Monthly Archives: April 2016

Business Ideas for Fashion Fanatics

If fashion is your passion, then there are plenty of ways to turn it into a career. You don’t have to be a model or a well-established designer to make fashion pay; the possibility of turning your fashion sense into entrepreneurship is far more real than you might think.

Only a select few will ever make it to the runway, but plenty of fashionable startup opportunities await. They all take hard work and a great eye for fashion, but most have very small startup budgets. Here are five startup ideas for the entrepreneurial fashionista.

Putting on a fashion show is no easy feat. Fashion event producers works with designers and models to help put together a show, and may even help coach runway models.

“You would help the designer with runway show casting and have an understanding of how clothes should be portrayed on the body and how the models should carry themselves,” said Kerry Bannigan, founder of Nolcha, a New York-based fashion event production company.

While startup costs are minimal – you won’t need employees or even an office – you will need to do some heavy self-promotion. Relationships and referrals are key for this type of work, Bannigan said. Business cards and a user-friendly website showing an online portfolio are a mus,t as well as a printed portfolio. Networking through industry websites is also essential, she said.

Before you embark on this career, you should understand fashion shows, have the ability to work with the creative-minded people and be flexible enough to deal with diverse personalities, Bannigan said. Income potential is based on the number of clients you have and how big they are.

Photo stylists work with photographers to scout shoot locations, get clothing to shoots, buy furniture and accessories and generally make sure the photo shoot goes as planned. It requires a good sense of fashion, an understanding of fashion history, and the smarts to know where to source your products, according to Sara Petitt, coordinator of the fabric styling program at the Fashion Institute of Technology, in New York.

Successful photo stylists can come from any background. They usually make their mark by doing a good job and gaining business through word of mouth. Photo stylists can be paid hourly or by the project.

This business is ideal for someone with a corporate background who wants to make a move into fashion. A fashion business coach helps guide design firms in all aspects of running their business – from growth plans to everyday tasks such as invoice collection and bookkeeping . It also can involve coaching the creative designer on how to perform and interact in different business settings, Bannigan said.

Startup costs for a fashion coaching business are minimal, but earning potential is significant.

“Research consultancy services with established businesses can make six-figure salaries with constant clientele,” Bannigan said.

It might be hard to believe, but influential websites such as the Sartorialist and Racked debuted as small fashion blogs. They’ve since come into their own as industry thought leaders, and they sell lots of advertising.

Not too much investment is needed in a fashion blog – website development and hosting can be quite inexpensive – but it will require lots of legwork. Whether you’re stalking the city streets in search of fashionable photo ops or following the moves of leading designers, you’ll need to be tracking changing trends at every moment.

On the plus side, a fashion blog can be a complement to your existing job, said Angie Wojak, director of career services at the School of Visual Arts.

“You can start a blog on your own while looking for job, and it doesn’t take a big outlay of cash,” Wojak said.

Do you love to talk your favorite designer brands up to friends and family? Are you always searching for the latest fashion news and sample sales? If so, you might consider starting your own fashion public relations business. Fashion PR is a difficult field to break into, but with the right skill set and connections, you can help designers and other fashion businesses get noticed by the media and fashionistas.

In an article on PR Couture, entrepreneur Jonathan Leger writes that there are several key components to success as a fashion PR professional. You must first be able to create a strong brand for your clients to differentiate them from other designers. You must also know how to work with fashion editors to get magazine placements, and with models and celebrities to get your clients’ work in the public eye. You should also have a keen understanding of media trends and be able to prove the value of your work.

As with any PR job, Leger noted that fashion publicists have to be ready to put out fires and handle any crises that arise from unhappy clients, models or editors.

Business Ideas for Couples

It’s not easy to run a business with your spouse or significant other. But for couples who have built up a solid foundation and who know how to handle conflict with each other, small business ownership could be a step toward financial independence and even a stronger relationship.

