We all have plans on increasing our income but sometimes we are confused as to what kind of business we can start with the limited capital that we have. If you are looking forward to launching a new venture in the upcoming year, then here are business ideas that you can execute with as little capital as possible.
- ONLINE BOOKSTORE
An online bookstore may not be the most obvious idea that pops up in your head the first time you think of running a new business, but it has proven to be one of the most profitable business models. You can sell textbooks, educational and inspirational books, or any genre as you please. If you had adequate financing, you could have sourced the books at a wholesale price and then retailed them for a margin. However, since you don’t have the capital to source these books, then one strategy you to implement is finding an existing bookstore to partner with, reposting their inventory, and then earning a commission for selling their books. Partnering with an existing bookstore means you will only have to worry about two things: setting up your online bookstore and acquiring customers.
2. ONLINE BOUTIQUE / APPAREL STORE
There are different niches of apparel stores to explore. Specialize in clothing for a particular gender or that of an age group or launch a generalized boutique that sells to everyone regardless of their age, gender, or size. In launching your clothing store, take the same strategy as mentioned earlier. Find someone who runs an existing apparel store and discuss your plans with them. Let them know how your business will only mean more sales for their business too. Bargain for a special discount from the owner and then price the products a little bit higher than the in-store prices, that is if their prices won’t give you enough profits after marketing.
3. ONLINE APPLIANCES OR ELECTRONICS SHOP
Electronic and electrical products usually earn you a higher sales margin. If you have an interest in these products and can identify an existing brick-and-mortar store that sells these items to partner with, then an online appliances store is a great idea to execute in 2022. You just have to pick the same strategy of bargaining for a discount for all your purchases or a commission for all the purchases you make in the store. Consider a price that is slightly higher than that of your partner, allowing you to earn enough to keep your business going. However, do remember that if your products are too expensive people will not buy from you. So be very reasonable and considerate when setting your prices.
4. A CUSTOMIZED APPAREL AND SOUVENIR STORE
For a few years now, people have launched customized apparel and souvenir stores and made lots of money. You can sell anything from branded t-shirts, hoodies, sweatshirts, baseball caps, mugs, bags, jewelry, etc. One great way to succeed in this field is to ensure that each design you make is very relatable to a particular clique. For instance, shirts for entrepreneurs with the whole hustle vibe, or clothing for to-be or newly wedded couples. Again, picking up on existing trends, memes, or movements and making nice clothing out of them is a super great idea. If you are unable to raise the funds to buy your own printing machinery, then partner with a printing press, build a good relationship with them and work closely together to create these products at a profit. Just create mockups of your designs and then upload them to your online store to get started. Create these designs with Photoshop or Canva. Canva is a great tool to use if you aren’t that good with technical graphic designing software. If there are print-on-demand and drop shipping platforms in your region, then you can use them as a channel to kick start your new customized souvenir or apparel store.
5. ONLINE GROCERY SHOP
Delivering groceries to people in their homes is a great business idea that can be quite profitable. When executing this idea, most people assume storing the groceries is the only way around it but that is a lie. The groceries can be listed online, and then purchased, packaged, and delivered only when someone places an order. All you need to do is to have at least two suppliers for every product you list. This way, you will hardly run out of stock. If you can easily access a market where products are generally cheaper, then you are even better off. Having a next-day delivery model will be great to ensure you are able to have adequate time to source the groceries. Encourage your existing clients to per-order days ahead, or schedule for delivery of groceries weekly, bi-weekly or monthly. Pr-ordered or scheduled deliveries will enable you to plan your activities and give you room to source a higher quantity of products at a time, allowing for more margins. Here is a great tip: add meal boxes. “Meal boxes” or “meal kits” is a subscription service model where a company sends customers per-portioned and sometimes partially-prepared food ingredients and recipes to prepare home-cooked meals.
GETTING CUSTOMERS FOR YOUR NEW BUSINESS
Building an online store presence on social media is very important as it may become one of your key channels for attracting customers. Remember to choose one or two channels that you can focus on and build a great following. Investing in paid advertising on social media can be very beneficial for your new business. If you know any influencers who can help you grow your new brand, don’t hesitate to reach out to them too.
One last but equally important tip, it is necessary to have an online store or website to display your products. Since you don’t have a physical shop, having an online store, especially one that allows you to accept payment before delivery, will mean you will be able to centralize all your orders that come from the different social media channels. This way, you won’t miss out on any order or make unnecessary mistakes. Also, for someone with very little capital, payment before delivery will give you the funds you need to pay for the items and deliver them. Your little capital can then be channeled into promoting your business. Try Creating a Free Website With Sumundi Keepsales.
Was this article helpful? Let me know what new retail ideas you believe will be a big hit in the upcoming year. Share them in the comment section below. Until next time, keep dreaming big!
