However, gaining inspiration on what product to sell or what service to offer is often difficult. In addition, starting a small business can be costly, and you may need to seek outside funding from financial institutions, which can increase the risks if your business is unsuccessful. This article seeks to inspire young entrepreneurs by outlining three unique small business ideas that do not require high levels of financial investment.
1. Build and sell apps
If you have a talent for IT and have well-developed coding skills, building a useful app could be the ideal small business idea. Start by researching the market for existing apps that serve the same purpose as the one you intend to create. If you find that few other apps can provide what yours will, and there is suitable consumer demand for these features, you may have a highly lucrative business idea.
Look at apps from the perspective of consumers and your ideal target market. Would your app help them in their everyday life? Is it something that they would want to use regularly? Would they be prepared to pay for additional premium features? If you find that the answer to these questions is “yes,” then the idea is likely to warrant further planning and testing.
2. Upgrade old furniture
For entrepreneurs with strong creative, woodworking, and design skills, restoring old furniture or modifying the design to keep up with current furniture trends could be an ideal business proposition. Many consumers sell their old furniture online and some shops may stock second-hand furniture goods at reasonable prices. Upgrading and restoring this furniture can generate significant profits if you have the suitable skills.
Remember to research courier firms such as Shiply when your restored items are ready to sell. Such courier companies will have experience shipping large or bulky items, and getting a quote for your furniture is quick and easy. Quotes for shipping are likely to be significantly cheaper than conventional mail services. The delivery vehicles typically make longer delivery journeys and stop at multiple drop-off points while being filled to capacity. This ensures that prices remain low, and you can attract buyers with low delivery costs.
3. Start an online course
Many young entrepreneurs will likely have knowledge and expertise in many different fields or subjects. This knowledge has value to others and can be sold in the form of online educational courses. Sites such as Udemy feature thousands of bespoke courses on a wide range of subjects. You can upload your course to such sites and then be assured that there is a captive market of learners who will be browsing the site. Remember to update your course as new knowledge becomes available in your chosen topic so that the content stays relevant and in demand.
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