10 Thriving Low-Capital Business Ideas For Now & 10 Years

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According to statistics from Global Entrepreneurship Monitor (GEM), We have over 582 million entrepreneurs in the world.” Considering that the global population stands at approximately 8.1 billion, it’s clear that business owners and aspiring entrepreneurs are merely skimming the surface. Drawing inspiration from the book “Blue Ocean Strategy,” we learn that untapped market spaces (or “blue oceans”) and saturated markets (or “red oceans”) exist. The key to success is to carve out a unique business niche, even within these red oceans, to become a market leader. #Low-Capital Business Ideas.

Are you looking to start a business but want more funding? Here are some business ideas you can launch with little or no capital…..

1 Social Media Management: 

Photo by Tracy Le Blanc

Social media management is an increasingly lucrative field. Its major perk is that you don’t need to meet your clients in person. A social media manager is tasked with enhancing a client’s online presence, engaging with customers and prospects on social platforms, and devising and implementing strategies to increase traffic to the client’s services or products. With tools like Zoom and Google Meet, communication with clients becomes more effortless. 

What you need to get started:

  • A smartphone or computer
  • Internet access
  • Basic social media management skills

Steps to establish yourself as a social media manager:

  • Develop Skills: Acquire essential social media management skills through platforms like Coursera and YouTube. Consider taking courses such as the ones offered on Coursera [link to social media management course]; YouTube is free and has tons of resources on any aspect of social media management. 

If you would like help with 50 YouTube videos, from beginner to advanced, please comment below, and I will send you a Google document with links to all 50 videos. 

  • Build Presence: Establish your social media profiles and use your own platform to first practicalise what you are learning. 
  • Start Small: Offer your services to local businesses and expand as you gain experience, master the art of crafting compelling pitches and writing practical proposals and understand social media professionalism and how to navigate contract agreements.

Useful Resources: 

Social media management tools 

Social Media Management Tools by Investopedia 

The startup costs are minimal; you can educate yourself through YouTube tutorials and by practising on social platforms. You could start by offering your services to small business owners—friends, neighbours, and acquaintances—and create compelling offers that can quickly draw their interest.

2. Freelance Services: 

If your interests extend beyond social media management, consider diving into the world of freelance services. This can include areas like self-publishing, graphic design, website development, and guest blog writing.

Steps to get started as a freelancer:

Starting a career as a freelancer can be an exciting and rewarding path. To get started, there are some steps you can follow to help you establish yourself in the industry.

  • Identify your niche: You want to research the market and identify the most profitable freelance niches. This will help you understand which skills are in high demand and which services you could offer. Check this blog for “Top Profitable Freelance Services”.
  • Market yourself: Once you have identified your niche, it’s time to connect with potential clients. Joining online freelance communities can be an excellent way to tap into existing opportunities and build your network—top Freelance communities to boost your career, and effortlessly sell your offers. 
  • Showcase your work:  By compiling your completed projects and services into a portfolio. This can be either a PDF or hosted on a website. Utilise resources like Canva for design and other free services to build online portfolios. By following these steps, you can start your journey as a successful freelancer and build a thriving career in your chosen industry. Here is a  resource to help you with that: “Free Websites to Create Freelance Portfolios” and “Canva Website to Create Freelance Portfolios

Additional Resources:

Making money by offering  Freelance Services 

Offering freelance services allows you to leverage your existing skills and helps you build a flexible and sustainable career. Start small, focus on quality, and gradually expand your client base for long-term success.

3. Dropshipping 

Dropshipping is a profitable, low-cost retail strategy that allows you to sell products without holding inventory or managing a physical store. By leveraging platforms such as Amazon, Etsy, and Shopify, you can access a large customer base, connect with potential buyers, and handle marketing without the overhead typically associated with traditional retail.

Photo by Tima Miroshnichenko on pexels

Steps to start a dropshipping business:

  • Conduct Market Research: Begin with a thorough market analysis to decide on a niche or product line that is both profitable and in demand.
  • Select a Platform: Choose a dropshipping platform that aligns with your business goals. If you don’t manufacture your products, research potential products to sell and contact suppliers to establish partnerships or agreements.
  • Set Up Your Marketplace: Depending on your chosen platform, create your market page. Fill out your profile with compelling copy, high-quality images, and engaging content to attract and retain customers.
  • Iterate Based on Feedback: Pay close attention to customer feedback and continuously improve your offerings and store presentation. Customer feedback is invaluable for refining your approach and enhancing customer satisfaction.

