Are you planning to start a small business?
It costs around $3,000 to start a microbusiness. If you want a home-based franchise, you’ll spend between $2,000 and $5,000. However, not all small business ideas are immensely profitable.
As an aspiring business owner, consider picking an easy and profitable venture. It ensures better returns while keeping risks at a minimum. If you have no idea where to start, continue reading below for low-cost business ideas:
1. Dropshipping
Dropshipping uses a fulfillment model, with a third-party supplier storing and shipping inventory to your customers. It’s one of the best small businesses due to its low overhead. It’s also hands-off while maintaining scalability.
You need not handle any products. Once you make sales, you can pass the orders on to your dropshipping supplier.
Dropshipping allows you to curate products from various suppliers into your online store. Choose a theme and focus on a specific niche. For example, you can sell yoga gear or dog bowls.
2. Sell Print-on-demand T-Shirts
Print-on-demand uses the same model as dropshipping. However, your primary focus is to deliver customized products. After all, you’re designing an original T-shirt to start a business.
Think of witty slogans or use references to resonate with specific groups of people. Even without designing experience, you can outsource freelancers from various sites.
Use a print-on-demand service to pay per product. It’s more expensive than bulk orders, but you only pay after making a sale.
3. Sell a Service
Unlike the business ventures above, selling services isn’t passive. Your inventory and primary investment is your time. Regardless, it’s easier to set up if you have skills related to fast-growing industries.
You can expand your services by making more revenue streams. Accomplish this by converting your services into physical or digital goods.
For example, if you’re a photographer, you can offer services at a local event. At the same time, sell some exclusive pictures in your Instagram account.
You can even open laundromats if you have enough funds.
4. Sell Handcrafted Goods
Do you like DIY? Whether it’s soaps, candles, or pottery, you can monetize your craft. However, you’ll need to learn shipping and inventory management.
Doing these seemingly complex tasks is manageable when starting small. Go for a per-order basis or small batches until you get consistent sales.
However, consider researching your products’ regulations to avoid untoward lawsuits in the future.
5. Pet Business
A pet business startup could either focus on selling products or services. You can sell custom pet accessories, food, and toys. At the same time, you can offer grooming services or pet training.
Learn More Small Business Ideas Now
These are some cheap but lucrative small business ideas. Never let a limited budget hold you back from earning profits. Use these to guide your choices toward a sustainable venture.
However, these ideas are only the start. Consider learning digital marketing strategies to build your brand and online presence.
Do you need more valuable guides? If so, read our other posts and learn more today.
