Have you ever wondered why so many small businesses fail?  The main reason is they don't have the funds to keep going. Whether that is because of lack of revenue, too few reserves to properly scale and conserve resources, or mismanagement, doesn't matter. For small business owners to succeed, they need to understand how to fund a business. We talked with Paul Akers, Founder of Fast Cap, and Mike Andes of Augusta Lawn Care. Paul has created hundreds of products over the years, while Mike has sold over 60 franchises in 2 years. They both know a little about funding a business and managing it to make money. First, we're going to give you information on preparing to get business funding. Then we'll help you establish the best ways for you to fund your business through self-funding, loans, sharing equity, crowdfunding, and some crypto funding concepts that most business owners aren't utilizing yet. Throughout it, I’ll provide resources and input from our interviews with Mike and Paul. Let's make sure you have what you need to truly benefit from this article.

Preparing to get funding

Before you look for ways of raising money for business, you need to be prepared.  Start with our guide to starting up a business. You should do the following tasks before pursuing funding if you haven't already:

1. Performed market research. If you haven't we suggest you start with our article on market research.
2. Performed market validation to verify that there is enough demand for your product or service. If you haven't, check out our blog on market validation.
3. Written a business plan. You'll need one especially if you are trying to pursue funding from external sources. If you haven't, we've got you covered there too. Check out our blog on how to write a business plan.
4. Hopefully, you also have a name. It won't look very good if you say, "Hey will you invest in my small business that has no name?" If you don't, go try the following business name generator.
5. Know how much funding you need. Let's look at that more.

How much money do I need to start a business?

Every business is different, but you can start many businesses for under $50,000. That won't necessarily guarantee that $50K will cover everything a business owner needs to run the business and live, but it's typically the minimum money to start a business and provide for yourself. Here's how I look at it when it comes to financial projections:

Step 1. How much money do you need to live for five years?

You absolutely have to make enough money to cover your bills regardless of cash flow issues or low revenue. Most businesses fail within five years, so how much do you need to make to cover five years of your necessities?

Step 2. What are your additional business expenses?

What additional business costs are you going to have over those five years? In my case, it's a computer every few years and a few thousand dollars of software each year, but for many businesses, the break-even point is somewhere between $60K and 120K a year.

Step 3. What are other sources of revenue and when do you receive them?

What other sources of revenue do you have? When do you receive them, and how much of them can be applied to business funding? Add these to the third sheet in the workbook I created for you.

• Once you know the answers to the first three questions, you can create projections for your total costs and earnings for the next five years. I would break them down monthly because monthly will sometimes show cash flow issues that strong annual revenue and growth will hide.
• At this point, you should have an idea of the budget for your life over the next five years. Assuming $48K per year living expenses and $60K per business expenses, you are going to need $540K minus your current earnings for the business to make it to the 5-year mark.

Now you should have an idea of how much small business funding you'll need to get to make it to the point where your business is much more likely to survive. Paul told us: [su_quote]If you can keep your business open for 10 years, there is no way you aren't successful.[/su_quote] Keep reading to hear about the most common source of small business funding.

Most small business owners bootstrap

If you can fund your small business yourself, that’s helpful because this is by far the best way to get funding for small businesses. Paul told us: [su_quote]The less money you have to work with, the wiser you spend it. You can’t be trying to live in the nicest neighborhoods, drive the nicest cars, and expect to be able to bootstrap it. You’ve got to be smart.[/su_quote] A small business owner will typically have several options to be able to self-fund:

• Personal savings
• Increase your disposable income
• Sell assets
• Loan yourself money from IRA/401-K
• Rollover as Business Startup (ROBS)

You will probably use many of these in parallel to get the best results. Let's look at each.

1. Personal Savings

You can use savings as a funding option. This method is the most common. Using your own finances as a funding method has the benefits:

1. You retain complete control
2. No monthly payment on a loan
3. Don't have to pay interest

Unfortunately, it can be the slowest way to create business growth because funding is limited to what you have in savings and your disposable income.

2. Increase your disposable income

Disposable income is increased through two methods, more earnings or cost savings. Most places have a limit on how much you can cut your spending so you'll probably want to increase your earnings. Ways to increase your earnings include:

• Asking for a raise if you have been performing well at work.
• Taking on a second job. Some people either choose to do Uber or Lyft so they can control their own schedule.
• Perform freelancing in the field you plan to start a business. We'll discuss this more below.

Freelancing on sites like Fiverr or Upwork is almost identical to running a business but without as high up-front costs. It will earn you extra money, develop your business skills, and create built-in referrals for your new business. I highly recommend it. If you've never run a business before, remember to charge more along the line of what your employer makes for their service than what they pay you. Companies aim to keep wages at under 30% of the costs.

3. Sell Assets

Many people will sell assets to get money to start a business. One of our competitor's blogs recommends you sell your car and ride a bike, but that seems a bit extreme especially if your business will require you to get around town. If you have a bike (and no car), use it to your advantage. Our editor knew a guy who started his business by selling kombucha from a big wooden box connected to the front of his bike and turned it into an epic brand. Check out BiciCafe if you are in the U.S. Virgin Islands. You are better off selling assets like stocks or rental properties, but if you do sell them to get new business funding, focus on ones that fall into long-term capital gains. Later, I'm going to tell you some tricks that can really hyperdrive this scenario, but they involve crypto. But for now, let's talk about taking loans from your IRA or 401-K.

4. Take money from your IRA or 401-K

You can use your retirement accounts for money to start a business, but the next option is a way better solution. I started my business this way and am kicking myself because the assets I sold have quadrupled since then. I'm still going to explain this to you though. A Roth IRA can be withdrawn tax-free because you already paid taxes on it, but you can pull out money from a traditional IRA or 401-K, but you incur a 10% penalty and back taxes. Sometimes you can structure this as a loan and pay it back to avoid those factors, but you only have five years to pay them back. I strongly recommend talking to a tax professional about how to get funding this way especially if you have large amounts. Let's look at ROBS next.

5. Rollover as Business Startup

ROBS are more complex business strategies that require the following:

1. Create a C-Corp.
2. Create a 401-K.
3. Rollover existing retirement funds to the new C-Corp 401-K.
4. Buy C-Corp Stock with 401-K.
5. Fund the business with the proceeds from the stock sale.

