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Best Business To Start 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 upfront costs and more on getting started.
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These low-investment business ideas are a great starting point for beginners, bootstrappers, or anyone with a busy schedule, allowing you to start a side business without abandoning everything else.
You still need to come up with a solid idea, build a brand, put in the effort in marketing and provide excellent customer service. But you can bypass many of the traditional startup costs, such as initial inventory, warehousing, and retail space.
To think of new low investment business ideas that you can start today, you need to assess your strengths, skills, assets and financial scenario. Once you figure these out, you’ll have a basis from which to evaluate the business models that are right for you. Let’s start by understanding a useful system that reduces the investment of your business.
Think about what makes a business idea a low investment idea. What are some ways companies can cut costs today? Some of the types are discussed below:
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Buy inventory, store, pick, pack, ship. When running a business, inventory management can be a big commitment, not to mention an expense. You can significantly reduce your investment and operating expenses by completely eliminating inventory issues by using third-party fulfillment models such as dropshipping.
Unlike products that require development, manufacturing, shipping, storage, delivery, etc., services are large businesses with lower overhead and operating costs. Basically, you would be selling skills or knowledge multiplied by time. Therefore, depending on the service you choose, you will have a better chance of reducing your initial investment and operating expenses.
Products and assets that reside entirely in the digital realm are a special case where, once created, they can be replicated an infinite number of times at no additional cost. This means that your marginal cost of scaling 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 devote time to something as a hobby or passion, and if there is a market for what you do/create, you can turn it into a business without too much extra effort or investment.
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The success of any business ultimately depends on reaching its consumers and making sales. So marketing is a pretty significant spend. Targeting new niches is a great way to reduce your marketing investment because your potential customers will be easier to reach and convert online, even if your market size is limited by your niche.
You can use several of the above methods to keep your investment low. For example, if you choose online learning as a low-investment business idea, you will create and sell digital assets while turning your hobby into a business and exploring a new niche in the subject you teach.
Also note that the companies discussed in this article exclude less active ways to make money that can be considered passive income opportunities, such as renting out your property. You can check out our blog on Passive Income Basics to learn more about how to make money while you sleep.
Dropshipping is a fulfillment model where a third-party supplier stores and ships inventory to customers on your behalf. You just need to make sales and transfer orders to your supplier; you don’t have to handle the products yourself.
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That’s why dropshipping is the very definition of selling without holding inventory, a way to make almost any business that sells physical products to consumers a relatively low-investment business.
To reduce your investment even further, you can create products from one or more suppliers in your online store according to a theme that targets a specific new niche, such as accessories for yoga enthusiasts or water bowls for dog owners. When a customer purchases an item 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 both domestic and overseas suppliers that you can work with as long as you can build a relationship of trust with them – an unreliable supplier will reflect poorly on your brand.
Dropshipping is a low investment way to test product market fit and start a business before investing in your original products. Always be sure to order a sample for yourself to ensure that your supplier is reliable and that the quality of the products is suitable for sale to your customers.
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Another delivery model, print-on-demand, puts inventory, delivery and fulfillment in the hands of a third-party supplier. But unlike the above dropshipping idea, the focus here is on customizing these products with your own design to create something original. If you have creative graphics and aesthetics, you can easily turn it into a profitable business.
T-shirts, hats, phone cases, hoodies, skirts, bags and more become canvases for your creativity. For example, if you can come up with witty slogans for developers or hashtags that resonate with cat owners – if there’s passion and pride in the community, there’s a potential t-shirt business you can start. It would also help reduce marketing costs by targeting a niche.
Even if you’re not a designer, you can find a designer to work with through 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 order in bulk. But the advantage is that if a particular design doesn’t sell, you haven’t actually paid for the item yet (only the design if you outsourced it).
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If you want to explore the on-demand t-shirt printing business, you can even use t-shirt mockup 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 into 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 use it multiple times to increase your sales. The idea of a customized gift is exclusive as it helps people celebrate important dates and expresses close affection. As an emerging niche with several small players. However, as mentioned above, you can find your strengths in different niches in two broad categories:
You can differentiate your business by offering specialty items and customizable packaging. Custom gifts can provide a viable business opportunity for those with creativity and tenacity.
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Confetti Gifts is one such company that has created a unique collection of gifts for all occasions. If desired, you can choose and make your own gift box or purchase their creative gift ideas.
Digital products such as music, courses, e-books and templates are unique to this list of ideas. Unlike others, they are not tangible products. As a result, there is no need to worry about recurring manufacturing or shipping costs, so profit margins remain high.
The trick is figuring out what makes a good digital product. The answers range from original instrumental beats to stock photos that can be licensed to other content creators to information products and templates that help people improve their skills in a specific area.
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 you can market. Launching your own book can be a great way to monetize your blog if you have one or want to start one.
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You might consider pre-selling or crowdfunding your book idea to ensure demand and guarantee a certain number of customers for a bulk order. Check out the several crowdfunding platforms available.
If you’re artistically inclined or know your way around a camera, you can use the print-on-demand business model to let others physically own your work. Make sure you own the rights to the content you want to print, unless you’re using public domain assets that you’re free to monetize.
If you already have an engaged online following, such as if you’re a cartoonist or urban photographer, you’re in a particularly good position to try this business idea.
If you have a talent that can be turned into a digital product, you can think about packaging it into a new income stream.
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