| Fruitful Construction Business Ideas

Posted in Start-up Ventures at 9:00 AM by Loftis Consulting

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The construction industry, as I’m sure you know, can be quite profitable for the people who decide to make their living in it. After all, without construction there would be very little progress and development in the world.

If you’re interested in forging your life as a business person in the construction industry, you have many options available to you. Here are some of the most interesting, and of course, the most profitable:

 

Set Up a Construction Company

The most obvious route to go down, starting a construction company is a great option for those of you who understand the world of construction inside and out. Whether you’re a contractor, architect, or structural engineer if you have the know-how, you can make big bucks by setting up your own operation.

 

Start an Equipment Leasing Company

One good way to make money in the construction industry without having to understand quite so much and without having to actually construct a single thing is to get into the equipment leasing business. You’ll need to have a lot of money to invest upfront, but it could be quite lucrative in the long run.

If you’re looking to start a bit smaller, at least invest in a crane, for reasons you can find at this crane guide, an excavator and a bulldozer. With these three high-demand machines, you will get off to a flying start.

 

Set Up a Cement Manufacture Company

Cement, as I’m sure you’re aware, is the backbone of the construction industry, and as such, if you’re looking to get into the construction business, setting up your own cement production plant is a very good way of making money very quickly. I mean, cement is always needed, and as long as you can produce it affordably and efficiently, you’ll surely be onto a winner.

 

Manufacture Bricks

Alternatively, you might want to consider manufacturing bricks or building blocks, which are the, well, the building blocks of construction. The benefit of doing this, although you probably won’t make as much money with some of the other options, is that you can start making bricks with very little capital and the minimum of equipment, which makes it perfect for solo entrepreneurs and startups.

 

Sell Cement

If manufacturing isn’t your thing, you could also make money selling it. Again, the benefit of this is that you need very little equipment or skills, other than the ability to make sales. However, you will have to compete with a lot of already established retailers, so you will need to be confident that you can make your company a more attractive prospect for construction companies to use.

 

Manufacture Nails

You’d be surprised just how lucrative manufacturing high-quality nails can be. After all, pretty much every construction product requires them and contractors want to ensure that their work is good, so if they can find a solid supply of strong, long-lasting nails, they will buy.

 

Lay Bricks

One of the easiest skills in the construction industry to learn is how to lay bricks. Don’t get me wrong, it isn’t exactly a cake-walk, but it is very possible for the average person to learn the skill. Sol if you are looking for something you can do on a freelancer or solopreneur basis, and you want to work in the construction industry, learning how to lay down bricks and then offering your services in this area to actual construction companies could be a good way to make money.

 

Start a Construction Cleaning Business

Contractors often need sites to be cleaned before and after they conduct their work. So, if you don’t have any real construction skills, but you want to take your own slice of this lucrative industry, it may be worth investing in a few construction cleaning tools and setting up business as a dedicated construction cleaner. If you’re thorough and affordable, you shouldn’t find it too difficult to get your first few jobs and then things will hopefully spiral on from there.

 

Fix Things

If you’re handy in the DIY and department, there is an opportunity to make money from offering your services to construction companies who are dealing with everything from broken tractors to broken paving stones. You may need some training in order to do this but, because things have a tendency to break down quite often, it is probably worth it.

As you can see, it doesn’t matter what your particular skills or interests are; there is always a place for you in the very profitable construction industry!

| 5 Things To Think About Before Starting Out In Property Development

Posted in Start-up Ventures at 9:00 AM by Loftis Consulting

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When you’re trying to come up with a business idea, you may find yourself testing the water with a range of different areas. Whether you choose to start a business in an area that you’re experienced in, or something that you’re passionate about, you often need to ensure that the idea you have, and the industry you’re looking to work in, will be profitable. And if one thing’s for sure, the property industry can always drive a profit. But, you might admit, it’s not as simple as just deciding that you want to get into the property development game and go from there. You have to put some real thought into it, especially over these five areas.

 

What Property You’ll Buy First

First up, you really need to think about how you’re going to get started. Because when it comes to developing property, you always need that first project to work on. Whether your budget means you have to start with somewhere small, or you’ve got investment and you’re going to take on a bigger development, these are the things that you need to straighten out in your mind to begin with. At the very least, you need to be able to arrange your funding sources to get you started.

