The idea of starting a business can be exciting. However, many times business ideas require time and money to become successful.
In contrast to the following mindset and belief of making significant investments in the business, there are many ways, to begin with, a business venture that doesn’t require an upfront cost to get started.
These low-investment business ideas make a great way for young entrepreneurs to enter into the business world. Not just that, it doesn’t require them to drop everything else but work on the side until it is established.
You still are going to need a functional idea, build a brand, and put effort into marketing, as well as work for excellent customer service, but there is always a way you can bypass the startup cost that you must invest in inventory, warehousing, and retail space.
Here is a list of business ideas that you can start at a shoestring budget.
- Design and sell print-on-demand T-shirts
Customization and personalization have been a part of the trend for quite some time now. And what better way to get into the business world by customizing and selling customized Tees to the customers.
T-shirts, phones, hats, skirts, tote, and more are all blank canvases, ready to be customized with creativity. You can think of quotes by famous people, or think of something to attract cat owners. If there are passion and creativity, there is nothing that can hold your business from being successful.
You don’t have to be a professional designer to get started; there are plenty you can find on freelancing sites such as Fiverr, Upwork, Dribbble, and more.
With the Print-on-demand services, you are simply paying per product, so the price may vary than if you were to buy it in bulk, but the advantage here is that if your product doesn’t sell, you haven’t actually paid for anything, except for the design.
- Launch your own book
A book is yet another product if you think about it. Cookbooks, picture books, comics, poetry books, novels, and even eBooks—if you have creative ideas and the skills to bring exceptional stories to the market, it is a great business to start.
Famous books such as Harry Potter and Spouts EBooks are being published and sold online. There is an endless option for the new writers—which is why it is one of the best businesses, to begin with.
- Sell a service
Offering services is a profitable way to get self-employed. With a service-based small business idea, the biggest investment that you can make is the “time” you put into the business. It is easier to get your business up and running if you’ve got skills that are in high demand.
Designers, writers, developers, housecleaners, and more can build a business around their skills. For example, a copywriter can sell their skills by writing a high-converting sales copy. You can also sell your skills through a freelance marketplace such as Upwork and Fiverr, which can increase your chances of getting discovered by a potential audience. custom pizza boxes
- Create an online fashion marketplace
If you are a fashionable person and want to share your sense of style online, you can create your own online fashion boutique. You don’t have to become a fashion designer to do that; you can simply curate the items from other vendors and fill your own place with it.
Whether it is dresses, shoes, accessories, and more, you can build your own fashion brand online. There are numerous online platforms that you can use to get started with your online fashion boutique.
- Partner with a drop shipper
Managing inventory is a big responsibility and a commitment when running a business. This is where drop shipping comes to save the day. It is a business model where a third-party supplier stores and ships the inventory to the customers on your behalf. It is one of the best business ideas, to begin with on a low budget.
With drop shipping, you don’t have to handle any product on your own, but only need to make sales and forward the orders to the supplier. The fact is that it is the quickest and the cheapest business venture to get up and running.
You have the option of curating more than just a single supplier into your store by categorizing their product under a specific niche. When a customer visits your store to purchase the item, the item will straightaway pass to the supplier, who delivers it on your behalf.
However, being in dropshipping doesn’t mean you don’t need marketing. Instead, you are responsible for your own customer service and marketing to grow your business.
There are both local and international suppliers that you can work with, as long as you can establish a trustworthy relationship with them—an unreliable supplier can reflect badly on your brand.
Dropshipping is a low investment business and a way to test the product before investing in your original products. However, make sure to order something for yourself first before to ensure if the supplier is reliable and offers quality products for your customers.
- Create digital products or courses
Digital products like music, courses, and more are a great way to get into the business. The trick to getting started with a successful business or selling a digital product is to determine what is a good digital product and what makes it useful that people will be willing to purchase it.
The answers range from original instrumental beats to stock photos that can be licensed to other creators and templates that can help people to level up their skills in a specific field.
If you have a talent that you can turn into a digital product, think about packaging it into a new stream of income.
- Sell handcrafted home goods
If you are a maker of products such as DIY soaps, sauces, or pottery, you can begin with an online business. Unlike many of the other ideas in this list, you will have to think about the shipping method and inventory, but you can begin with the simple, per-order home-based business into a full-time business.
Make sure that you are knowledgeable about any regulations in the product category, especially if it is an edible product or to be applied to the skin.
Starting an online business is not for the faint of hearts. It requires time and dedication, along with proper marketing for your business to grow. Make sure to do your research and choose the right type of business to be successful in the business world.