into the financial status of your business.

Startup Business Income and Expenses Template

Startup Business Income and Expenses Template

Download Startup Business Income and Expenses Template Microsoft Excel | Adobe PDF | Google Sheets

Use this startup business income and expenses template to track your business’s cash flow. Compare your budgeted expenses and funding to your actual spending to understand any discrepancies. Overall, this template can help you make well-informed, financially accurate predictions so that you can reach your business goals.

Simple Small Business Cash Flow Template

Simple Small Business Cash Flow Template

Download Simple Small Business Cash Flow Template Microsoft Excel | Google Sheets

Use this simple small business cash flow template to monitor your cash increase or decrease over a certain period of time. Enter your cash receipts, payments, COGS, and operating expenses, and the built-in formulas will calculate your total cash payments, net cash change, and month-ending cash position.

Simple Small Business Profit and Loss Template

Simple Small Business Profit and Loss Template

Download Simple Small Business Profit and Loss Template Microsoft Excel | Google Sheets

Regardless of your industry, you can use this simple small business profit and loss template to analyze your business’s financial status over a specific period of time. Customize your expenses by adding or removing line items, and the built-in formulas will calculate your gross profit and net income. 

Read our article on small business profit and loss templates to find additional resources and to get the most out of your small business’s profit and loss tracking.

Small Business Comparative Income Template

Small Business Comparative Income Template

Download Small Business Comparative Income Template Microsoft Excel | Google Sheets

Use this detailed small business comparative template to closely maintain watch over your financial position. Enter line items for income and expenses to compare your budget to actual calculations. With detailed use, this template will enable you to never lose sight of your business's cash flow.

What Is a Small Business Income Statement Template?

A small business income statement template is a financial statement used to report performance. Templates include calculations for revenue, expenses, and overall profit and loss, and they are used to document, analyze, and project business finances. 

If you are a current or prospective small business owner, it’s imperative that you track your income and expenses, as doing so will ensure you have accurate information regarding how your company spends and makes money. An income statement template helps you to identify areas of risk and patterns in profit and loss, and to make educated decisions around your budget. 

A small business income statement template typically includes the following line items for tracking your business's financial status: 

  • Budget: A budget is a spending plan for your business based on your estimated income and expenses.
  • Cash Ending Position: This refers to the money your business has at any specific point in time. 
  • Cash Flow: This is the amount of money that moves in and out of your business. 
  • Cost of Goods Sold (COGS): This is any money spent that is associated with your product, such as packaging and labor.
  • Expenses: List anything on which you spend money to run your business, such as rent, advertising, equipment, insurance, phone, and employee salaries. 
  • Gross Profit: Determine this number by subtracting the COGS from your total sales.
  • Gross Revenue: The formula to calculate gross revenue is total revenue less the COGS. 
  • Income: List anything that brings money into your business, such as sales and donations. 
  • Net Income or Net Profit: This number reflects the amount earned from sales.
  • Revenue: Calculate revenue by adding together the total amount of income made by sales and services. 
  • Tax: This includes any mandatory monetary contributions made to the government.

Manage Income Statements and Drive Success with Smartsheet for Small Businesses

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With Smartsheet, you can align your team on strategic initiatives, improve collaboration efforts, and automate repetitive processes, giving you the ability to make better business decisions and boost effectiveness as you scale. 

When you wear a lot of hats, you need a tool that empowers you to get more done in less time. Smartsheet helps you achieve that. Try free for 30 days, today .

Connect your people, processes, and tools with one simple, easy-to-use platform.

Time To Be Your Own Boss: Business Plan For Self-Employed

Business Plan for Self Employment

Want to become self-employed? In this regard, you need to know a proper business plan for the self-employed. Without knowing a proper business plan, you can not sustain yourself in this business world. Moreover, a proper business plan can provide a visual infrastructure for your business. According to a statistic, 

Till 2022, it was be an unstoppable increase in self-employment of about 2.76 million and female self-employment of about 1.5 million. And as time passes, it will continue to rise ever higher. 