 

The Contractors You’ll Use

But another key consideration to make is going to be based on the suppliers you’ll use. Even if you’re taking on a small project and you plan to do as much as you can yourself, unless you’re a trained electrician, plumber, and builder all in one, you will need to hire professionals. So, before you begin, you need to know who you will use, whether they’re available, and what the cost will be as a minimum.

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Where You’ll Store Your Equipment

From suppliers to storage, you then need to consider what you’re going to do with all of your equipment. Because when you’re developing property, you need to find a versatile equipment storage solution to keep your kit in. Whether you have trucks or building equipment, you may not be able to keep it on-site or at your home. So, you need somewhere suitable for it to stay for the duration of the project.

 

What Profit Margins You’re Working With

Then, you should start to think about how you’re going to make money. You may find that, in order to secure yourself funding in the first place, you need to show how you’re going to make money. Although you may not be able to predict your exact margins, you need to show what you’re aiming for to know that the project is worth working on.

 

How Long Each Project Will Take

And finally, you need to know what sort of time frames you’re working with. This is essential. Because you need to know that you’re going to be able to make enough money to warrant the time the project takes. And if not, what you can do about that. So whether it’s forecast to take three months or three years, you need to know before you embark on the endeavor.

| How To Start A Manufacturing Business

Posted in Start-up Ventures at 9:00 AM by Loftis Consulting

The manufacturing business may be seen as something that happens to be a dwindling business empire to be part of, but it still forms a huge backbone of the economy and definitely should be something to consider being involved in. Of course, many companies may be looking to lower their manufacturing costs and seek workmanship in other countries, but building up a reputation and the quality of work you can produce will often outshine the cost if it is done right.

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However, there is much involved when considering starting up your own manufacturing business. It definitely requires a lot of thought and work, which is why we thought we would share with you exactly what you should be thinking about if this is a business you want to start yourself. I hope this guide helps you to feel more informed about the necessary steps.

 

Think About the Location

There two parts to the decision-making process when considering a location for your manufacturing business. You need to know where your product will be made and where and how it will be sold. Sometimes, in certain circumstances, if you know you will require certain machinery or larger items to manufacture the products, then a larger premise with the required space should also form part of the decision-making process. Prices vary for locations to do business from and can be decided upon the actual location and where you want to work within the country. There are cheaper areas than others, but of course, this decision will be made based on the product itself.

In regards to selling, this shouldn’t be too limiting. You have the expansion that is the World Wide Web with many platforms online that you can take advantage of so it may be foolish to limit yourself to an area or a chain of shops. However, combining the two could work really well.

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The Day To Day Running

The day to day job will vary, dependent on how much work is on and where your skills best lie. But being involved in all aspects can be an essential part of running your manufacturing business. Starting out on your own requires you to be the entrepreneur, the salesperson, the accountant and the HR expert. Don’t be fooled into thinking that this will be easy.

 

The Machinery You Will Need

Certain products will need specific manufacturing equipment. Not only will you need to think about what sort of production line you will have, but you also need to think about The machines, like a vibratory feeder, that feed the parts into the production line in order for it to be produced. This is when websites like https://www.goughecon.com/product-details/electromagnetic-feeders-screeners/ could prove useful. Considering the machinery will be vital before making the decision on the location, as you need to ensure you have enough space for the production line you need.

 

Training and Staff Requirements

As a manufacturer, you will need to be able to produce the product to the highest of standards, and this is when training and staff requirements will become a high priority and focus for you. Of course, if you have some financial backing then you can afford to recruit the level of expertise you require, but you may also need to consider other options in order to get the right people in. A reduction in waste through the production line is also an area that could help save hundreds and even thousands, which in turn could help you recruit the right people for the job.

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The Financial Side Of Things

Launching a manufacturing company will need some form of investment or financial backing to get you up and running. So this is when a business plan will be an essential part of your business start up. The business plan can then be put forward to potential investors or even the bank, who would, in turn, analyze your business venture and hopefully offer up the investment needed to make the company a possibility. Here is a quick guide to help creating one yourself https://www.entrepreneur.com/article/247574. A quick tip would be to ensure you include all financial aspects and costs of the business so that you are transparent with a potential investor.

 

Starting Up

Starting out may be exciting, but without the necessary time taken to create a business plan or even spent time focusing on the growth of your business you may find that you will fail at the first hurdle. You need to memorize the reasons as to why your product will be a success, because this is what you will need to look back on whenever you are in a tight spot. You need to know how long it will take before you start to turn a profit and deciding on all aspects of the business early on, including your sales avenues.

