Business Building Ideas:
One of the biggest struggles for many Entrepreneurs, is figuring out what kind of business to do. Whether it is selling your own digital or physical product (or a product made by someone else), or providing a service, the task of finding your niche can feel overwhelming. My goal in this post is to provide some ideas that could lead you to discover what it is that you want to do.
Selling E-products that you have developed can make you a lot of money. What is an e-product? Well put simply, it is a web based product that people purchase and download. It can be an e-book, or a set of plans on how to build something, it could be software, or an App for Android and iPhone. These are digital products that require no factory, or parts. Just programmers, writers, and web pages. These types of businesses are generally low cost startups, and can make a good profit.
On way to keep your overhead low and advertising dollars to a minimum is to use / hire affiliates to do all the work. You pay them a commission, and if you have a good product, can earn you a ton of cash. The best thing about it, no matter how many you sell, you don’t have to make a product to keep up with demand, there is potentially unlimited income. I recommend Clickbank for this. It is the largest affiliate marketing programs out there. If this sounds like something you want to explore, then click here for more information.
Selling physical products can also lead to big dollars. Depending of course on how big your audience is. You can do brick and mortar shops in your local community. Or for a bigger market you can put your store online, and use sites like ebay and Amazon to sell your product in addition to your own web based store. You can make your own product, or sell something someone else made. If you can find a good product you like, chances are…other people will like it too. If you end up going overseas to find a supplier, then you may have to buy in bulk and store in the US to get the costs down to turn a good profit.
What if you want to make your own product, but no idea what to do? Well, here are a few business ideas with really low startup costs:
- Restore and sell batteries: This is a low cost start up, and can be very profitable. Not to mention, can save you money by not having to replace all your dead batteries all the time.
- Put your woodworking skills to use: Another low cost business gives you access to a ton of plans for different woodworking projects that you can resell for a profit. Right now there is a high demand for high quality, handmade, furniture and accessories. You can even outsource that to maximize your profits.
- Motherboard Repair: This link will teach you all the skills you need to fix computer motherboards. Like the batteries, this is low cost business, as you can get broken motherboards for nothing, and sell them fixed up for a decent profit.
Service based business:
These types of businesses require no product. Well, more accurately…you are the product. A service based business can be local (such as dog walking, babysitting, handyman, etc) or they can be global (such as broker, life coach, consultant, Affiliate, etc.). Here are some decent low cost start up business ideas for global service based businesses.
Life Coach: This link will give you the tools you need to start your own life coaching business. Life coaching can be done completely virtual, and as your business scales, so can your cash flow.
Stock Trader: Stocks have historically been an amazing place to make a lot of money. Armed with the right software, the odds of being successful are increased greatly. You could also do Penny Stocks if money is tight, and the risk is lower.
Blogger: This is where you pick a topic, and write a lot of content about that topic. You make money through selling advertising. This is somewhat low cost, as all it requires is a domain, a website, and a lot of writing. You can eventually build the community big enough to have others contribute to your blog, or even hire ghost writers.
Freight Broker: This link will give you all the tools you need to get into the transportation industry. By connecting private drivers to clients for a fee, one could potentially make a lot of money, and have recurring customers.
3D printing: This one is a little more on the pricey side for startup costs compared to others. However, this can be very profitable since the versatility of 3D printing gives you the ability to make custom parts without molds or expensive machinery. This is perfect for offering prototypes for other Entrepreneurs who are in product development. This business can be easily scaled over time, and can be highly profitable. You can even start from your garage.
Affiliate marketing: There are several affiliate marketing sites. I personally am a member of clickbank. There is also 1&1 Affiliate. I used 1&1 to build this site. Has an excellently low startup cost, which can be expanded on as your business grows. 1&1 has a great Affiliate program. There are also specialized affiliate programs. Say you’re have a Real Estate license. You can affiliate market for real estate companies and get commissions on homes sold. Or say you are a paralegal or lawyer. There are programs to sell a bunch of legal services for law firms. Which you get a commission off of every sale. The internet is chalked full of programs. The cost side of this is in Web hosting, and advertising dollars. There are lots of ways to reach customers, and I will go into more depth on this in another post.
These are but a few ideas of the tons that are out there. I will highlight some interesting ideas on business ideas as I interview other Entrepreneurs and showcase them on this site.
For More on this subject, check out my other articles here.