Many people have entrepreneurial impulses, but they’re afraid to make the leap and start their own business because they’re worried about the financial commitment. The fact is, though, that it doesn’t have to cost a lot of money to start a small business. Particularly in the age of the internet, there are plenty of online businesses you can run with hardly any startup costs.
If you’re considering starting a business on a budget, these 3 options can help keep costs down. Keep your options open, keep your day job, and make a plan – it’s okay to fail, but you don’t want to live with the regret of not pursuing your dreams.
A note before you dive in; starting a business doesn’t have to be expensive, but you should be sure to spend the money necessary to protect yourself. One way to do this is by forming an LLC. LLCs are inexpensive to start and protect your existing assets if your business doesn’t end up being profitable. You’re on the brink of something exciting, but don’t be heedless in your pursuit of professional opportunities.
Sell With Dropshipping
Dropshipping is all the rage in the ecommerce world these days, but what is it exactly? Simply put, dropshipping is a way of avoiding production, storage, and inventory issues by serving as a middleman in the sales process. This can be done in a number of ways, but one of the most popular is by identifying low-cost suppliers, often overseas, and curating a selection on your own website. Most people choose a particular niche to cater to, attracting buyers with a quality selection of goods from a range of suppliers. Just calculate how much you need to charge above supplier cost to make a profit, pick an industry product specialty, and get started.
Create A Course
Do you have a unique skill? Did you spend years working in an industry and want to share your knowledge? If so, you may have the knowledge necessary to develop and sell an online course. Online classes come in all varieties, and many ultimately become a source of passive income; once you’ve created the content, people can buy the course and you don’t have to do any extra work. You can, however, offer supplementary services like coaching in that field for an extra fee.
Be An Assistant
One of the best things about owning your own business is that you get to set the terms – how much you charge, when you work, and what kind of work you’re open to doing. None of that demands a revolutionary idea for what you’ll do. In fact, you might choose to monetize your time by starting a virtual assistant business. Virtual assistants typically support other entrepreneurs, as well as professionals who do a lot of public engagement, travel a lot, or otherwise have a lot of commitments. You might make calls, file paperwork, draft or proofread documents, or any of a range of other tasks, but unlike a conventional executive assistant role, you decide which of those services are within your scope.
These small business ideas are just the tip of the iceberg in terms of what you could potentially do from home. That’s what’s amazing about our current economic and professional environment – we’re all encouraged to make our own way.
