Interest in entrepreneurship is growing rapidly across the US, and doesn’t show any signs of slowing. From online fitness empires to handmade cosmetics, it seems everybody knows somebody who’s channeling their passion into a business.
However, many Americans shy away from the idea of starting their own company. Maybe you’re worried about the time you’ll need to put into a new venture, or maybe you’ve heard you need a lot of money to get started?
The truth is, while there are many business plans which do require a significant amount of capital from the beginning, there are also a handful of small business ideas which can be started with little more than a laptop, a determined mindset, and a strong work ethic. New technologies are making it easier than ever to market and sell products and services online, making business ownership accessible to people of all backgrounds and financial statuses. Read on to find out how you can launch a business with a small amount of money.
Dropshipping
Dropshipping is a service in which a third-party supplier stores and ships goods to customers on your behalf. It’s a great place to start if you’re new to the business world, as it has low overheads and is relatively hands off and scalable. In addition, dropshipping businesses don’t require a huge amount of capital.
Dropshipping businesses have grown in popularity in recent years and can be used to sell all kinds of products, from candles and beauty products to clothing and athletic apparel. As a third-party seller will ship the items directly to your customers, you won’t have to handle any products yourself. All you will need to do is promote and sell the items, then pass any orders on to the supplier.
Forex Trading
If you’re looking for a way to bring in some extra income, Forex trading is worth considering. The Forex market is a global marketplace where national currencies are exchanged and tends to be the biggest and most liquid asset markets worldwide. Currencies are traded against each other as exchange rate pairs, in a market of different assets including stocks and cryptocurrencies. Many people are skeptical of Forex trading when they first hear of it, but Forex is not a form of gambling.
There are no commission rates, clearing fees, exchange fees, government fees or brokerage fees involved in Forex trading, which is one reason it’s a popular market to join. Forex also offers low retail transaction costs, generally less than 0.1% when the market is normal and as it is an international market, you can trade whenever suits your schedule best.
Sell handmade goods
If you’ve got a creative flair, you can turn your talent into a steady income, with the right research, marketing and of course, a desirable product. Whether you’re a soap maker, a baker, or a jam maker, if you can produce something people are willing to pay for, it’s fairly easy to make a profit online.
You could start off with an Etsy page if you haven’t got the resources to start your own ecommerce business at first. Remember to take advantage of social media platforms like Instagram and TikTok, to promote your brand too.