Secrets Single People Need To Know For How To Start A Business To Profit
There's no better time to start a business than when you're single.
Being single has many advantages.
You have complete control of your financial future. You can find ways to earn more money and build wealth.
Stop waiting for a promotion and take the risk of starting a business.
Owning a business can positively transform your financial life as a single person.
I had no idea what I was doing when I started my first business in college. I knew no business owners. I learned my business lessons the hard way.
I'm now revealing the secrets single people need to know for how to start a business to profit.
🚨Problem: The Financial Challenges Of Being Single
1. Living On A Single Income Is Hard
The cost of living today is expensive.
You can no longer get by on a regular job. You need to make six figures or more.
The majority of jobs won't pay you that much as an employee.
Rent, groceries, insurance, medical bills, and unexpected expenses quickly add up.
It becomes impossible to feel like you can save, let alone invest, to get ahead.
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2. Job Security Is A Myth
Job security is a myth. Just like going to college and getting a good-paying job is a myth.
Companies can fire you at any time.
Companies downsize.
Companies go bankrupt.
You lose your entire income when you lose a job.
Financial stress increases without a backup plan.
3. Building Wealth Is Slower
It takes longer to build wealth on one income stream.
You may never be able to do it if you don't earn enough.
An employer restricts you to one income.
You may only have the 401(k) plan that your company provides you for retirement.
Your one income may not allow you to save, build an emergency fund, and invest in the stock market.
4. Limited Career Growth
You can only move up so much in a career field as an employee.
Your employer may not give you any raises or promotions.
Your employer gives you a symbolic promotion.
You receive a slightly fancier title but do the same work without a raise.
You may receive only a small raise. But the raise won't beat inflation.
As an employee, you're dependent upon your employer for income.
It's up to your employer whether or not they like you enough to want to promote you and raise you.
The employer controls your career growth, not you.
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5. Missing Out On Flexibility
Working a regular job or multiple part-time jobs limits your personal and financial flexibility.
You depend on the number of vacation days your employer(s) give you.
You're dependent upon your employer for a raise or a bonus.
You're stuck receiving paychecks from an employer(s).
You have limited investment options with the 401(k) that your employer gives you.
You continue to trade your time for money.
✅Solution: Start A Business
A business is the secret to how you build wealth.
School does not teach you how to start a business.
Why?
The education system's goal is to make you an obedient employee.
People tell you to compromise and find a job while working for someone else.
You’re afraid to do your own thing because it's too risky.
Everyone tells you not to do it.
I know this because I've had friends and family tell me this.
I've had "professionals" I've seen tell me to stop my business and get a regular job.
You can create multiple income streams, pay yourself from the company's profits, and have more flexibility once you outsource work with a business.
1. Unlimited Earning Potential
Jobs cap your salary.
Owning a business means you have no salary cap.
The more you grow the business, the more you earn.
You can start small with a side hustle.
You can turn it into a full-time business.
2. You Keep All The Profits
When you own the business, you don't have to split the profits with a partner.
Every dollar you earn in profit is yours.
You can spend, save, invest, or reinvest the profits.
Pay yourself every month first from your business' profits.
3. Control Over Your Time
You're the boss.
You're in control of your schedule.
You can work as much or as little as you want.
If you have an online business or have people working for you, you can work where you want.
Scale your business at your own pace as you generate profit.
You can spend more time with the people you want.
You can design your schedule.
You create a lifestyle that works for you.
4. Low-Cost, High-Reward Opportunities
It's a lie that you need lots of money to start.
You can start a business today for under $1,000.
You can have a great-looking brand logo by hiring someone on Fiverr for under $500. The graphic designer can give you all the branding tools you need for social media. Certain graphic designers will provide you with a copyright document for your brand's logo.
You can file to start an LLC for free today. If you want someone to set it up for you, it can cost $100 or less.
Start by providing a service. Freelance. Walk dogs. Coach or consult.
You can work to scale the business as you earn more profit.
5. Tax Advantages
The tax code favors businesses, not employees.
Why?
Businesses provide jobs.
Businesses build capital.
You can deduct your home office, business expenses, travel, business supplies, business software, etc.
Those tax deductions mean you keep more of what you earn.
Always talk to a great tax accountant for tax advice for your business.
6. A Business Is An Asset That Grows Over Time
A successful business is an appreciating asset that grows income.
You can automate a business to generate passive income.
You can create a franchise.
You can build a great company and sell it.
You can pass a business down in your family.
7. Diversify Your Income
A business allows you to diversify your income.
A business provides products and services.
You can provide various products and services to grow and increase your income.
You can provide digital products. You can earn revenue from YouTube/TikTok and website advertisements. Brands can sponsor and pay you to promote a product or service.
You can charge what you value your time as a consultant or advisor.
I listened to a podcast where a successful entrepreneur charged clients $1,000 an hour to help with startups.
Don’t be afraid to charge what you're worth.
Your employers never paid you what you are worth.
😎Why Does This Matter?
Entrepreneurship is life-changing.
A business gives you freedom, financial security, and allows you to live on your own terms.
