Low Cost Business Ideas – Starting Business On A Shoestring BudgetSmall Business Wednesday, January 27th, 2010
Many people are looking for a way of opening a business at a low cost and so are interested in low cost business opportunities.
Every year more and more people are looking for a way to start their own business so that they can work for themselves. People don’t like the rat run of going to work every day.
There are plenty of home business opportunities but most of these will require a large investment of time and money. However there are a few low cost business opportunities which can be used to make a living without investing large amounts of money. A great example of a low cost business is by starting a moving business in your local area.
Your business can be very small to start off; you don’t even need to invest in dedicated premises. Hershey Chocolate, Mary Kay, and Apple all started out of a person’s house before they expanded into what we know today.
In fact lots of new businesses will start out as home based businesses before they expand and get their own premises.
Business Opportunities on a Shoestring
The best way for using these low cost business opportunities is because you can start your business quicker without as much risk. You won’t need to worry about drawing up a business plan, and you won’t need to visit your bank for a loan. You also don’t have to touch as much of your savings.
Low cost business opportunities make it much easier for anyone to start a business without affecting your financial freedoms. You don’t have to worry about using as much of your money to launch the business, there are a few great small business ideas that you might want to consider, these include:
- Becoming a Piano Teacher
- Becoming a Window Cleaner
- Starting a garage sale
- Becoming a cartoonist
- Becoming a chimney sweeper
- Becoming a locksmith
- Tutoring foreign languages
- Starting a sanitation business
- Personal shopping services
- Gift buying services
- Junk removal
- Locating properties for people
Lots of these low cost business ideas do not require much more than an internet connection and a computer. For others you might also require access to a phone. When operating the businesses from your home you don’t need to worry about rent and you may also get tax rebates for using part of your home as your office. This makes these ventures affordable and low cost business ideas.
They are also very low risk because if you ever find that the business isn’t suitable then you can exit very easily. All you will have really wasted is your time.
Challenges of Low Cost Business Ideas
It’s becoming easier and quicker to start a business thanks to the internet. These businesses don’t require a lot of money to get them going which means that more people are competing. There will be a lot of competitors which could make it difficult to win custom.
If you become a public notary then this can be very profitable however you will defiantly have competition, you need to find a way of differentiating yourself from others.
To make this possible you will need to find out what is unique about the business and the product that you are offering. Do you offer better service? Is your product a superior quality? Give your customers a reason to buy from you rather than your competitors.
Becoming a computer repairer can be profitable, but there are also lots of other people in your local area doing the same thing, so how can you differentiate your business from others?
All products should answer a problem that people have; perhaps yours answers a question that nobody else can. By learning how to make your product stand out from the crowd you will be able to win more customers.
You might only have a small budget but you will still need to invest some money in the business. You must ensure that this money is spent wisely and not wasted. You will need to get yourself a high speed internet connection, printer and reliable computer.
You will also need to put some money to one side so that you can purchase the materials required to start work on jobs and projects. For example learning how to become a roofer will require around $300 so that you can buy materials for your first job.
Any businesses which visit other people on location will need a reliable form of transportation. A newer car or van will also make your business instantly more credible.
Invest in the marketing of your business so that people know about you, but make sure you don’t waste money in the wrong areas. You will want to keep the costs as low as possible but you can’t stop marketing. Marketing is essential if you want to grow your business.
Marketing will help to make your business stand out from other competitors in your local area. You can differentiate yourself in a number of different ways, but marketing is essential for you to land your first job.
Word of mouth is very important as this will help you to expand your business very quickly. Try to encourage word of mouth by ensuring that all customers are happy with your work.
Spending time choosing a good product or service will make it easy to make a profit, just ensure that you have a good marketing plan in place.
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