Start-up costs vary based on your skillset, resources and ambition. However, some of the most profitable business ideas require minimal startup costs and are easily expandable as profits rise.
Dropshipping is one of the best business ideas around; this fulfillment model allows ecommerce storeowners to sell products without owning or storing inventory.
1. Gas Station
For an inexpensive business startup that promises high returns, consider opening a gas station. Profits from in-store sales have margins between 30-40%; however, you will require good credit score and personal assets as collateral to secure loans for this endeavor.
Before opening a gas station, conduct extensive market research to understand what customers’ needs are and who your competition might be. Furthermore, opening a business bank account separate from your personal one will allow you to distinguish earnings of the business from personal accounts and help maintain accountability of earnings for both.
If you lack experience managing a business, gaining management experience with another firm might be beneficial. Joining a major gas franchise offers another route towards success while adhering to established operating procedures can also reduce risks of failure. While unique selling points help set apart from competitors.
3. Cleaning Services
Cleaning services are in high demand with relatively low startup costs. You can launch a cleaning business by purchasing supplies and a vehicle, or by joining an established franchise that provides business and industry training.
One of the best ways to find clients is through word-of-mouth referrals. Reach out to family and friends who may need cleaning services and offer discounts for new clients. Hanging flyers around town is another effective strategy to draw in local clients.
As part of starting a cleaning business, it is necessary to select an appropriate legal structure for it. A sole proprietorship may be the easiest but leaves you personally responsible for all liabilities of the business. A corporation offers more protection, though costs more and requires stricter accounting and tax rules be followed. You could also form a limited liability company which provides similar benefits at lower cost.
4. Real Estate
Real estate can be an immensely profitable and thriving business that you can get involved with after receiving training. Your service offerings may include fixing security gadgets or installing swimming pools in residential areas. Another real estate-related venture you could venture into would be creating a website listing properties while earning through ads.
One of the greatest advantages of starting a real estate business is that it puts you in control of your own destiny, unlike many corporate jobs where your fate may be tied to someone else. Furthermore, investors in raw land may generate additional income by renting rights out to companies who build structures such as cell towers, pipelines or pump jacks on it.
