Contrary to popular belief, starting a business doesn’t always have to involve taking a massive loan or selling one of your properties for capital. You just need to find the right type of business that suits your budget or financial capacity.
Here are some affordable yet highly profitable businesses you can start:
Food Kiosk Business
Food kiosks involve a low investment but offer high returns on investment or ROI. There are two ways you can go about this. First, you can think of and make your own product to sell. Do you have an amazing recipe that your friends love and can’t get enough of? Can you sell it in a kiosk? If you answer ‘yes’ to both questions, that’s awesome. You got yourself a marketable food product.
But if you don’t, that’s fine, too. You can buy a food kiosk franchise instead. This is where you, the franchisee, pay a one-time fee to the franchisor (the owner of the franchise) so that you’ll get the right to sell their products. Not only that; you’ll also get help in operating the business, from getting your equipment and supplies to setting up your kiosk. It’s their brand and product, but it’s your kiosk.
This is a great option if you have an expertise that can potentially help other people solve their problems. For example, maybe you have extensive experience in managing teams in the call center industry. Or maybe you’re an experienced marketer of an e-commerce brand. Whatever it is you’re good at, there’s a high chance that there’s someone out there who needs your help.
Did you know that 51% of Americans would rather shop online? You’re looking at millions of revenue per year here.
Selling products or services online is a low-cost venture since you don’t have to pay rent, electricity, and other overhead costs associated with a brick-and-mortar business. The only things you need to worry about are your website hosting costs, initial capital for acquiring your products (which is fairly low), and advertising costs.
There are various types of e-commerce business models, which give you many options for creating a perfect business.
Personalized Craft Business
Believe it or not, there are people making over $100,000 a month selling their crochet products online. That’s how big personalized craft businesses can be.
If you have a hobby, such as knitting, painting, sketching, making pretty bookmarks, woodworking, making jewelry, upcycling clothes, writing, and so on, you can sell them to your friends and family. But if you want to earn more, sell them online. Whatever your product is, if it’s of high quality and you market it well in the right places, people are going to buy it.
Getting out of your cubicle and becoming your own boss is not as hard as it used to be. You just need to be creative and willing to take risks, as the business landscape is full of these. In addition, you must be patient and open to changes, feedback, and continuous learning.