One of the effective ways to achieve financial freedom is to start a business. Many options, though, may need an extensive capital. Rent, for one, can be expensive.
How can someone become an entrepreneur without spending a lot of money? They can explore the following ideas:
1. Franchise Consulting
Americans can open a franchise consulting company that helps other businesses turn theirs into franchises. It can also act as a brokerage to facilitate the buying and selling of franchises.
Franchising is a fast-growing industry in the United States. In 2019, the country had over 700,000 of such establishments. It offers would-be entrepreneurs the chance not to start a business from scratch.
Being a consultant, however, may be a more affordable type of franchise since it does not need any inventory or a significant amount of commercial space.
Dropshipping is a unique business concept that may appeal to individuals who want to do wholesale or retail but do not have a warehouse or space for inventory. Here’s how it works:
- The businessperson looks for a dropshipping company or website and identifies the product they want to sell.
- They can launch a website or social media to promote these products.
- If someone wants to buy, the businessperson then orders the goods from the dropshipping company. The team then processes the orders and sends them to the buyers. The products, though, will bear the businessperson’s company or personal name or label.
3. Digital Marketing
More companies are planning to shift their advertising budget to digital space. According to Statista, by 2021, companies may already spend almost $190 billion on it. From 2018 to 2023, the budget will skyrocket by as high as 85%!
For those willing to learn the complex world of digital marketing, they can open big agencies or work in small teams. Either way, it can remain a cost-effective business for the following reasons:
- It is scalable, which means companies can expand or contract much faster than the others, depending on demand.
- These days, companies can use many free online business tools. Otherwise, they can maximize subscription-based apps or programs. They can already use those with comprehensive features and cancel the subscription at any time.
- They can leverage the Internet that they may already collaborate with teams anytime, anywhere.
4. Personal Cleaning
Commercial cleaning has been a flourishing industry, but over the last few years, personal cleaning is becoming just as popular.
In 2019, contract cleaning rose by at least 3.2%, and one of the reasons is home cleaning. The report cited many factors that contribute to it, such as aging.
Many Americans are living longer and getting older, and aging can affect physical health. Some of them may already struggle with maintaining their home.
Another is a higher disposable income. According to the OECD Better Life Index, the United States has one of the highest net-adjusted disposable income among the member-nations, which is also higher than the average. It means more homes can afford to hire home cleaning services anytime.
The idea that one can open and run a business without spending anything is a fallacy. The good news is entrepreneurs can control how much goes in and out of their coffers. The business ideas above show that they have many paths to financial freedom that will not exhaust their limited resources.