Looking to start a business? Well, you need to consider the risk first. Jumping headfirst into a new business venture could be a fast-track ticket to bankruptcy. However, if you pick one of these low-risk businesses to start, you stand a fighting chance.
Becoming a consultant is a way to make a lot of money, without a lot of risk. You don’t need to invest in employees, you don’t need business premises, and you don’t need to buy any stock. Instead, you can print a few business cards, make a website, and get started. The only catch is that you need to be an expert in your field. Without expertise, it’s pretty much impossible to become a consultant.
If you have a skill or area of knowledge that you can share, tutoring is a great way to start your own business. If you plan to tutor in person, you might need to invest in premises. However, it’s possible to start a tutoring business with little or no capital. You can tutor at the student’s house or your own and build up the business through word-of-mouth. However, it’s worth noting that scaling a tutoring business isn’t easy. You will have to hire additional tutors and manage appointments.
If you’re an admin expert, you should consider starting a business as a virtual assistant. Virtual assistants are self-employed people that offer administrative services to business clients. These services can include scheduling appointments, making phone calls, arranging travel, and managing email admin. Aside from a laptop and a mobile phone, you don’t need much to start up a business as a virtual assistant.
Fancy yourself as a talented salesperson? Why not set up a direct sales business. This involves selling a company’s product or service directly to the consumer. It can include door-to-door sales, cold-calling, internet selling, and hosting parties. You won’t need to take on much risk to start a direct sales business. However, you might have to buy the stock from the company.
Dropshipping is an online business that you can start without much risk. It involves setting up a website to sell products from another website. Every time the website makes a sale, it is sent to the source website and they handle it. Dropshipping is low-risk because you don’t have to keep any goods in stock.
In general, service businesses are low-risk to get started. For example, you could set up a dog-walking or a house-cleaning business without much investment. You might need to buy some basic equipment and invest in marketing. But you won’t need office premises, expensive SaaS subscriptions, or lots of employees. However, if you decide to scale the business and take on new employees, you will have to take company health insurance and other benefits into consideration.
There will always be a demand for senior care. Many people have aging relatives that need looking after and are prepared to throw money at the problem. You can start a senior care business with little to no investment. Plus, it’s a relatively easy business to scale, once you have some capital.
Now you’re all set to get set up and going with a new business venture.