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Small Business With Low Investment
Contrary to popular belief, there are actually many ways to start a business that allow you to focus less on logistics and startup costs and more on getting started.
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These low-investment business ideas make a great entry point for beginners, bootstrappers, or anyone with a busy schedule, allowing you to take on a side business without having to abandon everything else.
You still need to come up with a solid idea, build a brand, put effort into marketing, and provide excellent customer service. But you can skip many traditional startup costs, such as initial inventory, warehousing, and retail space.
To think of emerging business ideas with low investment that you can start today, you need to assess your strengths, skills, assets and financial scenario. Once you understand these, you will have a foundation with which you can evaluate the business models that work for you. Let’s start by understanding a useful framework that will keep your business investments low.
Think about what makes a business idea a little investment. What are the ways in which companies can reduce their costs today? Some of the ways are discussed below:
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Buy stock, store, pick, pack, ship. Inventory management can be a big undertaking when you’re running a business, not to mention the expense. You can significantly reduce your investments and operating expenses by eliminating the hassles of inventory altogether with third-party fulfillment models such as dropshipping.
As opposed to products, which require development, manufacturing, sourcing, procurement, transportation, etc., services are large businesses with lower overhead and operating costs. Essentially, you would be selling a skill or knowledge multiplied by time. Therefore, depending on the service you choose, you will have more opportunities to reduce your initial investment and current expenses.
Products and assets that are entirely in the digital realm are a special case, where once created, they can be replicated an infinite number of times in copies without any additional expense. This means that your marginal cost of scale is effectively zero. And the cost of production is limited to your computer and the tools you can use to create the digital product.
If you already spend time doing something as a hobby or a passion, and if there is a market for the things you do/create, you can turn it into a business without too much additional effort or investment.
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The success of any business ultimately depends on reaching its consumers and making sales. Therefore, marketing is quite a significant expense. Targeting emerging niches is a great way to reduce your marketing investment, as your potential customers will be easier to reach and convert online, even if your market size is limited by the niche.
You can use more than one of the above methods to keep your investments low. For example, if you choose online teaching as a low-investment business idea, you will create and sell digital assets while turning a hobby into a business and exploring an emerging niche in the subject you teach.
Also, note that the companies discussed in this article exclude the less active options of earning money on the side that can be considered as opportunities to earn passive income – for example, renting your property. You can check out our blog on the basics of passive income to learn more about how you can make money even while you sleep.
Dropshipping is a fulfillment model where a third-party supplier stores and ships inventory to customers on your behalf. Just make the sale and pass orders to your supplier; you don’t need to handle the products yourself.
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Therefore, dropshipping is the very definition of selling without keeping inventory – the way to make almost any business that sells physical products to consumers, a business with relatively little investment.
To lower your investments further, you can curate products from one or more suppliers in your own online store under a theme that focuses on a specific emerging niche, such as equipment for yoga enthusiasts or bowls water for dog owners. When a customer buys a product from you, the order is sent to your supplier who fulfills it on your behalf. However, you are still responsible for your own marketing and customer service.
There are local and overseas suppliers you can work with as long as you can establish a relationship with them based on trust – an unreliable supplier will reflect poorly on your brand.
Dropshipping is a low investment way to test product market fit and launch a business before investing in your original products. Just make sure you always order a sample for yourself to make sure that your supplier is reliable and that the quality of the products is suitable to sell to your customers.
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Another dropshipping model, print-on-demand puts inventory, shipping and fulfillment in the hands of a third-party supplier. But unlike the dropshipping idea above, the focus here is on customizing these products with your designs to create something original. If you have an eye for creative graphics and aesthetics, you can easily exploit this in a profitable business.
T-shirts, hats, phone cases, hoodies, skirts, tote bags, and more become canvases for your creativity. For example, if you can think of clever slogans for developers or references that resonate with cat owners – if there is passion and pride in a community, there is a potential t-shirt business you can start. This should also help reduce your marketing costs by a notch.
Even if you are not a designer, you can find a designer to work with on freelance sites like Fiverr, Upwork, Freelancer, Toptal or even LinkedIn.
With many print-on-demand services, you pay per product, so the base price per unit will be more expensive than if you were to order in bulk. But the advantage is that if a certain design doesn’t sell, you don’t actually pay for the item (only the design if you outsourced it).
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If it’s a print-on-demand t-shirt business you want to explore, you can also use t-shirt templates so you don’t have to spend money on a full photo shoot for each new design.
There are a variety of print-on-demand platforms like Printrove and Owlprints that you can work with, many of which can be integrated with your store for seamless order fulfillment. However, be sure to always order a sample of your product (often offered at a discount) to make sure your custom products look good.
Personalized gifts have their merits as a business idea. You can find your niche and have many opportunities to boost your sales. The personalized gift idea is exclusive because it helps people celebrate important dates and convey close affection. As an emerging niche, where you have many small players. However, as mentioned before, you can find your forte in different niches in two broad categories:
You can differentiate your business by offering specialty items and customizable packaging. Personalized gifts can provide a viable business option for those with creativity and tenacity.
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Confetti Gifts is one such business that has curated a unique collection of gifts for all occasions. You can choose and make your own gift box if needed or you can buy their creative gift ideas.
Digital products such as music, courses, ebooks and templates are unique in this list of ideas. Unlike others, they are not tangible products. As a result, there are no recurring manufacturing or shipping costs to worry about so your margins stay high.
The trick is to understand what makes for a good digital product. The answers range from original instrumental beats to stock photos that can be licensed to other creators, to information products and templates that help people level their skills in a particular field.
Even books – cookbooks, picture books, comic books, poetry books, photo books, coffee table books and novels – if you have the knowledge or creativity, there are a variety of original books that you can bring to the market. Launching your own book can be a great way to monetize a blog if you have one or are looking to start one.
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You can consider pre-sale or crowdfunding your book idea to ensure that there is demand, and guarantee a certain number of customers for a mass order. Check out the different crowdfunding platforms available.
If you’re artistically inclined or know your way around a camera, you can dropship using a print-on-demand business model to let others physically own a piece of your work. Just make sure you have the rights to the content you want to print, unless you’re using public domain assets that you can freely monetize.
If you already have an engaged online following, say you’re a cartoonist or an urban photographer, you’re in a particularly good position to test this business idea.
If you have a talent that can be transformed into a digital product, you can think about packaging it in a new income stream.
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