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5 Small Business Ideas for Entrepreneurs with Limited Funds

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5 Small Business Ideas for Entrepreneurs with Limited Funds

Photo by Burst from Pexels

Coming up with compelling business ideas with growth potential is one of the challenging tasks for people seeking to start their own business. With more and more small businesses springing up daily, entrepreneurs need to be unique in their approach to attract the needed market share.

You, don’t need to reinvent the wheel to get this done. With homes and businesses always in need of commercial cleaning services, delivery persons, handymen, transport services, designers, and freelancers, among others it creates unending business opportunities for new and serious entrepreneurs. All you need is to repackage some of these old business ideas, add new features/services, and with the help of technology, you are good to go. Now, here are some business ideas you can start with your limited funds.

1. Agribusiness

Agriculture offers many business opportunities for people with a passion for the sector. From land tilling to getting farm produce onto the market, there are vast opportunities in agribusiness any entrepreneur could tap into. If you have enough resources, you can buy and rent out equipment like tractors, harvesters, seeders, fertilizer spreaders, etc. to farmers at a fee.

You can also start as an aggregator, where you buy the produce from farmers for distribution. Going into value addition and packaging is another area you can invest in. With this, you purchase the raw material, e.g. cocoa, add value by turning it into chocolate or cocoa powder and package them for the market. Another entrepreneur can also pick up from here by becoming a distributor of the finished products.

2. Food store

Food is a necessity, making a food store business not only profitable but also a high moving business. You can decide to go into specific food trading like seafood, poultry, cereal and grains, packaged foods, and even wines. You may need to rent a shop in a strategic area with no or a few shops.

If you don’t have enough money for a physical shop, start from home and offer door-to-door service in your locality. Adopt marketing strategies including awareness creation and offer some discounts on a certain threshold of purchase. This would entice your neighbors to buy from you. They should also be aware of the items you have in stock and how they can order. For example, you can set up a Whatsapp business account where customers can place their orders.

3. Cleaning Services

Small Business Ideas for Entrepreneurs with Limited Funds

Photo by Karolina Grabowska from Pexels

You wouldn’t need to break the bank to start a home and office cleaning services and laundry. As a starter, you need cleaning equipment, detergents, etc. which wouldn’t cost you much. Start by rendering your services to homes and small businesses in your community.

Good work done would attract recommendations, and that is how you build your client base. You can also advertise your business on social media, add services that existing cleaning agencies don’t have, and give discounts if possible. Your greatest asset would be your customer relation skills and response to complaints. As your demand grows, you can hire other people to join your business. Cheers, you are a CEO now.

4. Event planning

It is time to monetize your event planning skills and make some good money out of it. As the event and entertainment industry keeps growing, there is enough space to accommodate fresh ideas and people. You wouldn’t need much to become an event planner as the client takes care of venue hiring and others. You can decide to specialize in a particular field like wedding planning or be an all-rounder.

Start your business by organizing the events of family and friends. Create social media pages for your company, where you can upload videos and pictures of your events to attract more clients. People who enjoyed your services may also recommend you to others. Stay different and unique by introducing technology, and innovative ideas into your service delivery. You can also add after-service checks, where you call or email clients for feedback.

5. Dropshipping

If you don’t have enough money to rent a physical shop, don’t worry, you can still run a successful retail and wholesale business without keeping the stock. With dropshipping, you order products from a manufacturer or supplier, make payment, and they will store the items for you. When you receive orders from a customer, you just alert your supplier, give them the shipping address, and they will ship the items directly to the customer on your behalf

To attract more customers, set up an online store on Shopify, eBay, Amazon, or any of the ecommerce platforms. You list your products out there, and once you receive an order, you alert your supplier to do the shipment.

Note: Always be careful when choosing a manufacturer or supplier. Dropshipping business requires trust, standards, and efficiency; hence, an unreliable supplier and inferior goods can mess up your business.

What to do before Starting a Business

You can have all the resources needed to start a business; but, without proper planning, you may fail miserably. Before, starting any venture, you need a business plan that will direct your course. A business plan gives an overview of the business, the prospects, competitive advantage, finance projection, and growth potential. Remember that no investor would invest in your business if you have no plan.

An effective business should contain an executive summary, business model, market condition, product or services, financial plan, operation, and marketing and sales strategy.

That aside, you should decide on the business model you want to run. Are you going for a sole proprietorship, partnership, or Limited Liability Company?

After deciding on the type of business you want to run, you need to create a business bank account to take care of all your business transactions.

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