A self-employment business plan should be a solid guide, but not so complicated that you don't want to alter it, which is inevitable. If you want your business plan to stay relevant to your changing needs and priorities, you will need to update it as your company expands.

It is a very crucial factor to develop a complete business plan before starting a self-employment business. In this article, you can explore 7 essential steps to build an effective business plan for the self-employed . So, let’s deep dive into the core part of this article. 

  • 7 Steps to Develop a Business Plan for Self-Employed

(With Bonus One)

7 Steps to Develop a Business Plan for Self-Employment

Offen job-holders dream of becoming self-employed , especially when they’re pissed of doing a 9 to 5 job for many years. But the reality is it’s not easy to build a business overnight, you need to follow some significant steps that will act as a roadmap to become self-employed or an entrepreneur. To start a self-employed business, you can follow the given steps. 

  • Business Executive Summary
  • Detailed Business Description
  • Offered Products and Services
  • Conducted Competitor Analysis
  • Design Marketing Plan
  • Maintained Operations & Legal Considerations
  • Illustrated Financial Narratives

Bonus: 

      8. Adopt Automation Software

Now, you can explore in detail the business plan for self-employed people. 

  • Step 1: Business Executive Summary

First, you need to explain the executive summary of your business. Executive summaries should be as brief as possible, according to the usual norm. Business executives should be written in easy language, try to avoid any type of jargon, so that any non technical person can understand the goal and objectives of your business.  

Moreover, your audience is pressed for time and attention, and they want to learn as much as possible about your company plan. If at all feasible, keep your executive summary within two pages, however, it can be longer if required. 

In your executive summary, you can enlist the following sections. 

Write Your Business Plan

The executive summary will be a summary of the most essential themes covered in your business plan, writing the whole business plan before the executive summary is generally beneficial. Ensure that your executive summary solely includes facts and information from the business strategy.

Owner’s Introduction

Put a brief introduction of your business owner. It will build trustworthiness and you can enhance the reliability of your target audience. In this regard, a business plan should include the business owner’s introduction in the business executive summary of your self-employed business.  

Mission Statement

To write a complete business plan for self employed, you need to clearly mention your mission statement. In this case, you have to write a mission statement within 30 words. Your mission statement should include your company’s goal, target audience, and service details.   

Marketing Objectives

You need to define your marketing objective clearly. In your marketing objective, you have to provide the focusing point of your marketing team, clear direction for team members, and other significant information like support and marketing strategy.    

Expected Outcomes

You can mention your expected outcomes based on the other factors of your planning. Though you will mention an estimated outcome in your self-employment business plan, it will motivate you to reach the goal and achieve your target. 

Required Capital

In the executive summary, you need to calculate the overall estimated cost to start your business. According to the required estimated cost, you have to fix your budget. As a result, you will get an idea of your required capital to start your business. 

  • Step 2: Detailed Business Description

A company description gives a high-level summary of crucial components of your firm, such as what you do and what sets you apart. Anyone reading your business description should be able to figure out what your company does. Moreover, you need to include the following factors in your business description.

  • Business name 
  • Business goal 
  • Competitive advantages 
  • Target customer 
  • Business location 
  • Business structure  

Also, you have to fulfill 5 w's and h in your business description. In this regard, you have to require a clear understanding of the following questions.

  • Who is your target audience?
  • What is the goal of your business?  
  • Where is your business location? 
  • When will you implement your business plan? 
  • Why do you want to start this business? 
  • How do you achieve your goal?

If you fulfill all of the questions, you can properly explain your business description in your self-employment business plan.        

  • Step 3: Offered Products and Services

This part should provide a complete list of the items and services you will offer. One-on-one business coaching, career coaching, executive coaching, leadership development programs, team coaching, corporate training, workshops, seminars, coaching skills training, and a how-to book on recommendations for managers as coaches are just a few examples.

In your offered products and services list, you can include the following factors. 

