Starting a business now is a unique situation compared to starting a business even 10 years ago. The rate that society has changed and progressed has fundamentally altered the way that business is conducted. More people than ever are working as freelancers or within the gig economy. Starting a business has never been easier than now. With advancements in office space and the amount of business done online, the need for permanent physical offices is decreasing.
The Freelance Economy
In the past, you needed to hire many different professionals, but the freelance economy has changed that. You can now easily have a tax, law, marketing, and other experts at your beck and call while paying for their services when needed. In fact, about 50 percent of people are now working in the gig economy. The great news is that many of these people are experts in their field who bring many skills to your company that would take years for you to develop on your own.
Freakishly Low Barriers to Entry
While you had to have an expensive physical location and lots of equipment to start most businesses in the past, that is simply not true today. There are small business incubators in most states that are equipped to help you get started. Others find it easy to get started from their own homes selling their first products at trade shows or locally-owned businesses. The trick is to find a low-cost way to get started and make your first sale. You don’t need a business plan just yet, just a pen, a paper, and a good idea. Once you’ve started and you’ve made your first sale, use the funds from that sale to help you build your business. The government even offers some great programs to help new entrepreneurs get started including low-interest grants and loans.
Digital Marketing
Over 100 million people are using simple and free DIY solutions for their web design. Entrepreneurs study the market where your customers’ hangout and find a way to connect with them there. More than 80 percent of all page views are on Facebook, so you can connect with many of your target audience there. Influencer marketing is becoming a great way to build your business and usually costs you very little. You can set a website up on many different platforms for very little money. Consider hosting a webinar or other training event.
Coworking
Coworking is a great place for entrepreneurs to meet clients before they are ready to open their own locations. While most offer business equipment that you can use, the real advantage of coworking is the chance to network with other people. Since there is usually little direct competition, it is a great space to share ideas and learn from each other. People working in coworking spaces have total control of their schedules. Yet, they may discover that they meet friends there that inspire them to keep trying even when things do not seem to be working. The chance to barter or trade services often is great in coworking spaces further helping to control costs for the young entrepreneur.