If you’re tired of hustling for someone else, starting your own business is one way to go. This article covers some of the best businesses to start with low investment.
Have you been working a corporate gig for a chunk of your life, but find that it doesn’t completely satisfy you? Have you always thought you had the skills to start a business?
This is the most important part of the process, and in essence, is the process itself. After all, determining what type of business you want to run will have an impact on the rest of the process.
With this in mind, you might want to think about the following when making this critical decision:
Thinking about your existing abilities, talents, and hobbies is a terrific method to start generating business ideas. If you're a talented seamstress, for example, you may start a sewing business or make and sell your own clothing.
Unfortunately, not every ability or expertise can be turned into a viable company concept. For example, you may be a fantastic soccer player, but starting a business as a soccer coach may not be realistic.
In addition to your skills, you also need to figure out other logistics for your business. In the beginning, it's important to devise a business plan that not only utilizes your skills, but also allows you to work from home.
If you're a talented cook, you might be able to establish a business working as a private chef, assign working hours based on the job, all while you’re working from home. However, starting a catering business from home may be challenging (especially considering the rules and regulations).
After you've completed this exercise and have a preliminary idea for a home-based business, you'll want to make sure it's worthwhile to invest in. You'll need to accomplish a few things to complete this assessment, mainly market research. To start a business, one needs to know if there is a market for it.
It is no secret that businesses need quite an investment. Market research is the foundation of any successful business concept. Expanding your skills into a small business of your own is probably the best move to stop hustling for the “man” and start working for yourself.
Consider the following questions as you evaluate the market:
Conduct market research to determine that there is a market for your product or service. You should also think about who your business rivals are, what value your proposition holds, and who your target audience is during this process.
Before you go ahead and pursue any particular idea, consider how much it would cost to establish this type of business from home and what sort of attention you can garner. Understanding your market will help you understand the process or the methods you need to undertake for setting up your business.
Once you accomplish this, it’s time to come up with a game plan.
Once you’ve figured out your niche or your area of operations, formulate a business plan.
Your business plan should include all the information you require to run your company from home. Although there are various approaches to drafting a business plan, you should include the following in your plan:
You'll need to choose a business entity type to define your business structure, in addition to deciding on a name. The type of business entity you select for your home business will have an impact on how your company is taxed, the legal recourse, risk and regulations, and whether you need to register your company with the state. You might want to consult an attorney or a legal agency online, specializing in the field, to be sure you're picking the correct entity type for your specific business.
And once you have covered all your legal bases, it is time to register your home business.
While these are a few ways to go about starting your small business, Hoist has a few recommendations of businesses you can delve into.
If you own a physical store, you may adapt and expand your reach by selling online without significantly increasing your operating costs.
Create an eCommerce website to sell products online, take payments online, and keep track of all orders.
Purchase inventory, store it, select it, pack it, and ship it. When you're running a business, inventory management may be a major commitment.
This is why your best option is drop-shipping. Drop-shipping is a fulfillment approach wherein a third-party provider stores and sends merchandise on your behalf to clients. You only have to make sales and send orders to your supplier; you do not have to handle the products yourself. You can create your own online store by combining products from one or more vendors into a theme that focuses on a specific niche, such as yoga gear or dog water bowls.
When a customer places an order with you, the order is sent to your supplier, who then fulfills it on your behalf. You, on the other hand, are responsible just for your marketing and customer service - easily doable with a laptop and nominal costs.
On this list of concepts, digital products such as music, courses, and templates are unique. They aren't tangible products, unlike the others. Because you won't have to worry about recurrent manufacturing or transportation costs, your profit margins will stay high.
The challenge is determining what makes a good digital product. What is valuable enough for people to pay money and/or download?
Original musical beats, stock photographs that can be licensed to other artists, and information goods and templates that help people improve their skills in a specific sector are among the answers.
If you have a skill that can be turned into a digital product, consider packaging it into a new revenue stream.
If you're artistically inclined or know your way around a camera, you can convert your art into merchandise. You may drop-ship using a print-on-demand business model to allow others to possess a piece of your work.
If you're a cartoonist or an urban photographer with a large internet following, you're in a particularly strong position to test out this business concept. You can turn your work into posters, framed wall art, or even greeting cards, depending on the printer you deal with.
Unless you're using public domain assets that you can freely market, make sure you have the rights to the content you wish to print.
You're in a unique position to locate an internet business concept if you're a maker—whether it’s soap, candles, sauces, or pottery—because product development and procurement are literally in your hands.
You will need to consider shipping and inventory management, unlike many of the other ideas on this list, but you may start small on a per-order basis or with a small batch until you start making consistent sales.
Many Shopify makers began with a part-time home-based business, selling on Etsy or to friends and family, and then grew into full-time business owners after establishing a demand for their items. Just be aware of any rules that apply to your product category.
