Whenever you think about starting a business, there’s probably a myriad of things popping up in your mind. And money is most likely the first one of them. The same is true of most business-minded people. And that isn’t without a good reason. Startup capital is absolutely important for launching and running a business. Perhaps, you remember from your economics classes that getting funding is one of the three basic factors of production.
While its necessity is indubitable, the amount of money needed to start a business may vary. Some businesses are by their very nature capital intensive. Examples include car manufacturing, commercial airline and rail services, telecommunications or mobile network services, and space flight services. These kinds of enterprises require millions and sometimes billions of dollars to get them up and running.
Fortunately, you don’t always have to spend gobs of money to get your concern off the ground. Businesses requiring you to invest little capital are quite numerous and much easier to launch. If you are keen on launching your commercial undertaking without expending a lot of money, the following business ideas may be useful to you.
1. Academic Assistance Services for Students
Year after year, millions of students continue to pursue their higher education. Studying at the college level can be intense and demanding, especially if one considers various course lectures, assignments, upcoming tests, and final exams. Therefore, many students may easily feel overwhelmed and look for assistance to ease their burden. To tackle their writing tasks, they may seek custom paper writers online or look for tutors who could give them a hand with tough subjects.
If you have a few thousand dollars to spare, you can promote your service using ads on social media and other education-related websites frequented by students. Similarly, some of this money can be used for placing writers or tutor ads.
2. Social Media Marketing Service
All you need to do here is understand the various aspects of social media platforms like Facebook, Instagram, and Twitter. You should also find out how businesses can attract and grow their audience to boost their revenue. Once you’ve done that, you can spend hundreds of dollars on setting up a website and marketing your services to small business owners. They’ll pay you for managing their social media presence and helping them grow their business via social media.
3. Video Production, Editing, and Visual Effects
There are many folks out there who are excited about sharing their knowledge on YouTube and Instagram. However, they don’t have the skills to produce high-quality videos for their online audiences. If you’re good at shooting and editing videos, you can delve into this venture with less than USD 1,000. All it takes is having some basic equipment, such as a high-grade camera and a powerful laptop that can let you edit your videos easily.
Even if you don’t have all this expensive gear, you can cut a few corners by leasing it. As is the case with several other ventures listed here, a sizable portion of your starting capital should be spent on promoting your service.
4. Website and Graphic Design Service
Having a website is an absolute must for entrepreneurs who want to showcase their professionalism to potential clients. But what if a person who needs one can’t create it themselves? They’ll be happy to get it done for them. If you have the necessary skills, you can create your portfolio site and market your service by placing ads on social media and Google ad networks. Depending on what you’re looking to accomplish, the amount of startup capital may vary. However, USD 1,000 can cover your marketing costs, hosting fees, and the cost of creating a website.
Don’t let the fact that cyberspace is oversaturated with all kinds of businesses discourage you from starting your one. Keep in mind that a lot of people are still making significant sums of money selling goods online. The main thing you should do here is to find a niche market you can sell your products. Being focused on a specific product category (e.g. watches) will make you stand out from other generic online stores.
As much as you can, try and use a multi-channel approach to sell your products. This means using social media in addition to your website and Amazon store if you have one. To minimize capital outlay, you can explore the dropshipping model or source in-demand products wholesale to get substantial price cuts.
6. Cleaning Service
Whether left covered, locked, or unvisited, interior spaces will grow dirty and gather dust with time. And things can get a lot worse if people use things and move around in them. The clear solution to this is regular cleaning. In private households, that may be done by a single family. Others may not have the time and would be willing to pay cleaners to take care of it.
From a business standpoint, a more attractive option would be offering cleaning services for businesses, especially those that are frequently visited by people (e.g. banks, convenience, and grocery stores). You can start small by hiring several people and purchasing basic cleaning equipment. Approach businesses and offer them regular contract-based cleaning of their premises.