  • A detailed description of the products and services 
  • Pricing list of your products and services 
  • Features and benefits of your listed products and services 
  • Production costs 
  • Production timeline 
  • Future products and services 
  • Step 4: Conducted Competitor Analysis

In this step, you need to research your target market and conduct competitor analysis.

Target Market  

This part should include information about your ideal client. In my experience, most people who are new to self-employment require the most assistance in this area. 

Moreover, they are adamant about not focusing on a single market since they like collaborating with people from various walks of life on a variety of projects. However, by attempting to sell to everyone, they dilute their message and, in doing so, end up appealing to no one. 

Customer Segmentation

Customer segmentation is the process of identifying a group of customers. Moreover, this section is so crucial to conduct your marketing process. You can segment your targeted customers into these four categories. 

  • Geographic segmentation
  • Demographic segmentation
  • Psychographic segmentation
  • Behavioral segmentation
  • Step 5: Design Marketing Plan

Design Marketing Plan

To promote your business activities, you need to make a proper marketing plan. In this regard, you have to conduct a SWOT analysis to identify the strengths, weaknesses, opportunities, and threats. After conducting a SWOT analysis, you need to define your goal and target audience. 

However, you have to analyze the following KPIs that will ensure the design of an effective marketing plan. 

  • Marketing goals and objectives 
  • Promotional strategies  
  • Unique selling advantages 
  • Pricing strategies

Most significantly, you have to choose your digital marketing method because various digital marketing methods are invented. These are: 

Search Engine Optimization (SEO)

The goal of SEO is to optimize your website and increase organic traffic. To maintain high ranks, digital marketing managers typically pay attention to cross-connections and backlinks, keywords, and unique content. It improves the website's visibility. Remember that the more visible you are, the more customers you will be able to attract.  

Content Marketing

Content marketing's main goal is to capture a customer's attention, educate newcomers, and nurture leads. Moreover, you can nurture and educate your potential consumers using this marketing technique by supplying them with relevant material, guiding them through the sales funnel, and finally convincing them to take the desired action.  

Pay-per-click (PPC) Advertising

You can drive more traffic to your website through pay-per-click (PPC) advertising. This process allows you to conduct internet advertising and it is required to pay a fee each time one of their ads is clicked. 

Email Marketing

Email marketing is another way to reach your targeted audience. This process can allow you to promote your products and services. Moreover, you can drive potential customers through the email marketing process.      

Influencer Marketing

This one is another effective way to reach potential customers. Moreover, this process can allow you to work with someone who will act as an influencer as we as it helps to build credibility and trustworthiness. As a result, you can easily increase your brand awareness and enhance your sales.     

Social Media Marketing

Social media marketing is one of the beneficial ways to reach a vast number of audiences. Also, it helps to increase brand awareness as well as improve search engine rankings. Moreover, social media marketing can be able to ensure higher conversion rates that will play a significant role to boost your business revenue. 

There are different types of social media, using which you can promote your business, for instance Facebook marketing , Instagram, Medium, Quora, Twitter, Reddit, Pinterest and many more. 

  • Step 6: Maintained Operations & Legal Considerations

The most important step to build a business plan is to maintain operations and legal considerations. You can ensure your business's safety and security by maintaining operations and legal considerations. In this regard, you have to organize the following factors.  

Agreement and contracts

You have to prepare a detailed and concise agreement and contracts in your self-employed business plan. It will ensure transparency and accuracy of your business as well as make a trust to invest in your organization. 

Payment methods

You need to allow multiple payment methods for your organization. This payment method ensures a safe and secure transaction which will be essential for any organization. In this regard, you can integrate the following payment methods into your business. 

  • Cash payments
  • Check payments
  • Credit card payments
  • Online payments
  • Mobile payments

Permit & Registration

To start any self-employed business, you need to ensure all required permission and registration. 

