Entrepreneurship
So you want to start a business? Here are some tips and resources which you might find helpful in the process.
Picking an Idea
There are practically infinite business ideas, but here are a few to start the brainstorming process for you.
Dropshipping business- This business involves finding products from a supplier and using a 3rd party service to fulfill orders for that product. In this business model, you essentially act as a middleman and never come into contact with your product. See a full guide to dropshipping here.
Airbnb business- This business involves renting out a space you own on the Airbnb app. The space will require maintenance in between stays. More information about starting an Airbnb business can be found in this article.
Vending machine business- This business involves purchasing and maintaining several vending machines in order to make a profit. If you're interested in this business, you can check out this article.
It's important to mention that entrepreneurship can be a lot of different things, so don't worry if you start small. Many business types have high entry costs due to expensive equipment or inventory, so definitely consider that when picking a business idea. If you'd like to see a larger list of business ideas, click here.
Picking an Optimal Business Structure
There are a plethora of business structures available: LLCs (Limited Liability Corporations), corporations, and sole proprietorships to name a few. Each comes with its own set of benefits and weaknesses. A comprehensive list can be found here. Many business types including LLCs and corporations protect the owner's private assets. For example, if you owned a hotel through an LLC and someone got hurt by a TV remote in one of their rooms, they could only sue for any money in the LLC and not take your house in the process.
