Starting a company may seem to be a daunting challenge. However, the amount of time, resources, and risk needed vary based on the type of business concept sought.
Contrary to common opinion, there are a variety of ways to start a company that allows you to concentrate on getting started rather than logistics and upfront costs. These low-cost business ventures are a perfect way to get started after earning your MBA, allowing you to start a business on the side before having to abandon anything else.
You must also come up with a good idea, develop a brand, advertise your business, and have outstanding customer service. However, certain conventional startup costs can be avoided.
Here are some business concepts you should launch right after your MBA.
1. Team up with a drop shipper
Purchase merchandise, stock it, select it, pack it, and mail it. When you're running a company, inventory management can be a huge investment. Dropshipping is a fulfilment model in which third-party retailers shop and deliver products on your behalf to consumers. You need to make deliveries and send orders on to the buyer; you don't have to deal with the goods yourself.
You may create your online shop by merging items from one or more vendors into a style that focuses on a particular market. When a client places an order with you, the order is forwarded to your provider, who then fulfils it on your behalf.
You should deal with both local and international vendors as long as you can build a trusting relationship with them - an incompetent supplier would reflect negatively on your company.
Dropshipping is a low-cost method of assessing product-market match and starting a venture before investing in your initial goods. Only make sure to buy a sample for yourself to ensure that the source is trustworthy and that the materials are of sufficient quality to the market to your customers.
2. Create and sell t-shirts that are printed on request
Print-on-demand, another dropshipping method, entrusts product, packaging, and distribution to a third-party vendor. However, unlike the dropshipping model, the concentrate here is on customising these items with your designs to produce something special.
T-shirts, jackets, phone cases, hoodies, dresses, and other items serve as blank canvases for the imagination. You should come up with clever phrases for developers or references that appeal to pet owners - if a group has love and pride, you can start a t-shirt company.
Since certain print-on-demand providers charge per-product, the base price per unit would be higher than if you ordered in bulk. The benefit that you've not paid for the item yet if a specific t-shirt style doesn't sell (only the design if you outsourced it).
You can also use t-shirt mockup prototypes to prevent having to pay for a complete photoshoot any time you make a new concept.
3. Develop interactive courses or goods
In this list of concepts, digital items such as songs, classes, and templates are special. They aren't luxury items like the rest. Since you won't have to think about recurring production or distribution expenses, the profit margins will stay high.
The challenge is deciding what makes a successful digital product. What is so important that people would pay money to download it?
Initial instrumental beats, stock images that can be licensed to other makers, and material items and models that help people develop their abilities in a specific area are among the solutions.
If you have a skill that can be packaged into a digital commodity, consider turning it into a new source of income.
4. Sell print-on-demand posters
You can dropship using just a print-on-demand business strategy to let someone physically own a piece of your work whether you're artistically inclined or know your way around with a camera. If you're using public domain assets that you can easily monetise, make sure you get the rights to the material you want to publish.
Unless you're a cartoonist or an urban photographer with a broad online audience, you're in a perfect place to test out this business concept. You can convert your work into posters, framed wall art, or even greeting cards, dependent on the printer you work with.
5. Provide Services
When it comes to service-based companies, "time" is both an inventory and a major investment. You only have a certain number of hours in the day. However, if you have in-demand expertise, this makes it easier to get up and going.
Writers, artists, engineers, photographers, house cleaners, exercise coaches, and others should all start their businesses. They may also "productise" their services by tangible or digital products and create new revenue sources by adding some of the other ideas above. E.g., a photographer may cover a small event while still selling prints via their Instagram page.
A high-converting revenue copy swipe file can be sold by a copywriter. Combining your system company with tangible goods will provide you with an additional source of revenue that isn't dependent on your time.
6. Give handcrafted and handmade pieces for sale
You're in a rare place to discover an internet business concept if you're a maker—whether you design cosmetics, candles, sauces, or pottery—because product creation and production are practically in your possession.
You will need to include packaging and inventory control, unlike all of the other ideas on this page, and you can start smaller on a per-order basis or by a small batch before you start making steady sales. Simply follow any regulations that apply to your product type, especially for something that consumers can ingest, inhale, or apply to their skin.
7. Build a following that you can monetise in a variety of ways
The ability to attract and maintain the interest of others is a valuable advantage in today's linked environment. It's one that many companies are willing to pay for and one that many developers will turn into a multi-revenue-streaming venture.
You have several options for monetising your audience, whether you want to expand your following on YouTube, Instagram, or a blog (ideally a mix of channels):
Participate in supporting posts on behalf of businesses.
- Become an affiliate
- Offer physical or digital items for sale
When it comes to starting a company, putting your audience first means you're in for the long haul (it could take months to sort it out). However, you do not need a huge number of followers to achieve this.
8. Online coffee/ tea store
This business plan could be perfect for you if you're a tea or coffee connoisseur. However, to do so, you must associate yourself with tea and coffee suppliers. It's a lot of work, but after you've tapped into the consumer's taste buds, you can transform it into a name of its own.
It's simpler than ever to launch a company and make profits without getting bogged down in sourcing goods, renting rooms, or handling inventory, thanks to a mix of technology, third-party vendors, and the opportunity to easily test ideas online.
In this process, you could test ideas before investing in them or begin making money on the side without having to think about inventory commitments.
The above-mentioned business concepts can be incorporated in several ways to create a one-of-a-kind company. If the thought of sourcing, handling, and shipping inventory has previously deterred you from starting a company.
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Q. How can I come up with strong business concepts?
Ans. Create a range of items you either want to do or concentrate on and look at what other companies are doing that is close to what you want to do, then consider what you'll do better or what challenge you can actively fix for clients. The strongest principles are those that customers need.
Q. What are some of the most cost-effective companies to start?
Ans. One of its best low-cost business plans is to open a dropshipping shop. Without needing to stock up on supplies, you could select a niche or just open a general shop with items you'd like to sell. Alternatively, you can begin marketing your services, such as web design and content creation.
Q. How can I go about starting a company when I have no prior experience?
Ans. Be eager to learn if you have no previous experience launching and running a company. To learn about other entrepreneurs' failures, take advantage of free online classes and success stories. Try hiring a company coach or receiving a briefing from someone who has more expertise.