The Coronavirus pandemic has put many of us in a difficult situation, the lucky ones were able to keep their job and work from home, the less lucky ones became unemployed in the worst possible moment. This realization probably made many of us wanting to have more independence and flexibility, and one of the best ways to do so is to become your own boss.
Having a small business is not easy though. You need to manage your time very well, make your calculations right, have a good strategy and back up plans. Apart from that, you also need a good business idea, some capital and a lot of courage. In this article we will provide 5 business ideas that you can start with a limited budget, between 1000£ and 5000£, and hopefully we will motivate and inspire you. Happy reading!
The job title influencer or content creator is one fairly new, but it seems to be the one of the most popular and sought after out there. Although there are many creators in the online medium already, there is always space for new people. Anyone can become a content creator, you just need to find your niche. A niche represents a group, like a subculture of people that share a interest or hobby. For instance – gardeners passionate about orchids is a niche, chefs specialized in plant-based food is a niche, engineers working only with 3d printing is another one, and so on. Having a niche means being very specific with the topics you approach, so if you have a passion, if you have a lot of knowledge on a topic, you can be a very successful content creator on your chosen platforms. These can be: YouTube, Instagram, Pinterest, TikTok, Facebook – it really depends where your target audience spends most of their time. The props you will need are quite limited – for YouTube you will need some gear, such as camera and microphone, but you can get those second hand. For the other channels it is enough to have a good phone with which you can take quality photos. Other tools, for editing, keywords research and so on can be found for free online. The biggest investment in creating online content is your time and dedication. Don’t get demotivated if nothing is happening after 2-3 or even 6 months, these things take time, you need to be very persistent, you need to give your audience time to find you.
This second idea requires you to have a very well developed skill or competence. It doesn’t necessary require higher formal education (university), but it does require experience. You can be a consultant in anything – sustainability, organization, HR, strategy, financial education and so on. Make a personal website, where you describe yourself, your experience and what you can offer. There are also various freelancing platforms (such as Upwork, Freelancer, Fiverr) where you can create a free profile and start selling your services. The competition on these platforms is bigger, as you can find consultants and experts from all around the world, but each of them has a set of unique skills, and so do you! Perhaps the experience you have, or the languages you can speak can give you a competitive advantage.
If you have experience in marketing, you can start a marketing agency, where you help different small business (local business) with social media, advertising and improve their digital visibility. A second idea related to marketing is to start doing affiliate marketing. It involves a lot of storytelling and sharing, be it through blog posts or social media channels like YouTube or Facebook, with affiliated links to the mentioned products. When someone clicks on your link and buys the product or service you mentioned, you get a share of the sale or a reward. Affiliate marketing is not a get-rich-fast type of business, but for a side hustle it is the perfect solution. Here you can again use your expertise or interests, and talk about products and services you use and like. You can contact a company directly to see if they are interested in starting a partnership, however, many companies already have affiliate programs available on their websites, so all you need to do is follow the listed steps to get a personalized affiliate link.
The e-commerce industry is one of the few that actually flourished during the pandemic and many believe that online shopping popularity will continue to grow in the following years. Opening an e-shop does require some capital, but you can invest the money you have available in the first inventory and then use the earned money to restock. Of course, also a website will be needed – but for that you have specialized platforms like Shopify or the Woo Commerce plug-in in WordPress to help you get started. You can find many free tutorials online on how to set up an e-shop, but you could also purchase a course, with prices starting at 5£. With the risk of repeating ourselves – you will need a niche also for the e-shop, but in this case it can be wider, so for instance, sunglasses e-shop, electronics e-shop, automotive parts e-shop and so on. Make a thorough research on the possible gaps in your chosen market (country) before you decide.
In the past few years we have seen an explosion in podcasts popularity, which for many people have replaced the radio. Something you listen to on the go. They can be educative or entertaining. To become a podcaster you need little or none experience or gear. It is a side business you can start tomorrow. Some podcasters choose to have guests and speak with the on different topics, others, just express their own opinion or experiences on the chosen topic. With podcasting you will also need to find a niche. In terms of gear, you only need a good microphone, once you start making money from podcasting (from advertising or sponsorships) you can invest in a more professional podcasting set.
The list could go on and on. In the digital era, the borders are limitless, especially as people become more accustomed with doing things online, such as learning, shopping or consulting, jobs that previously were exclusively face to face.
We hope that we have inspired you and that you will consider opening your own online business soon.
Emil uses his expertise to make a difference in the financial sector. He studied at the University of Southern Denmark and has been General Manager at Intelligent Banker since 2013, where he has helped more than 500,000 users from all over the world with their financial needs.