If you are a freelancer or just looking for an extra income, it can be tempting to start a small business. However, there are several ways to start a new business. These ways include tapping into your network and promoting your website on social media. However, they do come with risks. Fortunately, the technological advancements have made it easier to start a business and test ideas online. So, what are some simple business ideas this year?
Create an online store. The eCommerce industry is rapidly growing, with sales reaching $5 trillion a year. The best part? Creating an online store can be done without investing in the up-front costs. Dropshipping is an excellent way to sell products without investing in inventory. It’s also easy to set up an online store, like Shopify. Unlike traditional brick-and-mortar stores, dropshippers don’t require you to hold any inventory.
Make money doing what you love. If you have a passion for DIY or cooking, you can turn your hobby into a business. If you are good at sewing, you can start a business altering garments. While you don’t need any specific training, you will need a certain level of sewing skills. This type of business is easy to start and has minimal overhead. In addition, you can even hire a virtual assistant to take care of your social media accounts.
Creating a subscription box is another excellent idea for a low-cost business. Subscription boxes are flexible and customizable and can feature products from local makers and merchants. There are also many possibilities for theme-based subscription boxes, like yoga, brewing beer, and pets. These subscription boxes are not only profitable but also allow you to collaborate with other entrepreneurs, such as clothing designers and musicians. Additionally, you can curate products from other merchants to expose their audiences to each other.