If you and your partner have made the decision to start a business together, you can choose from plenty of startups that are well suited for a two-person team. As with any partnership, these business ideas work best when you each take on roles that best fit your skills and strengths. An entrepreneurial relationship, like all business ventures, is truly a labor of love.

Some couples constantly fight over who has to cook dinner, but for others, preparing and sharing a meal together is an enjoyable bonding activity. If you and your partner fall into the latter category — and, of course, you’re actually good cooks — you may want to consider starting your own catering business. Let the resident gourmand take care of most of the food prep, while the other serves as customer service rep and sous chef.

For those foodies who also love to travel together, consider opening up shop as a food truck vendor. Whether its music festivals, block parties, or private events, food trucks are a great way to make some extra money while traveling and meeting new, interesting people. For many food truck vendors, the freedom of the open road and the appeal of their favorite activities has led them to strike out on their own; doing exactly that with the person you love might just be the best way to see the world together.

Crafty couples who share a passion for DIY projects can launch a successful e-commerce business on platforms like Etsy or Zibbet. One of you can handle marketing; the other can handle customer service, and both of you can work together to fill your orders. Not only does e-commerce represent a money-making opportunity, it also offers you and your partner a chance to be creative together; what’s better than having fun while turning a profit?

If you’re the type of couple that goes running and hits the gym together, launching a fitness business could be right for you. Whether you’re interested in personal training or class instruction, you can become certified through organizations like the Aerobics and Fitness Association of America, and begin taking on clients. If you both specialize in the same area, you can double the number of sessions or classes you book. Alternatively, if one of you is a personal trainer and the other teaches a class, you can expand your client base through your service variety.

For working parents with long hours, cleaning the house can quickly fall to the bottom of the to-do list. Offer your weekends and evenings to these families, for everything from light housework like vacuuming and dusting to heavy-duty chores like cleaning the kitchen and bathroom. With you and your partner working as a team, you’ll be able to get these tasks done twice as quickly.

Do you and your partner love animals? Spread the word to friends and neighbors that you’re available to watch their pets while the owners go on a vacation or weekend trip. Pet owners often feel more comfortable leaving their furry friends in the care of a trusted homeowner rather than placing pets in a boarding facility, so getting referrals shouldn’t be too difficult. Offering two caretakers also means more individualized attention for your clients’ pets, which can be a great selling point.

SAT prep and subject-help tutoring are just as in-demand as ever for students across the country. With strong teaching skills, a wealth of knowledge and great personalities, you and your partner can make extra money educating local students in your home. While self-employed tutors are usually solopreneurs, this business can be even more lucrative for a couple if both of you can tutor. Otherwise, one of you can do the actual tutoring, while the other focuses on marketing and spreading the word.

Are you and your partner master gardeners? Do you love spending time improving your yard and growing your own veggies? Take your talents on the road and help others do the same! If you have green-thumb, there are plenty of homeowners willing to pay for your advice on what crops to grow and where; help turn a hum-drum backyard garden into a real Eden. Beyond gardening, you can help homeowners create a more environmentally friendly backyard, by helping them install rain gardens, rain barrels, and compost piles. These types of services are becoming more and more popular as people increasingly become conscientious about their environmental footprint.

Business Ideas for Retirees

Looking for a new challenge now that you’ve retired from the corporate world? Why not start your own business?

Many retirees who’ve been employees all of their lives get excited at the thought of running the show, and building a business that reflects their interests and values. If you’re thinking of launching a business during your retirement, here are six ideas to get you started.

Many new business ideas well-suited for retirees harness the power of the internet, as long as you don’t let technology intimidate you.

Advertisement

“Online businesses are truly some of the best types of businesses for people over 50, but they need to get over their fears,” said Diane Eschenbach, owner of startup consultancy firm DE Consultants and author of “How to Quickly Start a Business Online.”

One simple new business option involves researching and compiling information on websites.

“One of my favorite types of online businesses for the ‘post-50 group’ is curation sites,” said Eschenbach.

