Starting a business is never easy and even more complicated if you have limited resources. Even if you have all the money, starting a business requires courage, determination, and sometimes some ingenuity. Another important factor that stands at the bedrock of starting and running a business is finance. Data from a recent report shows that 47% of startups failed in 2022 due to a lack of finance.
So, how do you go around this and make sure your business is able to survive in this highly competitive business landscape? One way is to consider opting for low-investment businesses. There are many businesses out there that can be quite lucrative without making you break your wallet.
In this post, we will be taking a look at some of these businesses. So, if you have been looking for a good business to start in 2023 with high profitability, keep reading to see these low-investment business ventures with high potential.
Assessing Your Skills and Interest Is Important For Choosing the Right Business to Start
No one wants to start a business that will be dead in the next couple of years. But unfortunately, that’s what’s happening to many businesses today. One of the major mistakes of these entrepreneurs and business owners is that they fail to consider their skills and interests when choosing a venture to go into.
Let’s quickly see why this is important. That way, you will be starting off on a good foot in building a profitable business that will stand the test of time.
- Maximizing success: When you start a business capitalizing on your skills and interests, you are more likely to excel at it. Your expertise and passion will drive you to work harder, problem-solve more effectively, and stay committed in the face of challenges.
- Personal fulfillment: Running a business can be demanding, but it will be a more fulfilling journey if you’re doing something you genuinely enjoy and are skilled at. Feeling fulfilled and satisfied with your work contributes to your well-being and happiness.
- Sustainable motivation: Entrepreneurship can be a roller-coaster ride with ups and downs. Your interest in the business will be a constant source of inspiration during challenging times, enabling you to stay dedicated and persistent.
- Efficient decision-making: When knowledgeable and passionate about the industry or market you enter, decision-making becomes more efficient and informed.
6 Low Investment Business Ideas to Start in 2023
#1: Garment Selling
Selling clothes online is a great way to start a business. You don’t need much money. You can make it work with just your laptop and basic equipment. That’s why the number of garment businesses is increasing in the US. According to IBISWorld, there are around 178,366 clothing businesses in the US as of 2023.
You’ll want to have a good website for this. It should be easy to use and attractive but not too flashy or expensive-looking. Pictures are essential too. They should show off your products well.
Besides working on the website and marketing, you should also have the right skills to survive in this field. For instance, fabrics are the core of any clothing business. You should know what fabrics your customers prefer – whether cotton, velvet, silk, wool, or muslin.
You should also know how to identify each type of fabric. If your customers prefer cotton material the most, you should know how to tell if the fabric is 100% cotton so that you can buy clothes that are likely to sell quickly in your shop. This will help you bridge the gap between what you buy and what your customers want and eventually increase your revenue.
#2: Selling Creative DIY Products
In this age of social media, it’s easier than ever to get your creative DIY products noticed. Moreover, it’s also lucrative. According to recent reports, 33% of handmade sellers enjoy profit margins above 20%. This is a good margin for any startup. If you know how to make and sell things online, there’s no reason not to try.
If you’re interested in selling your creative DIY products, here are some tips:
- Be original. If everyone else sells similar items, yours won’t stand out. Don’t just copy what other people are doing; try something new instead.
- Use social media wisely. Posting about your product on Facebook or Instagram may not be enough. You must also engage with potential customers by responding quickly when they contact you through these platforms. This way, they’ll know that their questions and business matters too.
#3: Concrete Contractor Business
This is another wonderful low-investment business you might want to consider starting in 2023. A concrete contractor business handles all aspects of a concrete construction project, from acquiring permits to managing the work site.
Offering concrete contractor services doesn’t require a lot of investment or staff. This will allow you to get a head start. You can promote your brand with a specialization in concrete repair to get more contracts in this field. Once you have enough revenue, you can expand to other general contractor services.
There are several things you can handle as a concrete contractor. According to Milliken Corporation, you can construct foundations of properties. Every property needs a strong foundation, which means your services will always be needed. You can also help with floor slabs, plumbing trenches, retaining walls, sidewalks, etc.
#4: Fitness Gym
Starting a fitness gym can be one of the most rewarding and profitable businesses you’ll ever own. You can also go for a franchise if you don’t want to start from scratch. Statista said 69% of CrossFit gyms were profitable in November 2020. You can go with such a franchise.
While starting a fitness gym business is rewarding, it’s also one of the most challenging. It’s important to understand that choosing the right location is vital when starting such a business.
Location is vital because if people aren’t able to find it quickly, then they won’t come back again. If there isn’t enough parking or traffic flow around the area where you want your business located, this could create problems with customers visiting regularly.
#5: Home Improvement Services
Embarking on a venture in the home improvement business offers a unique and exciting journey far exceeding the scope of a conventional career path. It unveils an opportunity to immerse yourself in a world of innovation and creativity, directly contributing to the rejuvenation of living spaces.
However, it is expected to feel overwhelmed when taking the initial steps on this adventure. In such moments, consider exploring the myriad opportunities affordable home services franchises present. These organizations stand as pillars of support, providing robust business frameworks and an abundance of resources to guide you on your journey.
They serve as a launching pad for your entrepreneurial spirit, ensuring you have the tools and knowledge necessary to navigate the industry confidently. This dual approach of leveraging support while pursuing your passion creates a fertile ground for growth and impact. Through each home improvement project, you contribute to improving communities, leaving a lasting legacy, and making a tangible difference, one home at a time.
#6: Pet Services
Almost everyone loves and wants to own a pet. That makes it a profitable business you might want to consider starting. Plus, it doesn’t require much capital to start. That means you can get a head start fast in the business without breaking the bank.
Interestingly, there are many pet services you can offer with very minimal investment. So, if one doesn’t work for you, you can always consider another. Below are some popular pet services you can offer as a business.
- Pet sitting: Taking care of pets in the owner’s absence, ensuring they are fed, exercised, and given attention.
- Dog walking: This involves regularly walking dogs for exercise and mental stimulation.
- Pet boarding: This business involves providing a temporary home for pets while their owners are away.
- Pet grooming: If you love to take care of pets and love to see them clean and well taken care of, the pet grooming business might be a perfect fit for you. It involves bathing, brushing, and grooming services for pets to maintain their hygiene and appearance.
- Pet training: Offering obedience training and behavior modification for dogs and other pets.
- Pet photography: Instead of going into wedding photography and some other sections of photography where competition is high, why not pet photography? This involves capturing professional photographs of pets for their owners.
- Pet transportation: Providing pet transportation services to vet appointments or other destinations.
Final Note
These ideas are great starting points if you’re looking for a low-investment business that can increase and yield good profit in a short time. They all require little capital investment and have high growth potential. You can also use them as stepping stones towards bigger goals, such as creating an online store or opening up a fitness gym franchise one day.