Ever wanted to start a business? Having trouble figuring out what type of business to start? The great part about the so-called “knowledge economy” or “service economy” in which we currently live is that there is lots of money to be made in “selling air” (intangibles versus tangible goods).
You no longer need to buy a big building, hire a bunch of people and a fleet of heavy equipment to make millions. In fact, browse any list of fastest-growing companies and you’ll find that many of the companies listed there don’t actually make anything (no manufacturing) and don’t even have a store or an office that you can visit. And that’s great because it means that if you have a good idea and can sell it, you can start a business with little or no cash up front.
Here’s a sampling of businesses you can start of the cheap:
- Consulting firm -Human resources, logistics, IT/technology, environmental concerns and marketing are big opportunities in consulting. You’ll need to “package” a set of services based on your area of expertise and the customers you intend to service. You’ll also need business cards and a marketing plan.
- Online store (eCommerce) -eBay, Google Base, Froogle, Craigslist and Amazon make owning your own online store easy and fairly inexpensive. You’ll just need to figure out what you intend to sell (Try to avoid bulky junk that you have to store and ship)
- Affiliate Marketing -Create websites or blogs to market products you like, or simply add links to your existing sites (make sure the content matches the product choices), then market the heck out of them online in order to help the companies sell more product and get more commissions for yourself.
- Concierge and Personal Assistant Service -You basically need time, a menu of services you’ll offer (Don’t go overboard with labor-intensive services; balance your offerings so that you don’t end up bogged down on a single client’s requests), a way to pickup/deliver things, a way for clients to request services (online or via phone), a marketing plan and a list of vendors you’ll use (don’t forget to negotiate a commission for the referrals).
- Virtual Executive Assistant -A variation on the personal assistant, except that VEA’s would do what a regular executive assistant would do–type letters, make phone calls, make travel arrangements, order catering. You’ll need to be very accessible so a PDA is almost a requirement. You’ll also need a home office setup.
- Janitorial/Maid Service -Franchise or startup, this is one of the cheapest businesses to start, though one of the toughest to run. You’ll need to either purchase a franchise ($5000-$10000) or start one of your own. Either way you’ll need cleaning supplies/equipment, a couple of hard workers, a marketing plan and a “hook” (something that makes you different from all of the others)
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