License & Regulations

According to your country’s law, you need to make all required licenses. Otherwise, you can not sustain in the marketplace. Also, you have to abide by all rules and regulations to conduct your business operations smoothly. 

Insurance and Bonding

To write a complete self-employed business plan, you have to include insurance and bonding activities. It’s totally up to you whether you will provide insurance and bonding facilities or not. If you will provide it, you need to clearly mention them in your business plan.   

  • Step 7: Illustrated Financial Narratives

This one is the final step to make a self-employed business plan. In this step, you have to write a detailed financial statement. Moreover, business plans are an essential component of strategic financial decision-making. 

They aid in the expression of ideas, the presentation of market data to support rhetoric, and the expression of the financial side of an argument. To make a complete financial statement, you have to include the following matrices in your financial statement.  

  • Profit and loss statement 
  • Cash flow analysis 
  • Break-even analysis 
  • Balance sheet 
  • Benefit analysis 
  • Step 8: Adopt Automation Software

You might think investing in some automation software might waste your money but this is completely a wrong thought, specially for start-up entrepreneurs. Firstly you have to understand your niche before you accommodate any automation software.

Automation software is absolutely a helping hand for your business, work as an instructor, simplifies your work and shows the easiest way to be more productive. Now, there are lots of variant automation software available in the envato market, so you choose one, whichever matches your niche or you can customize your own software , where you can personalize everything your business demands.  

bdtask custom software development service

  • Easy decision making 
  • Raise up the productivity 
  • Reliable data collection 
  • Gain loyal customers
  • Improve the customer service 
  • Self-Employed Business Examples
  • Independent business owner
  • Food truck business owner  
  • Gig workers
  • Partnerships
  • How Necessary Is To Set- Up A Self-Employed Business Plan?

Of course, sketching a self-employed business plan assists you to glued yourself in the business plan you manifest to build. Without aiming any objectives, goals or deadlines, it becomes very difficult to stick to the problem you aimed to solve. 

There’re lots of necessity to write a self employed business plan:

  • Initial plan to reach at break-even point 
  • List down the strategies to reach the desired profit level 
  • List the desire industry to target and a pilot client list
  • The rates you’ll charge 
  • List down the obstacles 

Since this is completely your own business, there's no hurry to chase the deadline or the targets you aim for. There is another advantage of setting up a self employed business plan, for instance you can take every step in the aware mindset, understand the perspective of customers, trace down the uniqueness of your products, and strategies to regenerate the customers. 

Having good self employed business ideas will not only help you to focus on the business plan, but also help to prioritize the project and task to reach the goal faster. 

  • Sketching a defined target helps you to have a clear objectives of your goal 
  • You’ll already about the financial boundaries and objectives 
  • A full-proof excuse to analyze your business, competitors, and different external activities.  
  • Help you to be focus and recognize your business opportunity

This is not only an article, but also it will act as the basement of your business. Though it will not be easy to become self-employed and write a business plan for the self-employed, this article provides you with a guideline. As a result, you will get a direction on how you can prepare yourself.

So, it’s time to become self-employed and inspire others to also become self-employed

through following a proper business plan.    

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self employment business plan template

  • Self-employment

Self-employment: detailed information

Guidance, forms and helpsheets for self-employment. Including setting up your business, filing returns, claiming expenses and how to get help and support.

Coronavirus (COVID-19)

  • 9 March 2022

Quick links

  • File your Self Assessment tax return online
  • Self-employed National Insurance rates
  • Get your SA302 tax calculation
  • Find your UTR number

Get started

  • Working for yourself
  • Running a business from home
  • Set up as a sole trader
  • Set up a business partnership
  • Write a business plan

Tell HMRC about your business

Records you must keep.

