As the saying goes, it takes money to make money. Buying a franchise or opening a restaurant requires the large sums of money, and in many cases, it takes a year or more to recoup the initial investment. In fact, studies have proven that as much as 96% of all new business close their operations within the first 10 year. That is why people are moving away from cookie-cut businesses and looking for more low-cost business ideas in order to start a small business. These ideas, while no inclusive, are great starter ideas for anyone who wants to live the American dream but do not have a lot of money to invest in order to make that happen.
Affiliate Sales Businesses
Forrester predicted that in the 2016 United States e-commerce sales will sum to $279 billion, with affiliate marketers capturing $39 billion of those sales, which is estimated to be 14% of all purchases nationally. Add to the fact that investment firms have recently invested more than $4 billion into the major affiliate commerce sites, and you have a recipe for a live and profitable market. Starting an affiliate business is very low cost. In fact, your business can be started with virtually no money out of pocket. Affiliate marketing has to do with websites that are already created, so there are no design, hosting or domain fees accumulated. The most effective advertising mediums for this business are free and the methods that do cost money can cost as little as a penny per impression.
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Online Fashion Store
Online fashion stores are on the rise, as the fashion industry for women, men and children, when combined, is worth more than $1 trillion annually. That leaves a lot of room for newcomers to enter the market if their products are superior and their prices are competitive. If you owned a brick-and-mortar boutique, you would have to invest in inventory, pay rent, employee wages and cover marketing costs before the store can even open its’ doors. But with an online fashion store, the only investment required is a website domain, hosting and any minor marketing costs accumulated – even though most marketing in this sector can be done for free using viral content marketing strategies. The items can be shipped directly from the distributor to the customer without incurring additional shipping fees, so there is no need to secure a store location or stock inventory. Just set up the online store, then focus on spreading the word about the high quality items you are selling and watch your bank account fill up quickly.
Non-Medical Senior Home Care Business
According to the National Association of Area Agencies on Aging, more than 70 million Americans will be at least 65 years old or older. With almost 90% of those adults wanting to age at home, these statistics expose an emerging senior care sector commonly overlooked. While many older adults require at-home medical care, their conditions require non-medical assistance as well in order for them to remain in the home. If you need direction on the types of services to market, there are books sold at Barnes & Noble, which offer coupons and promo codes, that cater to this very business from varying perspectives, and since they offer discounts that can be used online, buying the educational material will not be costly. The only other costs involved is advertising costs; which could be minimal is you use free and low cost resources, as well as supplies; most of which you or the clients already have and use at home. That is why this is an easy and very inexpensive business idea that not only is profitable, but provides a vital source to the elderly community.
While entrepreneurship has become the American symbol of freedom and success, starting a business can be a daunting task. Not only can the time requirement be a barrier, but the cost of getting the business started can be prohibitive in many cases. But once you have found a low-cost small business idea that fits your goals and budget, the only thing left to do is to implement and execute.