 

The Selling Aspect of the Service And Product You Provide

The selling of your product will be the most significant and important aspect of your manufacturing company. After all, what use is the manufacturing company if the product it produces does not sell? This is when you need to explore the sales avenues you have available. Creating your own brand and website is an option, or utilizing selling platforms like www.ebay.com or www.etsy.com. Of course, it all depends on the type of product it is. You could consider trying to get into local shops or chain stores, which could provide you with a bigger order intake and volume in one hit.

 

The Common Pitfalls to Look Out For

Finally, there are some common pitfalls any of the best entrepreneurs can be victim to. One of which is underestimating how much time it will take to build the manufacturing company and get things moving. You may also need to understand that in most cases, investment is vital for the success of a manufacturing business. Of course, hard work and dedication are other key factors, but most entrepreneurs have the drive and passion to do what it takes to make a business a success.

I hope that these steps enable you to start up your own manufacturing business.

| Gaining Start-Up Success With A Killer Restaurant

Posted in Start-up Ventures at 9:00 AM by Loftis Consulting

Did you know that almost half of all adults have worked in the restaurant industry in some way? From waiting tables to running a kitchen as a head chef, many people enter into the hospitality industry with one dream in mind: to own their own restaurant. You could manage a restaurant and get pretty close to your dream, but managing and owning are two very different things!

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No one dreams of owning a failed restaurant and in a period of three years, 59% of new restaurants will fail and shut down. It’s a very fast industry to be involved in and you have to be very aware of your surroundings and how quickly things can change in the restaurant industry. Preparing your business plan to include contingencies when disasters happen in the building, as well as having a solid food waste management plan is important for your success. Asking yourself what else makes a successful restaurant is the next step, and you need to do enough research – both industry and market research – to back up your plan to open your own killer restaurant that will be a booming success.

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The Big Three. A restaurant needs three fantastic elements: a top chef who knows exactly how to cook and present food, a location that is going to mean being close to people who want to eat what you market, and a fantastic concept. Putting a high-end sushi joint in an area of a city that is less affluent will likely not have a good impact on the environment, so you really have to know your market. Choosing your location should come first, then comes research of the local community to see what food and style they would like to see. Once you have those things, you can start interviewing fantastic chefs. Accessibility to your premises is important, so when you start scouting for locations make sure that you choose one people can get to by road, public transport and by foot!

Mindful Money. Being cheap about the products you buy may make your bank account look good, but it’s not going to keep your customers coming back. You need to spend out where guests are concerned. The money you spend that will be the most important is that which adds value to the guests who come over your threshold. Eating out is a luxury for most people, so allocating some of your budget to the guest experience will make a big difference.

Ready For Change. As a business owner, you need to have staff on board that are ready for change. People have changing tastes both in food and in decor. Keeping a regular line of communication open with guests will help you to learn what is missing from your restaurant.

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Owning a business is tough, and owning a restaurant can be tougher. You need to be thick-skinned and ready for battle when it comes to opening an eatery. May the odds be ever in your favor!

| Here’s How Ag Startups Can Avoid Aggro

Posted in Start-up Ventures at 9:00 AM by Loftis Consulting

For centuries, agriculture has been at the heart of the world’s economy. Without it, people couldn’t eat and do all the amazing things that they do. Traditionally, however, agriculture hasn’t been seen as exciting. But that’s all beginning to change, thanks to the fact that the sector is going through a tech revolution. Silicon Valley-type entrepreneurs from all over the world are trying to inject digital technology into the once-backward sector to achieve new levels of productivity and growth.

Companies are innovating in all kinds of ways. For instance, The Agri Hub wants to create a platform akin to Amazon or eBay for farmers all over the world to come together and learn about new farming products. The company behind the venture hopes that the hub will accelerate the adoption of new technologies in developing countries by providing farmers with a source of information they can understand.

Other high-tech ag startups are trying to bring new digital technology to the farm itself. For instance, a company called BluWrap is bringing oxygen management techniques to farms to extend fresh protein storage life.

Starting up in the agricultural sector has never been more lucrative or rewarding, especially since the global ag business is growing more than 7 percent per year, despite declining numbers of people in the sector.

New entrants, however, can find the sector difficult to navigate. Here’s what you need to know to avoid aggro.

 

Dig A Little Deeper

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Population alarmists like Greenpeace and Paul Ehrlich have spent the last forty years telling us that the world would run out of food to feed its expanding population and that we will eventually experience famine on a global scale. Ehrlich originally predicted that this would happen by the end of the 1970s, but this never came to fruition. In fact, today the world generates more calories per person than at any point in human history, despite the population ballooning to more than 7.5 billion people.

