10 Biz Ideas with Low Startup Costs
A recent study by the SBA found that when unemployment is high, the number of sole proprietorships goes up. Some people who are laid off from their jobs decide to start small businesses.
If you find yourself in such circumstances — out of a job and thinking about starting a business — chances are you won’t have much money to start up with. So Business.gov put together 10 businesses with potential for growth in 2010 that require little startup capital.
1. Consulting for your former employer or in your old industry
2. Web businesses
3. Virtual assistant
4. Online social media consulting; online content production
5. Convenience services for consumers
6. Pet businesses
7. Kids products or services
8. Mobile apps development and mobile consulting
9. Specialty foods
10. Landscaping and handyman services
All 10 of these businesses can earn profit quickly if a potential buyer can be easily identified. I would encourage everyone to take these basic ideas and customize them into something unique. A niche market is much easier to dominate than a generic one.
I suggest going to Google and doing some research to get ideas. Many people don’t know that Google tells you the subjects that people are searching for information about. If you think about it, where there are people with problems, there are people with open wallets. I’ll explain…
Let’s explore idea #7 – children’s products or services. When I first typed in the word “children”, Google made several suggestions – books, dictionary, museum. “Child” resulted in health, development and tax credits.
Next, take these 6 ideas and do more research to learn about existing business models and how you can tap into these markets. Surf all over the web – look locally and globally for examples. Keep notes about what you found. Think about your personal interests and how you can combine some ideas to make your business unique.
I don’t want to make this sound overly simplistic, but it can be. Open your eyes, take notes and think creatively.
I love this stage of business development, the whole world is out there - how can I profit? Send me your ideas and I’ll help you brainstorm. Kay Peck
The Two Cent Candy
Today, I have to tell you about finding profit from “Two Cent Candy”.
I just read an excerpt from Tom Peters’ new book – The Little Big Things: 163 Ways to Pursue EXCELLENCE – due in stores next week. His books and teachings have changed big business and many ideas that work for corporations can work in small businesses too.
Tom Peters idea # 131 involves a very simple but important idea… Back in the olden days at a local shop, there was often a small candy dish sitting next to the cash register. The dish was filled with wrapped candies, usually a peppermint or root beer barrell. As a customer would pay, they would take a piece of candy, smile and feel good about their purchase.
This very small gesture (and cost) gave the impression to the customer that they were valued and appreciated by the shopkeeper. On the surface, this small piece of candy seems ridiculous and insignificant. In reality, it is HUGE!
Establishing customer satisfaction and building a long-term buyer/seller relationship can start with something as small as a piece of candy. Making a customer feel appreciated can lead to them returning for another purchase.
I’m not necessarily suggesting that everyone needs a candy dish – but everyone can use this idea to improve customer relations which will lead to more sales and PROFIT!
Here are a few ideas that might work well for your business -
- Giving customers a 15% off coupon for their next purchase.
- Having a give-away drawing for a product.
- Creating a “Super Customer” card that tracks purchases and gives rewards when a certain level is reached. For example, buy 3, get the 4th free.
- Making a logo pen and giving it to customers to keep as they sign their credit card receipts.
One of the key points is to make the connection at the point of the sale. Whether it’s at a cash register, or a mailed invoice – find a way to say thank you for spending your money with me.
Yes, these ideas have costs associated with them but they can all be tied to creating future sales. Why not spend a few pennies today to make several dollars tomorrow. Think about it and implement this idea.
I’m going to be looking for candy dishes and smiles when I go shopping. Will you have one? Kay Peck
Teen Entrepreneurs Make Profits
Teenagers are probably my favorite type of an entrepreneur. Teenagers have a unique perspective on life and bring that into their companies. They don’t have a lot of preconceived ideas about how the business world operates, nor do they really care.
The teens I know started their business when they realized they could sell something. Once they learned Bill Gates started his first company at 14, they thought they could too. If you’ve got the idea of starting a company, it’s near impossible to give it up.
No matter what your age, when you first become an entrepreneur, the sky is the limit! You think very big! You follow your interests and see where the money can be made.
The time to be creative and adventurous is when you are first considering your business ideas. Play the “What If…?” game. “What if you …?” each time making it larger or more diverse. Keep a list, build off the good ideas.
Once you have a qualified idea, it’s time to learn some of the nitty gritty of start-ups. I found this reference written by Stuart Harris called Teenpreneur Teens Making Money
If you are over 21, we have to work extra hard at keeping that youthful ambition. I know it’s hard as you get more experienced. It is difficult not to get jaded. Don’t think back to the days when things were better. Look to the future with mind and eyes wide open.
To find the profit today, remove any negativity from your thinking and play the “What If…?” game. What if you added a few new products, or ran a promotion, or changed a supplier. Look at the various areas within your company and see what you could improve. I’m confident you can have more profit when you’re done. Kay Peck
Internet Biz
Executive Mentors
