True, many business ideas require substantial startup capital. And with the gruesome statistics, you don’t want to get into huge debt just to try to start a business.
Basic research will show you that not all startups require a lot of money. In fact, there are plenty of business ideas worth considering that won’t require you to plunge into debt.
In this article, we bring you a few great ideas with low investment costs.
Dropshipping is at the top of our list of low-investment business ideas and for a reason. It’s a very simple and successful model.
How does it work?
Dropshipping is a business model in which a store doesn’t actually keep stock. Instead, they partner with third-parties who prepare and ship orders directly to the customers. That means that you won’t be handling any of the items yourself even though you are the one selling them.
Find a supplier interested in partnering and that’s it. There is little to no investment and almost no risk at all because you don’t have to spend money on inventory upfront.
You purchase a product only after you’ve made the sale. This kind of business is usually run from home so you don’t need a warehouse or any other space.
If you’re a savvy writer with experience, you could start your own resume service business. Yes, it might sound a bit odd that in this day and age when there are so many CV templates online people still need help when writing their resume.
But many still do. And they are your potential clients. This business idea doesn’t require substantial startup capital. You need a solid website to showcase your skills and perhaps some paid advertisements.
Don’t forget about SEO though. Without quality content and search optimization, your website won’t be seen by many people.
Are you creative? Do you have extensive knowledge in an area? Or maybe an idea for a fantastic book? If you have both a great idea and decent writing skills, you can turn your knowledge into a source of income by writing books on your areas of expertise. For example, if you’re a blogger, you could write an extensive guide for new bloggers.
Some of the most popular ebook topics include money, businesses, self-help, spirituality, health, politics, etc. Fiction books such as comic books and novels are also popular.
It’s fairly easy to publish both fiction and non-fiction books through self-publishing on Amazon or similar platforms. You do everything by yourself: create a book, design the cover, and manage the distribution as well. There’s no investment but there is a potential for a decent profit.
Event planning is a very profitable industry. If you’re well-organized and detail-oriented, this just might be the right business idea for you. People hire event planners to plan their weddings, conferences, anniversaries, meetings, and many other events because they lack the time or the skills to handle it themselves.
As for investment costs, an event-planning startup can be low-cost provided you don’t rent an office but work from home. And if you’re running a one-person business, the cost is even lower. However, if you want to set up a competitive event-planning service, you will need a certain budget. But there are plenty of ways you can secure the funding for your business.
You also need a business plan so some research is required. Or you can hire an expert to create a business plan for you.
Start a Pet Business
According to the data, the pet industry is estimated to be worth about $99 billion. And this lucrative industry offers many ways to get involved, with more or less money, depending on what you choose to focus on.
Pet food, treats, vet care, pet walking, grooming, training, personalized pet products such as T-shirts, mugs, etc. If you choose to start a pet walking business, for example, the startup cost will be very low since it doesn’t require space or any equipment.
For a pet grooming service, some startup capital is required as you would need to rent a space, purchase equipment such as shears, clippers, tables, cleaning products, dryers, etc. Almost the entire startup capital goes towards equipment.
You also need to think about marketing but the cost of this depends on the method you choose. Needless to say, dog grooming skills are a must. The pet industry is filled with business opportunities so animal lovers might consider venturing into it.
As you can see, there are some very profitable low-investment business ideas anyone can try. If you want to dip your toe into entrepreneurship but without getting into debt, these ideas are certainly worth considering.
Michael has been working in marketing for almost a decade and has worked with a huge range of clients, which has made him knowledgeable on many different subjects. He has recently rediscovered a passion for writing and hopes to make it a daily habit. You can read more of Michael’s work at Qeedle.