Low Investment Business Opportunities To Try In 2021
A study performed by Vistaprint found that 37% of people were actively pursuing ways of becoming their own boss - each person having their own motivations. The idea of being in charge of your own destiny is enticing - yet one that is often squashed by the reality of substantial investments, both of time and money. In comes low investment, simplistic business ideas to save the day. Keep on reading to discover the low investment business ideas that have worked in 2021.
Digital Products and Online Courses
Digital products and courses differ from the other small business ideas discussed in this post because of the absence of recurring manufacturing, shipping, and staffing costs that usually concern first-time entrepreneurs. Learning how to start a business can be a minefield - another absent factor, the minefield instead being discovering what a good digital product is. Can you create a digital product or course that is good enough that people want to download it?
The answer is yes, and you don’t need a specific skill set to do it. Stock photos are a prime example of digital products that sell easily. The photos are licensed to other creators for a fee that goes straight into your pocket. If you have a talent, such as music or art, you can sell your skill set as a digital product to form a new avenue of income with high margins because of the lack of procurement and shipping costs.
Dropshipping has allowed everyone to have a taste of B2C commerce without the hassle of running a B2C business. Some are hailing it to be the most exciting and newest business trend, yet it is a tactic that has been used since the dawn of B2C - it just hasn’t been as accessible as it is now. Thanks to the marvel of the internet and its astonishing growth, it is now easier than ever to set up a free ecommerce website — through providers such as WIX — for the sole purpose of dropshipping.
What is dropshipping? You first decide on products you want to sell, for example, clothes, hampers, perfume, and then partner with a third-party supplier who stocks the products. Your website will advertise the products, but you’ll never actually have them in stock - instead, paying the third-party supplier to ship the products using the funds made through your website. It’s genius. A beautifully constructed business model that works and has the potential to lead to a scalable business.
Pet Related Businesses
You may have heard of the baby boom, but the year 20/21 has been the year of the puppy boom. Thanks to contributing factors we won’t discuss, there was unprecedented growth in people breeding and buying puppies. In the UK, for example, the search rate for ‘buy a puppy’ increased by 166% in 2020. It has opened up an excellent avenue for income with very little investment required.
There are a few pet-related business ideas we could talk about, but the easiest and most popular has to be dog walking and doggy daycare centers. To be respected and successful, acquire a pet first aid and dog walking qualification. The average cost of a first aid course is $70 and $175 in the US, and dog walking courses are easy to find.
The brilliance of the dog walking side of things is that it’s easy to do as and when, which gives you the time to carry on with the job you have now while earning a small passive income on the side. As your client list grows and word spreads, you’ll naturally find your business takes up too much time and becomes your full-time role. It is then super easy to scale your dog walking business into a doggy daycare center. According to PayScale, doggy daycare centers make an average of $50,868 per year, although the highest earned is $122,000.
Join An Affiliate Marketing Program
An affiliate marketing program is a performance-based marketing technique whereby a business pays people to promote and hopefully sell their products. You receive a commission for any new customer the company gains. Typically, affiliate marketing works best on blogs and social media accounts, but people do use personal websites and communities to carry out their affiliate marketing.
Most people agree that affiliate marketing is an easy way of making a low-cost income that may eventually turn into a profitable business. Affiliate programs such as ShareASale and LinkShare are great places to start. Join their program and decide which offers you want to promote to receive your affiliate link. Commission rates vary, meaning you could earn as low as 5% per sale. However, there’s also the chance to make up to 50% if you’re promoting an event, for example.
There are 5 easy to start low investment business ideas that have worked for thousands of people in 2021. All the above ideas enable you to dip your toes into unchartered business waters without the stress of having a fully operational business to worry about. Which business idea appeals to you the most?