As people get older, the time invested in activities (such as a new business venture) becomes very important, said Eschenbach. She is a big fan of the idea of retirees learning to use technology because of the time saved by automated programs, but she stresses the importance of choosing a business you enjoy.

“The key to a great retirement is doing what you love and finding a way to monetize it quickly,” said Eschenbach.

Retirees considering starting businesses should start by thinking about two areas: skills from their previous jobs and life lessons. These experiences make retirees well-positioned to share their knowledge.

“Since they have a lot of life and career experience, a consulting and coaching business suits them well as a new endeavor,” said Dolly Garlo, business coach and president of Thrive!! Inc. By capitalizing on existing knowledge, retirees can spend their time learning the ropes of running a new business.

“Retirees should focus on jobs and business opportunities that leverage the individual’s years of work and life experience, such as consulting, teaching or tutoring,” said Jamie Hopkins, Esq., assistant professor of taxation in the Retirement Income Program at The American College in Bryn Mawr, Pennsylvania, and associate director of the New York Life Center for Retirement Income.

Instead of sharing knowledge through a face-to-face business, retirees may prefer to teach or coach through a freelance writing business. “Writing and blogging can be a way for the retiree to stay engaged in an online or other community, generate some income and leverage their knowledge,” said Hopkins.

As you brainstorm new business ideas, Garlo suggests asking a few key questions. “How much time do you want to spend working? What kind of flexibility do you require? Do you want to work from a fixed location or be able to work virtually? What subject matter in particular excites you?”

Garlo says it’s also important to consider your potential business customers, and if they can afford to pay you. “This will determine whether what you provide becomes a hobby or charitable endeavor, or is an actual business,” she said.

Have you left a successful career after establishing a large network of valuable and experienced business contacts? If so, the main ingredients of your new business idea may be as close as your address book.

“[Retirees] have learned lessons that many business owners won’t learn for another 10 to 20 years,” said Tobe Brockner, author of “Mastermind Group Blueprint: How to Start, Run and Profit from Mastermind Groups” (Aloha Group Publishing, 2013). “This is why starting a mastermind group is a natural fit for retirees.”

Members of mastermind groups meet regularly to collaborate and solve the problems or issues of their members, tapping into the collected experience, skills and knowledge of the group.

“Many [retirees] already have a network that they can tap into to find excellent mastermind group members, and by being the group organizer and facilitator, they can make a nice supplemental income,” said Brockner.

Depending on the size of the area in which they live, Brockner said enterprising retirees can start and facilitate multiple mastermind groups, and charge a premium for the value of being a member.

“Mastermind group facilitators can generate between $1,500 to $3,000 per month per group for just a few hours [of] work,” he said.

Providing services has long been a popular idea for younger, active retirees who want to start their own businesses; however, familiar choices like handyman services, tutoring or pet sitting aren’t the only games in town.

“There are many options for service-based businesses, but one area particularly well-suited for retirees is to provide eldercare services,” said Nancy Collamer, career coach and author of “Second-Act Careers: 50+ Ways to Profit from Your Passions During Semi-Retirement” (Ten Speed Press, 2013).

“Many elderly living on their own need someone to help out with the tasks of daily living: housekeeping, shopping, errands and cooking,” said Collamer. “They also hire people to help out with special projects such as relocating, medical claims assistance and bill paying.”

As the total number of entrepreneurs increases, so does the number of entrepreneurs over the age of 50. Why not start a business catering to them? There is a tremendous opportunity for you to assist new entrepreneurs with building, managing and marketing their businesses, said Collamer. While older entrepreneurs have solid core skills from previous professions, they often fall short on the skills needed to capitalize on their expertise and turn their knowledge and talents into a profitable business.

“So think about how you can apply your skills in a small business environment,” suggested Collamer. “Are you a talented graphic designer? You might be able to design logos, brochures or menus for a new restaurant in town. Do you have strong financial skills? Perhaps you could work as a small business coach or a bookkeeper.”

Few business people have the time and know-how needed to handle all the tasks required to keep a business profitable, Collamer said. And filling this need suits aspiring business owners who are also retirees.