This allows you to completely avoid taxes on the withdrawal of money from the 401-K, but it creates some unique benefits and challenges on top of that. They include:

• Corporate tax and personal tax if all earnings are not paid as income on paychecks.
• Unlimited gains and losses, with rollovers to different years.
• Corporate taxes are lower than personal taxes once you reach a certain earnings level.
• You can give yourself more benefits.
• You are required to offer any employees the same benefits you receive.
• Medical is fully deductible.
• Additional filing requirements.

Most of these are benefits, but double taxation and employee benefits could be a challenge if you aren't good at predicting your income. I'd suggest you review the following materials before you decide to take this option:

• Guidant Financial's explanation of ROBS
• IRS ROBS Guidelines
• IRS Corporate Formation

You can get help with a ROBS from the following companies:

1. Benetrends
2. Guidant Financial
3. Pango Financial
4. Business Funding Trust
5. MySolo401k

Keep reading for more on how to get funding for a small business.

Borrow Startup Capital

If you can't get money from your assets, it's time to look at how to raise capital for a business through borrowing it. The most common are:

• Friends and family loans
• Credit cards
• Refinance your mortgage
• SBA loans
• Traditional loans
• Personal loans
• Peer-to-peer lending platforms

6. Friends and family loans

If you have friends and family, they may be willing to provide loans for you to start or expand your business, but this strategy can end up putting strains on relationships. You don’t want it ending up like the video below. [su_youtube url="https://www.youtube.com/watch?v=QdHabb5kpfE"] Remember to treat it like a business arrangement. Show them your business plan, give them the same pitch you would a bank, and honor the terms of the agreement. There are third-party providers who will manage the loan for you. A couple of options are:

• Zirtue
• DCU
• Some banks or financial consultants, but most don't advertise it online.

Keep reading for other options.

7. Credit Cards

Credit cards are a convenient tool to use to help fund a business as long as you can pay them off in full every month. Unfortunately, if you can't, the high-interest rates can end up costing you a ton of money. Most places will accept them, but there are some places that are cash only. Avoid using cash advances because they will normally charge you a fee or extra percentage in addition to removing the grace period for the interest.  If you can only pay with a credit card, most credit cards will allow you to send via payment apps without a cash advance fee, but check the terms of your credit card to verify before using this tip. use apps like:

• Cash App
• Venmo
• Paypal

These apps will let you send money into them and commonly avoid the cash advance fee. The apps charge a higher fee for credit cards than paying with a bank or debit card though. You can then transfer it to a debit account where you can take out money. This preserves your interest grace period and saves you a lot on interest payments. Almost every bank offers temporary 0% interest rates, but you'll need to read the fine print of each of them. Some of the best ones are:

• Wells Fargo Reflect – Longest introductory rate as long as you meet the payment requirements.
• Business Advantage – Pay transactions made in the first 60 days with 0% interest over 18 months.
• Chase Freedom Unlimited – Example of their offerings 15 months 0% interest, $200 cashback on first $500 if spent in the first 3 months, 5% cash back on groceries (first year) and travel, 3% on pharmacy and dining, 1.5% on everything else.

All these require a 690+ credit score for a good probability of getting one and 800+ to get the best ongoing interest rates. If none of these sounds like the right one for you, consider how to get a loan from traditional lenders

8. Tap Home Equity

If you have ever wondered how to raise money for a business through your home equity, good news, there are several options to get value out of your home including:

• Home Equity Line of Credit – A secured loan using your house as the security that typically can be used for 10 years with just paying the interest, then the next 20 years you pay interest, plus principal.
• Refinancing Your Mortgage – Refinancing your mortgage works by getting a new loan and paying off the old loan, while pocketing the equity. It basically puts you back where you started, but hopefully with a lower interest rate, payments, and the ability to make a higher return on the equity.
• Second Mortgage or Home Equity Loan – This sounds like a horrible option to me, but I figure I should include it. With a second mortgage, you are taking out another mortgage on the house for the difference between the market value of the home and what you owe. It comes with higher interest and a second home payment each month. I don't love the idea.
• Reverse Mortgage – If you own your home outright and want to pull money out over time, this might be the method for you. You get to keep the home, the buyer pays you monthly, and when you die they own it. Only problem is the home is no longer yours to give to your kids or sell if you desire to do so.

The first three are available to a homeowner with a good personal credit score from a local bank, credit union, or traditional bank. I suggest reaching out to credit unions near me first because they tend to offer better rates, but you'll also deal with a lot of real estate fees that are not present in other loans. Reverse Mortgage Daily is a good resource to learn about reverse mortgages if you are interested. If you fund your business this way, realize that you will have to budget more effectively than with other equity financing options.

9. Personal Loans

If you can get a personal loan to start a business, it may be more cost-effective than real estate loans because it avoids all the fees. You'll need a great credit score and will still have to pay interest. You can apply at traditional banks, online lenders, and credit unions. When you apply, ask if you can have your business included on the personal loan so you can start earning business credit. That way, the next time you apply you may be eligible for traditional bank loans through your business credit. We've talked about funding options for people, but now it's time to look at how to get money for a business through SBA loans.

10. Small Business Administration (SBA) Loans

The Small Business Administration (SBA) was founded in 1953 in a bill passed by Congress to help small business owners succeed. The SBA offers a variety of assistance to new and established businesses including:

• Education – Over 300 different learning objectives surrounding planning, launching, managing, market research, business growth, and mentoring.
• Small Business Grants – Initiatives that are important to the community such as Science Technology Engineering and Math (STEM) businesses.
• SBA Loan Program – Backs bank loans to encourage financial institutions to offer business credit. You can seek funding from banks, credit unions, and nonprofit lenders.

There are three types of SBA loan programs that you can apply for when wondering how to get funding for a business idea:

1. 7(a) loan program
2. 504 loans
3. Microloans

Let’s look at how to get money to start a business through each of these loan programs.

7(a) Loan Program

7(a) loans are the most common type of small business loan that the SBA guarantees. You can get them from traditional banks and credit unions assuming:

• The business is profitable
• You cannot use any other funding options
• You can prove the need for the loan
• The business is in good financial standing with all government agencies

7(a) loans can range from $5,000-$5 million and the SBA provides a guarantee to the lender of 85% for loans under $150,000 and 75% for loans over $150,000. These loans are primarily used as funding options for buying large equipment, inventory, and real estate, but under some scenarios, they allow restructuring of debt. Review the SBA 7(a) loans page to find out more about the 7(a) program or go talk to your local small business development center to talk to someone about the programs they offer. To apply for a loan, go to the lender match to find potential lenders. You'll need to answer a few questions about how much capital you need, whether you have financial documentation, and how the funds will be used. Then they will send your information to alternative funding options. I ran one for one of my business ventures and it came up with nine potential lenders.

