I want to start my own business, after many years of being employed. As they say, when we are working for another person, we are making that person rich. I think it is time to work for myself and make money for myself.
But the question is how? Which business? I don’t have much savings, so sad for someone who has worked for more than 18 years.
Please help me identify which business requires only a small capital. It must also be one that is easy to run because I have no experience at all in managing my own shop. And I am also afraid of the risks involved. Which business is not too risky?
Thank you and God bless you.
Victor Villarin, Sampaloc, Manila
From what you are saying, you are looking for a low-entry barrier business.
A low-entry barrier business is one that requires little capital and and low technology. It is a business that is easy to enter and easy to run so that when it does not work out, the owner does not lose much.
Online selling is one example of a low-entry business. You don’t have to put up a shop nor hire assistants and thus you save on rental and manpower costs. All you have to do is to put up a website or an account on Facebook, Multiply or some other social-media platforms.
Doing business from home also requires little capital. What can you do from home? A lot. You can do free-lance writing, video-editing, web design, software development. You can engage in home-based catering, meal delivery, commercial gardens and landscaping, interior design, pest control service. You can have a dress shop, bake shop, antique shop, Internet café, repair shop, tutorial service, etc. right in your own backyard.
There are also franchised businesses that require little capital outlay. Among the most common are food carts and drinking water stations.
The trouble with a low-entry barrier venture is that it is also a low-exit barrier business, which means possibility of failure is high.
Understandably, many other entrepreneurs – who like you, want it safe and easy — will be entering the same market niche. The market is easily saturated.
In order to succeed in a low-entry barrier business, you should make sure that you have something unique to offer. You should find that edge that will make you stand out from the competition. It may be personalized service, quick delivery of products, money-back guarantee, provision of support services, etc. Unless you can find this edge, you will be just another, undistinguished player in the market you have chosen.
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