For ag startups, the notion that the population is growing and that food production need to increase is nothing new. In fact, it’s something that everybody is discussing, and technology appears to be solving – at least for now.

But top entrepreneurs are rarely concerned with what everybody else is discussing: they’re more interested in what’s not being said. Take Peter Thiel, for instance. He’s made a living being a contrarian thinker, looking deeply at problems the world faces, and coming up with novel and sometimes unpopular solutions. Ag startups need to do the same. In the agricultural sector, food production isn’t the only issue. Other issues include things like water use, slurry runoff, land use, deforestation, and energy use. Visit www.ucsusa.org/food_and_agriculture/ for more details. Ag start-ups that can solve these problems simultaneously at low cost will be at a distinct advantage and contribute to solving some of the world’s most pressing problems.

 

Know Your Field

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In agriculture, it’s a good idea to know your field, quite literally. Most people who want to disrupt the agriculture industry don’t actually know how it works in practice. It’s as alien to them as any other.

However, agriculture, just like other industries, is built upon generation after generation of experience, often handed down from father to son. Not only do those wanting to disrupt the industry have to understand its structure, but they also need to know the basics of animal husbandry and crop growing. Fences, cattle pens, deer stands and all manner of farm enclosures require special consideration. Visit Varnerpipe.com/steel-tubing/ for details. And they also need to understand how crops are cycled from one year to the next. No matter what product you’re planning, it needs to fit in with the realities of farm life. A scheduling app, for instance, isn’t any good if it doesn’t understand how often cows need to be milked.

 

Trial Products First

If you think you’ve created something really innovative, it’s a good idea to prove it. Investors and customers want to see evidence that your product works in the real world for ordinary consumers like them.

This is where it can be helpful to make use of the scientific method. Set up a trial where you compare two groups of customers side by side, one using your product and one not. Make sure that you randomly select customers for each group so that variations between the groups are explained by the use of your product and nothing else. Then conduct the experiment to see whether your innovation offers real value for the metric of interest, be it profitability, productivity, time-saving or the health of animals.

To carry out a well-designed trial, you may need the help of a statistician. You want to know whether the difference between the two groups is “statistically significant” – or, in layman’s terms, whether it’s down to pure chance or not. Once you’ve got that kind of evidence, it’s much easier to persuade new agricultural customers that your product works and can provide them with additional value.

 

Make Sure Your Innovation Is Defensible

The history of agriculture is littered with technological advances which helped to raise the incomes and profits of everybody in the sector. But many of these advances weren’t defensible, meaning that the people who invented them didn’t reap the rewards.

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Take crop rotation as an example. Crop rotation was an invention which helped to dramatically increase yields on a given plot of land. When it was first invented, the inventors were able to increase the amount of money they made for a short period of time. But as soon as people saw how it could dramatically increase yields, they copied it, eating away at the inventor’s profits.

If you’ve got a great idea for improving farm productivity which you can’t defend, send a letter to the FAO, but don’t invest your own money in it (unless it’s for philanthropic purposes). Make sure that whatever advances you make, whether it’s technological, genetic, or systems-based that you can reap the benefits from your hard work. If you can’t, margins will remain low, and you’ll be spinning your wheels, never really making the money you deserve.

| Here Are Some Transport Businesses You Could Start Tomorrow

Posted in Start-up Ventures at 9:00 AM by Loftis Consulting

Everybody wants to start a business (particularly readers of this blog). That’s because, deep down, we all want to do our own thing and create our own value, even if what we want to do isn’t particularly profitable. Some people are suited to creative endeavors, others to tasks that involve organization. But one thing that most people can do, if they put their mind to it, is starting a transport business.

When it comes to transport, there are many alternative routes you could pursue. Here are some of the transportation businesses you could start tomorrow.

 

Bespoke Transport Services

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Rather than knuckling down and focusing on a single trade, many entrepreneurs looking for an avenue into the transport business start off by offering general services for unusual items. Construction companies, private individuals, and businesses are constantly looking for services that can carry unusual or hazardous items from one location to another. And because they pay one-off prices per job, the money is often good. (No bulk discounts driving down your margins). You could focus on providing services to a particular area, such as a business park, and make a name for yourself in the local community. Whenever anybody needs a one-off job doing, they’ll come to you first.

