Business Ideas And How To Pursue Them
By michael vivar
Starting and maintaining an independent business venture is a great option for establishing generational wealth.
Vice President Kamala Harris announced aggressive initiatives for small businesses amid her bid for the White House.
One stated goal of a Harris presidency is to incentivize 25 million small business loan applications.
The current tax deduction for small business startup costs is $5,000. Her proposals increase the deduction tenfold to $50,000.
This would be in addition to the tax and insurance benefits afforded to entrepreneurs through President Joe Biden’s Inflation Reduction Act. Here are some business ideas that could be supported.
Small Grocery
Determine if a community is a food desert. Think of offering affordable, healthy options to children. Foster wholesale relationships and offer reasonable prices to customers.
Housing Rehabilitation
Can you swing a hammer and hang drywall? Do you notice houses in your neighborhood that could use renovation? Offer services as a general contractor.
Fashion Consultant
You’ve been dressing siblings, nieces, nephews and family friends for the most important occasions of their lives. Zhuzh up the people you know and charge a nominal fee.
Financial Advisor
You know how to fill out a tax return with all legitimate deductions or how to navigate small business loan bureaucracy. Use your skills to help others make money and build savings.
These are only scratching the surface of possibilities. Think, “What do I love?” That’s your strength and that’s your vocation.
Start Small
One of the biggest dangers of pursuing a business idea is overreaching. Don’t invest financially or emotionally more than you can handle. Look up the economic concept, “Sunk Cost Fallacy.”
Think Big
Never lose sight of your potential. Every obstacle encountered is an opportunity to learn. You don’t know what you can achieve until you try.
