How to Start an Independent Business
How to start an independent business is the questions and essential knowledge to have if you must escape the rat race.4 min read
How to start an independent business is essential knowledge to have if you must escape the rat race. It's not as much of a remote possibility as you might imagine.
Independent Business Opportunity
Job losses are the norm these days. However, as an independent business owner, apart from the various other perks of owning a business and working on your own terms, you won't ever have to worry about getting fired by an employer.
As you completely immerse yourself in your routine grocery shopping activities, you probably don't notice the amazing opportunities in front of you to change your life and escape the rat race by starting your own business with little to zero startup cost. Some of the folks who stock groceries onto the shelves where you shop are employees of that store. But there are others who do the shelf-stocking as business owners, also known as vendors.
These vendors do businesses with huge companies, such as Pepsi, Frito Lay, Coca-Cola, and so on. They operate as independent contractors, which makes them entrepreneurs. They receive a certain percentage of their deliveries as payments from the companies they deliver for, which assign them delivery territories.
These vendors make some down payments to the tune of $50,000 to $300,000 for the products they deliver. However, you don't necessarily have to pay a dime to get your share of the business.
Since independent contractors aren't employees, the companies they deliver for don't have any provisions to cover their delivery territories to enable them to go on vacation. This is where you can come in.
For example, one entrepreneur related how he went to one such vendor and offered to cover his delivery territories to enable him to go on vacation. The condition was that the vendor would train the entrepreneur free of charge on how to do the deliveries. The vacation-starved vendor was more than happy with this offer. The entrepreneur had a deal, learned fast, and did a couple of great jobs for the vendor.
Therefore, the entrepreneur started delivering for 60 percent of the vendor's total take-home pay while the latter was on vacation. Soon, the vendor spread the word about the entrepreneur's “stand in delivery services,” and the entrepreneur had a slew of vendors ramming at his door to cover for them. The entrepreneur got booked for two years ahead, just after two months of getting trained free of charge.
This is a great business model with little to no overhead costs. The entrepreneur used the vendors' trucks and other equipment. Therefore, the only expense he ran was for the ink and the paper for printing his own invoices. In one year, the entrepreneur had five employees, and his independent business was making $500,000 per annum.
There are several other lucrative independent business models you can benefit from. One of them is Uber driving. Uber driving is one of the most hassle-free ways to start your own business. If you have a considerably clean driving record, you can get started.
Uber driving won't make you rich, but you can earn a living doing it while working on other business ideas.
Freelance writing is another way to start an independent business. Freelancer writers write articles like the one you're reading, and they get paid X amount of money per word or a fixed rate per article. Freelance writing takes ample time and mind-bending effort for some people; furthermore, some clients pay better than others. However, people can make a living writing articles as freelancers.
Other Business Models
Here's a list of other things aspiring entrepreneurs can do:
- Social media management.
- Appraisal services.
- Consulting services.
- Financial planning.
For the record, the road to independent business ownership can be bumpy. Therefore, here are a few recommendations to keep in mind:
- An independent business is as much a business as any other. Therefore, you should look forward to working hard, making mistakes, and learning as you go along.
- Build your business around your passion. That way, you won't burn out easily when the going gets rough.
- Pen down your goals and how you plan on achieving them. Writing things down clears up your mind and allows you to make the necessary, enhancing changes to your plan.
- Get a mentor who has done it before you to guide you. Whatever you do, get some training and pointers in the right direction.
- Start something. Don't wait to be perfect before you get started. Most people never get started. By getting started, you get way ahead of the pack.
If you need help with how to start an independent business, post your legal need at UpCounsel's marketplace. UpCounsel accepts only the top 5 percent of lawyers to its site. Lawyers on UpCounsel come from law schools such as Harvard Law and Yale Law and average 14 years of legal experience, including work with or on behalf of companies like Google, Menlo Ventures, and Airbnb.