 

Removals Business

Setting up a removals business is a lot easier than most people imagine. All you need is a truck, and you can find one at Truck Dealers Australia, as well as other places online. You’ll also need some workers to help move items from people’s houses, which you can quickly pick up through local adverts or job sites.

You will, of course, be competing against students who rent out trucks and do the work themselves, but as a fully-fledged business, you can offer additional services, such as storage facilities.

The biggest cost you’ll face is buying the truck. But with the vast assortment of financing options available today, paying for capital is cheaper than you think. If your business goes pear-shaped, you can always trade in your truck and recoup your costs.

 

Owner-Operator Truck Driver

If you’ve been in the trucking industry for a while and know the ropes, then becoming your own, owner-operator truck driver can be very lucrative. Why let the truck operator skim off profits from your wages for the rest of your life when you can strike out by yourself? Although there are risks associated with going it alone, the market for transport and distribution services is still expanding at a rapid clip, around 5 percent per year. This means that there are plenty of new opportunities to exploit in the sector.

 

Taxi Service

Ridesharing companies have changed the game when it comes to transport businesses. Right now we have an Uber for taxi services, and soon, we’ll have an Uber for practically everything else, including trucking. In the meantime, if you want to get started with your own contractor business as quickly as possible, consider signing up with a ridesharing site. They pay you on a weekly basis, and you could take home $10 an hour.

| Track Your Startup Costs to Ensure the Best Tax Situation for Your New Venture

Posted in Start-up Ventures at 9:00 AM by Loftis Consulting

As you may know, money is spent to start a business even before you open your doors to the first customer in both brick-and-mortar and online businesses.  These pre-opening costs are commonly called startup costs but may also be called pre-operating costs and organization costs.  For simplification, I will be using the term startup costs but it can be used interchangeably with the other terms.  These costs can range from professional fees to investigate the feasibility of the business idea to filing fees to get the business incorporated and so on.

For financial accounting purposes, these costs are generally included in the category of startup costs and are all treated the same way but for tax purposes these costs are treated differently.  When setting up your business make sure to create specific tracking for your startup costs. This article will clarify how startup costs are treated for accounting and for tax purposes.

STARTUP COSTS FOR BOOK PURPOSES

For financial reporting purposes, startup costs are costs a business has expended in preparation of opening a business.  These costs may include the following:

  • Opening a new facility;
  • Introducing a new product or service;
  • Expanding operations into a new geographic area;
  • Expanding operations into a new segment of customers;
  • Creating and implementing a new process in an existing facility;
  • Starting some new operation.

For financial reporting purposes, all startup costs would be lumped together in one category, Startup Expense, for example as long as they are incurred prior to the commencement of operations and expenses as incurred.

 

STARTUP COSTS FOR TAX PURPOSES

For tax purposes, the same costs that were lumped together in one category for financial reporting purposes must be subdivided into sub-categories due to the fact that the tax treatment may differ by expense type. The tax sub-categories are as follows:

  • Section 195 Startup Costs – These costs are defined as costs expended to investigate the potential of creating or acquiring a business and to create an active business. These types of costs may include consulting fees and financial analysis costs.  Costs associated with creating an active business could include advertising, pre-opening payments to employees and so on.  Once the entrepreneur decides to acquire a specific business the costs incurred after that point are no longer considered startup costs.  Unlike startup cost treatment for financial reporting being expensed all at once, for tax purposes the costs will be spread across time (i.e. amortized).
  • Organization Costs – For some types of business legal structures, such as partnerships and corporations, organization costs are defined as costs expended to set up the legal structure. These costs must be directly related to the creation of the new legal entity. These costs may include the legal fees to draft the partnership agreement or corporate charter and bylaws to form the entity. It may also include filing fees and costs to organizational meetings such as meetings of the stockholders and directors.
  • Section 197 Costs – These costs are considered intangibles. Intangible assets are defined as items that have future value to the organization but are not physical in nature. Examples include:
    • Goodwill – The excess purchase price paid for an asset (e.g. a retail store) over its value represented in the accounting records
    • Patents
    • Copyrights
    • Trade secrets
    • Trademarks
    • Trade names
    • Licenses
    • Covenants not to compete

 

In summary, tracking and accounting for startup costs for financial reporting purposes is straightforward and relatively simple.  The tricky part of startup costs is categorizing and tracking them for tax purposes. The key is to understand categorization before you incur startup costs to make you and business lives easier.