Additional Resources for Starting a Dropshipping Business:

Educational Resources:

Dropshipping Platforms:

  • Shopify is a popular and easy-to-use platform for dropshippers. It has an integrated solution called Oberlo that helps connect sellers with suppliers. Visit Shopify
  • If you want to sell products without keeping them in stock, Amazon can be a helpful platform to use. However, Amazon has strict rules about this type of selling, so keep that in mind. Using Amazon in this way allows you to reach a lot of customers, but you need to follow their rules. Amazon Dropshipping Policy
  • Etsy is a good platform for selling unique or handmade items. If your products meet Etsy’s criteria, you can dropship niche products. Explore Etsy

Supplier Directories:

  • SaleHoo Directory lists verified suppliers who are willing to dropship products directly to your customers. 
  • AliExpress allows you to source items directly from manufacturers in China.

Market Research Tools:

  • With Google Trends, you can analyse the popularity of potential products and trends over time.
  • Keywords Everywhere is a browser add-on that provides keyword search volume data, which is helpful in understanding what potential customers are searching for.

4) Cleaning Services:

Everyone does and needs cleaning every single day. It is a daily task for homes, offices, and various other spaces, and many people and businesses outsource this job to professionals. Starting a cleaning service can be relatively straightforward and offers a quick path to earning income.

Steps to Start Your Cleaning Service:

  • Create Marketing Materials: To market your cleaning services, start by designing simple flyers that clearly communicate your service offering. You can use online design tools like Canva to make professional-looking flyers without any graphic design experience.
  • Spread the Word: To spread the word, distribute your flyers locally and share them on your social media channels.  Tell your friends, family, and neighbours about your new service.
  • Prioritise Safety: Prioritize safety when taking on new clients, especially for residential cleaning jobs. Before meeting new prospects, gather necessary information about them, and consider initial meetings in public spaces or with a friend. Always inform someone about your whereabouts when visiting a new client’s home or office.
  • Set Competitive Rates: Research local cleaning service prices to set competitive and fair rates.
  • Compile a list of essential cleaning supplies needed to perform your services efficiently. Many websites offer basic cleaning supplies checklists tailored to different types of cleaning jobs. Here’s a helpful resource for a cleaning supplies checklist: Molly Maid Cleaning Supplies Checklist (mollymaid.com). 

5) Launch your Knowledge: 

Selling your knowledge in the 21st century is a very lucrative way of making money. Whether your skills lie in writing comic books, crafting fictional novels, creating children’s literature, cooking, poetry, journaling, or providing business consulting, there are myriad ways to monetise your knowledge.

Steps to Monetize Your Expertise:

  • Choose the Best Way to Share Your Content: To start with, decide on the format that best suits your content, depending on what you are good at. You can choose between e-books, handbooks, online courses, video tutorials, or YouTube videos. If you are a writer, you can consider print-on-demand, which is an excellent option that doesn’t require upfront costs associated with traditional publishing.
  • Select the Right Platforms for Your Content: Next, choose platforms that are aligned with your content and target audience. You can choose from the following options: Amazon Kindle, Personal Websites, E-commerce Platforms like Etsy or Gumroad, and educational platforms like Udemy or Coursera, which are perfect for selling courses. 
  • Market Your Expertise: Use advertising and affiliate marketing to reach a wider audience. Create compelling content that showcases the value of your knowledge and encourages followers to learn more or purchase your products.
  • Launch and Improve: Once you have chosen your platforms and prepared your content, launch your product. Gather feedback and make adjustments as necessary to improve your offerings and increase customer satisfaction.

Resources:

  • Books: “Teach and Grow Rich” by Danny Iny 
  • Websites: Teachable (teachable.com) for creating and selling courses
  • Courses: Building a Personal Brand by Gary Vaynerchuk on Udemy (udemy.com)
  • Tools: Canva (canva.com) for designing course materials and marketing content

6: Handmade Crafts

The market for handmade crafts is both lucrative and in high demand, catering to consumers looking for unique items to complement minimalist home designs or to add a personal touch to their spaces. Whether it’s home decor, jewellery, bathroom products, body products, or paper crafts, crafting requires not only skill but also a strategic approach to marketing.

Steps to Launch and Market Your Handcrafts Business:

  • Learn your craft: Find free tutorials on YouTube or take workshops to develop your skills. You can also use websites like Craftsy to learn specific crafting techniques.
  • Choose profitable crafts: Research which crafts are popular and profitable by checking market trends on platforms like Pinterest or reading industry reports.
  • Select a platform to sell your products: You can create your online store on platforms like Shopify or WooCommerce or use third-party marketplaces like Amazon, eBay, or Etsy.
  • Create content that resonates with your audience: Develop blog posts, videos, and customer testimonials that showcase your unique products. Use social media to promote your crafts and connect with potential customers.
  • Optimise your store for search engines: Use SEO best practices to improve your store’s visibility in search results. You can also use social media marketing and work with influencers to promote your products to a broader audience.

7. Affiliate Marketing

Affiliate marketing is a lucrative model where you earn commission by promoting a company’s products or services. To earn money in affiliate marketing, you only need to generate your personalised link and ensure people use it when ordering.

