Owning a business is part of the American dream, and starting a business can be exciting and terrifying at the same time. Business ideas take time, money, and risk. That is why a lot of Americans would instead prefer a safe nine-to-five job, and there’s absolutely nothing wrong with that.
But despite what other entrepreneurs might tell you, there are numerous ways to start a business that will not require you to take out a huge bank loan or mortgage your house. Some start-ups focus less on the upfront cost and logistics but instead turn their attention into getting started.
Low-Budget Business Ideas
Managing an inventory can be costly and overwhelming when running a business. Dropshipping is easy to start as a business because you don’t have to handle the supply directly. Dropshipping’s business model uses a third-party supplier that stores and ships the products straight to the customer. You essentially act as a middle man.
When a customer wants to buy the product, they have to go through your content curated website. Once the customer has placed an order, the shipping details will be sent directly to the supplier.
Most drop shipping businesses curate different products from different suppliers, the possibilities are endless, from selling rags in bulk to selling yoga mats to clothes, etc. You only need to have a robust marketing strategy and excellent customer service.
Since the start of the pandemic, cleaning services have seen a considerable rise in demand. Part of being a successful entrepreneur is to take advantage of unique situations, and the pandemic is just one of those unique business opportunities.
Cleaning services require minimal up-start cost, and some entrepreneurs in the business even say that all you need to start up a cleaning business is good marketing, 50 dollars, and a box of business cards. Once your cleaning services start to gain traction, you can then purchase specialized equipment for more demanding clients.
Selling Homemade Handcrafted Goods
If you have a flair for DIY and arts and crafts, selling handcrafted goods might be the business for you. Products such as soap, candles, and pottery have a niche in the online business world.
Homemade handcrafted goods are a low start-up cost and big income business model, and you can even use the materials you already have in hand. You only need to consider the shipping and inventory management side of things, other than that; this business thrives on creativity and unique but appealing designs and crafts.
Just be mindful of state regulations regarding your product, especially if the product involves being inhaled, eaten, or requires the customer to apply it to their skin. The last thing you want to happen is to receive complaints of rashes and a potential law-suit.
Online courses and tutoring services
This business model only requires an internet connection, a phone camera, and extensive knowledge of the topic and a passion for teaching if you want to succeed. This business offers flexible working hours as well as reaching almost anyone from around the world.
The services can range from teaching Yoga, Web design, coding, creative writing, baking, coaching, etc. The topics are limitless; the most crucial part of this business though, is to make sure that you have a reliable brand. Offer something that your competitors can’t, like one-on-one tutoring.
Social Media Marketing
Since the “new normal” during this pandemic requires most people to stay at home. Companies have been trying to boost their social media presence over the last couple of months since the quarantine hit.
This business model requires entrepreneurs to have an intimate knowledge of social media platforms, SEO tools, and other related internet marketing practices and strategies. An excellent social media marketing team can significantly boost sales and audience retention, without requiring significant capital to start the business, perfect for entrepreneurs who thrive on social media.
The ability to start a business from scratch has never been more effortless. The world we live in now is now connected more than ever, and technology has provided unique business opportunities to entrepreneurs.
Low-cost start-up companies can be a way to expand your horizons and to learn different strategies when it comes to sales and marketing, not to mention creativity. Your start-up business might not take off right away, but it will, if given the proper amount of planning and patience.
But, like all businesses, it will come with challenges and trials. As an entrepreneur, you must be ready to adapt at a moment’s notice and recognize opportunities that others might not.