Call Loftis Consulting today to properly set up startup costs for your business at (312) 772-6105 or visit our site to learn more about our bookkeeping and CFO services.

| Startup: How To Fill A Hole With A Food Business

Posted in Start-up Ventures at 9:00 AM by Loftis Consulting

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When it comes to starting a new business, the owner has to choose the right industry. Did you know that 543,000 new companies start up each month? That’s over 3 million new businesses every 6 months, and 6 million by the end of twelve months. Of these firms, over 75% will fail within the first year.

If there is ever a time to choose a profitable industry, it is now. As a result, you have turned to the food industry because demand is high and there is lots of room for creativity. Still, getting off the ground is never easy, which is why the following tips should come in handy.

 

Find a True Niche

The food business is notorious for being flexible when it comes to new ideas and concepts. For example, food trucks were not a common occurrence ten years ago, yet now you cannot move for them. And, there are lots of other avenues to test that could make you a fortune. However, it is essential to make sure that the area is a niche and not a rehash. Far too many people are coming up with ideas that rip off the food truck industry, and it doesn’t work out. Customers aren’t stupid and can see when you are not original.

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Research the Market

Because the odds are not in your favor, it is a good idea to test the water before going live. Then, there is no reason to waste valuable time, energy and money on a flop. Of course, there is no way to tell if a product or service is going to be a hit, but you can collect the data and look for patterns. By heading out onto the street and handing out questionnaires or offering free samples, you can collate the demand. If there isn’t a lot of traction, it is even possible to ask why and use the info to tweak the product.

 

Create a Marketing Recipe

One of the great strengths of opening a business today is the marketing potential. In the past, a company needed lots of money and TV time to get a foothold in the industry. Nowadays, the best tools are free of charge and available to everyone. So, the first step is to ensure that the website works, looks great, and is easy to navigate. The benefit of a site is the fact that you can make an excellent first impression. Also, research effective SEO terms and implement them throughout the site. Finally, don’t forget to set up social media accounts and interact with your customers.

 

Start In the Kitchen

The most important tip is to begin in the kitchen before moving out into the mainstream. In the end, the customers will judge the firm on the quality of the food. So, if it is not up to scratch, they will bounce elsewhere and never come back. The great thing about easy is that it is easy to prototype – just hit the kitchen and get cooking!

The food industry has potential, but it is by no means an easy ride.

| 4 Best Industries For Starting A New Business Venture Today

Posted in Start-up Ventures at 5:00 PM by Loftis Consulting

As years go by, there are always certain industries that are profitable for entrepreneurs. Today, we take a look at four of the best industries for starting a business in 2017. All of these industries will make a lot of money now and in many years to come.

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Construction

The construction industry is a very good one if you’re keen to start a small business venture. Creating your own construction company that builds houses or does general building work has always been popular.

There are a few reasons for this; firstly, a construction business is fairly easy to start up. You don’t require a lot of resources, and you can probably get one started with just yourself and a partner. This is how most of them begin, and then they expand into bigger organizations with more employees, more equipment, etc. The one trick with a construction business is to purchase some of your equipment rather than renting it. Things like the end dump trailers seen here www.Constructiontrailerspecialists.com/trailers/end-dumps, are going to be used all the time for site clearance. So, it makes sense to spend money on one or two and own them, rather than paying rent all the time. The same goes for general tools and equipment that you’ll use for every single job no matter what it is. Then, anything that’s not constantly essential can be rented, and you save money.

Construction is a good industry to venture into as there is a lot of money to be made. People are always going to need a company to help build something or fix something. Plus, you cater to both commercial and domestic markets, which expand your client outreach.

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Retail

You might think that retail is a dying industry, but it really isn’t. While regular brick and mortar stores are dying out, the online retail world is booming. It represents a great chance to make a lot of money, and there are many reasons you should start one.

For one, it’s incredibly low-cost to start an online retail company. All you need are products, a website, and a shipping method. There’s no need to pay for any business premises, and this saves you loads of money over time. Plus, you don’t need to have many employees either, which again will lower the costs of running this business quite dramatically. Furthermore, with online retail, you get the benefit of a really big customer base. You can sell things to people all over the world which means there is always someone out there that you can try and turn into a customer. There are few business ideas that allow you to open yourself up to such a wide market and have success.