“Most small business people can’t afford full-time staff, so this can be a nice way to earn income on a flexible or part-time basis.”

There are many ways to take advantage of the spreading “active living” philosophy, which is especially popular among Boomers. Who better to help show them the way than a peer with the know-how to stay fit and age gracefully? One of the greatest things about starting a business focused on active living is how creative you can be about what exactly your business looks like.

“The spectrum of involvement is pretty wide,” Jonah Bliss, director of community for electric bicycle company EVELO, said. “[It could be] anything from opening up franchises for electric bike stores to being ambassadors for healthy living brands, or running tours and treks to outdoor locations.”

These types of businesses not only work well as a way to bring in some money after you retire from your career, but they also help others maintain their health as they age. Be creative and use what you know to find your niche in the growing active living marketplace.

Real Estate Investing Business Plan

Real estate is one of the booming sectors and everyone wants to make a mark here. There is a lot of competition and only those with vision, passion, and the ability to work hard can achieve this success. In this field, one of the most important things a businessman should be aware of is a business plan. It basically includes creating a written outline that evaluates the economic viability of your business venture based on real estate investment. It helps you define your objectives, i.e., what you want to achieve from this particular venture. It also helps you to focus on your goals, aims, and targets.

A carefully designed plan can also help you attract more lenders, investors, and banks. It makes you look neat, professional, and reliable, which is very important for the investors so that they can trust you and believe in your abilities. It also helps you to find out probable weaknesses and shortcomings in your plan that you can improve. Mentioned below is a template for it that would help you to create one on your own.

Main Elements

Executive Summary
In this section, you are supposed to write the long-term vision and mission of your venture. Here, you should provide the reader with a brief introduction to the entire business plan. As the name suggests, you should pen down the overall plan in a summarized manner. You must also mention your objectives and start-up details, along with some general information about your business.

Company Background
In this section, you should write about the entire history of the company, the people associated with it, and its journey so far. The kind of ownership of the company, something about its owners, achievements of the company, etc., should also be mentioned here. If it is a new company, then why and how it is/was established, who is it inspired by, etc., should be mentioned.

Market Research and Business Strategies
Here, you should write about your target industry, customers, and real estate financing status. You should give the detailed description of the real estate investing industry you wish to work with. Apart from this, you should also mention about your understanding about the industry and how you would like to work with a difference. You should also write about the business model you have already established or planning to design. Also, mention the strategies you have formulated for the same based on your market research analysis.

Marketing Plan
Here, you should mention everything about this aspect, including how you are going to market your new venture. Provide detailed information about promoting and marketing strategies, including which medium you will choose to advertise, how frequently you would engage in this activity, how much budget is allotted for advertising, etc. And to decide these things, you need to study the opponents, identify your USP, and plan accordingly. All these aspects have to be mentioned, so that readers come to know about the viability of your business plan.

Financial Plan
You must write how you are going to start this venture and from where the initial money is coming. You also need to mention the probable profit and loss you are expecting. You must describe the entire begetting plan with adequate details. Also, mention the sales projection and implementation strategies of all the projects. This helps the investors ensure that you are not involved in any illegal activity and that it is safe to be associated with you.

Assumptions
In this section, you would mention the assumptions related to your business venture and the industry. For example, you can make assumptions about the interest rates or growth rates, etc., based on the background research of the industry and your business plan. This helps the investors to understand your confidence level, as well as your risk calculation abilities. It also provides them a chance to know about your thinking process and your perception about the industry.

Management Summary
In this summary, you should appeal and motivate the people to work with you. This is quite similar to the closing statement, where you should mention that goals are realistic and you have the manpower and strategies to reach them. You have to write this last piece in such a way that your faith in this venture should be reflected clearly from your words. You should use promising and regressive language that would make the readers live your dream.

You can personalize the above template as per your needs and choice. Use a catchy and simple language that is easy to understand. A rightly and precisely designed and formulated business plan is sure to fetch great success to you.