How to start your business with a low budget?

  • 29th Jan'21
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Many people have the entrepreneurial spirit in them, but how many of us are actually able to pursue it? The No. 1 reason why not everyone can pursue their business dreams is the high costs of starting a business. However, many businesses can be launched today with little or no funding, so long as people have the dedication to them and are ready to put in some good old-fashioned hard work. Click here

 

To start a low-cost business, here are some ideas that will help in inspiring entrepreneurial passion:

 

1. Content creation

Social media and the 24-hour news cycle have created the perfect storm of opportunity for creative professionals like writers and graphic designers, who can use their talents to create high-quality, shareable content for businesses and media outlets. Thanks to a growing gig economy of freelance and contract workers, it's easier than ever to market as a professional service provider.

How to start your business with a low budget?

 

2. Event planning services

If you're a highly organized, detail-oriented individual who loves putting parties together, you might have the right personality to launch an event-planning business. Working for weddings, birthday parties, and class reunions, event planners make it easy for others to host an exciting party. Planning a few pro bono events will give the proper experience. Use of  LinkedIn and cold calling to build up a solid database of vendors and contracts that can help in finding clients to orchestrate the event of their dreams. 

 

3. Professional reviewer

Yes, this is really a thing. The importance of good reviews has not been lost on companies large and small. Many companies provide products and services to individuals so they can write a review of the company. They want a useful review but, more importantly, an honest one. They pay for one's time or by the review, and one gets to try new things, read new books, experiment with the latest technology, and much more, all while getting paid.

 

4. Freelancer

If you have a particular skill that can be done as a business – such as writing, graphic design, or coding – building up an independent network and offering services as a freelancer is a great way to translate a side hustle into a full-time business. Quickly started on the side of a 9-to-5, these types of arrangements can blossom into full, one-person operations once a solid network and reliable body of work develop.

Freelancers who launch a full-time company often incorporate their business as an LLC, which is a pass-through entity. This means that income is taxed at a personal level rather than the corporate level. In other words, the wage or salary the solopreneur takes is subject to personal income tax.

 

5. Online courses and tutoring

What are you passionate about? Yoga? Baking? Web design? If you know something inside and out, you can help others enrich their lives by offering virtual classes. Create downloadable instructional packets and videos, or schedule real-time Skype lessons with clients. Another option for aspiring educators is to start a virtual or home-based tutoring service.

How to start your business with a low budget?

 

6. Podcasting

Podcasts are all the rage today, providing entertaining and informative content to a variety of audiences. If one can identify a niche subject that they are passionate about and enjoy speaking openly and connecting with others, consider starting one's own podcast. You can start a podcast about nearly anything. There's an audience for any topic you could think up. With engaging episodes and killer marketing tactics, you can gain a loyal following. This will eventually bring in revenue in the form of paid sponsorships, advertisements, and more.

 

7. Commission-only sales

Though risky, a commission-based position can translate into big bucks if one is willing to put in the work. Essentially, salary is determined based on performance. If one is motivated, passionate, and gifted in sales, one can achieve success following this career path.

 

8. Franchise owner

Some entrepreneurs are interested in the idea of running a business but aren't willing to assume the risks and responsibilities associated with the endeavor. Whether it's securing funding or finding the right marketing strategies, the process of starting a business can be overwhelming to even the most inspired individuals. If one finds themselves wanting to reap the benefits of entrepreneurship without the added stress, consider investing in a home-based franchise that doesn't require employees or warrant a risky startup process.

 

9. Microbrewery

One can turn their love of beer into a viable occupation? Why not jump on the microbrewing bandwagon? The demand for innovative breweries is growing.

Start by focusing on branding and the distribution of beverages. With some thirsty investors and a few barrels of persistence, have your brewery up and running faster than you can say, "Cheers!"

 

Before starting any solo business, make sure to do enough research, develop a business plan, assess finances, and complete all of the necessary documents. Then, only one can focus on marketing and growing business and reap the rewards. Without having adequate knowledge, nothing is impossible. Knowledge is the first key to success in any business, big or small. Click here

 

You can also refer to some of these blogs,

●     Starting Your Business From Scratch

●     Are you a start-up in India looking for business loans?

●     8 Technical SEO Tips That Your Business Needs Right Now!

 

We, at OpenGrowth, are committed to bringing the latest trending startup ideas around the world. Do let us know in the comment section below if you want us to cover a particular topic related to women entrepreneurs.

Sources/References:

*Note: The content published above was made in collaboration with our members.

About the author:

Divya Swaraj, OpenGrowth Content Team

A young energetic person, dedicated to the cause of my work.


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