Globally, the number of start-ups that pop up every year has increased significantly over the past few years. With enough disposable income at hand and growing dissatisfaction with the 9-to-5 employment model, people are inclining more towards undertaking entrepreneurial ventures.
The last two years saw an even bigger boost in the number of start-ups since the pandemic caused a lot of job losses and also gave people enough time to reconsider their employment choices.
Every business starts with some sort of solution. You try to identify a problem that the modern world faces and find a solution to that. These solutions are then monetized in different business models to bring a start-up to life. Take the escape industry as an example.
Back in 2007, the first escape room was started with an innovative idea in mind- to help people experience a video game in real life. Today, that simple idea has bloomed into a full-fledged industry that is leading the entertainment sector worldwide.
If you are someone with an entrepreneurial spirit and an ambition to set up your own business someday, here is a list of the best small business ideas that can help you get a head start on the journey:
9 Low-Cost and Online Small Business Ideas for 2024
Online Teaching Business
Like physical coaching classes, this option also has a great potential to be turned into a small business. Online applications are a great way to reach a wider audience with education-based content from the comfort of your home.
Teaching apps such as BYJUs and SkillShare have developed platforms for tutors around the globe to come and teach several subjects. If you feel you have the necessary skills to teach more people about a subject, utilizing these relevant platforms instead of working independently is a great way to build the base for your online teaching business.
Start a Dropshipping Business
Dropshipping is a great idea for beginners who are willing to start with their own business. Drop shippers manage the shipping of items from online retailers to wholesalers. The customer contacts your store to place an order, and you send the order to the supplier who directly sends the order. This entitles you to a certain profit. In this way, you are not just helping yourself but also other small businesses.
Start a Consulting Business
With great knowledge about any topic such as business, social media, marketing, human resources, and so on, you can start your very own consulting business. In the initial phase, you can do it on your own and then hire more people as the business expands its client base.
Customization
Are you an aspiring artist? Then, this is the perfect small business for you. The evolution of the luxury and customization industry has brought in huge demand for artists who can customize products as per customer requirements. You can start with low-commission work and gradually grow your business through the process.
Thrift Store Business
Thrifting has become one of the signature lifestyle trends in the current years. The factors of sustainability, affordability, and finding one-of-its-kind pieces add to the popularity of thrift stores.
It is a feasible business option where you can go in with small capital. But what you will need is a good eye for statement pieces and a knowledge of where to source them from.
You can collect old clothing from your circle and sift out the sellable ones. But once your business takes up the pace, you will need to source more products from either local markets or buy from people who want to dispose of their high-end, still usable products.
Social Media Management
Influencers, actors, and other industrialists need social media management companies to grow their pages today. If you have good knowledge about trends and a creative vision, then this can be a great business for you.
Start by building your rapport by working with some big names in the industry, even if it is for lesser pay. This field is very competitive, and if you want to stand a chance against full-fledged agencies, you need some backing from networking.
Handmade Craft
Handmade products are sweeping the market right now, with customers wanting to support works of smaller artists and artisans more than mass-manufactured goods.
So, if you have the relevant skill to make a product from scratch (some popular ones right now include lip gloss, slime, and crochet clothing), you can easily kickstart your small business online. Different sites like Amazon, Flipkart, eBay, and Etsy are your best options to reach a wide customer base.
Web Development
Web development is a great skill that many companies look for. You can start with developing websites for your friends and polish your skills, take reviews and start taking jobs with commission work. Offering your services at lower prices can be a good way to land initial gigs.
Start your Own Cloud Kitchen/Bakery
Home cooks and bakers are earning enough money through their small businesses today to do it as a full-time job. So, if this is an area your interest lies in, go ahead with this idea. You can start with an Instagram page where you post your food pictures and reviews. With the help of third-party services such as Postmates, Instacart, and so on, you can easily operate throughout a wide area.
Every small business starts with an innovative idea, something that can help them stand out in the ocean of big brands. Before you start your business, take a moment to figure out what its USP can be and if that USP aligns with the needs of your target consumers. Since all these ideas are suitable for low-investment ventures, you need to put in extra work in the field of market research and promotion to bring your idea to life.