If you have the drive and dedication, you can leave your employer and make much more as an entrepreneur.
1. Break The Paycheck-To-Paycheck Cycle
Extra income gives you less financial stress.
You can stop worrying about bills, unexpected expenses, and debt.
Extra income allows you to save and invest in the stock market.
You can finally buy a home. You can invest in real estate.
You can be at peace because you know you can cover your cost of living expenses while having extra left over to build wealth.
2. Accelerate Wealth Building
Owning a business accelerates your ability to build wealth.
The wealthiest people in the world own businesses.
They aren't employees.
Why is this the case?
A business allows you to scale as fast as you want.
You hire employees and use productivity tools to scale your business.
You get your time back.
You’re responsible for managing employees and the financial health of your business.
A business grows, and you earn more according to the value you give customers.
3. Escape The 9-To-5 Grind
Do you hate office politics? Do you hate faking being happy with your co-workers and boss? Do you despise rigid schedules? Do you hate your job?
I know the feeling. I've been there.
I've mostly worked part-time and gig jobs. I've sold Canon printers and Nespresso machines. I've worked as a night stocker at a grocery store.
My managers never recognized my hard work. I couldn't stand the ridiculous health, safety, and sensitivity training videos HR required me to watch. I kept on working on my own business on the side.
You can do the same thing to leave your job(s).
Even a part-time income can replace your full-time salary with a business.
You can then leave your job and work to grow your business full-time.
4. Achieve Financial Independence Sooner
Owning a business allows you to achieve financial independence as soon as possible.
A business allows you to travel to spend time with your family or see the world.
An online business allows you to work remotely from anywhere in the world.
A business funds your lifestyle.
A business allows you to reinvest the profits into other investments, from the stock market to real estate, to build wealth.
5. Confidence And Independence
Making money gives you independence.
Money gives you confidence.
You'll continue to build confidence by proving that you learn more valuable and complex skills.
A business makes you persevere. You have to deal with the struggles that come with owning a business.
As you gain confidence and independence, you will take on bigger opportunities and risks that offer a higher return on investment.
💪How To Get Started (A Step-By-Step Guide)
1. Identify Your Skills And Interests
Ask yourself the following questions:
What skills do people compliment me on?
What do I obsess over?
What would I like to do for my entire life?
How could I use my skills to provide a product or service to customers?
Why do I want to start a business?
Your business should align with your natural strengths.
2. Choose One Or More Business Models
Start small to test the waters of your business.
Five common types of business models are:
Freelancing: You can freelance on Upwork, Fiverr, or Bark.
E-commerce: Sell physical or digital products on Etsy, eBay, Amazon, or Gumroad.
Digital Products: Sell eBooks, courses, and printables.
Digital Platforms: Start a paid newsletter on Substack or earn advertising revenue from YouTube. Build and scale on that platform. You can later expand to other social media platforms once you've mastered one or two.
Local Services: Provide local services in your neighborhood or use platforms like Bark, Thumbtack, or TaskRabbit to reach customers for cleaning, pet sitting, putting together furniture, or photography. Check the platforms to see if they offer you services to sell on their platform.
Master one business model before moving on to the next one.
3. Validate Your Idea
Before investing your time and money into starting the business, ask a few questions and do some research to validate your idea.
Ask yourself:
Is there demand?
Who is my target audience?
What do my target customer avatars look like (income, demographics, and marital status)?
Are there any businesses currently doing this? What do they charge? How big of an online following do they have? How much do they make?
What makes me different from my competitors who are currently in the market?
4. Build An Online Presence
An online presence is how people find you today.
Create a simple website using Squarespace, Wix, or Substack.
Be on one or two social media platforms. Choose the two that best fit your business goals (Facebook, Instagram, Medium, Substack, TikTok, or YouTube). You can always add a new platform later.
List your services on platforms like Bark, Thumbtack, and TaskRabbit.
5. Reinvest Your Business' Profits
You'll be tempted to spend the extra cash you make from your business.
Don't.
Grow And Scale
Reinvest the business' profits for the first few years to upgrade tools, run ads, hire more employees or freelancers, and add additional products and services.
Once your business is fully automated and going, and you have outsourced most of the work, start paying yourself from the company's profits.
The delayed gratification will mean you'll earn more money from the business than if you had started paying yourself immediately.
Live Simply
Live simply for the first few years.
Only take out 20% or less each month from your business to cover your bills.
The goal is to scale your business.
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🏁Summary
You don't need a perfect plan to start a business.
You don't need a ton of money to invest in a business.
You need to take the first step.
You need to start.
Start small. Persevere and take consistent action each day to grow and scale your business.
Owning a business gives you financial security. Being a business owner gives you freedom and flexibility.
You have the ultimate advantage as a single person when starting a business. Watch your income and net worth grow over time.
Disclaimer: This content is for educational, entertainment, and informational purposes only. This is not business, financial, investment, or any advice. I write online about topics I find interesting. I make mistakes just like everyone else. Always consult a professional before making health, life, financial, investment, tax, or legal decisions.