504 Loans

504 loans are a much narrower use loan that is only available for major assets such as equipment, land, or buildings. They cannot be used for working capital and they have strict requirements including:

1. Net worth under $15 million
2. Under $5 million revenue each of the last two years
3. Profitable businesses only
4. Only offered through Certified development companies (Find one near you on the Find Local Assistance page.)

This may be the option if you need to fund your business expansion. Keep reading to learn about microloans

Microloans

Microloans are much smaller SBA-backed loans that are available for amounts up to $50,000. They cannot be used for real estate or debt repayment, but are great for working capital, tech improvement, and redecorating your location. Microloans are 8-13% interest with a six-year time to pay the loan. Go to the SBA page about microloans to learn more. Keep reading to learn more about a traditional bank loan.

11. Conventional Small-Business Loans

You can also apply for a traditional business loan from banks, credit unions, or online lenders. When applying for bank loans for your own business, you should expect them to want a higher credit score, good financial history, and a great business plan because traditional financing comes without the financial protection of an SBA loan. The loans range in their offerings from each provider, but you can expect to pay more interest and get shorter loan durations. Be aware that shorter durations mean higher payments. Paying a loan quicker may consume money that could be used for reinvesting in the business. Before you apply, make sure to raise your credit score as high as possible, and join a credit union to increase your chances of getting a loan or a business line of credit. Wells Fargo, Bank of America, and Chase provide over $200 million worth of business loans, but other smaller banks like Huntington Bank are also business-friendly. No matter who you apply through, don't be surprised if you are offered small business funding that is less than you apply for.

12. Peer-to-Peer Loans

Peer-to-peer loans make it where people can borrow money from other successful businessmen, companies, and investors. It will work similar to other types of loans because:

• They check your credit
• You'll still need the same documentation
• They report credit defaults
• You still have to make monthly payments

Unlike traditional banks, platforms like Funding Circle and Lending Tree have a variety of lenders competing for your loans which should save you money and time compared to going to multiple banks. Funding Circle was recognized as the best small business loan of 2021 by Money. Unfortunately, if you live in Nevada, you can't get them. Now you have ideas of how to get startup money for a business from lenders, but you can also sell equity.

How Much Money to Start a Business that Sells Equity

Businesses that can sell equity tend to be at least a $100 million market opportunity. If your market opportunity is not legitimately $100 million, go back to the section on ROBS above because your 401K is probably the only one that will buy equity from you. If you've ever wondered how to get start-up money for a business from venture capitalists, angel investors, or incubators and accelerators, they focus on buying a portion of your company which means you'll be sharing your profits with them. Check out our playlist of Entrepreneurs who made deals on Shark Tank for insight on how to get deals with the big fish. [su_youtube url="https://youtu.be/xfzppdEsAMM"] These options are typically reserved for businesses that will make hundreds of millions of dollars. However, when you are just trying to make a few million from your business, you don't want to give up any equity.

13. Venture Capitalists

Venture Capitalists (VCs) focus on buying equity in a business that has huge potential, helping it grow, then making millions or billions when it holds its IPO. IF you are going to try to work with a VC, you need to have a lawyer who is extraordinary at contract law. If you've ever watched The Social Network, it shows how Mark Zuckerberg started Facebook by stealing the idea, then getting his CFO to sign a contract where all the diluted shares came out of his portion of ownership, screwing him out of billions. Don't let that happen to you.

14. Angel Investment

Angel investors are similar to venture capitalists, but they are typically a single person as opposed to a major corporation. These investors will offer venture capital in a promising project they believe in, but it is hard to get angel investors' attention because they have so many people competing for the same funds. These are some of the best places to look to find angel investors:

• MicroVentures
• Tech Coast Angels
• Social Venture Circle
• Golden Seeds LLC
• Band of Angels
• Hyde Park Angels
• Alliance of Angels
• AngelList
• Angel Capital Association

Now that you know about VCs and angel investors, let's talk about incubators and accelerators.

Incubators and Accelerators

Incubators and accelerators are typically run by VC's and Angel investors that want to make sure their venture capital firms get a return on their investment. They will typically supply:

• A coworking space
• Lawyers
• Administrators
• Financial consultants
• A marketing team
• Potentially, a skilled team of developers

Basically, they are helping the entrepreneur have the team and staff they need to succeed at creating billion-dollar companies. If you have an idea that you think is a billion-dollar idea, search for incubators near you.

Miscellaneous Funding Opportunities

The following are miscellaneous options for funding that some businesses may be able to use.They are more challenging than some of the other strategies, but they may have benefits if utilized correctly.

15. Small business grants

The SBA has small business grants for exporting, STEM, technology implementation, and management assistance. Learn more about SBA grants. For a list of all government financial opportunities check out grants.gov, which has grant co-op agreements, and procurement contracts for both people and businesses.

16. Crowdfunding

A crowdfunding platform helps entrepreneurs pitch business and product ideas to individuals and if they love the idea, they can contribute small amounts for the project in exchange for being one of the first customers. If you are going to take this approach, I would suggest finding a freelancer on Upwork with a proven track record of creating great crowdfunding campaigns and making them sign a non-disclosure agreement. Make sure to check their reviews to see how many projects they have done that are similar. Also, ask for links to the crowdfunding ventures they have helped with in the past. Popular crowdfunding platforms include:

• Kickstarter
• EquityNet
• SeedUps
• SeedInvest

Those are all the mainstream ways of funding a business. Next, I'll discuss a couple of crypto ways that are pretty cool.

17. Funding a business with crypto

Cryptocurrencies have some fairly unique options that can be really beneficial for small businesses. The primary characteristics of crypto that can help businesses with funding are:

1. Use stable coins – Use USDT and USDC, to generate interest of up to14% and they are pegged to the US dollar. I personally use USDC on Crypto.com (they have cyber security insurance and store the funds offline) on a flexible term to earn 6% which comes out to $1.15 a week per thousand dollars. You can accept payments for your business through them too.
2. Decentralized Finance (DeFi) Lending – This can be highly beneficial if you have substantial resources but don't qualify for loans from traditional lenders. The way it works is that you provide crypto for the secured loan. You can spend the loan and pay it back (plus interest), then you get your crypto back.
3. NFT titles – There has been some success at converting titles of homes into Non-fungible tokens and using the NFT as a secured loan.

