Starting a business can appear to be a daunting task. However, the amount of time, money, and risk required vary depending on the type of company idea pursued.
Contrary to popular assumption, there are a variety of ways to establish a business that allows you to focus on getting started rather than logistics and upfront fees.
These low-cost business ideas are ideal for novices, bootstrappers, or anyone with a hectic schedule, as they allow you to start a side business without having to quit your day job.
You must still come up with a good idea, create a brand, market your business, and give exceptional customer service. Many traditional beginning expenditures, such as initial inventory, warehousing, and retail space, can be avoided.
Here are some low-cost business ideas for entrepreneurs you may start right now.
Discover the ideal business idea for entrepreneurs in our list of the greatest business ideas that can be turned into lucrative businesses quickly and for little or no money.
1. Partner with a Dropshipper
Dropshipping is a fulfillment approach in which a third-party provider stores and sends merchandise on your behalf to clients. You only have to make sales and send orders to your supplier; you do not have to handle the products yourself.
You can create your own online store by combining products from one or more vendors into a theme that focuses on a specific niche, such as yoga gear or dog water bowls. When a customer places an order with you, the order is sent to your supplier, who then fulfills it on your behalf. You are, however, still in charge of your own marketing and customer service.
You can work with both local and international suppliers as long as you can build a trusting relationship with them—an unreliable supplier will reflect poorly on your business.
Dropshipping is a low-cost method of determining product-market fit and launching a company before investing in your own original products. Just make sure to get a sample for yourself to ensure that your supplier is trustworthy and that the products are of sufficient quality to offer to your consumers.
2. Buy and sell on eBay
eBay is an online auction marketplace where you can buy and sell almost any new or used item you can think of. On eBay, skilled buyers and sellers have made and continue to make fortunes (check out the Red Paperclip story, it’s incredible).
Buying and selling on eBay is an art form; there are several bargains and undervalued things that you can locate, re-list effectively on the market, and profit from. You can even make a killing by purchasing from other sites (such as Alibaba) and reselling on eBay. Dropshipping on eBay, on the other hand, maybe a better option if you don’t have the means to buy inventory upfront. You won’t have to buy or keep stock.
3. Freelancer
A third of workers in the UK now work on a freelance or contractual basis
4. PARTY PLANNER
5. CONSULTANT
6. DOG WALKING
7. EBAY ASSISTANT
8. EDITORIAL SERVICES
9. EVENT PLANNING
10. EXPERT WITNESS SERVICE
11. FINANCIAL PLANNER
12. Trading Advisor
13. Language Translation
14. Data Analyst Consulting
15. Niche Website Owner
16. Social Media Consultant
17. Photography
18. EdTech Startup
19. Meal Delivery Services
20. Ethical Makeup
