The concept of initiating a business is full of excitement, but numerous ideas involve time, money, and risk. Despite what people commonly think, there exist multiple ways to begin a business that allow you to prioritize the actual start rather than being burdened by logistical concerns and initial expenses.
These small-business ideas with low investment are ideal for beginners, bootstrappers, or individuals with limited time. They allow you to start a side business without having to give up your current commitments.
In order to remain faithful to the original meaning of the text, it can be rephrased as follows: Despite the need to generate a solid idea, establish a brand, invest in marketing, and deliver exceptional customer service, there exist methods to avoid various conventional startup expenses, including initial inventory, warehousing, and retail space.
1. Start a dropshipping business
Running a business requires a significant commitment to managing inventory, which involves buying stock, storing it, picking it, packing it, and shipping it.
Dropshipping is the first among our excellent business ideas and is an uncomplicated venture to begin. It entails a fulfillment model in which a third-party supplier is responsible for storing and delivering inventory to customers on your behalf. This business stands out as one of the most favorable options to start due to its minimal expenses, lack of involvement, and potential for expansion.
You only need to make sales and forward orders to your supplier, without the need to personally manage any products. Starting this business is actually quick and cost-effective.
You have the option of curating products from one or multiple suppliers and creating your own online store centered around a particular theme, such as yoga gear or dog water bowls. When a customer makes a purchase from your store, the supplier will handle the order on your behalf. Nonetheless, you remain accountable for marketing and customer service.
You can work with suppliers from both local and overseas locations, provided that you can establish a trustworthy relationship with them. Your brand can suffer if you partner with an untrustworthy supplier.
Step by step thinking involves rephrasing the given text while keeping the same meaning. No additional information should be added, and no information should be removed. Ensure to obtain a sample from the supplier to determine their reliability and the suitability of product quality for selling to customers, as dropshipping provides an inexpensive method to test the compatibility of products with the market and establish a business prior to investing in one’s own unique products.
2. Design and sell print-on-demand t-shirts
Print on demand is another dropshipping model that involves transferring the responsibility of inventory, shipping, and fulfillment to a third-party supplier. However, unlike the mentioned dropshipping concept, the main emphasis of print on demand is to personalize products by incorporating your unique designs to produce something original.
If you have a passion and pride within a community, you can start a potential t-shirt business by expressing your creativity on various items such as T-shirts, hats, phone cases, hoodies, skirts, tote bags, and more. Let your imagination flow and come up with clever slogans for developers or references that cat owners can relate to.
Even if you don’t have design skills, you can still find a designer to collaborate with by utilizing freelance platforms such as Fiverr, Upwork, Dribbble, or 99Designs.
When using print-on-demand services, you are charged per product, causing the base price per unit to be higher compared to bulk orders. However, the benefit is that in case a particular t-shirt design fails to sell, you have not actually incurred costs for the item itself yet, only for the design if it was outsourced.
There is the option of using t-shirt mockup templates to save money on a complete photoshoot for each new design.
There are numerous print-on-demand platforms available for collaboration, and most of them can be seamlessly integrated with your Shopify store to fulfill orders. However, it is important to always order a discounted sample of your product to ensure that your personalized products have a desirable appearance.
3. Launch your own book
When you consider it, a book is essentially a product like any other. Consequently, you have the ability to produce one in order to meet a specific market demand.
There are numerous types of books that can be brought to the market, including cookbooks, picture books, comic books, poetry books, photo books, coffee table books, novels, and even ebooks. If you possess knowledge or creativity, starting a book business is considered one of the best options due to the endless possibilities it offers.
Print-on-demand publishing provides a secure avenue to test and initiate self-publishing, allowing control over the book’s appearance and quality.
Lulu xPress and Blurb are well-known platforms for individuals to produce, purchase, and distribute both physical and digital versions of their own books. Additionally, individuals have the option to vend their books on external marketplaces such as Amazon or Powell’s.
When you purchase books individually, the expenses remain higher, but they decrease significantly when you opt for bulk purchases. To ensure there is a demand for your book and to have a confirmed number of sales, you may contemplate pre-selling or crowdfunding your book idea. This will provide you with confidence in making a large order.
4. Create digital products or online courses
Among the small business ideas listed, digital products such as music, courses, and templates stand out for their uniqueness. Unlike the other ideas, these products are intangible. Consequently, there is no need to be concerned about recurring costs associated with manufacturing or shipping. As a result, profit margins can remain high, making it an obvious choice for the most lucrative businesses to embark on.
The challenge lies in determining the elements that constitute a high-quality digital product. Which features and functionalities are valuable to the extent that individuals are willing to purchase it for downloading?
From original instrumental beats to stock photos available for licensing by other creators, to information products and templates designed to enhance skill sets in specific areas, the options include a diverse range of offerings.
Generate revenue by selling posters, greeting cards, and prints through print-on-demand services.
If you have artistic talents or photography skills, you have the option to engage in dropshipping using a print-on-demand business model. This allows others to physically possess and own a piece of your artwork. However, it is imperative to ensure that you have the necessary rights to the content you wish to print, or alternatively, use public domain assets that can be monetized without any restrictions.