I suspect in the following years you will see more beneficial ways to use crypto to help fund businesses, but we are in the early stages of this technology so I want to start helping people become aware of the options.

Get your business funded

We've given you everything you need to decide which funding option works for you. You'll probably want to use a combination of them over the life of your business. If you are ready to take the next step and actually apply for funding, we have preferred lending partners that will provide small business funding for up to $5 million dollars for as little as 6% interest. Check out our lending partners today. What funding strategies would you like to learn more about?

Are you interested in starting a home business? Today, working remotely has become increasingly popular, which provides an abundance of opportunities for aspiring entrepreneurs.

Starting a successful home-based business can be overwhelming for many people just beginning their journeys. Our guide will help simplify the process with the essential steps and advice from small business owners who have already launched their business ventures from their residences.

We focus on helping you by discussing the following topics. Just click on a link to jump right to the home business information that interests you.

[su_note note_color="#dbeafc"]

• What is a home-based business?
  • What are some advantages of a home-based business?
  • What are some disadvantages of a home business?
• Factors to consider when starting a business at home
• How to start a home business
  
  • Decide on a home business idea
  • Write a home-based business plan
  • Name your home-based business
  • Get an LLC for your at-home business
  • Get business licenses for your home business
  • Get a home business bank account
  • Set up your home office
  • Market your home-based business
  • Serve your customers
• Home business FAQs
  • What business can I start in my home?
  • How do I start a small home-based business?
  • Can a tenant run a business from a rental property?
  • What are the three general rules for qualifying your home office as a business expense?
  • What percentage of utilities can I deduct for home business?
  • What insurance do I need to run a business from home?
• Home business FAQs
• Balancing work and life at home
• Expanding and scaling your home business
• Ready to start your own business?[/su_note]

Get ready to start a small business at home.

Short summary

• Start a successful home-based business by carefully considering the type of business, creating a comprehensive plan, obtaining necessary permits and licenses, setting up an ergonomic workspace, marketing your venture effectively, and delivering quality products or services.
• Identify and focus on specialized market segments to help ensure success in any home-based venture. We show you how.
• Learn from inspiring success stories of individuals who have turned their ideas into thriving home businesses with hard work and the right strategies.

What is a home-based business?

Home-based businesses can be any size as long as the primary office is in the small business owner's home. Small business owners have lots of options to choose from, including:

• Local service businesses
• Online and dropshipping businesses
• Consulting
• Freelance business ventures

Cristobal Mondragon started Queen Bee Cleaning Services as a home-based cleaning business. Now it makes over $1.5 million annually.

Check out Chris Mondragon's FREE training to kickstart your own cleaning business. You can learn more about his inspiring journey by watching the interview below.

[su_youtube url="https://www.youtube.com/watch?v=YcYIYdqegGA"]

Read on for all the info you need to decide on a profitable home business idea that will work for you based on your skills and interests in combination with the resources available to you.

What are some advantages of a home-based business?

A home enterprise has several advantages over other small business ideas. Some of the best benefits of a home business include:

1. Flexible schedule
2. Lower startup costs
3. Lower overhead costs
4. Increased productivity
5. More opportunities
6. Higher pay
7. Less risk than renting a space
8. More room for personal growth
9. Tax deductions
10. Great creative outlet
11. Reduced personal expenses

Pros	Cons
Flexible schedule	Self-discipline required
Lower startup costs	Paying attention to daily tasks
Lower overhead costs	Lack of privacy
Increased productivity	Separating work and home life
More opportunities	Lack of space
Higher pay	Not taken as seriously
Less risk than renting a space	Lack of coworkers to collaborate with and learn from
More room for personal growth	Feelings of isolation
Tax deductions	Procrastinating or overworking
Great creative outlet
Reduced personal expenses

What are some disadvantages of a home business?

When starting a small business from home, many business owners struggle with aspects like:

1. Self-discipline required
2. Paying attention to daily tasks
3. Lack of privacy
4. Separating work and home life
5. Lack of space
6. Not taken as seriously
7. Lack of coworkers to collaborate with and learn from
8. Feelings of isolation
9. Procrastinating or overworking

Many small business owners will attend networking groups that help them overcome these common challenges. Start practicing good habits early to give your home-based business idea the best chance of success.

Factors to consider when starting a business at home

Starting a home business can be a huge advantage or disadvantage to a business venture. Ask yourself the following questions before starting your own business from home:

• What type of business suits your skills, interests, and resources?
• Do you have the space for your new business?
• Does your neighborhood have rules against certain small businesses?
• Will your family be supportive if you start a small business at home?

How to start a home business

Successful home business ideas will normally follow a nine-step process for the best odds of success.

1. Decide on a home business idea
2. Write a home-based business plan
3. Name your home-based business
4. Get an LLC for your at-home business
5. Get business licenses for your home business
6. Get a home business bank account
7. Set up your home office
8. Market your home-based business
9. Serve your customers

Keep reading to find some of the best home business ideas.

Decide on a home business idea

The first step in starting a home-based company is choosing a business idea. The best small business ideas from home normally fall into the following categories:

• Online Business Ideas
• Service Business Ideas
• Professional Services

We’ll provide you with some home business ideas for each of the three categories next.

Online business ideas

Many successful business owners choose to start an online small business. These make a great new business from home because they don’t require a lot of space and can be started with just the internet and a computer. Consider options like a:

Dropshipping business

This business idea requires creating an online store, finding dropshipping suppliers, and marketing their products. Learn more about dropshipping.

Affiliate marketing business

Small business owners can make a great living through affiliate marketing. You’ll need a marketing and sales plan because you’ll be paid on commission for selling other companies' products.

Social media business

A social media manager uses digital marketing skills to help other businesses with marketing on social media. Make sure you don’t forget to build your own social media presence, too. Check out our interview with a successful social media manager.

[su_youtube url="https://www.youtube.com/watch?v=kb1czTEK8f8"]

Online store

Whether you have a subscription box business or a dropshipping business, you’ll need an online store. You could even buy an existing eCommerce business.

Check out more online business ideas.

Service business ideas

Check out some of the most popular service businesses that many small business owners run from home.

[su_note note_color="#dbeafc"] EXCITING ANNOUNCEMENT: Get FREE training to start a home business. During the FREE business courses, successful business owners share their proven secrets for starting your own 7-figure business. You don't want to miss this rare FREE opportunity to learn from entrepreneurs that have built multi-million dollar businesses![/su_note]

Car detailing business

Start a small business at home in the car detailing industry. You’ll be washing cars all day. This profitable business can make a ton of money.

