This is a modern age where talent is reaping profits from everywhere. In the 21st century, age is not a barrier for anyone who wants to achieve their dreams.
Most countries try to promote startup culture and encourage young minds to solve real-world problems with innovative technologies. However, the most challenging part of running a successful startup also relies heavily on the cash flow.
Not every startup is lucky to get million-dollar funding, and spending personal savings is not feasible and scalable. But, let’s keep these excuses for not even starting a business under the table. As an entrepreneur, your only goal is to become a master problem-solver, whether personal or professional.
You can always start your business at a smaller scale and then scale as per the cash flow kicks in from any source. Here I have compiled a list of the companies that require meager capital to start. Explore these ideas and see if they are of any interest to you.
4 Low-Cost Business Ideas for Young Entrepreneurs
Students are quite limited in funds. Each of them can start their own business to improve their financial situation.
But they may not be engaged in all types of activities, as it is very limited in time. Students’ classes occupy the central part of the day, and to prepare for the exam, a considerable amount of time is spent in general.
If a student desires, even with such a rhythm of life, he will find an opportunity to earn money. Young age is not a reason to give up your own business. These business ideas are ideal for students and young graduates.
Let’s look at some business ideas for students.
1. Business on cheat sheets
This business is thriving and in bookstores, on Internet sites, and in the student’s environment. But only a small fraction of cheat sheets and collections with essays, ready answers to problems, practical papers, and exercises are of decent quality.
Experienced teachers quickly identify written-off works. As a rule, this is typical for creative assignments. But cheat sheet services are in high demand, mainly if you use a professional approach.
This business is suitable for diligent students who work with many textbooks and reference books. The program changes rarely, and your cheat sheets will be in demand for 2-3 years. If you are not an excellent student, gather a company of several smart guys who will make cheat sheets. And you deal with sales issues.
It is desirable to make ready-made answers in electronic form. Choose a font that allows you to read the information without much effort and, at the same time, but the maximum on an A4 sheet.
It is better to sell cheat sheets in the printed version. This way, you will avoid spreading too quickly among students. Be prepared because some of your customers will pass the purchased cheat sheet to their friends and fellow students.
Don’t set the price too high. It should be more profitable for your potential clients to buy cheat sheets from you than copy or rewrite an analog already purchased by one of the students.
2. Writing essays, term papers, and dissertations
This business is thriving in all educational institutions. The most diligent and talented students are engaged in this area of entrepreneurial activity. In each university, there are transparent prices. But there are always individual factors of cost formation, depending on the complexity of the subject and work, and the deadlines.
One person will not perform work on all popular topics and will be limited to his specialty. For more effective results, create a database of literature with the necessary information. Also, generate reference books on specific and most frequently encountered topics.
If you are determined to start a profitable business, gather a team of students from different specialties. This way, you will reach the broadest possible range of potential customers.
A cheap paper writing service is top-rated. Because many students start working before graduation, they do not have enough time to write mandatory papers, which affects the chosen specialization level.
Do not discount lazy people who do not want to study and plan to work in the specialty being studied. It is very likely that after graduation, you will continue to develop this business and create a company to provide services to students.
3. Service and repair of modern gadgets
This business is suitable for students of technical specialties. For the organization, you need a little – a private room with good lighting, a computer with Internet access and instructions for repairing various equipment types. This is a minimum set of tools.
New gadgets appear every year. Users are very rarely able to understand the functionality of high-tech electronic devices. You will receive orders for installing software, simple repair, and maintenance of laptops, desktop computers, tablets, smartphones, and other devices. If you are a qualified professional who can understand the most elaborate schemes and instructions, there will be no customer shortage.
Determining the cost of services is quite simple. Find out the prices of several competing companies and set more favorable rates. Working at home, you will form a circle of regular customers, earn decent start-up capital. And after graduation, you will be able to create an official company to repair and maintain electronic equipment.
4. Portal for students
Modern conditions force every educational institution to create an official website on the Internet. There are also many pages and communities in social networks where students of faculties, groups, schoolchildren, and parents communicate.
However, the law sets its framework for such sites. Therefore, student portals cannot provide complete information that is of interest to all categories of visitors—for example, applicants. Social pages also have a narrow focus.
For enterprising young people, this disadvantage can be a great opportunity. Create a handy online resource. This resource should cover all aspects of the life and interests of students, applicants, and other categories of visitors.
In addition to sections with official information and announcements, it can be a forum for various topics. For example, the search for apartments offers from employers, educational materials, and organization of leisure activities.
In this article, we explored 4 low-cost business ideas for young entrepreneurs. Do let us know what you think of these ideas in the comments section below. Please share it with your friends or colleagues looking for some business ideas that require low investments.