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Low-Cost Businesses for Beginner Entrepreneurs

Dec 23, 2020
4 Minutes

Many people have decided not to follow their dreams of running their own businesses due to lack of money. However, not all businesses require a lot of money for starters. There are many low-cost businesses you can start if you know where to look. You can even make a fortune if you work hard on one of those low-cost businesses. Despite the fact that some low-cost businesses demand special skills, fret not, there are also low-cost business ideas that everyone can try. The key to running a low-cost business is determination and good ideas. Your entrepreneurship endeavors will pay off if you have both. So, what are the examples of low-cost businesses that newbie entrepreneurs can start with? Check out these low-cost business ideas below.

Low-Cost Business Ideas

  • Dropshipper
    The first low-cost business idea you can try is dropshipping. A dropshipper is someone who markets goods from the manufacturer without having to buy or stock the goods beforehand. So, you only need to focus on marketing the goods and serving the customers while the manufacturer or supplier will directly deliver the goods to the customers. Hence, you don’t need to spend a dime to purchase or stock up on the goods. You just need gadgets like mobile phones or laptops and an internet connection to become a dropshipper. What makes dropshipping an interesting business is you are not required to have a lot of money to start as you don’t need to stock any goods in advance. It makes dropshipping a low-risk business as the risks of those goods going bad or unsold are very low, almost non-existent. In addition, the online system allows you to operate your business anytime and anywhere. However, since you don’t need to purchase or stock on goods beforehand, you cannot guarantee the product’s quality. And so, if your customers receive damaged goods, you will get complaints and your customers' loyalty will drop. 
  • Buying Service
    Another low-cost business is buying service (jastip). Nowadays, buying services keep growing and can be found anywhere. It is a service that allows the buying service providers to buy certain items requested by the customers, while the buying service providers add some additional cost for the requested items. Usually, the providers offer a buying service when they are traveling to another city or country. The customers will later pay for the requested items, the buying service cost, and the delivery cost. The most wanted items include skin care products, makeup, bags, outfits, accessories, trending snacks, foreign foods, merchandise, and so on.
    There are several things worth noting when it comes to running a buying service, namely knowing who your market target will be and knowing the current trending products. So, you can make the best of such situations by providing a buying service. Meanwhile, you must also determine the buying service system; whether the customers have to pay all the costs in advance, pay the down payment first, or pay when they have already received the goods. You have to carefully consider it to make sure that no parties will be disadvantaged. In addition, one of the most important things in providing a buying service is promotion. You must promote your service well enough that it can run as expected.
  • Graphic Design Service
    In this millennial generation era, design services are growing and gaining more recognition by business entities. Many companies and brands need design services for business purposes, such as designs for posters, name cards, logos, banners, clothes, and more. If you are a graphic design expert, you can use your skill and turn it into a low-cost business to earn extra income since not many people have this ability. The fees may vary, depending on the requested designs and complexities. In terms of providing a graphic design service, you have to prepare your designing skills, portfolios, and promotions. Possessing designing skills is mandatory for this service. Also, you have to master supporting designing softwares. Having proper portfolios for your graphic design service is equally important as well. Your portfolios should include the designs you have created and received positive reviews on. Showcasing your portfolios will be a plus point as you can convince and attract potential customers to use your graphic design service, since they are able to see your works.
  • Selling Snacks
    The next low-cost business idea is selling snacks. Everyone loves snacks, which makes selling snacks a profitable business in the long run. You can find snacks on the dining table of almost every household. Therefore, you can seize this opportunity and turn it into a low-cost business. You must be able to creatively whip up the treats. Deep-fried oreos, for instance, do not require much money to make. You can experiment with modern or traditional treats by inventing or modifying a new flavor. Do not forget to stay updated with the current trends so you can reach out more customers.
  • Typing and Printing Service
    If you own a laptop or computer and a printer, then you can use them to start a low-cost business. You can even make more profit if you set up your business near a campus or school since there will be many students needing your service. Having extra papers and printer ink allows you to offer printing, even binding printed documents, services. You can use emails to send the files to be typed and printed too, so your services can fully help your customers. Promote your low-cost business to your family and friends, as well as on social media platforms, to attract more customers.

How to Promote Businesses
Marketing strategies are necessary to promote your low-cost business. Your opportunity to sell products or services online is huge, and therefore you have to make the best use of the internet for your business promotions. Here are several ways you can try to boost your marketing strategies.

  • Social Media
    We know that almost everyone, from various social classes, has social media accounts. Social media serves as one of the many platforms you can use for your business.
  • Marketplace 
    Different kinds of marketplaces for businesses are available in our modern world today. Use those marketplaces for your online dropship business.
  • Make Giveaways
    It is very common to provide giveaways in businesses that’s efficient enough to attract customers. A giveaway program calls for a strategy that includes asking your customers to follow your business social media accounts and promote your products or services on their social media accounts. That way, you can attract more potential customers.

As you can see, not all businesses require a tremendous amount of money. If you dig in a little deeper, you will find many low-cost business ideas you can try. If you would like to start a business but are low on funds, don’t worry because Permata Bank provides various loan facilities that you can use. You can use Investment Loan, Fixed Loan, Bank Statement Loan, and Revolving Loan.

Investment Loan is a long-term loan to fund your business investment needs. Fixed Loan is a non-revolving working capital loan with a repayment scheme done with installments. Bank Statement Loan is a short-term working capital loan with repayment and disbursement done multiple times. Meanwhile, Revolving Loan is a structured short-term working capital loan to support the customer’s working capital needs. Each business loan facility has many benefits you can try.

Many businesses can start with a little money. How about you? Would you like to find out more about business loans offered by Permata Bank? Click here for further info about business loans and help your business take off!
 

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