Find out how Alan Tursunbaev turned an idea for a summer into a small business that brings in $50K per month.

[su_youtube url="https://www.youtube.com/watch?v=3jIWyxNjtpU"]

House cleaning service

You can make a great living when you start a small business that’s a house cleaning service. Just ask Chris Mondragon, who started Queen Bee Cleaning, which makes nearly $2 million per year.

[su_youtube url="https://www.youtube.com/watch?v=d4Iip7BHXwg"]

Dog grooming business

There are lots of businesses involving animals. You could start a pet-sitting business, a dog-walking business, or even a mobile grooming business.

Professional services

You can start a professional services small business at home. Consider one of the businesses below.

Renting commercial real estate

Real estate agents can make a great living and work from their own homes. Check out how Thach Nguyen has built a $100M real estate empire.

[su_youtube url="https://www.youtube.com/watch?v=TWCzwn3R78A"]

Consulting business

Whether someone needs a freelance writer, help with social media, inventory management, or financial projections, consulting is a great business.

Learn more about consulting businesses.

Perform market research

Once you have identified the best home business idea, it’s time to research how to make your small business idea work in more detail. This could involve conducting:

• Target market research
• Competitive analysis
• Research on barriers to entry
• Opportunities research

Once you’ve selected a small business idea, you should write a business plan.

Write a home-based business plan

Did you know a well-written business plan can help a company grow 30% faster than one with no business plan?

A detailed business plan is essential to any home-based venture's success. It functions as a roadmap. Plus, the business plan details your goals, strategies, and financial outlook.

Check out our blog about business plans to download a business plan template and learn how to write your business plan.

Name your home-based business

Next, you’ll want to name your home-based business. Your business name is the foundation of your brand identity and will inspire your logo, marketing, and customer service.

Your unique business name should be easy enough to remember yet reflective of the values held by you and the company. Try our business name generator. You can find a small business name you love and check the availability on Name Cheap.

Get an LLC for your at-home business

Setting up a limited liability company (LLC) for your home-based business is an essential step in safeguarding yourself and preserving your individual assets.

An LLC provides its owners with restricted liabilities, meaning you won't be personally liable for any debts or duties of your organization. They're easy to create and manage and offer tax benefits for successful businesses.

Establishing an LLC for your at-home business requires registering with the Secretary of State.

By forming this type of legal entity, you protect both your small business and your personal assets. You might also consider a different legal structure like a sole proprietorship or a corporation.

Get business licenses for your home business

When starting a home-based business, it's vital to acquire the essential licenses and permits. Depending on where you're located and what kind of business you're running, there will be various requirements for

• licenses such as general enterprise approvals
• sales tax documentation
• professional credentials
• any local requirements

Check local and state laws for any rules that might apply to your business. You may receive harsh penalties if you do not follow them. Make sure to keep track of your records and renewal periods, too.

All this needs to be done so that your company remains legit during its operations. Complying with legal requirements helps you avoid issues. Just ask Cristobal Mondragon:

https://www.youtube.com/shorts/keieMgRWF9A?feature=share

Get a home business bank account

For any home-based business, it is essential to open a bank account to separate business finances and personal ones. This simplifies tracking profits and expenses for bookkeeping purposes like tax filing.

To establish such an account, you’ll need your legal paperwork like your LLC registration, Tax ID, business licenses, and EIN (Employer Identification Number).

A dedicated credit card may be beneficial so that you can cover costs while your business builds credit history. All these play into managing your business finances. The better you manage the finances, the easier it will be to identify opportunities for improvement.

Set up your home office

A dedicated home office is essential for managing your work and keeping up efficiency. Designate an area that provides privacy and limits disturbances so you can focus on running the business from your house. Comfort should be of utmost importance. Get an ergonomic chair and make sure the lighting facilitates whatever type of work you’ll be doing.

You’ll also want reliable, high-speed internet and software that will help you manage your business. The software you need will vary depending on the type of company you’re starting. Check out our HR blog for human resource provider reviews. Other software we suggest is:

• Google Workspace: Get a free 14-day Google Workspace trial.
• Quickbooks: Get 50% off Quickbooks and manage all your business expenses.
• Customer Relationship Management Software: There are a ton of options. Research the ones best for your industry. Two of the best are Monday.com and Asana.

Market your home-based business

You need an effective marketing strategy to launch and grow a home-based business. It's essential to have insight into your target audience and research the competitive landscape. Reach potential customers on social media platforms, websites, or by partnering with related service providers.

Track and measure your promotional efforts using key performance indicators (KPIs) like web traffic or customer inquiries to decide where to allocate advertising dollars. Google Analytics is the tool most small businesses use to monitor their success at getting people to their websites.

Most importantly, marketing is a long-term game plan that requires consistency and dedication. Be patient and you'll stand out from other home-based business owners.

Serve your customers

Successful home-based businesses rely on providing their customers with stellar service. Depending on the type of business you start, this could be anything from offering personalized attention to delivering high-quality products. Practice operating on the old adage “Under-promise and over-deliver.”

Every happy customer will help build strong relationships that lead to loyalty and often positive word-of-mouth referrals. These can help you grow your at-home venture even faster.

Home business FAQs

What business can I start in my home?

Most businesses can be started from home as long as there are no homeowner association rules or local government prohibitions. You probably won’t be able to start home-based manufacturing or energy companies, for example.

How do I start a small home-based business?

Beginning a small, home-based business can be achieved by following the essential steps we’ve outlined. First, consider potential ideas and determine if they are suitable for working from your residence.

Consider profitability by creating an organized blueprint of how to move forward. Pick out the right company configuration, give it an apt name, register it with your state authority, and attain an applicable tax ID number and licenses to pave the way for a successful at-home venture.

Can a tenant run a business from a rental property?

You may be able to start a home business if you rent. You’ll need to:

1. Check your CC&Rs or lease.
2. Talk with your apartment complex manager, HOA, or landlord.
3. Research zoning laws.
4. Check for other laws prohibiting home businesses.
5. Get a landlord permission letter for home business activity.

You may need a signed letter of authorization (see our sample) giving permission to use the property for business purposes.

What are the three general rules for qualifying your home office as a business expense?

