10 Best Entrepreneur ideas for low budget
There are several options that make you concentrate less on logistics and upfront costs and more on getting started. These low-investment business ideas concepts provide a perfect entry point for newcomers or bootstrappers. You can bypass many traditional start-up costs such as initial inventory, storage, and retail space
10 Best Entrepreneur ideas for low budget:
Starting a business might seem like a mountain of a task. But the amount of time, money, and risk involved depends on the business ideas you're pursuing.
In reality, contrary to common opinion, there are several options to start a company that makes you concentrate less on logistics and upfront costs and more on getting started.
These low-investment business ideas concepts provide a perfect entry point for newcomers, bootstrappers, or someone with a busy life, enabling you to take up a side startup without needing to abandon anything else.
You will need to come up with a solid concept, develop a brand, make a marketing campaign, and offer outstanding customer support. But you can bypass many traditional start-up costs, such as initial inventory, storage and retail space.
Here are ten of these low-investment business ideas that you can start today.
- Partner with a Dropshipping
Buy your stock, store it, pick it, pack it, ship it. Managing inventory can be a huge commitment while you operate a company.
Dropshipping business idea is a model of fulfilment where a third party retailer stores and stores an inventory of ships to consumers on your behalf. All you need to do is make deals and send orders to your supplier; you don't need to manage the goods yourself.
You may curate items from one or more vendors through your own online shop under a theme that focuses on a particular market, such as supplies for yoga lovers or water bowls for dog owners. When a consumer orders a commodity from you, the request will be submitted to the provider and will deal with it on the behalf. However, you still have responsibility for your own marketing and customer service.
There are both local and overseas suppliers with whom you can work, as long as you can establish a trust-based relationship with them – an unreliable supplier will not reflect well on your brand.
Dropshipping is a low-investment business idea way to assess the fitness of the commodity industry and establish a company before you invest in your own initial goods. Only make sure that you often request a sample to make sure that the source is accurate and that the standard of the goods is appropriate for sale to the consumers.
- Design and sale of print-on-demand t-shirts
Another drop-on-demand model places inventory, shipping and fulfilment in the hands of a third-party supplier. However, unlike the dropshipping concept above, the emphasis here is on customising these items with your own designs to produce something unique.
T-shirts, jackets, phone covers, hoodies, dresses, tote bags, and more can become canvases for your imagination. You might dream up witty phrases for developers or references that appeal with pet owners — if there are enthusiasm and pride in the neighbourhood, there's a potential t-shirt company you might launch.
Even if you're not a designer, you can find a designer to work with freelance sites like Fiverr, Upwork, Dribble, or 99Designs.
For certain print-on-demand systems, you pay per package, so the standard price per unit would be more costly than if you were to buy in bulk. But the advantage is that if some t-shirt design doesn't sell, you haven't actually paid for the item yet (only the design if you outsourced it).
You can also use T-shirt mockup models so that you don't really need to waste money on a complete photoshoot on a new product.
There is a number of print-on-demand systems for which you can operate, all of which can be built into your Shopify store for smooth order fulfilment. However, be sure to always order a sample of your product (often offered at a discount) to make sure that your custom products look good.
- Launching your own book
A book is yet some kind of commodity when you think of it. And as such, you can create one that serves a particular market demand.
Cookbooks, colouring books, graphic books, poetry books, photo books, coffee table books, and novels — if you have expertise or imagination, there are a number of original books that you can add to the store.
Print-on-demand publishing is a relatively safe way to test the water and get started with self-publishing while giving you control over the quality and look of your book.
Lulu Xpress and Blurb are common sites for this purpose, enabling you to develop, order and sell your own books as digital and physical items.
Although you can purchase one book at a time, the cost automatically falls down when you buy it in bulk. You can consider pre-selling or crowdfunding your book idea to ensure that there is demand and to guarantee a certain number of customers for bulk orders.
Launching a book of your own may be a perfect way to monetize a blog whether you have one or are planning to launch one.
- Develop interactive goods or courses;
Online items such as songs, courses and models are unique in this list of concepts. They're not tangible products, unlike the others. There is no recurrent production or shipping expenses to think about, so the margins will stay large.
The trick is to figure out what makes a good digital product. What's useful enough for people to be willing to pay to download it?
The responses range from original instrumental beats to stock images that can be licenced to other makers, to information items and models that help people improve their talents in a specific area.
