Money Making Start Ups for Entrepreneurs

Blogger Exclusive: Money Making Start-Ups for Entrepreneurs

The home office as a money maker?

While all entrepreneurs make efficient money making their goal, some miss the mark by over-complicating new start-ups. Going back to the basics of business planning rather than getting caught up in specifics can simplify the task at hand. The textbook definition of efficiency just means being effective without expending additional funds, time or expense. That means that anyone, regardless of his standing or past, can start being more efficient about money making, as long as he or she is willing to diligently plan a schedule and has the discipline to adhere to it. Even an uninspired business person can overcome a lack of creativity by using an out of the box, turn-key business model that suits his personal interests and expertise.

Choosing An Effective Business Model

Determining the most efficient way to make money is a deeply personal process unique to individual entrepreneurs and their respective financial situations. Personal financial limitations, such as a bad credit history, will force an entrepreneur to start operations out-of-pocket, while more credible entrepreneurs with professional experience in the same field as the venture may have an easy time finding outside venture capital, even if both entrepreneurs are equal in terms of skill and vision. Low capital computer-based start-ups are usually the easiest ventures to launch, but are also fragile in their early years due to the volatility of online business; the '1990s tech bubble' collapse is a prime example of that fragility. Larger scale franchise businesses are another option, though not all franchises are created equal, prompting thorough study before committing to one as an entrepreneur. Avoid franchises that are bogged down with poor managerial practices such as costly raw production materials due to single sourcing agreements. After purchasing a turn-key operation it then becomes a simple matter of recruiting reliable subordinates and delegating tasks.

Low Capital Computer Based Business Ventures

Anything an entrepreneur can do from home with a computer can be a low capital money making venture. Operating the business from home allows for an early stage cost efficiency unavailable to traditional retailers, which can be a decisive advantage. Web design, writing, editing, video conference-based professional consulting, art and animation are all viable routes, assuming that the entrepreneur has or is willing to obtain skill in any of these areas; some technically gifted entrepreneurs have even been known to self-train, using public portfolio projects rather than post secondary accreditation to attract clients. For those looking for a low cost venture backed by a strong post secondary education, architecture and engineering blueprint digital drafting are both good low capital start-up options where a technically inclined self-starter could draft from home using a CAD – computer assisted drawing – program. To further offset the cost of an at-home e-business, an entrepreneur can use open source software alternatives to expensive specialty programs. Open source alternatives exist for many of the major computer productivity applications; OpenOffice, for example, is a free and open source alternative to MS Word.

Explains the premise of turnkey business, and the value of franchising. Includes quotes from Sir Richard Branson on the importance of delegation.

Why Turnkey Businesses are More Efficient Money Makers

A turnkey business -- or pre-made business unit/plan for those unfamiliar with business jargon -- gives the entrepreneur more time to focus on big picture decision-making rather than getting bogged down in the basic mechanics of the venture. Regardless of the personal specifics of the entrepreneur, tried and tested turnkey operations are one of the best ways to efficiently launch a money making venture, and are available in a diverse range of investment levels. For example, a turnkey e-commerce website can save an entrepreneur thousands in web development costs, while still achieving the same end result as a website built from scratch at greater expense. Entrepreneurs with more start-up capital might consider applying the same method to a restaurant venture by purchasing a franchise, thereby eliminating the tasks of sourcing raw goods, marketing and creating a menu. In the end, purchasing a turn-key businesses takes the guesswork out of launching and starts a venture strong with a fully functioning business model right out of the box.

Using Delegation to Efficiently Make Money

'No man – or woman – is an island'; social networking in a business context is a key part of launching profitable business ventures. Having an easily accessible list of niche professionals willing to work in their area of expertise is a far more efficient way of managing a money making project when compared to trying to fill all expert roles yourself as the entrepreneur. The most lucrative ventures allow the entrepreneur to take a behind the scenes leadership role shortly after launch. The role of the effective entrepreneur is like that of a conductor in classical music: a silent role, difficult for the listener to perceive but critical nonetheless. Sir Richard Branson, the creative force behind the Virgin group of companies, had this to say about delegation in his interview with Entrepreneur Magazine: "One of the key skills I learned as a young businessman was the power of delegation. Along with my ability to listen to other people and realize when their suggestions are better than my own, this has helped me to attract and retain the excellent people on our team. If I set them challenges, keep encouraging them and create a dynamic environment, I find that people will always work hard."


Reference:
Entrepreneur; “Richard Branson on the Power of Delegation”; Richard Branson; December 7, 2010: www.entrepreneur.com/article/217701

Photo Credit:
"Computers" Richard Lau FreePhoto.com