Many people dream of starting a business and yet never do. Often, this is because they assume that the logistics will be too complicated and the costs too much. But starting a business need be neither complex nor costly. In fact, in some cases, zero capital is required at all. So whether you’re looking to replace your full-time job, set up a side gig, or see how far you can take a new hobby, these are seven of the best small business ideas you can start with minimal cash.
1. Dropshipping
Dropshipping is a retail strategy where a business doesn’t keep the product it sells in stock. Instead, when the seller receives an order, they pass on the details to a third party who fulfills it on their behalf. All the seller has to do is market the product and handle customer service. So, if you’re looking to start a business that requires minimal upfront capital and overhead, is highly flexible work, and is scalable, then dropshipping may be for you.
Tips on How to Run a Successful Dropshipping Business
Always order a sample: Your reputation is everything when running a dropshipping business. While you can’t actively partake in product control, you can test out the products you are selling for yourself. While this may increase your expenses slightly, it will pay off in the long run if your customers are happy with their purchases.
Pick a niche or theme: You can and likely should work with multiple brands while running a dropshipping business. However, establishing a particular niche regarding the kind of products you sell can be extremely helpful in terms of building a solid following. Simply put, the more specialized your brand, the more customers will identify certain products with your business. According to Shopify, you can build a sustainable source of income through dropshipping business if you take it seriously.
2. Freelance Consultant
If you’ve worked in an industry for years and have expertise and experience in a particular area, you might be able to pass your knowledge and get paid as a consultant. All you need is a computer, a website to showcase your portfolio, and the ability to network, although a LinkedIn profile and some business cards will also help.
Building a reputation as a consultant can take some time, and your success will ultimately depend on the level of demand and expertise. But for every client you impress, the level of word-of-mouth marketing and referrals will increase.
Tips on How to Run a Successful Consultancy Business
Optimize your website: A basic online portfolio is a must for any consultant. But if you really want to succeed, you’ll want a site that looks and feels professional. Of course, you can do this yourself if you feel confident, but hiring a website designer to woo your clients may pay in the long run.
Harness social media: A solid and consistent social media presence can improve your chances of getting clients. That means optimizing your profile and regularly posting valuable and interesting posts that your target audience will appreciate.
Here is an example of a freelance consultant website.
3. Create Digital Products
If you like the idea of building a passive income with minimal monetary investment, you may wish to start a business designing and selling digital products. What’s great about digital products is that they are non-tangible. You don’t have to worry about shipping manufacturing costs or replenishing stock. Instead, you simply upload your product once and get paid every time someone downloads that product.
What kind of digital products you create will depend on where your talents and interests lie. But there are countless things you could choose to make, from courses to templates, online courses, music, and basically anything that can be downloaded.
Tips on How to Run a Successful Digital Products Business
Offer freebies: Giving stuff away for free may seem counterintuitive, but it can help build trust in your products and your ability to deliver on what you say you can. Such is especially useful if you can link your freebies to products for sale. For example, if you were selling online courses on website design, you could create an introductory course that teaches the basics and then sell the course that teaches the more advanced aspects.
Utilize content marketing: Again, digital products are non-tangible, which can seem difficult to market if you’re a newcomer. However, content marketing channels such as blogging and YouTube can be a fantastic way of showcasing the usefulness of your products to potential buyers.
4. Blogging
It’s entirely possible to write about the things you love and earn an income from it, and a passive income at that. However, you should never go into blogging expecting instant results. Instead, know that it can take months or even years to build a potentially profitable following. You should also be aware that competition in the blogosphere is fierce and oversaturated for most niches and industries in today’s digital market.
If you can build a strong blog following, there are many ways to monetize it and create a reputable business. Such include hosting ads, affiliate marketing, and selling associated products and services.
Tips on How to Run a Successful Blogging Business
Be consistent: Many creators hit the ground running when they start a new blog, only to let it succumb to long periods of inactivity later. Inconsistency can quickly drive away your audience. So, if you’re serious about blogging, commit yourself to a weekly schedule, even if it’s only one blog post a week.
Read also: 4 Types of Content That Will Increase Traffic and Engagement
Collaborate: From appearing on podcasts to guest posting and joining expert roundups, collaborating with other creators is a surefire way to build a reputation and increase traffic to your site.
5. Housesitting or Petsitting
Long-term holidays are becoming more commonplace, especially with the increase in remote work and nomadic lifestyles. But while people are generally happy to leave their homes for a weekend or week, they’re often less comfortable doing so over a more extended period. They’re also less comfortable leaving their pets in kennels, catteries, and the like.
Unsurprisingly then, there’s a booming market for trusted housesitters and petsitters. Neither is likely to replace your day job in terms of pay, but if you’re flexible, it can mean cheap, or free, accommodation and some extra cash.
Tips on How to Run a Successful Housesitting Business
Be prepared to work for free: Paying house sitting and pet sitting jobs do exist, but you’ll likely need to build a trustworthy portfolio before obtaining them. So expect to be working for the price of bed and board early on.
Use trusted sites: Always stay safe and use trustworthy sites when seeking housesitting opportunities. Some current dedicated housesitting and petsitting sites include rover.com, housesitter.com, and care.com.
6. Cleaning
Some people hate cleaning, but others find it therapeutic. If you’re one of the latter and don’t mind getting your hands grubby, then you’re almost bound to find near-endless work as a professional freelance cleaner.
The start-up costs for a cleaning business are generally very low, especially if people provide their own cleaning chemicals and utilities. However, chances are, you’ll need some gloves, cleaning products, a hoover, and any required licenses.
Tips on How to Run a Successful Cleaning Business
Expect the unexpected: You might enjoy cleaning your own home and those of people you know, but not everyone’s cleanliness will be up to your standards. So be aware of what you might be letting yourself in for.
Instill good practices: Do you know how you will avoid cross-contamination between homes and rooms? For example, will you be using disposable materials or stringent sanitization processes? For both your sake and the customer’s, it’s essential to know the answer to these kinds of questions ahead of time.
7. Handcrafted Goods
There remains a strong and steady market for artisan goods. So, If you’re the crafty type, know that you can make decent money from your own home by creating all sorts of things. And what’s great about running this kind of business is that your skill level, and thus the quality of your products, will likely improve over time. Furthermore, such businesses are generally relatively cheap to start, whether you are making soaps, candles, bath bombs, or trying your hand at woodwork.
Tips on How to Run a Successful Handcrafts Business
Combine with dropshipping: You likely won’t have a large stock when you start with a handcrafts business. Dropshipping can alleviate this issue and give you a feel for the kind of market that exists for your products.
Master your presentation skills: It’s not always about what you make but how you present it to your audience. So, learning to take good photos of your stock and market them to the right people is a must.