9 Businesses you can start with little capital
- June 9, 2020, 11:37 p.m.
Starting a business
Starting a business and becoming an entrepreneur is one of the hardest things to undertake in life. However, it can also turn out to be one of the most rewarding endeavour one can embark on.
Getting a business idea and knowing how to go about it happens to be one of the many difficult hurdles to cross. So sit back, relax, grab a coffee and read on as we dive into 10 different business ideas you can start with the bare minimum capital regardless of your geographic location.
1. Online Personal Assistant
Being an online personal assistant(PA) is a business you can start from the comfort of your home. Requirement include an ability to communicate in the local business language along with one or more foreign languages, an ability to organise and a basic usage of the computer.
This does not require having a website (would be great if you could afford to have a basic form filling website). However, an ability to use applications on the internet that enables your clients to fill forms and update details will do just fine.
So what exactly will you be doing and how will you go about setting this up is the big question. First, you need to create a list of all companies and contacts you will like to reach within your target audience. You can use social media application such as Linkedin to acquire new clients. Send a message detailing your services and how this can save them a considerable amount of money rather than hiring a PA. Say for example, you will be charging per client 30% of what they will normally pay to hire a PA, and with earning spread across your client base.
Your service will include but not limited to receiving phone calls, managing schedules and fixing appointments. Getting this done timely and effectively is what sets you apart from your potential competition.
2. Personal trainer
A no brainer which is an obvious option for a gym fanatic. All that is required to start this business is a gym membership, an understanding of how to keep fit by exercising the right way and being motivating whilst at it.
You can book appointments with your client in advance whereby they make a payment on a need basis or create a subscription model. To make a success of this, you might need to get the consent of the gym and possibly form a partnership whereby you are paid a commission for every new member you bring to the gym. This will be your stream of income, and as you work with your client, you can recommend products that meets their needs as an additional source of income.
Additionally, you can create a referral system whereby your members get discount for every new referral.
This is a field of business with many confusions and concerns as to how to go about setting it up. However, consultancy simply means sharing your experience in your field of expertise for a fee.
To successfully manage a consultancy you need a good know how of handling business at management level to have a significant earning.
You will not need to have an office as you can use the client's own location as your meeting place or request to meet at a public place depending on the sensitivity and level of the client's job.
4. Haulage services
One of the major concern of most business owners with physical goods is logistics and haulage of their produce. This is where you come in to the business scene, as your job will involve helping a business solve a simple yet important aspect of their business concern.
The business idea
Start by leasing a van or truck depending on your client need. I can not drive i hear you say, then hire someone to drive whilst you assist in loading up the van from the client's location to offloading at the respective destination.
Secure a contract with several clients and ensure that you have the required insurance and licence based on your business location.
When you have secured enough business revenue, you might consider owning your own truck after calculating the cost advantage of doing this.
5. Event planner
Like every business, you either seek your client or they find you. This happens to be one of such businesses you can start with the possibility of having both client come to you or you find them. However, all you need is a few good first impressions and you are sure to get referrals from previous clients and even the possibility of repeat business.
Event planning requires you marketing your self half of the time than spending on anything else at all.
Get started by connecting with sellers of event and decoration items, who will be one of your sources of client. Propose to give them a commission on every client they refer to you. Get yourself connected to event places and social influencers to get yourself out there. Show case your work on social media with respect to privacy.
Knowing providers of services such as cooks, decorators, MCs, DJs, event personalities will also go a long way in bringing you new clients.
6. Drop shipping
Starting an e-commerce store requires a bit of spending on platforms and logistics. However, spending on merchandise should not be what you will have to be worried about in starting up. This is where drop shipping comes into your business.
"Drop shipping! What is that?"
Drop shipping simply means selling other people's product. You start by connecting with suppliers with a sole purpose of selling their products on your e-commerce platform. Connect your store to the supplier and then you can chose to fulfil a customer order yourself or have the supplier do it. Whichever option you decide upon will need to be aligned to your business model to make a success of it.
7. Removal services
Every individual will have at one point in their lives moved from one place to another with whatever property they own. It will surprise you to know this happens daily with a large customer pool.
You can start a haulage business by leasing a van for removal. Linking up with estate agencies is way to start as you are certain of getting customers through this means. Your job is simply packing and transporting your customers's valuable in a safe and secure way to which you get paid. You might need some form of insurance to protect your customers' valuables against accidental damage by you.
8. Digital Advertisement
If you have a large social media following, this might be a great idea for you. Most companies prefer to advertise directly through social media experts as they might get to use not only your following base but your influence as well.
You can acquire clients by submitting a proposal to organisations stating clearly what customer feedback they can hope to get. However, you need to ensure that your social profile is a business one so you can get the right analytics that companies want to see.
9. Tour guide
Showing people around is a service that is widely underrated, however, it will surprise you to know that a lot of people will pay premium to have someone show them around a place for the first time whilst they take fancy pictures.
"Is this still a thing?"
Simply sign up with packaged holidays, hotels and resorts to get referrals and do not forget to include a discount for their clients or commission for each client they refer.