According to the Internal Revenue Service, you have to meet three main criteria to claim a home office as a business expense:

1. Exclusive and regular use: Your home office must be used exclusively for business purposes on a regular basis. It should not be used for personal activities.
2. Principal place of business: Your home office should be the primary location where you conduct substantial administrative or management activities for your business.
3. Meeting clients or customers: You must use your home office to meet your clients, customers, or patients, or the office space must be a separate area used exclusively for business purposes.

As long as your home office is exclusively used for work and is where you consistently do admin work, you will normally qualify to deduct 100% of direct business costs and a percentage of indirect but relevant household costs.

What percentage of utilities can I deduct for home business?

According to the Internal Revenue Service, you can deduct utilities using two methods:

1. Simplified Method: Up to 300 square feet at $5 per square foot for a total of $1,500.
2. Actual Expenses: This method allows you to use the same percentage of the home you actually use for business. Keep reading to find out how to calculate it.

Using actual expenses, you can either use the percentage based on square feet that are used exclusively for your business, or, if the rooms in your home are approximately equal in size, you can use the percentage of rooms used.

For instance, my office is approximately 15x15 feet or 225 feet out of 1,600 square feet in my home, which equals 14%. I can’t use the rooms method because they are not approximately equal. That calculation would suggest my office space is 33% of the home, which is not a fair representation.

My utilities are around $12,000 per year, which means I can claim 14% of that or $1,687.50 of my utilities. Given my mortgage is $1,700 monthly, 14% of my annual mortgage is $2,856, making my total home office claim $4,543.50—a far better deduction than the Simplified Method’s $1,500.

What insurance do I need to run a business from home?

A home business will normally want a business owner policy (BOP) that bundles together three important coverage types:

1. General liability insurance
2. Commercial property insurance
3. Business interruption insurance

It's typically cheaper to buy a BOP compared to buying each policy separately and you can add additional coverage types as needed. Simply Business is a great place to get your business insurance because it compares rates from 16 major insurers.

Balancing work and life at home

While running a home-based business provides advantages, work-life balance may be compromised. You’ll want to create good rules for yourself to balance your personal time and work time. Here are some rules people suggest (and I wish I followed):

1. Create a schedule for yourself with regular breaks and start-stop times. This helps keep your work from infringing upon personal time. My wife wishes I’d listen to this one.
2. Maintain a separate space for your work so you can avoid being in it during personal time. This one is the easiest to follow.
3. Schedule personal activities including exercise, hobbies, and dates. I try to do this one, but only exercise works flawlessly. My dog and I go for a mile walk every morning.
4. Send your kids to boarding school if they start plying in your home office (jk).

Expanding and scaling your successful business

Once you start a small business at home, you’ll operate the business. As you build success, your business entity will likely need to hire more people, automate systems, or diversify income streams. Careful planning and research are essential for a successful business idea to grow. Some of the best ways to scale a business include:

• Introduce new services and products.
• Add another market segment.
• Explore partnerships.
• Upgrade technology.
• Add staff members. (This might mean you need to change the legal structure or move the business out of your own home.)
• Add new locations.
• Create a franchise.
• Increase the budget for your marketing and sales plans.

Ready to start your own business?

Now you know how to choose a business idea, create a business entity and legal structure, and some of the unique features of a home business. It’s up to you to take the time to create a solid business plan, build your business model, and market your business.

What business will you start from home?

Starting a bike shop is a rewarding career if you have the passion and skills. A bike business is a line of work where even a simple operation can generate substantial profits. Want proof? We interviewed two business owners who took different approaches to starting a bike shop. Armen, founder of the Glendale-based Bicycle Pit Stop, started his business in high school to make some extra money and fill his time. He used the common garage, a business strategy that many entrepreneurs use. Meanwhile, Troy Rarick started Over the Edge Sports (OTES) using a business-minded approach that involved creating a business plan, securing investors, and developing a marketing strategy to pull people into his small town on their way to Moab, Colorado. From there, Troy has expanded OTES to multiple locations across the globe. Whether you are more like Armen or Troy, there is an opportunity for you to start a shop focused on bikes. We'll discuss the steps to start a bike business and share insights from both Troy and Armen. The cycling industry generated over $12 billion dollars in 2020 and is expected to grow 5% by 2029, generating opportunities to find your niche in the industry and help other enthusiasts get on bikes. If bicycles are your passion, this guide will help you start a bike shop. An operational bike shop often comes with the equipment, inventory, and location all in one, and is a faster way to get started.

Step 1: What bike business is right for you?

Conduct research to determine what is right for you. Your bicycle store should be run in a way that works for you, but will also satisfy your customer's desires. You may want to run a store focused on professional cyclers, one that caters to local riders, or you may want a warehouse where you focus on online sales. You aren't limited to just one type, but the type of business you choose will impact every decision you make going forward. Bicycle Pit Stop focuses on all bicycles, including electric ones, but excluding motorcycles. Meanwhile Over the Edge rents and sells mountain bikes to ride on their trails. Many consumers start their shopping experience online, so a shop that can sell a bike in person or online is a good way to start your bike business.

Mountain Bikes

Mountain Bikes are the largest segment of bike sales, with over 25% of cyclists saying their next bicycle purchase will be a mountain bike. Make sure you have a good variety because mountain bikes will be an easy sell. In fact, mountain bikes were what inspired Troy to start his business. While he was working on getting the funding to start the business, he was also buying land and building trails to give a unique experience to bike riders. To learn more about bike terms, check out the glossary of terms.

Step 2: Bike Business Name

I can't stress enough the importance of a bike business name. Keep reading for best practices when naming a bike business.

Does the name explain the bike business?

Bicycle Pit Stop includes the products serviced as well as what it does, Pit Stop (a reference to the quick service provided in racing).

Is it easy to spell?

Make sure your business name is easy to remember when using a search engine. A crazy name like Quasimodo Bikes makes searching for your business difficult. Register domain names for common misspellings and forward them to your website.

Location

Including your state, county, or city identifies you as a local business. For example, Las Vegas Mountain Bikes would be a business located in Las Vegas.

Branding

Does your name fit your branding? Some business owners focus on visual ideas for a logo before a name. Las Vegas Mountain Bikes might have a logo with mountains, the strip, and bikes. It's about communicating ideas, right?

Register a .com

Find a name for which the .com domain is available. It’s the most recognizable. You can conduct a search by clicking here.

Give it a go!

See how people like it. Make sure to check what happens if people shorten it. You wouldn't want to name a business Destin Off-Road Klub because it would get shortened to DORK, and that isn’t what you want to communicate. Check Google Trends. Read articles like Five Tools for Naming a Business. Finally, register your business name with the government.