But, online retail isn’t the only way you can start a profitable business venture in this industry. Traditional brick and mortar stalls aren’t as popular as they used to be, but you can start a business that looks like a brick and mortar but heavily uses retail technology. This is a fairly new concept where traditional stores are reinvented. You can see a good example of this in the article here https://www.ft.com/content/c4b8af64-6c37-11e7-bfeb-33fe0c5b7eaa which looks at how China’s retail industry is changing. Now, stores are opening without any employees, and there are plans for stores packed full of technology so you can go in, take what you need, and it gets charged to your account automatically. Starting a retail company in this area of the industry can be incredibly profitable in the future.

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(Photo: http://bit.ly/2p4Q6hy)

Technology

The tech industry is obviously one of the greatest industries to start a business venture in this year. It’s booming at the moment, and things are set to get even better over the next few years and decades. 2017 is probably the peak time to get involved as we’re at a point where there’s a lot of good technology out there that’s still not reached its potential.

One example that springs to mind is 3D printing, this is something that’s starting to become more common in regular life but is nowhere near reaching its potential. There will be so many great things you can do with this technology in years to come, and so much money can be made here. Another example is drone technology which is really booming right now. However, there is still a lot that can be achieved with it. No matter where you look in the tech industry, there’s always something going on. There are always new things you can develop, and new business ventures to consider.

This is probably the best industry to start a business in if you really want to think ahead. The great thing is, it’s not hard to start a technology business. The costs are generally low, which makes the potential for profits very high.

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(Source: http://bit.ly/2o2PHyU)

Healthcare

If there’s one industry that’s always been great to start a business in, it’s healthcare. People depend on companies providing them with healthcare. They need doctors to tell them what’s wrong with their bodies, they need dentists to look after their teeth, and they need a whole host of other healthcare professionals to help with all manner of issues.

When you start to look at the healthcare industry, you realize there are loads of different business ventures you can start. Private healthcare is increasingly popular and becoming more and more important by the day. People are calling out for affordable companies to start up and provide healthcare for regular individuals. You can see here http://www.profitableventure.com/healthcare-business-ideas/ for a list of great healthcare business ideas to start in 2017.

Unlike the other industries on this list, businesses in healthcare can often have a lot of overhead costs. However, money is almost always guaranteed as customers are also almost always guaranteed. There is always going to be someone somewhere requiring a health care service, and this will continue until the end of time.

If you’re an entrepreneur that’s keen to start a new business venture, consider diving into one of these industries. There are so many ideas within each industry, and they’re all built for now and the future.

| Best To Worst: 8 Methods Of Securing Useful Capital For Your Startup

Posted in Start-up Ventures at 9:00 AM by Loftis Consulting

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With the modern, accessible internet age directly on our doorstep, it’s incredible to witness the spawn of so many entrepreneurs culminating in the startup trend. Startups are loosely defined as small, humble business operations with threadbare staff and capital that make use of modern trends to get a leg up in their industries, such as using social media, web communications and accessible IT solutions to organize everything. These days, a shrewd entrepreneur with a stern will can make more growth in a year than established firms.

One of the benefits of running a startup is that you can keep costs low while you establish your operation. This might be as simple as working out of your garage instead of renting an office or fulfilling multiple roles of your small business between you and your partner. There is nothing new about small businesses being creative, but startups are usually defined differently. Startups usually have a unique or original or innovative (or all three) idea that they take a risk on to establish an audience for.

If you are the owner of a startup, it’s most likely that you have an interest in growing your operation to the point that is satisfactory to you and provides you with the most interest. It’s not difficult to assume that taking a risk on a startup should only serve to craft something you enjoy. If you don’t make the decision you want to make, what would be the point? You’ll just be working for a firm you dislike in a higher position, when you could have simply raised a career ladder to get to a higher-paid position in another, more established firm. Doing that would certainly have a lower risk associated with it.

But no, you are a strong spirit, and you have the needs of your startup in your mind first and foremost. You will defeat the risk and expose the business world for what it is, yours for the taking! But wait, don’t get so ahead of yourself there. You’ll need to fuel this operation with the juice it needs.

 

You’ll Require Capital

Money makes the world go round, and a lack of it can mean severe difficulty in getting your operation off the ground. Luckily for you, this following article lists in detail the best methods of securing your funds so you can bestow your new innovative idea on an audience who aren’t yet aware they are thirsty for it.

Without further ado…

 

Crowdfunding

Crowdfunding serves two purposes. For one, it is a great way to expose your product to an audience online before you even begin selling it. For a tiered ‘prize’ system to be redeemed once the product is ready for release, consumers can fund your product with an undetermined amount of money in exchange for a paid-in-advance for product when your production process ends.

