A lot of individuals among us (mostly millennials) want to start their own business with a very little amount of investment that they usually take out of their savings. Most of them are first-time entrepreneurs and starting a business with no prior experience is usually a challenging task for people. They become way too concerned about losing the money they are investing as there is always the risk of failure involved.
Well, living in the 21st century, things have become a lot easier than they were ever before. With the help of today’s technology, you can work on a variety of budget-friendly business ideas that may require little to no investment.
So, if you’re also an aspiring entrepreneur looking for some low investment tips to start a business, you have made it to the right article. Here we have rounded up the 7 best low-cost startup ideas.
If you are looking for one of the simplest and easiest business ideas that you can start today, you should consider starting a dropshipping business. In this business model, you serve as a vendor for a third-party manufacturer or service provider.
Here’s how it works: The customer pays the retail price you have set on your website or any other online platform. On the other hand, you’ll only pay the suppliers’ wholesale price, which means the rest is going to be your profit. The best part about handling a dropshipping online store is that you’ll never have to deal with inventory or invest in it.
Start Selling Cell Phone Accessories
No matter which cell phone they own, people will always need accessories to enhance the experience of their devices. You can also consider investing in the accessories business. It is among the most popular low-cost business ideas.
There are many different types of phone accessories available these days. Try to stock the most commonly used ones like adapters, data cables, earphones, wireless hands-free, screen protectors, and covers. To market your products online, you can use social media platforms like Facebook and Instagram. Online marketplaces like eBay and OfferUp these days allow you to post classified ads to sell your products and services.
Start Selling Print-on-demand T-Shirts and Accessories
Designing and Selling on-Demand-Print T-Shirts is among the most popular low-cost start-up ideas these days. It is also based on a dropshipping business model. You can come up with innovative and contemporary t-shirt art and designs and sell them to a third-party supplier by keeping your profit margin.
You can do a lot more with this business. You can even customize and make phone covers, mugs, keychains, hoodies, skirts, and a whole lot more. You can also put up your projects and portfolio on platforms like 99Designs, Fiverr, and Upwork to expand your network and get more work.
Coworking Office Space
The demand for jobs based on freelancing and remote working is on the rise. This means people would be needing more coworking office space. How about you provide them one. Yes, it is also one of the most successful low-cost investment ideas in today’s world.
Try to set up a coworking space in a centrally located area, which is easily accessible by different locations. Also, get it equipped with all the necessary features like high-speed Wi-Fi, workstations, common and recreational areas, a cafeteria, meeting, and conference rooms.
Don’t Forget to Read: Startup Checklist: Are You Ready To Start A Business?
Start Online Courses or Become an Online Coach
If you are an expert in a specific field, you can use your skills to earn money online. It would hardly take any investment for you to create and share educational content in the form of documents, videos, or any other available formats. It is one of the best low-cost startup ideas.
Choose famous platforms like Udemy, if you want to post and sell the content to reach more audience. The platform charges you no fee to create and host a course. It means you can publish an unlimited number of free and paid courses on Udemy.
You can also create a YouTube channel to teach skills to your intended audience. Such platforms help you broadcast and push your content. YouTube has easy-to-understand monetization policies that’ll allow you to earn money by getting views and subscriptions.
Along with educating people about the skills you’re good at in the form of free video content, you can also become an online coach and charge clients to attend training and coaching sessions on Skype and other video conferencing platforms once you have gained enough audience.
People always like reading content online about the things they are fond of. They want to keep themselves updated with the latest news. This is why blogging has become extremely popular in today’s world.
You can create a blog with little to no investment. There are many free templates available that can be easily tweaked to suit your blog’s niche and requirements. All you need is basic computer knowledge to post your blogs on the internet. All this convenience makes blogging one of the best budget-friendly business ideas that’ll help you earn some money.
Once you have enough visitors and followers of your blog, you can also post promoted content that is relevant to your blog’s niche. You can also add Google ads and affiliate marketing links to make money from your blog.
Key Takeaway: It could take around six months to a year or maybe even more for your blog to start generating a steady stream of income if you are working dedicatedly and posting regularly to maintain the audience on your blog.
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Become an Affiliate Marketer
If you’re an influencer, you can easily join an affiliate marketing program. There are many online stores that offer affiliate marketing opportunities to market their products from different sources on the internet. By doing so, you can earn some good commissions.
All you need is to get the product affiliate link from the business that wants you to advertise their products. The business model is very simple, on every purchase that is made via your posted link, you earn a commission and it will cost you no money at all, which is why we have included it in our list of the best low-cost startup ideas. You can share these links in the description of your YouTube videos, Instagram stories, blogs, or any other type of content you post online.
There you have it — a detailed round-up of the 7 Best low-cost startup ideas.
We hope the information we have given you in this article will help you start off with your very first entrepreneurial venture on the right foot.