Once upon a time, starting your own business felt like a fantasy, but given today’s technology, starting a business no longer feels impossible. Those who aspire to pursue entrepreneurship can do so without a big investment. Now, anyone with spare time, a hardworking attitude, and persistence can start their own business.
Starting and succeeding at a new venture is all about planning and strategizing. Start with a solid business plan, research the target audience, develop a sound marketing and promotion strategy, and keep immaculate financial records.
Interestingly, there are many micro and small business ventures that do not require a lot of capital. To get you started, we’ve detailed 6 business ideas that need a small budget and your utmost dedication. For those who wish to chase their entrepreneurial passion, read on for some low-cost businesses.
1. Handcrafted Goods Gift Shop
The ability to craft and create handmade products is a unique talent, so why not turn that hobby into a side business?! Whether its jewelry, accessories, keychains, greeting cards, t-shirts, or other exclusive goods – you can easily commercialize them for a pretty penny!
What is more, you can start working from home righ away! You only need to spend a minimal amount on material, and that’s it! Work anywhere you want at any time. You can set up a shop on etsy.com or use social media for marketing your products.
Many small companies are already using social media to drive sales. You can initially start small, but when you have established a consistent demand for your handmade goods, you can scale up your business.
2. Online Tutoring & Courses
If you enjoy teaching and have a certification that authorizes you to teach, then you can easily set up an online tutoring service. The concept behind this is simple, if you have extensive knowledge on a topic or subject, then why not extend your services to help others expand their knowledge.
You can offer virtual classes through Skype or Zoom, or upload videos onto a portal for learners to access as and when they require. In addition, you can create slides, e-Books, instructional packets, and guides to help enrich their lives. People who love to learn new things will come flocking to benefit from your services and spread the good word about your courses. It’s a win-win situation.
3. Freelance Writing
The demand for high-quality content is never-ending. Content has become a constant in the age of internet and digital marketing. There is no limit to the amount of content we consume daily, which creates an excellent opportunity for content writers and bloggers to earn a pretty penny using their writing skills.
If you’ve got a talent for crafting impressive content, excellent research skills, and expertise in a subject niche, then you can set up your own freelance content writing business in no time! You can write reviews, blog posts, articles, information guides, and more for national and international clients.
You can even grow your business with minimal cost by hiring other content writers. Simply create an account on online freelancing platforms like Fiver, Elance, and Odesk, etc. and start bidding for projects!
4. Pet Sitting
Who doesn’t enjoy spending time and looking after pets? If you’ve got unconditional love for pets, then you can easily begin your business by offering your services to neighbors, friends, and colleagues near you. It requires little to no investment, just a large space of your own with an optional backyard where you can walk and play with the pets you’re watching over.
5. Social Media Management
The business world has become enormously digitized to serve the need of online consumers. This has called for more individuals with a talent for handling digital technology. To dip into the pool of online consumers and to garner a positive online presence, businesses require an expert with knowledge of social media management.
This is where you come in and can offer your services to clients. You can either start a social media consultancy or an agency with a team classified to deal with social media marketing and management for businesses. Business owners that don’t have the expertise or sources to come up with a strong social media strategy can reach out to you for your services.
You can suggest and determine the best practices based on their business bottom line and help them create content and drive engagement from their target audience. For instance, a carpet cleaning business that is working to build a positive online image will need assistance in implementing the right SEO for their social media pages.
You can suggest the appropriate keywords such as “carpet cleaning London” or “carpet cleaning Windsor” based on their store locations, so it is easier for prospects to find their services online. As a result, their follower count and sales will grow, giving you the advantage to expand your business as well.
6. Homemade Food Business
Individuals with a knack for cooking can start a small food business from the comfort of their homes. It’s a great way for people who love experimenting and exploring flavors to make an earning out of their passion.
You can decide your menu based on your target market and send out samples in your neighborhood with a price list attached to create some buzz about your start-up. The best part is, you can kick-start your business immediately with the ingredients and equipment you have on hand, so you don’t have to spend a lot on supplies. You can even collaborate with local retail shops to sell your homemade dishes to customers.
A great way to spread the word about your business and engage in self-promotion is through social media. Create a profile and post details about your recipes on the page. You can upload pictures of your mouthwatering creations regularly to keep followers drooling and looking forward to what’s next on your menu. Additionally, you can also share positive customer feedback and reviews on your social media pages so new followers can learn what others are saying about your brand.
Wrapping Up
If you want to start your own business in 2020, there are hundreds of ideas to choose from! With the repository of modern solutions at our disposal, it’s become much easier to market our services to an audience from the comfort of our homes. All you need is a business plan, patience, determination, and some management skills to kick off your entrepreneurial journey.
