Being on a budget doesn’t need to be an obstacle to successful entrepreneurship. Here are 3 online business concepts that only require a small investment.
If you’ve always wanted to be an entrepreneur but aren’t quite sure how to do so, especially during these challenging coronavirus times, then here is some inspiration. These three business ideas are low-investment ones, so they won’t require a lot of savings to get the online presence going and start to grow it.
1. Print Designs and Sell Them
This type of online business today is inexpensive to start when you use a drop shipping model. Rather than buying all the necessary equipment, including printers, inks, and clothes, instead, you have a hassle-free idea on your hands.
There are three different ways to approach this type of e-commerce business. Firstly, you could sell items already available from your suppliers. Secondly, you could create original designs and ask your suppliers to fulfill the orders.
This latter business model will involve working with suppliers, manufacturers, and wholesalers to produce creative designs for everything from t-shirts to hats and posters. The fourth option is a print-on-demand business whereby you invite customers to submit designs of their own. Then, you pass on the details to suppliers, manufacturers and wholesalers to fulfill orders.
Once you have existing customers, create and leverage a Lead Magnet Funnel to retain existing customers, and attract new ones. This type of funnel helps you get motivated leads who are more likely to convert into customers.
2. Monetize Online Followers
Ecommerce isn’t the only type of online business. Another low-investment idea for earning money online is to team up with brands to market items to your followers.
This type of business requires that you have a large audience online as brands want to work with those who influence a significant number of followers. If this idea sounds appealing to you, then start now to build your follower base on social media sites.
This type of business concept is called influencer marketing. Once you start building your followers, you will likely find that brands approach you to advertise on your social media profiles, including YouTube, Facebook, and Twitter – these are called brand sponsorships. Sponsored live streams, videos, and photos can bring in significant earnings.
3. Teach Courses Online
Digital products are a popular way to earn money online and require little initial investment. There is no inventory to maintain and no shipping costs. You can even work from home.
However, you do need to have high-quality courses that people want to take, so spending time on your course material needs to be a focus. It could be a straightforward tutorial or a more advanced degree course that you teach, depending on your passion and experience.
You could either teach live classes or offer recorded classes. A benefit of live classes is that your students can ask questions during it and get answers in real-time, rather than sending an email like they would with a recorded lesson.
Creating a Low-Investment Business Idea
Being on a budget doesn’t need to be an obstacle to successful entrepreneurship. It requires you to choose online business concepts that only require a small investment, such as the three ideas above. Cheers to new opportunities ahead!