Step 3: Write a Business Plan

You need a bike shop business plan to help define your vision, objectives, and strategy. Its purpose is to drive the direction of your business by guiding decisions, securing financing, and developing partnerships with other businesses.  Armen told us: [su_quote]In the beginning there was no plan. Just make everything as nice as possible. Then the plan started forming. I looked at it as the future of the business. I always stuck to service. The plan always changes.  It grows and evolves into an art.[/su_quote] Having a flexible business plan that is constantly evolving is a great approach to the process and allows for businesses to pivot when necessary. Here are some resources to help with this step.

Templates

These business plan templates focus on helping small businesses succeed. Want to know the best part? They are all free!

• One-page business plan
• U.S. Small Business Administration (SBA) Business Guide
• State-specific templates
• Business Plan Template for a Startup Business

Resources

It gets better! Enjoy free and low-cost resources about writing successful business plans:

• How to Write a Business Plan
• SCORE’s free business plans and startup assistance resources
• The Complete Business Plan Course (Includes 50 Templates)

Step 4: Establish a legal structure

You have a business plan and name. Now you need to establish the legal structure for your bike business. For best results, hire legal representation that has experience starting a business, like an attorney, accountant, or tax specialist. They'll help you get your business started quicker so you can start selling bikes faster.

Licenses, permits, and tax forms

Each location has different licenses, permits, or tax forms required. Use the SBA License and Permits page to identify what your bike shop needs. Let’s look at different legal structures for bike businesses.

Sole proprietorship

A sole proprietorship is the easiest way to start a bike business. The bike company doesn't protect the owner’s personal assets, meaning if the company has legal issues, you could lose your home as well as your business. This structure should only be used if you cannot afford an LLC because bike companies have work that can cause injuries. To start a sole proprietorship, fill out a special tax form called a Schedule C. Sole proprietors can also join the American Independent Business Alliance.

Limited Liability Corporation (LLC)

LLC is the most common business structure used in the United States because the company protects the owner’s personal assets. It's similar to partnerships and corporations but can be a single-member LLC in most states. An LLC requires a document called an operating agreement.

Partnerships and corporations

Partnerships and corporations are typically for massive organizations or legal firms. Unless there is a specific reason you need a partnership, it is better to do a multi-person LLC. Investopedia has good information about partnerships and corporations here.

Franchise

There are several opportunities to purchase bike franchises. Franchising.com has two franchise opportunities in the United States and two in Australia that allow you to start a bike business using a reputable company's name and business processes. This makes it where an entrepreneur can benefit from the reputation of a bike business that has already worked out many of the kinks of starting from scratch.

Step 5: Getting Ready for Cycling Customers

Your bike business is an entity now, but you still need more. The order you do the rest of the steps will depend on the resources you have, your skill sets, and the type of bicycle business you are running. There are five areas of business you will need to focus on to get your shop running:

• Location - Where will you be working?
• Inventory - What will you have in stock and how will you pay for it?
• Employees - Will you have employees and how will you make sure it is a safe environment?
• Finances - How will you keep track of transactions and financial records?
• Marketing - How will you find customers?

Step 6: Location

Finding a location will vary based on the bike business. For instance Armen started repairing bikes out of his garage while Troy was building trails for people to ride their mountain bikes. When deciding to rent a space for a bicycle-based business, consider:

• How will I store equipment and parts?
• Is there space for a home-based office?
• Will customers be coming to my location?
• How much inventory will I have?
• How much display space do I need?
• How much space is needed to perform repairs?
• Will I be doing mobile repairs?

When opening a bike shop, you will probably need to rent space in your city. To find spaces to rent in your area, contact a local commercial real estate agent. You can search for them by your area here.

Know the local ordinances

Each city and state has different requirements for where a business is allowed to be located. Local ordinances might not allow a bike business to be home-based. How am I supposed to start my shop with so many rules about bikes? Just search Municode Library to find your city regulations.

Finding a good spot

When looking for a space to rent, take into consideration your ideal client and what stores they might frequent. For instance, they might want coffee or a smoothie after a long bike ride. Finding the right place will take some research, which will be much easier after considering your marketing efforts.

Step 7: Inventory, Tools, and Product Displays

A new shop requires inventory. Whether it is new bikes, replacement parts, or product displays for your store, there will be some costs associated with selling and repairing bikes. Each of the business owners we talked to while researching this article took different approaches. Armen started his business with virtually no inventory. He'd order it off of Amazon when he needed a part. This kept his upfront costs low. Troy decided to go a different route and have inventory upfront so that people could rent or buy bikes to ride the trails he'd built. To find a list of major bike manufacturers, check out this article.

Used tools and product displays

Tools and product displays can often be found at huge discounts if you buy them used. You can find used tools and product displays through most online markets, pawnshops, going out of business sales, and other places. If you are considering buying an existing business, they should be included in the purchase price. Learn more about valuing an existing business in our guide about buying businesses.

Step 8: Employees

Troy emphasized the importance of good people, saying: [su_quote]Hiring good people. I see now that once you get good people, honor that beyond all else... Honor your people, and never keep disruptive people, no matter how short-staffed you are. Good people HATE lame Coworkers.[/su_quote] An open bicycle shop might need employees. Depending on your financial position when starting, you can work all the hours yourself or hire employees. Either way, there are some things you'll be required to do. Keep reading for more info.

Employer Identification Number

Get an Employer Identification Number (EIN) from the IRS to identify your company. Apply here or call 800-829-4933.

Tax filing and withholding

Federal and state tax filing requirements apply to new employers. You must keep records of employment taxes for at least four years, including special forms and accounting for state taxes. Don’t worry! We've got you covered! Check out the IRS guide for employers here.

Unemployment Insurance Tax 

Unemployment Insurance Tax is required. It is a program under the Social Security Tax for employers.

Federal employment and labor law posters

All employers must display Workplace Posters, which you can download from the website. Other requirements include:

• Employment Eligibility Verification (Form I-9)
• State’s New Hire Program
• Worker’s Compensation Insurance
• Disability insurance—varies by states
• Occupational Safety and Health Administration (OSHA)

Job Posting

Hiring people requires posting “now hiring” signs and posting on prominent job boards. Some places you can start posting job requirements are:

• Facebook
• Indeed
• Zip Recruiter
• LinkedIn
• Craigslist

Interviews

Having a prepared list of questions for interviews can make hiring the right people easier. Indeed offers a variety of resources to help you make better hiring decisions. Read their guide: How to hire your first employee.

