This is a guest post courtesy of MyBlogGuest.
As ya’ll know, I’m a big fan of “not breaking the bank” when you’re trying to get your business off the ground. (It’s why I love freelance writing… virtually no start-up costs!)
Powers of deduction means your necessary business budget really boils down to what sort of business you plan on starting in the first place.
As you know, there are an infinite amount of options to choose from. It can be terrifying!
Please drop any comments in the comment section below and happy reading!
As an entrepreneur, you have to figure out which business opportunities are the best, and which ones carry the largest amount of risk.
Fortunately, there are some start-up companies that have low initial costs, but still have massive potential for profit. So, for your edification, here are five low cost start-ups that can pay off in a big way.
Vending
Starting a vending business is one option that you may want to consider when you don’t have a lot of money to invest, but you still want to give yourself a chance for success. With vending, you can start out with only a few thousand dollars in some cases.
You could potentially start your vending business out with only one vending machine, which will usually not cost that much. Check out a site like www.1800vending.com to get cheap access to vending machines. You can start out small, and increase the size of your business over time.
Vending can be very a profitable business if you place your machines in high-traffic areas. Putting them in public places that get a lot of foot traffic can help you generate quite a bit of income.
When starting this type of business, you will also have to allocate some of your money to inventory. Choosing the right items for the machines can also have a big impact on your success.
E-Commerce
Another option that you may want to consider is starting an e-commerce store. With this type of business, you don’t have to invest a lot of money because everything that you sell will be sold online.
You will only have the cost of the website, marketing, and inventory. This is often much cheaper than starting up a traditional brick-and-mortar business model. Almost anything can be sold through this type of model.
If you have some kind of product that can be delivered digitally, such as a music file, ebook, or video, this can make things even easier for you.
Coaching
If you happen to have some specialized knowledge or particular skill set that you can teach, you may be able to start a business as a coach. For example, if you have been successful in the business arena in the past, you could act as a coach to businesses and executives of companies.
However a word of warning… don’t be a coach unless you really do have a proven track record of success in the area you are coaching. Otherwise you’ll simply be building a nasty reputation for yourself when you coach someone and cause damage because of your advice.
With a coaching business, you really do not have to invest in much. You won’t need a prime office space or any inventory. You’re just providing access to your knowledge, and possibly some other materials that your students can purchase as needed.
Thrift Store
Starting a thrift store is another option that you may want to consider when you need a low-cost business idea. With thrift stores, you really do not have that much to invest in.
You can solicit donations or you can buy used clothing from people. If you buy the clothing, you won’t have to spend that much money on it and you can mark it up just slightly to turn a profit.
In today’s economy, thrift stores have taken off and become more popular than ever before. Many people don’t have a lot of extra money lying around, and they do not go to the mall to buy a new wardrobe because of the astronomical pricing they often find.
They realize that you can get clothing that is just as good at the thrift store. One of the biggest expenses that you are likely to incur with a thrift store is the cost of the location of your store. You have the option of either buying a location or renting one. If you want to minimize your upfront costs, you may want to consider leasing a property.
The other expense that you’ll incur is the equipment for the business. You’ll need clothing racks, some tables, a counter, cash register, and some other various business equipment.
Concierge
Working as a personal concierge is another option that you may want to consider when it comes to starting a low-cost business. If you do a good job, there is no limit to the types of clients that you could eventually find yourself working for.
When you start a personal concierge business, you get an opportunity to help people do many different things. It can be a very rewarding job both emotionally and financially. And as with freelancing or coaching, since you are offering a service, there is no investment in location property or inventory.
As mentioned, there are plenty of different businesses that you can start without investing a lot of money. If you are thinking about what businesses to put your money into, consider the potential returns and remember that high start-up costs aren’t required for a successful venture. Do your research and practice due diligence and you’ll be fine.
Liked this post? I’d love it if you’d share it. 🙂