For many people, the idea of running their own company, being their own boss, and working for themselves is the stuff of dreams, but getting started can often seem a challenge. For a start, there are all the operational, production, and supply chain considerations – and that’s without even thinking about how to attract (and retain) clients. Moreover, you need to work out if there’s even a demand for the product or service you’re hoping to start selling.
In truth, unless you have experience in a particular area, it’s likely going to be much more difficult to get started in a market you don’t know and make it a success. After that, there’s no substitute for experience – no matter what role you’re performing.
Nonetheless, some business opportunities are considerably easier to start up than others. If you’re looking to change career – or were perhaps made redundant following the recent Coronavirus pandemic – below are some relatively easy start-up business ideas that won’t break the bank.
Work as a handyman
The majority of people have done at least some DIY work in their lives whether that be fixing up items at home or in a more professional capacity – and even if you haven’t, there are countless ‘how-to’ videos available on YouTube and other streaming platforms that will help get you started. Moreover, the tools you need to get started will (in most cases) be relatively cheap and easy to use (for example, the welding equipment available to order online at hotairtools.com).
While a formal qualification will obviously prove advantageous in many cases, there’s no reason why you couldn’t learn the majority of the skills you need from watching online tutorials and spending the time honing your talents.
Get into dropshipping
The web has completely transformed how and where businesses operate these days and, with the rise in e-commerce, cloud technologies and improved distribution and sales software, it’s now possible for anyone to set up a dropshipping company with little or no experience.
Dropshipping has a considerable advantage over many other business models in that it’s extremely cheap and fast to set up. In the dropshipping model, you simply act as a conduit between customer and supplier.
Most dropshipping firms manage a virtual inventory of stock – but never actually purchase or hold any stock. Rather, they sell goods over the web with the order being transferred directly to the producer who then ships the product. Just like in the more traditional brick-and-mortar selling process, the retailer (the dropshipper) takes their cut from the sale – just without the obvious overhead of initially ordering, stocking and then shipping products.
Do it right and dropshipping has the potential to offer you a very lucrative, risk-free and assured new career. It is perhaps the easiest and most hassle-free startup business idea.
Start up a t-shirt brand including the option for on-demand designs
If you’ve got a talent for art and design, there are limitless opportunities for selling your work – but one that’s often overlooked is the idea of selling your prints as t-shirt designs. Much like the dropshipping model noted above, there is now a huge range of production companies that are willing to take your original work and print them on t-shirts, as and when an order comes in. Again, similar to dropshipping, this means that you won’t need to hold potentially ‘dead’ stock, waiting in hope of a sale.
The major work and, in turn major risk, of the t-shirt production business idea is the production of a sales website (plus any associated web marketing and Search Engine Optimization (SEO) that you will undoubtedly need).
Become a creator and monetize your content
The last few years have witnessed a massive rise in YouTubers and bloggers that have become recognized experts or ambassadors in their particular field. These so-called ‘influencers’ can command huge fees through the (apparently) indirect promotion of goods and services online on the larger social media platforms like Facebook, Twitter, Instagram and YouTube.
Video has by far the highest engagement rate online so you would probably be best to target this particular format. However, with most smartphones now touting a minimum of an HD camera, there’s now no longer any need to invest in expensive camera equipment, though you should study techniques through online guides to produce the most professional video you can.
Options for monetization come in many forms, from setting up accounts with the likes of Amazon to sell the product you’re endorsing or describing to engaging in the YouTube Partner Program where you’ll earn money per view of your videos through advertising.
Other common ways to generate revenue include selling branded goods (for example, t-shirts using the model above), getting paid to produce apparently impartial content or establishing a Patreon account so your followers can pay you directly to show their appreciation for your work.