From Deepika Padukone to Priyanka Chopra and Alia Bhatt, everyone is interested in becoming entrepreneurs today, and the definition of true success is also changing. In an age full of business people, one might be looking for business ideas. But the dream of these budding entrepreneurs gets crushed when they look at the amount of investment required to create a business. But don’t worry, we have some of the best low-investment business ideas that one can get started with and take the first step in building their empire like the Tatas or the Ambanis.
What are Low-Investment Businesses?
A low-investment business is one that does not require large funds to get started. These businesses are also low-risk and can scale to a large size later on. Although it seems very easy to start a low-investment business, it is also difficult at the same time. As it requires a lot of time, effort, and skills to run it. Today, technology has made it very easy to get a business started from zero and scale it to millions. With just a computer and a stable internet connection, one can acquire a lot of skills that one can later turn into a business. Some businesses also require physical skills more than technical skills, which we will later discuss in this article, but even if it is a fully physical skill-based business, adding some tech to it can help you scale it up quickly. Let’s see what these business ideas are.
What Are the Different Types of Business Ideas?
Business ideas can be classified into different types based on the nature, investment, and risks involved.
1. Based on the risk involved:
High Risk: High-risk business ideas include an element of high risk. However, if the business takes off well, it can become profitable to a greater extent. But if it fails, one might have to bear a big loss that is at stake.
Low Risk: Low-risk businesses come with much lower risks. These businesses are usually very slow and consistent in their growth, and both the profit and loss are not huge.
2. Based on the nature of business:
Product: Some businesses involve manufacturing and selling different products. A product can become a source of passive income for a lifetime once it is made, but one needs to continuously make the product relevant to the market or introduce new products every once in a while.
Service: A service-based business is when one provides services and charges a fee in exchange for them. The success of this kind of business depends on the quality of the experience a customer gets; customer satisfaction is a must here.
3. Other factors:
Opportunity in the market, demand for the product or service, and the total addressable market, or TAM, are a few other major factors that one has to keep in mind before entering the world of entrepreneurship.
Best Low-Investment Business Ideas in 2024
One doesn’t need to worry about the initial funding to get started with their business anymore. In today’s digital world, everything is possible without much hassle. Here are some of the best low-investment business ideas that one can get started with and earn a lot of profit from in 2024:
- Content Creation
Content creation has become one of the most popular low-investment businesses, especially among the young generation. Once one has a good reach on their videos and posts, they can easily start to earn a good amount of money through various social media platforms. For this, one needs gear to shoot videos and some speaking skills, with design and writing involved. A stable internet connection is also a must. While it may appear to be a simple business to start, creating content requires a significant amount of time and effort consistently. One can eventually pivot their online audience reach to create other ventures. For example, if one starts a business with 10k followers/subscribers, many of these followers would want to try the products that one is launching.
- Digital Marketing
Currently, in India, there are a lot of opportunities available in the field of digital marketing. Especially after the COVID-19 pandemic, every customer is using a smartphone for most of their needs, so it has become important for businesses to market themselves online. Digital marketing can be learned easily through several online courses. One can start as a freelancer or set up a digital marketing agency by making a small investment. This is a service-based business, so one will have to hire a few people who can run it without automating it, unlike in a product-based business. Here are a few skills that one can learn and get into the field of digital marketing:
Graphic design: design is an integral part of the internet; a better user interface attracts more users, and a better design of the website can attract users to businesses. Every business needs a logo and systematic branding for its digital and physical presence. By learning graphic design, one can help other businesses with their branding.
Ads on Google and Facebook can help businesses grow and expand on a large scale. Digital ads target a specific audience that might be more interested in the product than a person viewing the same product’s physical or TV ad. One can help in the growth of multiple businesses by learning how to put ads on Google and Facebook.
Content writing: Writing is involved in pretty much everything we do, especially online. Businesses need help explaining their narrative to common people who might turn into their customers. Thus, they also need a catchy and easy-to-understand explanation for their products and services. One can become a freelance content writer and earn money through the skill of writing.
- Dropshipping
Dropshipping is a new business idea that is getting the attention of budding entrepreneurs. One can easily start an eCommerce business with the help of a few online tools. One doesn’t even need to keep stocks of products to get involved in a full-fledged eCommerce business. Here are the steps involved in dropshipping:
A business owner ties up with an online supplier like Alibaba.
Then they build an eCommerce website and list all of the products that they agreed to buy from the supplier.
As soon as they receive an order for a product, they order it from the original supplier and ship it to the customer.
While doing so, they can keep a certain percentage of the profit.
- Toy Factory
Kids always want new toys, even if they have a lot of them at home. Toys are always in demand, so setting up a toy factory can be a nice idea for a low-investment business. One can buy raw materials from the wholesale market at low prices and create expensive toys out of them. Innovative ideas for making toys can be found online or through various traditional artists. This business can be set up as a B2B business where one can sell the toys to other big factories. Or a B2C business where one can sell the toys directly to the customers.
- Travel Services
People appreciate it when they can get a complete package planned out for them that includes all of the important places in a city. One can easily set up a travel service business and start earning instant profits. For this, they have to plan out a travel experience and tie up with major hotels and bus services to earn profit. Initially, one can also tie up with a big travel agency and bring them clients to earn a client-based profit.
Conclusion
So today, it is not so tough to get one’s business started and slowly build it into an empire. These low-investment small business ideas have already made a couple of people millionaires. With the help of technology and a few skills, one can create content, open a digital marketing agency, a toy factory, a dropshipping business, or even a travel service business. A successful entrepreneurial journey is only a few mouse clicks and efforts away!Our business loans are perfect for people who are looking to start a low-budget business and need a small loan for it. We provide the best rates for small business loans.
15 May 2024
7 mins read
Previous Post
