Throughout my college career I have struggled with my “why,” as some would call it. My passion for what I was doing was there, I was looking for something, but I just couldn't seem to figure out what that something was. How many 19 year old kids can really tell you why they want to work for themselves, though? As I progressed I realized that I have a significant need to giving and providing to others, whether it be in a service form, product form, or just an emotional form and that this need fueled my enthusiasm for entrepreneurship and being my own authority in how I channeled this need in the business sector. However, its often difficult to begin the journey into entrepreneurship. It's not something you just jump into.
Sometimes, when starting a business, all you need is that little push, the initial investment, to get things going. But even $1000 can be hard to come by for some. I've had a wealth of mentors and advisers who have have helped find resources and material to help me with this along the way. Because starting your own business is accepting a commitment, you will need every tool you can have at your disposal. Today I'm sharing two very important tools that can help you earn that little bit of cash you may need to get your operations flowing.
Legal Zoom
A wealth of legal services performed by lawyers who felt there needed to be a more cost efficient way of providing them, LegalZoom has every document you could need. Because its risky going out to sell things without a business license, bill of sale, or any other type of protection. Charging on a per document basis instead of an hourly fee like most lawyers would, you really only pay for what you need and don’t have to worry about being dropped with a bill later on. They make it easy to understand what document you need and even offer help desk support.
There is a downside however, and that's simply the disclaimer: “Legal Zoom is not a law firm and the employees of Legal Zoom are not acting as your attorney.” So while you’re getting the documents you need at a price you can afford, if it comes down to a real legal issue, Legal Zoom won’t appear in the courtroom with you. So maybe you have a lawyer friend who gives things a second look to make sure that they’re sound, just in case you filled in the space with something you shouldn't have.
Drop Shipping
“Drop shipping is a supply chain management technique in which the retailer does not keep goods in stock, but instead transfers customer orders and shipment details to either the manufacturer or a wholesaler, who then ships the goods directly to the customer. As in retail businesses, the majority of retailers make their profit on the difference between the wholesale and retail price but some retailers earn an agreed percentage of the sales in commission, paid by the wholesaler to the retailer.” -Wikipedia: Drop Shipping
I could probably write an entirely separate blog on this facet of entrepreneurship. While not the most creative way to make money, if you can find the demand for something in a local area, you can make a decent profit doing drop shipping. Alibaba.com for example, is a global trade site that connects retailers with manufacturers around the world and give a wholesale price per unit as well as minimum order requirement for the product. Wanna sell sweat shirts? 300 sweatshirts for $15 a piece that sell for $30 makes for a pretty good margin. The key is that no one wants to spend $4,500 for sweatshirts ($15 x 300 unit minimum) that they don’t know if they will sell. This is easily remedied for the entrepreneur however: You pre-sale. You talk the sweaters up to local shops or friends. When you've guaranteed enough revenue for the first order of sweatshirts, you order the shirts and keep selling. If you sell every unit, you come out with $9,000 which more than pays for the next order of shirts and a hefty profit of $4500. Of course, shipping and other expenses will eat into this. The more detailed you plan for, the safer you will be in guaranteeing profit.
So as you can see, if what you’re needing is a quick start and are willing to put in the foot work, it can be done. You can generate a bit of profit in order to start your business of choice, or maybe you’ll find that you really enjoy selling. Either way, when taking this kind of opportunity, it’s always important to cover your back and therefore LegalZoom is a great tool. Couple these with an entrepreneurial mindset and you’re on your way.
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