Starting a painting side gig may not be the first thing that comes to mind when thinking of easy side businesses, but it's as simple as it gets!
That's because, while painting is always in demand, for the business-minded, it's a mostly untapped sector. This business is simple to establish, and the capital and equipment requirements are minimal when compared to most other businesses. Marketing or having a social media handle is completely optional, but if you do decide to do so, it's a simple process.
Smaller projects, such as house painting or interior painting, can help you establish a reputation, a clientele, and some cash before transitioning to a commercial business.
The range and type of painting work that is available are vast and will keep your business active. From interior paint projects for residences to exterior paint works for commercial complexes like office spaces and restaurants, the range and type of painting work is varied, and will keep your business busy.
If you want to pursue it full-time, all you need is a reliable partner to get you started, and soon you will be raking in higher profit margins. At Hoist, we offer all that you need to run your business, from training to marketing materials, at just $8K a year. Plus, we’ll help you launch your business in just 30 days.
By partnering with Hoist, you can get up to USD 10,000 in equity-free contributions, which will be delivered as you reach key business milestones. Gain access to high-quality coaching and training to guarantee you get off to a good start in your business. We also get you negotiated rates with vendors and services, lowering costs in ways that would be impossible to do on your own.
In the age of social media, it has become increasingly easy to reach a larger audience in a short period. While it is easy to keep creating content, one has to be prepared to maneuver the algorithm to actually reach a large audience.
You have several options for monetizing your audience, whether you choose to increase your following on YouTube, Instagram, or a blog (preferably a combination of channels):
When it comes to beginning a business, putting your audience first implies you're in for the long haul (it could take months to figure it out).
Do you enjoy baking and cooking? In that case, this is one of the most cost-effective company ideas for you!
You could create a menu for your cloud kitchen/bakery, put up an online store, and have your food delivered or picked up by your friends and family, or other low-cost intra-city delivery options.
Plus, you can choose how much business you want to do or how many orders you want to handle each day, you could even recruit people as you expand.
Transferring to an online model for consultancy services gives the possibility to access a worldwide consumer base, much as shifting brick-and-mortar storefronts online helps entrepreneurs to reach greater audiences.
After you've successfully launched your online store, you can assist others in doing so as well. To share best practices and advice with other business owners, build and create websites or sell online courses, tutorials, and coaching sessions.
Do you have a job in the digital marketing field? Professionals, such as paid marketing specialists or SEO experts, can offer remote consultations using systems like Zoom, which are easy to integrate with Wix.
Begin by creating a website for clients to schedule and manage their appointments.
Marketing, like any other business, is the key to success. It's not enough to know that your items are in demand; you also need to figure out how to reach the people who are most inclined to purchase them. You must attract the ideal customers to your website.
Fortunately, when you're catering to a specific demographic or identity, marketing becomes a lot easier (e.g. vegans, board game lovers, photographers in your city). You may create social media material that appeals to these folks, or you can run advertising that is tailored to their preferences. Taking this method also helps you create a consistent brand identity and image.
If you price your things too low, customers may assume they're of poor quality. If you price things too high, you may lose some clients due to a steep price point. In any event, especially if you want to pay for ads and similar marketing tools, you'll need to locate a sweet spot that allows you to figure out the cost of acquiring clients and give discounts.
You may not be delivering your products but you still need to cover the expense of shipping. Think about your shipping costs and how they will vary depending on which countries you wish to cover.
The desire for perfection can be one of the most difficult obstacles to overcome when starting a business. It's important to remember that nothing is set in stone.
Products can be readily swapped in and out (particularly if you don't have any stock). It is possible to redesign your store. You have the ability to change your prices. You have the option of switching to a better supplier. And you can back up all of these selections with the data readily available to you (traffic, how much time people are spending on your site, reviews, abandoned carts, etc.)
Before you throw in the towel because your plan isn't working out, consider how you can pivot. If you try a different product or technique, you can always rescue some components of your business. The brand you work so hard to build, as well as the followers you gain on social media and in your email list, can be repurposed for your next business venture.
If you want to start a small business, you must first start with yourself. What do you excel at? What is your ultimate objective? Is it possible to make money from your interests or skills?
Once you've decided on a niche, work on building your talents and reputation, showcasing them in your portfolio, and reaching out to clients.
You can start your own low-cost side gig with just basic equipment, laying the groundwork for a future, more lucrative income source. If you ever want to extend your side business now that you've acquired a few ideas, Hoist is your reliable partner for the job.
Starting a side business with little investment and eventually making your side business a full-time career that can help you reach holistic growth is the employment trend of the future!
Are you a painter? Grow your business with Hoist. We’re the sales tool for winning more jobs in less time.
