Passion, abilities, strategic thinking – and time – all come together to create the best small business ideas. It might have seemed like a good idea to launch that swanky Crossfit microbrewery last year. But the case is totally opposite when we look at 2020.
As more firms go online, the landscape is fast shifting. In fact, COVID-19 and social alienation hastened the growth of online buying by 4-6 years. As a result, many of the small business ideas in this article are low-cost and easy to start.
To find out which low-cost business concept will work best for you, keep reading until you hit the conclusion!
Create a Money-Making Blog
You’re most likely selling one of three things when you establish a low-cost online business:
- It’s now or never (coaching or consulting).
- Your own creations (ecommerce or SaaS).
- Products created by others (affiliate marketing or ads).
You may sell all of these from one website and earn the most money out of any low-cost internet business idea with a blog. To begin, you must ignore popular blogging advice and learn to blog as a business from the beginning.
Many successful bloggers’ advice is to “write about your passions” so that you may generate a reasonable side income in a few years (they all started 5-10 years ago, mind you). Blogging is our top option for a low-risk, high-reward business opportunity. It’s a terrific concept, even if you work full-time from home because it has a low barrier to entry and large returns.
Coaching and Online Courses
Online course platforms have made it easier to share your skills or expertise. You may turn your expertise or passion into a large income if you are a subject matter expert or passionate about something.
Offer students online coaching programmes and create a community to support you as you grow your online coaching business. You can reach out to folks looking for online coaching classes by creating a Facebook page or even a podcast. All of these coaching and training-based business models can be carried out at a minimal cost and from the comfort of one’s own home.
There are also various online services that can help you get started quickly, like Thinkific and Teachable. You can sign up for these sites and begin coaching immediately.
Start an E-Commerce Company
Retailers are moving online faster than ever before, thanks to COVID’s e-commerce acceleration of 4-6 years. You can go one of three ways with eCommerce: Amazon FBA, dropshipping, or fully manufacturing your own things and selling them on your own website.
Dropshipping is a wonderful alternative for novices because you don’t have to fulfil or ship orders yourself. And you don’t need to have a physical business. Dropshipping is a method of distributing products from wholesalers to online merchants, with the dropshipping suppliers handling all of the shipments. The merchant only needs to create online orders and submit the wholesaler delivery information.
You can also cooperate with a reputable sourcing firm, such as Matchsourcing, to find the greatest goods for your eCommerce store.
It’s easy to sell items over the internet if you do the following:
- Select an eCommerce platform.
- Product information can be uploaded or added to your store.
- Design your web pages using a theme you’ve chosen.
- Set up the tax and shipping settings.
- Check the functionality of your shopping cart and perform final quality assurance checks.
- Get your eCommerce site up and running.
- Start a company (it’s truly that easy).
Begin a Podcast
The popularity of podcasting is skyrocketing. Only 22% of adults in the United States listened to podcasts in 2006. That percentage has already risen to almost 75%. You can also make a lot of money. Take, for example, Joe Rogan, who was paid $100 million to shift his programme to Spotify exclusively.
So, how do you get started with your company?
The first step is to create a schedule for your podcast episodes and get the necessary software and equipment. The following step is to create an account with a podcast hosting service. A podcast host stores and distributes your audio files to major podcast networks like iTunes, Stitcher, TuneIn, Spotify, and others.
There are many guides to podcast hosting. You can learn about all of the equipment you’ll need to get started as well as the finest podcast hosts. To begin, sign up for Buzzsprout and receive a free $20 Amazon gift card.
Sell Custom Printed Products.
Create a brand and sell bespoke products such as T-shirts, mugs, stickers, bags, and more through ecommerce. There are numerous websites that will handle the logistics for you. You can even work with the best custom glass bottle manufacturer and begin selling glass products.
To be successful in a custom printed product business, you’ll need great designs, a strong brand, and strong marketing skills.
Companies are constantly on the search for graphic designers to assist them in developing their brand image. The possibilities are endless, from creating marketing collateral such as banners, posters, and logos to creating landing pages and websites.
To start your own business, you can offer your design skills to small business owners or individuals. Graphic designers might also look for employment on freelance platforms like Flexjobs.
Getting new clients should be pretty simple if you have past experience in this sector. However, with so many online courses and tutorials available, learning the fundamentals of graphic design from scratch is equally straightforward.
Over 4 billion people use the internet, and six out of ten small businesses have a website. Front-end web development is a valuable skill to have in order to meet the increasing demand for new website launches.
To hone your talents, start by creating websites for your friends and family. While several website builders exist to assist small businesses in creating their own websites, developers are required for more specific work (and new businesses are always looking for efficient coders at cost-effective prices).
Even with a cheap initial cost, many of the small business ideas listed above can help you earn a reasonable income. Finally, we advocate starting an internet business such as a blog, ecommerce store, or consulting service, as these are less vulnerable to market shifts such as Covid-19.
It’s your turn now!