Building a business from scratch can appear to be overwhelming, especially when you’re confused about which business to start. In this guide, we intend to help you with just that. The number of efforts, investment, time and risk varies from business to business. However, they can’t be put to zero in any of the business, particularly, when you’re just starting up. Here are 5 such low-budget businesses that you can consider if you’re looking for some direction.
Curating Digital Products
In the current times, digital technology has gotten a boost which makes it a lucrative option to invest in. Digital products like educational material (courses), music, etc are not so uncommon in today’s times but something that you can consider putting in your efforts. Although intangible, they can turn out to be good sources of income, if done correctly. Because such products are intangible, there are less maintenance and no shipping costs involved, which increases the chances of having a decent profit margin.
The only drill is to make something that would be useful to people which will make them ready to buy your product.
Selling a Service
In service-driven businesses, your skill turns out to be the greatest asset, around which you can initiate a service-oriented business. Graphic designers, writers, photographers, trainers, etc can consider building a business around their skills and gain profits. Again, with less maintenance and shipping costs involved as compared to physical products, the chances to keep bankable profit margins are higher.
Selling Home-made Snacks
Another business that you can start from your home if you ace at cooking is selling hand-made snacks like pickles, chips, etc. If you’re looking to do something out of your home with relatively lesser investments, this could be a thriving idea you could consider. This works well when you’re good at networking and persuading people to buy your home-made eatables. Although there may be some maintenance and transportation costs involved here, with substantially lesser capital investment, this could make up for the funding and help you earn decently.
In the changing times, more and more people are looking for services that could save their time. If you can see yourself helping them with that, this could be one of the options you could consider. Delivery of valuables like courier, medicines, grocery, etc. can be initiated. With near to no investment and good profit margins, this could be a good business idea to initiate.
Hand-crafted Homemade Products
If you’re into making DIY products, be it candles, pottery, knitting crochets, etc. you’re in a good position to start this business. Initially, you can start this on a pre-order basis until you see consistent demand. Although here, you’ll have to take care of shipping and inventory management, the product development is still in your hands.
Final note: Whichever business you choose to build, make sure to understand any government regulations that may be involved. Along with that, particularly with eatables, consider being extra careful and picky with your products.