Entrepreneurs with limited or no capital should mainly focus on service-type business models. It is possible to start a business, regardless of circumstance. If you don’t have any, or very little capital then it may be best to focus on starting a service-based business.
Service based businesses typically have the lowest overhead, making them perfect candidates for people with little start-up capital. Below are three of the best service based businesses to start. You may need to challenge yourself and learn some new skills but it’s not impossible. Welcome to entrepreneurship.
Tax, accounting and/or bookkeeping services
Helping others to keep their books does not only have low overhead but also comes with higher-than-average profit margins and a massive customer base. These types of businesses do require training, but not necessarily an advanced degree. To get started, you may want to work one tax season with H&R Block or other similar company to get a basic understanding of how things work. Some companies will pay you to go through their training programs, and you’ll learn everything you need to know to get started with this business.
Web design, graphic design and/or SEO
Being a web designer is another business that has a large customer base and good profit margins. Some training is needed, but there are a large number of courses on websites like Udemy, and even free tutorials on YouTube. This business makes the list simply because as an entrepreneur, these are the types skills that will set you up for success in many projects and business ventures you take on. Embrace the learning experience.
Social media management and growth services
This is definitely a hot topic in business today. Most businesses by now have realized the value of having quality social media accounts across the board. If you can learn to create quality content, grow social accounts and drive traffic with those accounts, you may just have a new six-figure business on your hands. If you start by focusing on and learning about one social media platform at a time it won’t be so overwhelming. Once you created a system that works, start offering your services. You can continue to learn while you earn as you bring new clients on. The skills you learn here will also help set you up for long term success.
These three different business ideas offer a combination of low overhead, large customer bases, high profit margins and valuable skills. They can be very successful with very little start-up capital and should be at the top of your list if you would like to become an entrepreneur.