Compensation

Employees are typically a company's biggest expense. Let’s take a closer look. There are 3 common pay structures in business. Each fits different scenarios.

Salary

Flat weekly/monthly rate based on a person working a specific number of hours. This is typically reserved for owners, managers, and some admin roles. You might want to assign this to yourself for budgeting purposes.

Hourly

This pay structure just tracks the hours an employee works and pays them a set hourly rate. This pay structure is solely based on time, not performance.

Fixed-Rate

This pay structure is used for mechanics and other tradespeople where billing is based on the expected time it takes to complete a task. This is a way of combining performance and time into the pay structure because those who complete a job successfully in less time have more opportunities to work on other projects. This also protects the company from overcompensating for the learning curve.

Commission

Typically used in sales to give employees a percentage of revenue. It is a strictly performance compensation model.

Hybrid Models

Hybrid models combine two pay structures. For instance, hourly and commission to compensate for time and performance. The hourly rate will typically be lower than an hourly rate without commission, but the commission should make it where good performing employees make more than they would without commission. These structures also help reduce the variability of pay from week to week. Paying employees an hourly wage works for most positions if your new bike business doesn't require salespeople. The article, “How to Create a Pay Structure That Promotes Team and Company Growth” offers some insights into thinking about pay structure.

Step 9: Financial Management

A crucial portion of successfully starting a small business is managing the financial aspect of the bike store. Armen told us when he started his bike shop: [su_quote]I opened a business credit card, and that is what got me started. Supporting myself through other side businesses also helped.[/su_quote] That is a pretty risky way of starting a business that requires financial discipline because credit cards have high interest rates. To find banks that work with small businesses, use this resource. Let's look at some tricks you can use to help your bike shop become profitable.

Budget! Budget! Budget!

A budget is the most important tool you can use in business. Without it, your bike shop might not make it through the first few years. While Armen started Bicycle Pit Stop with a shoestring budget, Troy says: [su_quote]I borrowed $10,000 from my parents, recruited an investor partner, and begged credit from vendors[/su_quote] Troy spends a good bit of time discussing his budgeting strategy so I've put together a table to help you understand how he budgets. Basically, he uses rules of thumb to keep his net profit margins around 10%. The table below shows what each of his budgets would be for $100,000 revenue in a bike business. Troy loves Quickbooks because it lets him "develop budgets quickly without an accounting degree." To learn more about budgets, check out low-cost courses from Udemy 

Consider the many funding options

Starting a bike shop doesn't cost a fortune. The initial investment in owning a bike shop can be one year of savings. Funds to start your bike shop can come from:

• Personal funds
• A loan from family or friends
• Business partner(s)
• Government programs

The SBA offers free courses on financing options and funding programs. For info on using personal funds to start a business, check out this article from The Hartford. Alternative sources of funding include:

• Crowdfunding
• Credit cards
• Home equity loan
• Rollover for business startups (ROBS)

Develop a pricing structure

How you price your bikes and services will impact how many people you draw to the shop. If your prices are too high, they'll go elsewhere. Too low, you'll lose money. Based on the rules of thumb presented by Troy in his interview, you'll make about $10-27k for every $100k in sales if you use a 50% markup, which is pretty standard amongst businesses.

Don't undersell to get new customers

Shops will often sell their products or services for a lower price to bring in new customers. Be careful about this. If you sell your bikes for a discount and they tell others, you might have to sell another bike for the same price. People love a good deal! Just make sure it is sustainable for your bike shop.

Increase prices every year

Inflation occurs every year. To keep your business running, raise your prices 5% per year. It gives you room to increase wages and to make some extra money. Makes sense, right?

Step 10: Marketing

Your Bike shop is open. You have bikes to sell, parts to fix bikes that people bring in, but no clients! How are you going to let people know about your company? Marketing is crucial for all new businesses. Both Armen and Troy spent a good bit of time discussing their marketing strategies with us. Let's look at what they have to say!

Bicycle Pit Stop Marketing

Armen tells us he started with Yelp, then gradually added Google. Over time, he has also added Instagram to market his bike shop. He thinks: [su_quote]Yelp has been there the entire time. Yelp was the best thing that could ever happen. I don't like paying them. Lately, I have just been paying the minimum. [/su_quote] It sounds like Yelp's pricing forced him to look for less costly alternatives and drove him to Google My Business and Instagram where he can do marketing without paying to show off his shop and bikes to people.

Over the Edge Sports Marketing

Troy uses a variety of methods to market his bike company. While he doesn't discuss his social media marketing, a little research shows each of their locations has thousands of followers and hundreds of posts. It's obvious that they put some effort into social media to advertise their shop. Bike enthusiasts can share their photos as well. Troy uses some innovative ways of marketing as well. He discusses how his bike company got to be known throughout the biking world by hosting the lunch at a bike convention: [su_quote]I couldn’t afford big marketing or a trade show booth, so I started hosting a lunch at the annual bike trade show, I called it the “show lunch”. It became iconic. We poured more tequila than we served food but the “who’s who” of the MTB World came to lunch. They brought friends and other VIPs, and people still tell me “it was the best part of the trade show”. I remember when that lunch bill reached $5,000; I was terrified Could I afford this? Yes, now I know, go all in and love your people, it made us what we are and it’s SO important to never let up on that honest effort to honor your people. [/su_quote]

Influencers

USA Cycling offers resources for clubs that can help with marketing influence. You can join one or start your own. Another common marketing tool is social media influencers. For a list of cycling influencers, check this article out or use a hashtag generator to get the attention of cycling enthusiasts on your social media channels.

Conclusion

To recap this guide on how to start a bike business, ask yourself the following questions:

• Do I know how to start a bike business?
• Is it worth it for me to start a bicycle business?
• Will I be comfortable speaking to clients?
• Am I starting a bike business this year?
• Why am I starting a bike business?
• Do I need employees or advice?
• What will I need to feel successful?

Take the next step. Now that you know how, start a bicycle sales or repair business! The truth is, all it takes is a great idea, some skills in repairs and sales, and a good marketing strategy to get started. As Armen told us: [su_quote]There is no such thing as right or wrong. If it works for you, let it be. There is no such thing as mistakes in business. Mostly I look at everything as a learning curve[/su_quote] Let us know in the comments below if you have any questions—we’ll be more than happy to help!