Starting a business can be very exciting, yet overwhelming. To begin with, it’s not just about the idea, but making it happen the right way. There’s a lot of money, time, and risk involved in the process; so, you have to take care of everything including the idea, the approach, the execution, and everything in between.
Being your own boss might be the most compelling reason for many to enter the entrepreneurial ground, but lack of proper direction or enough funds can become a hindrance. In most cases, the reason behind a failing business venture is a lack of investment. Contrary to popular belief, there are many low-budget business ideas that you can use to start your business. Here’s a list of low-investment business ideas that are most likely to offer high profit.
Buying, storing, picking, packing, shipping, and what not – managing an inventory involves a lot of effort and risk while running a business. Dropshipping is one of the most successful business ideas that involve almost negligible investment. It’s a retail fulfilment method where you don’t need to have an inventory to open an online store. Instead, third-party suppliers like Sell2Earn, GlowRoad, and Meesho do it all on your behalf.
All you need to do is make the sales and pass the order to the supplier. Thereafter, the supplier will directly ship the product to the customer on your behalf. Since you don’t need to handle the products yourself, it saves you money, time, and efforts. Dropshipping model gives you the freedom to start your business with limited funds; and, you get to concentrate entirely on the marketing part and customer service. To make your business successful, you need to improve your store’s trustworthiness which is possible with a good order fulfilment strategy and listing quality products on your platform.
Online fashion boutique
Want to make the world a little more stylish while bringing in an income? Opening an online fashion boutique would be the best low-investment business for you. With people becoming more fashion-conscious, the global fashion industry is on a rise. So, listen to the fashion designer inside you and work towards living your entrepreneurial dream without making a huge investment. Once you’ve built your Shopify store, you can start shipping your clothes across India using NimbusPost, a prominent shipping aggregator platform that offers multiple channel integration for streamlined logistics services.
Post Covid-19, a shift of events in the eCommerce industry led to its sudden growth, which further led to the evolution of the logistics industry. Since starting a logistics business from the scratch might not go well with your low-investment plan, consider taking a franchise from a recognized courier company. It will not only cost you minimal investment, but you would also be able to get access to the company’s tech-enabled infrastructure for hassle-free deliveries.
Online kitchen or bakery
Are you fond of baking or cooking? Well, don’t showcase your talent just among your family and friends, and start an online kitchen or bakery. The online food business has grown to become one of the most profitable businesses in our country. All you need to do is decide a menu and set up an online store to let people get the food either picked up or delivered. You might initially want to promote your new food business on social media or partner with a shipment service provider, but the investment amount for all this is negligible in comparison to the ROI.
Everyone loves a well-decorated home, but not everyone has the eye for aesthetics and details. Plus, not everyone can afford expensive interior decoration services. Like every other trend in the market, home trends come and go too. If you’re passionate about interior decoration and love keeping up with the trends, start offering online consultation as a service. You can begin by offering consultation to your acquaintances on weekends or a part-time basis. Once it takes off well, you can enter the interior decoration business without having to worry about the budget.
Social media agency
No one can deny the importance of digital marketing these days. Owing to the cut-throat competition out there, most companies want to market their products and services digitally. An integral part of marketing, social media significantly improves a brand’s presence online and promotes its business as well. Running a social media agency can be a brilliant idea if you have a thorough knowledge of digital marketing, online branding, and what works best on different social media channels. Depending on your budget, you can hire some skilled professionals or might want to start on your own.
Online book store
Do you love collecting books? Well, it’s time you shared your love for reading with others too. Nowadays, physical bookstores aren’t as popular as earlier. However, you can start a business by setting up an online book store. You will need to segregate the books by genres and spread the news about your new venture through your social media handles. You could also consider opening an online book club and initiate book exchanges to meet the needs of the different people.
Become an influencer
As we live in a connected world, growing an audience online can help you monetize in multiple ways. Your ability to capture and keep everyone’s attention can be your asset if you want to become an influencer. Many businesses pay online content creators to promote their brand through their content. Depending on your interest, you can choose to grow your following on Instagram, YouTube, or any other channel, and start doing sponsored ads. Following are some of the most common ways to monetize your audience.
- Sponsored posts on behalf of brands
- Affiliate branding
- Selling products physical or digitally
Sell handcrafted and homemade goods
Interested in DIY stuff? Whether it’s handmade soaps, candles, artificial jewelry, knitted items, craft items, or something else, you need only a few bucks to start this kind of low-investment business. Other than some raw material and an online store, you’ll require shipment services to deliver the goods to your customers. You can consider NimbusPost, a trusted shipping aggregator that brings India’s top courier partners on a single platform to fulfil your shipping needs the easiest way.
Become a freelancer
Freelancers have the liberty to work from anywhere around the world. Depending on your interest, you could choose photography, writing, blogging, ghost-writing, yoga training, gym training, web designing, graphic designing, or just about anything else. These days, people are also looking for interesting part-time services like pet sitting, wedding coach, city guide, and many others. All you need to do is identify your skill and register yourself on freelance marketplaces to find work. You can also use your social media handles to promote your freelancing skills and get good work.
Tips to earn better than average
Starting a business brings great enthusiasm, but it’s equally important to not make it just about making money. Like most things in life, running a business needs patience. So, start selling a product or service at reasonably low prices; learn more about the industry and the needs of your customers, and increase the price gradually to make more profit.