  • Business records if you're self-employed
  • Keeping your pay and tax records

Claiming business expenses

  • Expenses if you're self-employed
  • Simplified expenses if you're self-employed
  • Claim capital allowances

Tax and National Insurance

  • National Insurance: introduction
  • What you must do as a Construction Industry Scheme (CIS) subcontractor
  • What you must do as a Construction Industry Scheme (CIS) contractor
  • 8 February 2024

Self Assessment

  • Self Assessment tax returns
  • 12 February 2024

Paying HMRC

  • Pay your Self Assessment tax bill
  • Pay Class 2 National Insurance if you do not pay through Self Assessment
  • Pay your VAT bill

Expanding your business

  • Growing your business
  • Employing staff for the first time
  • Tell HMRC about a change to your business

Stopping or selling your business

  • Stop being self-employed
  • Selling your business: your responsibilities

Forms, helpsheets and other guidance

  • 8 July 2014
  • 18 December 2014

Help and support

  • 19 January 2024
  • Get help and support for your business
  • Get help with tax
  • Appoint someone to deal with HMRC on your behalf

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  • Yes this page is useful
  • No this page is not useful

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IMAGES

  1. 免费 Printable Business Plan Template

    self employment business plan template

  2. Printable Self Employment Ledger Template

    self employment business plan template

  3. Job Plan Templates

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  4. Personal Business Plan Template

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  5. 282+ FREE Blank Business Plan Templates [Edit & Download]

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  6. Free One-Page Business Plan Templates

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  4. Self Employment Tax Credits SETC

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  6. HOW TO GET RICH

COMMENTS

  1. How to develop a business plan for self-employment

    1. Mission Statement A short mission statement of 30 words or so should succinctly state why your company exists, what services it will provide, and to whom. 2. Business Goals & Objectives This section should describe the top three to five goals and objectives you have for your business. For example:

  2. PDF Self-Employment The Business Plan

    Self-Employment The Business Plan Self-Employment For One Stop Customers THE BUSINESS PLANNING PROCESS Before launching into the planning process, a person who expresses a desire to be self-employed should weigh whether this option and its lifestyle changes is right for them.

  3. Free Simple Business Plan Templates

    Simple Business Plan Templates Try Smartsheet for Free By Joe Weller | April 2, 2020 In this article, we've compiled a variety of simple business plan templates, all of which are free to download in PDF, Word, and Excel formats.

  4. Simple Business Plan Template (2024)

    Our simple business plan template covers everything you need to consider when launching a side gig, solo operation or small business. By following this step-by-step process, you might even...

  5. Self-Employment: What You Need to Know to Be Your Own Boss

    A business plan is a guiding document that outlines all of the major details of your business. A thorough business plan will explain your business model, address how your company will make money, document your company's structure, and include detailed financial and marketing plans. For help writing your business plan, download this template. 2.

  6. Write your business plan

    Executive summary Briefly tell your reader what your company is and why it will be successful. Include your mission statement, your product or service, and basic information about your company's leadership team, employees, and location. You should also include financial information and high-level growth plans if you plan to ask for financing.

  7. How To Create A Freelance Business Plan

    A business plan for a planned self-employment cannot be created without detailed financial planning. Create the financial plan in the business plan for a period of 3-5 years to increase planning security. The following topics belong in the financial plan: Cost structure; Revenue cycle; Cash flow plan - comparison of expenses and revenues

  8. Self Employment Checklist—Free Download

    1 million businesses. Download a free self employment checklist—free download template with SBA-approved format. Includes pre-filled examples and step-by-step guides for a successful start.

  9. Create a winning business plan

    Register Self-employment Writing a successful business plan Jemma Smith, Editor January, 2023 All successful businesses start with a strong business plan. Also known as a business proposal, this document helps attract investors and customers alike by demonstrating your knowledge, passion and drive

  10. Simple Business Plan Template for Entrepreneurs

    Free downloads: There are many free business plan templates available online, which can be useful for comparing formats and features, or refining your own. Cons Generic, not customized: Templates typically contain just the basics, and there will still be a lot of work involved to tailor the template to your business.

