When it comes to setting up your own business, chances are you are limited by a small budget. Instead of investing all your money in something risky, consider a revenue model with minimal overhead. As a result of the advancement in technology, it is now possible for anyone to establish their own business and succeed with nothing more than a laptop and some free time. The following are five of the best businesses to start if you don’t have much money to invest upfront.
1. Teaching Online
In fact, teaching an online course, or a few of them, is one of the cheapest business models you can think of because you are selling a digital product. Video recorders can be made with smartphones, and microphones can be purchased for less than $50. Hire a graphic designer to create your course logo, and record yourself teaching your lesson plans. You can schedule live streams for your students to watch or post pre-recorded lessons for them to watch later.
2. Using social media
It’s no secret that some people are naturally gifted at social media. It might be a good idea for you to start a social media management firm if you’re one of those people. Building your profile on LinkedIn and other social media channels to demonstrate your skills and expertise would be a good way to start as a freelance social media manager. The only requirement is to demonstrate you can create a strong presence on social media, so your own profiles might be sufficient.
After you have acquired a few clients and have enough resources to hire another social media manager, you can register your business as an agency. Perhaps you could become a social media influencer, representing brands based on your following on one or more social media profiles.
3. E-commerce Affiliate Program
Have you ever imagined yourself running an online store, but never wanted to manage inventory? An affiliate e-commerce store offers almost no challenges when it comes to opening for business and generating revenue. Your store can be marketed for free on platforms such as YouTube and social media channels without having to invest in inventory or products.
Using Fiverr’s affiliate program, you can earn commissions even when you refer customers to other people’s digital services. If you want to enter the retail industry but don’t have any startup funds, this is a great place to start.
4. Coaching or Tutoring Online
As with online classes, virtual tutoring allows you to share your knowledge and skills with anyone around the world over the internet without requiring formal training or physical facilities. If you offer virtual tutoring or coaching services, you can meet a specific need for a target audience.
As an example, online fitness coaches measure and track the progress of their clients virtually. This enables them to reach out to a specific niche of the clientele, who travel internationally for business or sports events, because they need coaches who can meet them everywhere.
In order to start out as a one-person consulting firm, there are very few overhead expenses. In the beginning, you can work from home using your own computer and phone, provided you have some business experience. Your consultancy can grow as you acquire more clients and you can hire other consultants to manage it.
In order to ensure success after the startup phase, it is important to choose a revenue model that reduces overhead costs as much as possible. You should spend your resources on raising brand awareness, connecting with the public, and marketing your product or service to reach your goals. It is a good idea to start by outsourcing your design work and marketing responsibilities to experts who can do the job better than you and avoid you having to spend hours on it yourself.
Fiverr is a great place to start your own business. With Fiverr Pro, you have the opportunity to find hand-vetted talent that will assist you in launching your startup business venture successfully.