There are a ton of different types of businesses you can start. The type you start will depend a lot on your interests, skills, and resources. Because most people are not independently wealthy or have massive amounts of start-up capital, I’m not going to discuss those. The two types of businesses I’m going to focus on are the two I am familiar with:
Independent service businesses: These can include anything from blogging to dog walking. They are businesses you can start without needing a lot of money. You usually can work out of your home (or make house calls) for these businesses. The Advancement Company is this type of business. I am using my personal experience in evaluation to consult with nonprofits, businesses, and education institutions. I typically work from home (or meet at the client’s office) and their isn’t many hard costs involved with it.
Location-required business: These range from a small grocery store to a local gym. They are businesses that typically require a bit more capital since you will need to rent (or buy) a space since they require an actual location (you can’t work out of your home). These types of businesses require more research when deciding what to start because of the increased risk involved. The Woof Room is this type of business.
There are some businesses that are a blend of these two, Deckci Decor is a great example of that. To reduce costs, Deckci began as a business operated out of our home. We met clients at coffee shops and clients picked up their rental items from our house. As the business grew from 6 weddings in the first year to 139 weddings in year two (2009) we were able to get a location. Having a location is typically best for these types of businesses long-term, but they can be started from your home.
To read more about other types of businesses you can start, here are two resources:
Photo Credit: Mark Holloway