Of course, this can be set only to be redeemed once someone gives you the requisite amount of money that warrants a free product at the end of it. You may also allow consumers to donate small amounts of cash for no reward, but as a form of goodwill that will hopefully help see your firm develop.

To run a successful campaign, you will need to apply some creative flair to your promotional material first. Great graphic design, a professional video that details your business plan in a rudimentary form, why your product is different and where it will fit in the marketplace are all some of the best methods for crafting an appealing piece of material for potential viewers. Thanks to the integration of crowdfunding with most social media websites, you will easily be able to share new update posts to keep your backers updated on your daily progress.

It’s not unheard of for firms to experience a huge increase in their original crowdfund goal, sometimes popular products that resonate with consumers are backed to 200% or even 300% of the originally intended business costs. What’s more, when you have this money, it is free to do with as you wish, so long as you fulfill your original promise of actually making the promise. This is intrinsically freeing.

 

Business Loans

Business loans can serve as a great way to give yourself that initial boost without publicly declaring your product. Instead, you can begin development with a degree of privacy, and this allows you to make a nuanced marketing product that isn’t reliant on anyone other than the debtor and their terms themselves.

What’s more is that you needn’t rely on big banks to help you find a business loan. There are many investing firms worthy of import that understand what it means to be a new business, and genuinely want to see you succeed in your endeavors. Business loans are a great benefit, because they can often provide you with capital, and an immense amount of it, which might be difficult to make from a crowdfund, as not all are successful. Plus, unless your debtor stipulates, there’s no reason why you can’t make use of both.

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Investors

Investors are similar to business loans but often have more stringent terms of giving you their money, as they are not covered by business loss insurance to the same degree as a firm would be. They’re also likely to have more difficult terms of contract, such as wanting a proportional percentage of the business in exchange for the money. They can work very well for the right firm, but if you can secure a business loan, that might be preferable. However, investors, especially affluent ones, might be convinced to give you an investment of a huge amount of money if they trust your business plan and vision. It all depends on how you present yourself to them.

 

Fund It Yourself

If you can, funding your own business works too. This might take dipping into savings, re-mortgaging using the house as security or simply funding your startup while you run a full-time job. This can be the best way to fund a business thanks to yourself being the only person you have to answer to financially, but a bad investment can also lead to financial loss or ruin. Use this with caution.

 

Join an Incubator

Incubators are quite an interesting process to be a part of. Incubators are firms or investors that act as both potential investors and educating guides, who can help you develop or shift your idea to places even you might not originally think possible. It’s instructive to see businesses that have done well with incubators, as many leave with not only enhanced vision and insight into the operation they want to lead, but also have gained some great exposure for investors looking to place money in the hot new venture. Incubators can serve as one of the best methods for overcoming a difficult or stagnant business process, helping you identify what has gone wrong from people who have a financial or networking incentive to help you out. This can also be the best place to meet other startups, and together you can support each other’s operations in the business supply chain.

 

Shareholders

Shareholders are similar to investors, but there are usually many of them, and it will take you going public in order to receive those funds. Unfortunately, you can’t really expect to make a huge amount of these shareholders thanks to your low business value, but you can make enough to make it worthwhile depending on the success or scope of your long-term planning.

 

Friends & Family

Appealing to your friends and family for your funding source has all the requirements that an investor might have, except with this your investor will have an emotional attachment to your project. If something goes wrong, or you experience turbulence with your operation, or simply don’t make good on the repayments, you can be sure to alienate family members and friends alike.

Of course, this rule shouldn’t be expressly ruled out – part of the reason for running a startup is that you can choose how you operate entirely by yourself – but choosing it without due care can really turn into a negative experience. This should, in all honesty, be your last option, unless you have a rich relative who is willing to be your benefactor. Use this with discretion, and understand that a large proportion of startups will not be suited to this avenue, thanks to the high failure rate of beginner businesses.

The tips listed above, duly followed from top to bottom should be a sure-fire way to retrieve some form of significant capital for your business. Not only that, but they should serve to help you understand just what makes a business so appealing to draw money in in the first place, and even if your first project fails,  you will be armed with this knowledge to do better in the future. Of course, just because the list is rated here from best to worst, it doesn’t mean you should limit yourself to one of them. Try as many as you can contract to allow in order to overcome your lack of funds, and be well on your way to getting to the fiscal place you want to be.

Good luck with all your financial and business endeavors.  If you need help sorting out your financing options give Loftis Consulting a call at (312) 772-6105.


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