For many people, starting their own business may seem like an impossible dream. The assumption is that starting a business requires a lot of up-front capital, something most people don’t have. However, this isn’t necessarily the case.
There are actually plenty of businesses you can start with just a limited budget. The key is often starting small, making use of assets you already have, and building up over time. If you’re interested in starting your own business, but feel that money is keeping you from acting on your dream, below are some types of businesses you can start on a relatively small budget.
Providing a Local Service
A good place to start is by providing a service in your local area. If you have a passion or a certain skill set, there are likely ways that you can start a small business with it. For example, if you enjoy pets, you could start a small dog-walking business. This wouldn’t require much initial investment beyond a few advertisements and maybe a website.
Another example is acting as a personal trainer. If you are someone who takes pride in their fitness, you can provide instruction to those who need help in your area. The expenses for this type of business might include some certification courses or a gym membership. Take some time to think about a service you could provide in your area then explore how you might go about starting that business. Once you have a few clients, you can begin to use your profits to expand and make your business more professional.
Start a Fulfillment by Amazon Business
A Fulfillment by Amazon (FBA) business is a type of eCommerce business. One of the main drawbacks of starting an eCommerce business is all the costs associated with it, from running a website to storing and shipping your products. When you sign up for an Amazon FBA business, Amazon takes care of the warehousing and shipping for you. This allows you to take advantage of Amazon’s vast network, significantly reducing your startup costs. If you want to start selling your own products online, but don’t have the startup capital available yet, consider starting off with an FBA business.
Selling a Service Online as a Freelancer
Similar to selling a service in your local area, you can also sell services online. The great thing about selling services online is the number of possibilities that open up to you. For example, through the internet, you can operate as an event planner, a social media coordinator, a writer, a personal assistant, a transcriptionist, a video editor, and so much more.
Most of us have a skill that we can market online. Think about what you are good at that other people might pay for. You can then start your business by creating your own website and marketing it on social media. This requires relatively little startup money, as social media sites are free to use. You can also register for freelancing websites and connect with others who are looking for your type of service. On a limited budget, finding your first customers may take more time but will hopefully build up over time.
Open an Etsy Shop
If you like crafting things, Etsy is a great way to start your own business. Through Etsy, you can sell things like custom drawings, handmade items, paintings and so much more. The great thing about starting a business on Etsy is that it allows you to take advantage of their current traffic and customer base so that you don’t have to spend too much money on marketing at the beginning.
In addition, Etsy takes a percentage of any sale that you make. This means you only pay for its service when you actually make a sale. This is a good option for people with limited startup capital who may not have the money to afford a monthly service fee. Spend some time browsing through Etsy and see the types of products they have for sale. You can also see how other people run their personal Etsy stores and decide if this is a good business opportunity for you.
Online Instructional Courses
The last option is creating some instructional courses online. If you are an expert on something that others might want to learn, you can start a business of teaching others. For example, let’s say you are very good at using Microsoft Excel. You could then create instructional videos on how to best use Excel and post them online. One option is having a website where people pay a monthly fee to see your videos or you could simply upload these videos to YouTube and earn money from advertising revenue.
If you want to pursue this type of business, first think about what you want to teach. Then find others online who are teaching something similar. Look for ways to provide more value to the audience than they are but also study what they are doing well. With a simple video camera and some video editing software, you can start a business in your free time and on a small budget.
Don’t Let a Small Budget Stop You
You don’t need to be extremely wealthy to start your own business. Even on a small budget, there are ways to start a business based on your passions and expertise. It may take you a little longer since you can’t spend thousands of dollars on a comprehensive marketing plan, but that doesn’t mean it’s impossible. Hopefully, this guide was able to provide you with a starting point and before long you’ll be starting your own business, regardless of your current budget.