You often hear people talk about million-dollar business opportunities, but it’s very difficult to take the plunge with so much at stake for most people. That is why choosing the right industry which is lucrative enough to recoup your startup cost is imperative.
For some it may be a valuable skill set they have that they want to capitalize on, jumping on new trends early in the game or disrupting an outdated industry can also make you a lot of money at times.
Although many businesses require a lot of time or money to get going, here are some that may be up your alley in terms of low start-up costs:
1. Food delivery services
Well before the pandemic forced many restaurants to close down, people were already opting for food delivery, and the numbers continue to increase over time.
Decide what is it that you like, be it entire meal plans or speciality dishes, and see if you can find a niche product that would fit into this mould. Start off conservatively, maybe with deliveries to your housing area or apartment building and expand as things take off.
What this means is that you start an e-commerce business that outsources product development, material sourcing, inventory, shipping and manufacturing to a third party. Products are then sold via an e-commerce website to customers, but a third party manufacturer will handle the order fulfilment and shipping.
This allows you to receive a commission for each sale you make without the need to have any inventory, eliminating the worry of goods sitting idle somewhere that aren’t being sold.
3. Consulting services
If you have a skill set that is marketable, consider opening up your own consultancy. This allows you to charge based on how extensive or in-depth your knowledge is on a particular thing. Consulting can be very profitable in the B2B context as you build up from smaller start-up clients to big corporate clients. As you expand, consider also expanding your expertise in fields that you may not have knowledge of but are still relevant to what you offer by hiring other experts to join your consultancy firm.
4. Start your own online course
E-learning is a billion-dollar industry. If you have a computer and are able to offer courses that can upgrade people’s lives, why not start your own course online.
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However, the challenge here is building an audience, so find a way to build an audience, perhaps through social media channels or videos like TikTok.
The best thing about courses such as this is that once you upload your content, you can continue to make passive income without additional work.
5. Rent your assets
Years ago, the concept of letting your home out with Airbnb would have been scandalous, but the sub-letting culture is all the rage now.
So if you have that extra room or family villa that no one is using, refurbish it and start seeing your income grow.
6. Opt for freelance work
Are you great at making videos and creating digital content, is social media your thing? Write well? A coding expert, perhaps? Even a virtual assistant? Offer your skills online and be surprised at how many people are looking to hire in the gig economy.
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Online job marketplaces like Upwork and Fiver also abound with such job opportunities. Freelancing is also a good side income for those who aren’t ready to give up their full-time jobs.
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