Who said you need thousands of dollars to start a business? Nowadays, more and more people run successful businesses from the comfort of their own homes. There’s a lot of trial and error involved, just like with any business, but when the startup cost is minimal, the risks are also quite low. In this article, we’ll share with you a couple of business models you can start with little to no money. Keep reading and who knows, maybe you’ll be the next successful entrepreneur!
Business Idea #1: Dropshipping
Dropshipping is an ecommerce business model that doesn’t involve having an actual physical stock of the products. When you’re learning how to start a dropshipping business, you’ll be glad to find out that all you have to do is buy inventory as needed from a third party. Basically, dropshipping works like this:
- Your client orders a product from your online store;
- Your online store sends the request to your dropshipping supplier;
- The dropshipping supplier packs the order and ships it to your customer.
So how much does it cost? If you’re using a website builder, they often offer free trials, so setting up your dropshipping business won’t cost you a penny. After the free trial ends, you will usually have to pay up to $30 – $50 per month.
Business Idea #2: Sell Custom Items
While custom craft items usually have an associated starting cost (materials for handmade jewelry, for example), there are some custom items you can sell for free. We’re talking about print on demand, the low risk business model that allows you to put a print on anything and sell it.
If you choose this business model, you will have to work with a supplier who will customize products according to your (and your clients’) requests. The best thing about print on demand is that you don’t actually have to pay for the product until you’ve sold it and you won’t have to deal with packaging and shipping either.
Business Idea #3: Online Tutoring
If you have a marketable skill (such as a foreign language) you can turn that into a profitable business. You can either teach people from scratch or offer conversational services to people who already know the basics but want to learn to speak like a native.
You don’t need any money to offer such services. All you need is a stable internet connection and a way to promote yourself. You can either sign up for a freelancing website or build your own presentation website using one of the free website builders out there.
Business Idea #4: Event Planning
If you’re a very organized and deadline oriented person, you should consider starting a business in event planning. Good event planners are hard to find so even if the competition might seem too much at first, you’ll quickly gain the upper hand if you’re professional and get the job done in time.
As for the cost, an event planning business costs you next to nothing to start. As we mentioned above, many website builders offer free trials. After this trial expires, the upkeep costs will be minimal.
Business Idea #5: Website Building
This requires a certain degree of programming skills. But assuming you have them, starting a business in website building is still one of the most profitable ones you can try. Thousands of individuals and businesses need new websites and website content every day so it’s the perfect market to tap into.
If you’re good at what you do, starting a website programming business will cost you next to nothing. You can program and set up your website yourself and you’ll only have to pay for the domain name and hosting. Depending on what you want to achieve, you might have to work with a designer but you shouldn’t worry about that, as there are plenty of website themes you can customize and implement yourself.
Business Idea #6: Monetize an Audience
This might seem easier said than done but one of the best ways to make some money online is to monetize an audience. After you become a content creator, you can use the audience you’ve gathered to build an entire business. You can choose Youtube, Instagram, TikTok or even a blog (yes, people still read those), as these are the most popular channels right now.
Once you’ve built a solid audience, you have a few methods of monetizing it. Brands will sponsor some of your posts, you can sell physical or digital merchandise, you can start a Patreon or you can combine all of these into an extra-profitable business model.
Business Idea #7: Become an Affiliate
This goes hand in hand with idea #6. When you become an affiliate marketer, you’ll be using some of your own already-owned resources to promote and sell other businesses’ products. Don’t worry, you won’t be doing this for free because you’ll get a cut of the profit for every sale you make. If you want to become an affiliate, all you have to do is:
- Better to be clear about the affiliate program you want to join;
- Keep the right product or service in mind you want to promote;
- Obtain the affiliate link;
- Promote that link on your websites or social media;
- Make money every time someone uses the link to make a purchase.
Starting a business shouldn’t be hard, especially in this day and age where you have everything you need at a click away. And as you’ve seen, with some businesses you don’t even need capital! If you found a business model that appeals to you and your skills, don’t be afraid to dive right in. After all, minimal costs mean minimal risks and the possible profits can be quite impressive.
And if one business model doesn’t work for you, don’t give up! Just try a new one until you find something that’s a perfect fit for you. Keep trying and who knows, maybe the business of your choice will turn you into a millionaire!