Possibilities for 2021 – Ways to Start a New Business

Transcript of my newsletter from 28th December

Hey there,

“Do you ever look at the ads on the right side of the search pages?” my friend asked.

“No, why should I?” I replied

“Because you can make money there”

That’s the conversation I had, some time in 2003, that kicked off my online career.

I’ve mentioned before that, after being unemployed for a while, I vowed to develop a skill so that I would never again have to rely on someone else (or a job) for my living.

I just didn’t know what skill.

Believing they don’t have a skill is why a lot of people tell me they can’t start a business.

But most people do.

So this week I’ve linked to articles on getting started with your own small business. It’s the start of a new year next week, so what better time to consider starting out on your own?

5 Baby steps you can take to launch your own business in 2021

Start with the first step

So says Julie Bohrer, founder of the jewellery line Dalla Nonna LLC.

Linked to the ‘I don’t have a skill’ feeling, is the conviction that you have to become an expert before you can launch your business, but that’s not always the case.

Jumping in and learning as you go is often a good way to start (it’s the way I started, although I was doing it alongside my corporate gig in the early years).

Here are some tips:

5 Baby steps to starting your own business

4 Online businesses you could consider

If you have a computer and a decent Internet connection, there are almost limitless opportunities to start earning a crust online.

The initial investment is often peanuts, depending on what you choose to do. And if you’re good at photography, or you’re artistic in other ways, you’ll likely find yourself in high demand.

Here are just 4 ideas for online businesses you could consider:

4 online businesses you could consider

Set up an online shop with dropshipping

Dropshipping is one of those businesses that can work really well, but there are some downsides – so treat this one with some care.

I described how dropshipping works here.

The biggest downside of dropshipping is that you’re not in control of a crucial part of the process: delivery of your products.

So if your dropshipping partner falls down on this you end up trying to pacify your customers while not being in a position to do anything about the problem.

On the other hand, if you have a reliable dropshipping partner, and if they are manufacturing and shipping your own products, the dropshipping model can work very well.

This article gives you some tips on getting started, but there is one quote in there, from William Revera, with which I disagree: ‘Build it and the customers will come’.

Unfortunately, they won’t – you will need to market your eShop effectively!

4 actionable tips to set up a dropshipping business

3 Alternative Financing Options for Small/Solo Businesses

Securing funding for new solo businesses is not a walk in the park.

If your start-up costs are low, I would definitely recommend self-funding it out of your savings if you can (it’s what I did).

But if you’re not in that position, you may be tempted to think of approaching a bank – and they’re not always very accommodating.

So here are some alternative funding options:

3 alternative funding options for solo businesses

Fun flashback

I love watching (and listening to, of course!) live music. There’s something very special to me about watching all those musicians doing their stuff in perfect harmony and timing.

This is the Alan Parsons Project with the Medellín Philharmonic Orchestra performing ‘Eye in the Sky’ at the Parque Pies Descalzos in Medellín, Colombia, in 2013:

If you’d like to browse through previous newsletters you can find them all here.

If there’s someone you know who’s thinking about starting a side hustle, a solo business, or is struggling to get one going, please forward this email to them.

And, if you received it as a forward from someone else, why not join us?

OK, let me know if you have any questions, thoughts or comments (just hit Reply).

I wish you all the very best for 2021 – have a great week, a great new year, and thanks for coming along with me for the ride!

Best,

Martin Malden

Martin Malden
Owner – WealthyDragon

Website owner: Martin has been working online since 2006 and focuses on two areas: 1) affiliate marketing and 2) designing and building websites based on WordPress. He has his own WordPress agency, and serves clients in Hong Kong, Australia and the UK.