  11. Take the Plunge: 8 Steps for Transitioning to Self-Employment

    Here are some important tips to keep in mind during your self-employment journey. 1. Develop a business plan. One of the first steps in transitioning to self-employment is writing a business plan. Your business plan should outline your goals, the services or products you'll offer, your target audience and your financial projections.

  12. SELF-EMPLOYED BUSINESS PLAN: How do I Write One?

    #1. Executive Summary #2. Company Overview #3. Market Analysis #4. Management and Organisational Team #5. Competitive Analysis #6. Sales and Marketing Strategy #7. Financial Plan #8. Appendix Can you write a self-employed business plan in a day? How long should a self-employed business plan be for a small business?

  13. Be Your Own Boss: 55 Business Ideas for Self-Employment

    9. Manage and Grow Your New Self-Employed Business. Starting a self-employed business isn't exactly the most difficult part of the journey. The real challenge comes when you need to market, manage, and grow your business. This includes handling day-to-day tasks, client needs, financial matters, and other challenges associated with daily ...

  14. Business Plan Templates: 26 FREE Samples

    Business plan templates From competitive analysis to financial projections, business plans give your new business a roadmap for success. Download one of our free business plan templates and take your company to the next level. What is a business plan?

  15. Self-Employment 101: A Guide to Starting the Process

    Create a Business Plan Creating a business plan is a critical step in starting any business. Briefly describe your business idea, its unique value proposition, and the problem it solves.

  16. 10-part business plan template and how write a business plan

    The 10-part business plan & downloadable template By Andrea Wahbe February 2, 2024 Leer en español Whether you're a long-time business owner or starting to think about launching a business, to-do lists pile up fast, and determining how to write a business plan—much less following a business plan template—often feels overwhelming.

  17. 70 Small Business Ideas for Anyone Who Wants to Run Their Own Business

    1. Etsy Shop Owner. Creating novelties by hand is a fun and unique way to start a small business, and you can easily sell them via Etsy. Whether you make jewelry, knitted comfort items, or even custom wigs, there's probably a market for your products and an Etsy buyer who's ready to purchase. Image Source.

  18. Small Business Income Statement Templates

    Download Monthly Small Business Income Statement Template Microsoft Excel | Google Sheets Use this monthly small business income statement template to track and manage your small business finances. Enter the number of customers and the average sale per customer to determine your total monthly sales.

  19. Business Plan Template: How to Write a Business Plan in 10 Steps

    1. Create an executive summary 2. Compose your company summary 3. Summarise market research and potential 4. Conduct competitive analysis 5. Describe your product or service 6. Develop a marketing and sales strategy 7. Compile your business financials 8. Describe your organisation and management 9. Explain your funding request 10.

  20. Write a business plan

    Download free business plan templates and find help and advice on how to write your business plan. Business plan templates Download a free business plan template on The Prince's Trust...

  21. Self-Employment

    DVR's Self-Employment Forms. When working with us to pursue your small business, we'll ask you to complete the forms below. Our goal is to help you understand all the ins and outs of owning a business. We can also help you obtain any needed small business training to ensure your success. Entrepreneurial Interest Checklist , PDF Accessible Version.

  22. Time To Be Your Own Boss: Business Plan For Self-Employed

    Step 7: Illustrated Financial Narratives. This one is the final step to make a self-employed business plan. In this step, you have to write a detailed financial statement. Moreover, business plans are an essential component of strategic financial decision-making.

  23. Self-Employment Ledger: 40 FREE Templates & Examples

    7 Self-employment Ledger Templates Create own personal self-employment ledger template and self-employment ledger forms in seconds with our fantastic templates!

  24. EMPLOYMENT PLAN (EP)

    SELF-EMPLOYMENT Self-employment activities may be included in an Employment Plan (EP) contingent on the development of a business plan. All participants should be encouraged to look for employment that will lead to their self sufficiency. Clients with an approved EP that includes self-employment must meet the participation requirements.

  25. Self-employment: detailed information

    Guidance, forms and helpsheets for self-employment. Including setting up your business, filing returns, claiming expenses and how to get help and support.