Each year many start-ups fail due to high operational cost, while few thrive only at the threshold level. The key to sustainability lies in a low-cost start-up business. Hard to admit but business eco-system works around strict pre-defined rules, and all companies have to go through these rules to call them successful. On a good note, a low-cost start-up business has a higher sustainability ratio than others.
Though low-cost start-up businesses have low-risk factors, they have to remain upbeat on these three fundamental elements Funding, Saving, and Benefits. Unfortunately, they always find themselves weak on these attributes and stay on a quest to compensate the deficits.
But that doesn’t mean they should stop living their dream. To your surprise, roughly 5, 65,000 start-up companies launch every month in the U.S. alone; assuming that fraction of them would be low- cost start-up businesses. So how one can see them succeed with minimum risk, at least, hundreds if not thousands.
There are tons of things they need to focus for success like analyzing the size of the market, presence of constraints, relationship to resources, investor expectations, and so on. You can do this only if you have a working business model. Here are the few ideas around which you can build a successful low-cost start-up business model.
This post discusses some of the popular Low-Cost Business Start-up Ideas for 2019
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Low-Cost Business Start-up Ideas
1. Drop Ship Products
By building a drop-ship product suppliers portal, you can make money with minimum investment. Through this portal, you can render multiple business services like sell products online, collect payments, pay suppliers, and more. The best part being, you don’t have to send out the products. Your suppliers will do that. Plus, you can either create your website to render these services or can choose auction sites like eBay.com or Amazon.com.
In short, you will act as a middle man between supplier and consumer. However, to keep your business rolling and repeat the consumer, it is necessary that your supplier has integrated a smooth business process. Logistics software always comes handy to track product shipment, manage inventory, manage return order, and make payment.
2. Affiliate Marketing
Affiliate marketing should not be confused with drop ship product. Both are different. In affiliate marketing, you take commissions from sales coming from traffic directed from your website. Unlike drop ship product, you don’t sell a product but direct visitors to a product page or landing page through your website. The risks for losses are relatively low as you are not buying any items. But your brand’s positive reputation is crucial here, as the consumer will purchase a product on behest of your recommendation. It’s like giving word of mouth to someone. There are various techniques and methods through which you can build a positive reputation for your brand.
3. Home Staging
If you have a slight inclination towards home decors and know how to utilize home space with art and craft, this will entice you like no other profession. You can build a portfolio embedded with images of your home or others, where you have played a role in setting up the decor.
4. DIY Gift Pack
YouTube is flooded with many creative artists showcasing their DIY skills. However, they are not aware that their passion can be turned into a business. DIY gift pack is quite uncommon, novel and requires no hard cash. You can make a DIY chocolate gift basket and look for orders on social media by posting their pictures. In case if you are lucky enough to sign a contract for a corporate gift pack, your business will grow in no time.
5. Host Dinner for Strangers
If you think cooking is your niche and want to earn with your culinary skills, then this is for you. People from various regions migrate to metro cities for jobs, and they always hunt for places for home-made food. You can connect with such people through Watsapp group and invite them on weekends at your home to share a meal. There is also a free iOS app called “SupperKing” to invite people in mass.
There are myriad of things foodies can do around to make a living from their hobby. They can write blogs, stream live cooking videos, or sell third party meal kit (food recipe).
6. Home Sharing Services
Airbnb has raised an empire renting a single room to avert high living expenses in San Francisco. The company does not own any of the real estate listings but acts as a broker, and receives commissions from each booking. If you have spare space which is suitable for accommodation, you can rent them too and earn quick cash.
Photographers are in high demand than ever due to the digitization and social media popularity. Big and small companies promote their services or products with intuitive images on social media. Mostly these images are bought from online platforms like Shutterstock, Fotomoto, Photoseller, etc.
Photographers can make money selling their photos to such vendors. It barely requires any investment and remains one of the common choices over the spectrum of a low-cost start-up business.
Freelance your expertise through platforms like Upwork and Elance. This service is ideal for people playing Solo. You can sell your skills around the globe just sitting in the corner of your room. The survey released by Forbes tells that 30% of fortune 500 are now using Upwork; the figure is enough indicating the amount of work accessible for freelancers. Below are the skills set were more freelancing work is explored.
- Graphic Designing
In the end
If you want to see your low-cost start-up business flourish then try adopting smart approaches like Robotic Process Automation. There is an endless list of robotic automation companies that build customized software to automate the business process. It will simplify the complicated repetitive tasks like logging into applications, entering data, generating invoices, etc. with almost no human intervention. Above all, it will lend you time to focus on other essential tasks.