For a lot of people, the freedom and control owning your own business can afford you makes it an extremely attractive prospect. Many people dream of building an empire all their own, but one of the biggest challenges people face when doing this is knowing what their business is actually going to be. For a lot of people, they’re priced out from starting their dream business, as for the majority of businesses, there are immense start-up costs that individuals need to have before they can even start thinking about being profitable.
However, there are a couple of business ideas that are so clever and resourceful that they require very little funds to get off the ground, and a lot of them can turn into extremely lucrative ventures. Due to the advent of the internet, there are countless business ideas that wouldn’t have even been possible ten years ago. Here are two of the top business ideas that are simple to start and have the potential to make you a lot of money.
Domain Flipping
Domain flipping is the practice of buying online domains – which are the addresses that host websites – and selling them on in the future for a profit, in a similar vein of buying and selling stocks. The reason why domain flipping is such an easy business to start is that it’s cheap and requires very little specified skills. There’s no need for coding skills or website management skills, as all you need to get started is a computer with internet access and $20, as that the average price for domains that could have the potential to be worth thousands in the future.
Domain flipping is also really cheap to maintain, as there are no costs in running a domain while you own it, making it a really easy form of passive income. The difficulty involved with domain flipping is in the process before you buy a domain. Not all domains will have value, so it’s important that a flipper researches domains that are worthwhile, using metrics such as domain authority, keyword strength, and marketability. It is important to understand this before starting, but fortunately, this is easy to do. The internet is a wonderful place to enhance your knowledge, and thanks to detailed guides on domain flipping, you will be able to get started sooner rather than later.
eCommerce Buyer and Seller
With the multitude of eCommerce platforms online such as eBay, Depop, and Etsy, it’s never been easier to become an online trader. Depending on the platform you use, you can sell virtually anything, and usually make a shrewd profit if you’re savvy and know the real worth of items. This is a great business idea for people that have a keen interest and deep knowledge of a particular niche. You can exploit this knowledge and buy undervalued items and sell them on at a price closer to their true value.
It’s easy to get started with most eCommerce sites; you just need to register an account and link it with PayPal business account or your bank. To give yourself the best chance of success, make sure to take pride in the presentation of your products by using the best picture quality you can, and by writing good, clear item descriptions.