If you have a skill that can be translated into a digital commodity, you can dream of turning it into a different revenue source.
Shopify offers a free digital download app that allows you to offer digital products in your store as easily as physical products.
- Sell print-on-demand posters, greeting cards, and printouts.
If you are artistically inclined or know your way around a camera, you may drop off using a print-on-demand business model and encourage someone to physically own a piece of your work. Just be sure that you have the rights to the content that you want to print unless you use public domain assets that you can freely monetize.
If you already have a devoted web follow-up, say you're a cartoonist or an urban photographer, you're in a particularly strong place to pursue this business concept.
Depending with the printer you deal with, you will convert the deal into items such as posters or wall art, like greeting cards. There are a number of software models and mock-up generators like Place.it that you can use to view your items without needing to print each object and shoot your own images.
- Establish a charity enterprise
Starting a non-profit group is not the only direction you may follow to help fund a healthier future.
Having a mission to go along with a business, and putting aside some profit for a cause, gives social entrepreneurs a unique way to position their company on the market while addressing the issues most important to them.
In reality, 89 per cent of the customers surveyed said that they were willing to turn their business ideas to a new company of comparable goods and prices if they were affiliated with a good cause.
While several social companies sell their own initial goods, you can either take some of the entrepreneurial strategies above and collaborate with a non-profit organisation or conduct the social good with your own hands, as long as you are clear on how it functions.
As part of your marketing, you can share the impact your customers have by supporting your business, such as a blog post about your work in the community or a real-time impact calculator on your website.
The Give & Develop a Shopify app makes it simple to collaborate with charitable organizations and integrate your cause into your company. You may set things up for a donation of a certain sum or percentage of revenue, or ask the customers to include a donation at checkout.
- Selling a business
For service-based companies, "time" is your inventory and your greatest expenditure. Everything you have in the day is a finite supply of hours. However, that makes it easier to get up and running if you have the skills you need.
Authors, artists, engineers, photographers, house cleaners, personal coaches, and more will create a company around their talent.
They may also extend their company through some of the other ideas laid out above to build new revenue opportunities by "producing" their services via physical or digital products.
For example, a photographer may serve a local event when selling prints online from their Instagram account. A copywriter may market a copywriting swipe file with a high-volume sales copy. Coupling your service-based business with physical products can give you another source of income that isn't directly linked to your time.
You will use the BookThatApp or Book Shop Appointment software to make it convenient for customers to plan a talk, consult, or purchase class tickets from you through your store.
You may also sell your services in a freelance market, such as Upwork, to improve your odds of being spotted by people who need your skills.
- Build a fashion boutique online
If you enjoy fashion and express your sense of style online, you might start building your own online fashion boutique. You don't need to become a fashion designer either — you can simply curate items from other vendors to your own online store (using the drop-shipping model we discussed earlier).
From clothes, sneakers, swimwear, bags, and more, you can create your own fashion brand using one of Shopify's multiple product sourcing tools, model them in your own product images and social media messages, and create an online trend-setter.
- Selling handcrafted and homemade goods
If you're a manufacturer — whether you're DIY soap, candles, sauces, or pottery — you're in a unique place to find an online market concept because product creation and procurement is practically in your possession. Unlike all of the other concepts on this page, you will need to include packaging and inventory control, however, you may start with a basic per-order basis or with a small batch before you start making steady sales.
In fact, many of Shopify's makers have started a part-time home-based business, selling from their homes to Etsy or to friends and family, becoming full-time business owners after establishing a demand for their products.
Just be conscious of any regulations in your product category, particularly when customers feed, inhale, or put on their face.
- Grow an audience that you can monetize in many ways
In today's linked society, the opportunity to attract and hold the interest of others is an advantage. It is one that many companies are even willing to pay for, and one that many developers are able to turn to a multi-purpose income stream enterprise.
If you want to expand your follow-up on Twitter, Instagram, or a blog (ideally a mix of different channels), there are several ways to monetize your audience:
- Do endorsed articles on behalf of trademarks
- Become a participant
- Offer physical or interactive goods (through some of the ideas on this list)
A combination of the above (they are not mutually exclusive)
Having an audience-first approach to beginning a company implies you're playing a long game (it may be months before you've worked it out). But you don't require millions of followers to do that — Instagrammer Kat Gaskin, for example, pulled off a $10k product launch with just 3,000 followers.