For those currently employed who are not ready to cut ties with a steady paycheck, this is a way to gradually build a business. You keep your financial risk low while moonlighting at a part-time business.
But what if your ultimate goal is to create a product? Service businesses are still a great way to start. Quite a few products have been created by service providers who spotted a need. For example, the Basecamp project management product famously grew out of a web design business.
In short, a service business will pay the bills while you’re readying a product for market. And because you’re already working in that market, your brand recognition and reputation may help launch the product.
We leave you with these final thoughts: unless you have a fantastic business idea burning a hole in your brain, we recommend you start a service business as your first business.
It’s the easiest business to start. You’ll gain valuable business experience. You’ll learn how to satisfy customers.
In the process, you might even discover a product to create. Meanwhile, you are earning money and can set aside a financial stake to fund a different kind of business later on if you wish.
This comparison table provides a quick summary of the article, highlighting why a service business is the easiest type to start, especially for beginners. It contrasts service businesses with other business types in terms of startup cost, launch speed, revenue speed, and profit margin.
|Type of Business
|Time to Launch
Still need ideas for the easiest business to start? See these hundreds of business ideas to choose from. Then, take advantage of low startup costs and begin your entrepreneurial journey. Don’t forget that the right idea can turn into a thriving business! Good luck!
All answers to reader questions come from the Small Business Trends Editorial Board, with more than 50 years of combined business experience. If you would like to ask a question, please submit it here.