If you already have an active online following, such as being a cartoonist or an urban photographer, you are particularly well positioned to give this small business idea a go.
Depending on the type of printer you use, a variety of products can be created from your work including posters, framed wall art, and greeting cards. To exhibit your products, there are numerous digital templates and mockup generators available, such as Placeit, which eliminate the need to print out every item and organize individual photo sessions.
6. Personal or virtual assistant
In a similar vein, individuals with excellent organizational abilities are highly sought after by other entrepreneurs who are expanding their businesses and desire to concentrate on tasks with high potential for yield.
A personal or virtual assistant can carry out numerous secretarial or front-desk tasks remotely, rather than being physically present. These individuals often operate from their own homes and cater to various clients, overseeing schedules, managing travel bookings, and handling administrative duties.
7. Event planning services
If you possess a strong organizational ability paired with attention to detail and have a passion for creating events, you could be well-suited to start an event-planning business.
Event planners specialize in organizing various types of events, such as weddings, birthday parties, and class reunions, to ensure that others can effortlessly host a thrilling celebration. To gain the necessary expertise, it is beneficial to plan a few pro bono events. Utilize LinkedIn and cold calling techniques to establish a reliable network of vendors and contacts. This will enable you to assist your clients in flawlessly coordinating the event they have always envisioned.
8. Professional reviewer
It is a fact that many companies, regardless of their size, have recognized the value of positive reviews. Numerous companies offer products and services to individuals with the intention of receiving a review from them.
Their main objective is to receive a positive review, but the most crucial aspect is that it be sincere. Compensation is either in the form of payment for your time or per review, and in return, you have the opportunity to explore new experiences, delve into literature, test out cutting-edge gadgets, and much more, all while receiving financial compensation.
9. Social media consultant
When it comes to managing their Facebook and Twitter accounts and blogs, larger companies have the option to either hire an agency or have a full-time staff member in charge. However, small businesses typically have the responsibility of handling their own social media marketing.
Business owners often have numerous responsibilities, which can make them too busy or overwhelmed to create an effective social media strategy. By providing consultancy services, you can assist them in identifying the optimal tactics, posting schedules, and content that resonates with their target audience. As their number of followers increases, so will your business.
10. Etsy shop
Etsy, a well-liked online marketplace, accommodates a vast number of at-home retailers and larger productions, such as the highly regarded Wildflower + Co., which sells jewelry, patches, and DIY merchandise. Establishing an Etsy shop is exceptionally budget-friendly as joining the site and starting a shop is free, with the exception of three fees: the listing fee, transaction fee, and payment processing fee.
11. Translation service
If you possess fluency in a second language, you have the ability to seek employment where you would convert written and spoken words from one language to another.
The field is experiencing rapid growth due to the expansion of international connections and a rise in the number of individuals in the U.S. who do not speak English. According to the Bureau of Labor Statistics, there is a projected 19% increase in this field by 2028. You have the opportunity to establish your own independent service and promote yourself to various entities such as businesses, schools, hospitals, courtrooms, and conference centers.
12. Software training
Is your proficiency in a highly specialized software program at a level where there is a growing demand for training from amateurs and professionals seeking to enhance their skill sets?
Technical manuals for programs such as QuickBooks and Final Cut Pro can be quite costly and challenging for the average user to comprehend. To cater to these users, organize small group workshops or private sessions and charge on an hourly basis for providing comprehensive tutorials on the software. It is crucial to possess patience and a pleasant demeanor in this aspect.
13. Music lessons
If you are musically gifted, providing lessons to those interested in learning an instrument can be a lucrative way to earn additional money. Except when teaching piano, it is possible for students to bring their own instruments to your residence for hour-long lessons.
To widen your selection for potential clients, make sure to have a diverse range of sheet music or songbooks in different genres and skill levels. Additionally, targeting local high schools and community theater groups with your advertising can boost your earnings by providing voice lessons.
14. Sustainability consultant
In recent years, businesses throughout the nation have been examining their environmental impact more carefully.
Even for the largest enterprises, eco-friendly business solutions are often too expensive, and businesses of all sizes are seeking advice from experts. Sustainability consultants have diverse backgrounds, ranging from management to engineering, indicating that practical skills and experience hold more significance than a particular degree.
15. Bookkeeping services
Despite what many people think, being a certified public accountant is not necessary for working as a freelance bookkeeper. All that is required is a talent for working with numbers and a solid understanding of fundamental accounting duties (though having an associate degree in accounting or similar business experience is preferred). Below are some examples of the services that can be provided as an external bookkeeper:
- Maintaining accounting software and filing systems
- Issuing financial statements
- Creating balance sheets
- Processing payroll
16. Digital marketing services
If you have marketing experience, you can easily start a solo digital marketing agency as a cost-effective business idea. However, if you’re interested in the field but lack a marketing background, you have the option to enhance your skills by enrolling in affordable online courses.
If you have a talent for storytelling and are eager to learn, starting a digital marketing firm is a quick and cost-effective business opportunity due to the continuously evolving nature of this field.
