How would you like to choose your own hours, do something you love, and get paid for doing it? And without having to spend a fortune to get a business off the ground? It may sound like a bit of a dream, but with good decisions and good planning it’s possible to run a business on a shoestring startup budget. Even better, it can be achieved without needing to put in long hours. Starting a business can be faster and more profitable than you might think, and with some solid low capital business ideas in mind you’ll be able to choose something that suits you and your desired lifestyle perfectly. So what are the steps to starting your own business without needing to spend too much time or money?
Start With An Idea
The place to begin is with your business idea. There are countless business ideas out there. They won’t all be right for you – but some of them will be perfect for you. Take some time to come up with ideas. You won’t love all of them, but that’s ok. Just keep going until ideas you really like start to flow. To make the most of your time and money, it’s a good idea to choose a business that:
• You are enthusiastic about – you’ll get things done faster and enjoy it more if you’re motivated.
• You are knowledgeable about – pick something you either know a lot about, or can learn about quickly.
• You have the right equipment for – having to buy lots of equipment at the beginning will push your costs up.
• You can do from home – even better if you can run at least part of your business online so you can reach lots of potential clients without needing for premises.
What Kind Of Businesses Are A Good Choice?
Now you know some of the key points to look for if you want to come up with a business that you can run cheaply and quickly, let’s look at some low capital business ideas that you can use.
Affiliate marketing: Becoming an affiliate for a product can be done for a very low cost. Choose some products you like – if you already have a blog or website and you can find products related to it, even better. You’ll need to work on getting attention with a good social media strategy and engaging your readership, but the potential is there for great sales in return for very little outlay.
eBay: eBay is big business nowadays. If you can make, buy, or refurbish products at a cheap price and sell them for a profit, you can run a profitable EBay business without needing to work long hours. Choose unusual products that your customers won’t find in stores, and be sure to provide excellent customer service to build your reputation.
Consulting: Do you know lots about business? Web design? Baking? If you have an area you are knowledgeable in, consider setting yourself up as a consultant. If you create and offer good value in terms of products such as eBooks or online courses, you can make money from the same product over and over again.
Make life easier: If you find networking, research, social media posts, or typing quick and easy, consider selling your services as a personal assistant or researcher. If you’re skilled at something, you can take it off people’s hands, freeing up their time without using up too much of your own.
Sell a skill: Do you have a knack for web design, writing, photography or even crafting? There are plenty of opportunities online to sell a skill. You’re already good at it, so it won’t take you hours in terms of learning or practice, and your clients will pay you to do the tasks you excel in, and they struggle with.
All of these ideas can be started up using a computer or tablet, an internet connection, and equipment or stock that you most likely have already, or can procure cheaply. Starting your own business doesn’t have to take weeks or cost you a lot of time or money. Choose something you enjoy, that you know there is a market for, and that you have most of the necessary equipment for, and before long you’ll be running your own business while having plenty of time to enjoy your life.