Starting a business is a great way to take control of your career and income – but initial start-up costs put many people off. After all, most people don’t have thousands to invest in a business – especially as the cost of living is so expensive right now.
However it is possible to start a business with only a small amount of revenue; you just need to start a certain kind of business. Here are five low cost ideas for entrepreneurs.
1. 4 Low Cost Business Ideas For Entrepreneurs: Dropshipping
One of the best ways to save money is by starting an online store, instead of spending rent on a physical store or warehouse. One excellent business idea that allows you to do this is dropshipping. Dropshipping is a fairly new business concept that allows the business owner to sell products online without ever actually storing them.
This is because the business owner accepts orders, and they then transfer the orders and postage details over to a manufacturer. The manufacturer then sends out the product, and the business owner takes a share of the profit. All the business owner needs to do is market and sell the products! This is a great way to run a low cost business, but it is very important to ensure you find a manufacturer who sells high quality products (and is reliable).
It is a very cheap business idea, as you won’t be spending anything on shipping or storage.
2. Setting Your Products On Your Own Online Store
If you are crafty you could consider making products (such as candles or jewellery) to sell on your own online store. You would need to invest in materials and a website, but you don’t need a store or a warehouse. It is also possible to buy bulk materials at a discount price, and owning a website has never been cheaper. For instance, you can set up a website on Squarespace for just £15 a month!
Once your website is set up and your products are ready, you can start to market your site. There are lots of ways to do this; for instance, you could use Google Ads to drive traffic to your page, or you could market your business on social media.
3. Online Coaching
If you have a specific skill you could consider starting an online coaching business. This skill doesn’t need to be English or Maths; there are lots of varied, desirable skills people want to learn! For instance, you could offer a course on career progression, or you could offer a course on building confidence. If you decide to do this, you can charge by the hour or for the full course; whatever suits you best.
4. Dog Sitting Or Walking
If you love dogs and the great outdoors, you could consider starting a dog sitting or walking business. There is a high demand for this role in many areas. After all, millions of people bought pets during lockdown, and now they are back at work and struggling to find the time to walk their furry friends!
If you decide to do this, you could market the business through local Google ads, or you could do a post on your local Facebook group to advertise your services. We do suggest setting up a social media page or website for your business, as this will add to your legitimacy.