Steps to Start in Affiliate Marketing:

  • Find an Affiliate Program: To start, you need to find an affiliate program that fits your interests and those of your followers. Amazon Associates, ClickBank, and Commission Junction are popular options.  
  • Select Products or Services: Choose offerings that you are passionate about and that you believe will provide value to your followers, and create an affiliate link that tracks sales. 
  • Develop a Marketing Strategy: Plan how you will promote the products. This could involve content marketing (like blogging or videos), email marketing, or social media campaigns.
  • Promote Your Links: Share your links and create engaging content such as reviews, tutorials, or social media posts. 
  • Earn Commissions: As people use your link to make purchases, you earn a percentage of each sale. By tracking your results and optimising your strategies over time, you can maximise your earnings.

Additional Resources:

  • Complete YouTube Course on Affiliate Marketing: This comprehensive course covers all aspects of starting and succeeding in affiliate marketing. [Link to YouTube course]

8. Health and Wellness 

If you have expertise in areas like fitness, nutrition, mental wellness, healthy living, skincare, or children’s nutrition and wellness, you can turn your knowledge into a lucrative business. Here’s how to leverage your expertise in the health and wellness sector:

Steps to Launch Your Health and Wellness Business:

  • Study the Industry: Learn about the health and wellness field by reading reliable sources such as scholarly articles, industry reports, and leading health blogs. Keep yourself updated with the latest trends and advancements.
  • Increase Awareness: Share your expertise through social media or YouTube by providing educational content that offers valuable tips and advice. Address common concerns and offer solutions to build trust with your audience.
  • Improve Your Offers: Develop a range of services or products based on your audience’s needs. These could include consulting sessions, e-books, customised meal plans, healthy recipes, video courses, or educational workshops. Ensure that your offerings address various aspects of wellness and cater to your clients’ diverse needs.
  • Invest in Paid Advertising: Reach a broader audience by utilising paid advertising on social media platforms, search engines, and online health communities. Target specific demographics interested in health and wellness to gain better results.
  • Continuously Adapt and Learn: Keep yourself updated with the latest research and feedback from clients to stay relevant and practical. The health and wellness field is ever-evolving, so keep learning and adapting your strategies and offerings to meet the changing needs of your clients.

Additional Tips and Resources:

To establish a career in the health and wellness industry, you can follow these valuable tips and resources:

  • Please obtain professional certifications to increase your credibility. For example, a certification from an accredited organisation can enhance your reputation as a nutritionist or personal trainer. 
  • Partner with health professionals such as doctors, therapists, or dietitians to provide integrated services and gain more legitimacy. 
  • Build an online community that supports each other in their wellness journeys. This can foster higher engagement and customer loyalty.

9: Content Creation/Influencer Marketing

If you already have a significant online following, you can capitalise on your digital presence through influencer marketing and content creation. Here’s how:

Steps to engage in Content Creation and Influencer Marketing:

  • Try different platforms: like social media platforms, podcasts, YouTube, or blogging, to connect with your audience and deliver your message effectively. Choose the platform that suits your skills and audience preferences.
  • Choose a passionate niche: Focus on creating content that appeals directly to this niche to cultivate a dedicated and engaged following. Consistency in content creation and active engagement with your audience is key to building loyalty and trust.
  • Explore different ways to monetise your content: such as affiliate marketing, sponsored content, product sales, or premium content. 
  • Use tools to analyse your performance and understand audience preferences. This data can help you tailor your content and strategies to meet your followers’ needs better.

10: Food Delivery and Catering

If you have culinary talents, whether as a skilled cook, caterer, or snack maker, launching a business in food product sales and meal preparation could be a fulfilling venture. Here’s how you can start a thriving food delivery and catering service:

Steps to Start Your Food Delivery and Catering Business:

Planning to start your own food business? Here are some tips to keep in mind:

  • Menu planning: First, decide what meals or snacks you want to offer. Consider specialising in specific types of cuisine that align with your expertise and appeal to your target market.
  • Food safety: Before starting your operations, make sure to understand and comply with local food safety regulations. Obtain any necessary licenses and permits to operate legally.
  • Marketing strategies: Promote your services on social media platforms. Create appealing flyers and post engaging content that showcases your menu items, special offers, and the unique selling points of your culinary creations. Tools like Instagram, Facebook, and Twitter are excellent for reaching local customers and building a community around your food.

Things you need to decide on: 

  • Decide whether you will deliver the food yourself, hire a delivery team, or use third-party delivery services. 
  • Decide the  Catering Services/offers you want, whether you want to provide catering services for events, parties, and corporate meetings. 
  • Implement Online Ordering: Setting up an online ordering system can streamline operations and make it easier for customers to place orders. Consider integrating this system on your website or through an app.

Resources:

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1 Comment

  1. This is a great read! I appreciate the way you’ve broken down the concepts so clearly. It makes for an easy and enjoyable learning experience.

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