Running a business is a thrilling experience, much better than sky diving. The entrepreneurial landscape offers go-getters plenty of lucrative money-making opportunities than ever before. However, entrepreneurship is not an easy path – it requires deep-dive planning, marketing, and plenty of action to launch. Let alone ongoing endurance to sustain it.
If you are thinking of venturing into a business opportunity or starting another one but are unsure which business model resonates with you, this post will clarify.
Note: low-cost doesn’t equate to No Cost. There are always costs involved in any business venture. Compared to the hotel, airline, and machinery industries, the 101 Niche Business Ideas are considered Low-Cost businesses to start from Small to Great.
This post will discover five key steps to execute when formulating your success strategy. As promised, I will also include the 101 Profitable niche Low-Cost business ideas for you to ponder.
Build Your Roadmap To Success
Do not skip the business planning phase. Successful entrepreneurs will tell you that a solid business plan is the cornerstone of any successful venture.
You can map your company’s future using a business plan, which is why you treat it as a living document. Here are three purposes of a Business Plan:-
- It acts as a Roadmap to your business success by outlining the steps to start, launch,and manage your business.
- It acts as a Strategic planning tool that ignites enthusiasm and confidence in the business owner.
- It validates investors’ confidence when securing capital from them.
Download my Business Planning E-book with templates for a comprehensive solution on building your roadmap to success
1. Confinement (postpartum) Carer/ Chef
2. Career/ Salary Advancement consultant
3. Holiday Rentals (apartments, House)
4. Private City/ Tour Guide
5. Diet/ Health/ Fitness Coach
6. Public Speaking/ Voice Coach
7. Business Intelligence Implementor
8. Graphic Design & Printing
9. Website Builder
10. Astronomy/ Bagua/ Fengshui
11. No Code/ Low Code App Developer
12. Programmer (Java/Python/C++)
13. Serviced Office/ Room
14. Private Delivery
15. Meditation/ Health/ Well-Being
16. Divorce/ Redpill Coach for Men
17. Contemporary dance
19. Custom Clothing designing
20. Crocheting (a Dying breed)
Analyse Your Profitable Market
Once you have decided on your business idea, the next question is to ask yourself a series of questions: –
- How to find them?
- Will they buy it?
- Can they afford it?
- Why should they buy from you?
- What does it take for them to buy from you?
- Can you rely on them to make a profitable living?
Next, analyse the following.
- Define the market’s size
- Your product/ Service lifespan – be brutally honest with yourself.
- Lifetime value (potentiality)
- Profit margins on your products or services.
- Types of marketing strategies to reach them
- The cost of acquiring them (Customers)
- Your steps to grow your database or contacts
21. Textured-Soy Protein "Meat"
22. Dance Fitness
23. Digital photography
24. Dating/ Relationship Coach
25. Custom Furniture
28. Drone flying
31. Emigrating Advisor
32. Financial Education
33. Writer (Fiction/Non/Blogger)
34. Painter Artist
35. Motivational Speaker for
36. French/ Asian/ Private Chef
37. Yoga/ Weight/ Pilates
38. Garden/ Landscaping
39. Skin/ body/ Face/ Hair Care
40. Traditional Medicine (TCM)
Question Your Key Selling Points
If you are unsure why your customers should buy from you, don’t worry. Sometimes even established business owners have a hard time figuring this out.
Key selling points mean two or three Unique Selling Points (USP) that differentiate you from your competitors.
Here are three steps you can take to get clarity:-
- Brainstorm and come up with 20+ USPs (Earl Nightingale on Creativity)
- Sequence them from the strongest to the weakest
- Pick the first top 3 as your USP.
41. Coffee roasting
42. Home/ Car Maintenance
43. Voice Over artist
44. Home brewing
45. Interior Design/ Decoration
46. Furniture Rental
47. Home Renovation
48. Private Home Work
49. Drama/ Ballet/ Singing Coach
50. Horse training/ riding/ experience
51. Jewelry design
52. Bird/ Pets/ Animal watching
53. Language Teacher
55. Make Up Artist
56. Accent Reduction
58. Self-defence/ MMA
59. Belly/ Bollywood dancing
60. Lego building
Be Brutally Honest With Your SWOT
Acronym for Strength, Weakness, Opportunities, and Threats.
Does your business have what it takes to compete in the business arena?
Performing a SWOT analysis discloses the truth about your business feasibility. It is a commonly used tool for evaluating your product and services against the marketplace.
When properly applied, it will help you: –
- Dominate the marketplace by promoting your strength.
- Manage weaknesses by safeguarding the weakest link from exposure.
- Capitalise on the opportunities to increase the profit margin
- Deter threats by building a resilience management framework around them.
How To Finance Your Business?
There are only three common ways to finance your business ideas:
- Business loan with your Property as collateral
Getting a loan from the bank is easy if you have sufficient property equity and are buying an existing business with a positive trade history.
I recommend buying a business over starting from scratch until you have past business experience.
- Your own money (bootstrapping)
Using your own money to fund your business is the quickest way to fast-track your success rate. It defeats your tendency to procrastinate and accelerates the speed of executing your business plans. The benefits of bootstrapping are no monthly repayment, No interest to pay, No early payment termination clause, and No contracts to sign. If you have the funds, use your own money.
- Using other people’s money (Investors, Angels, JV, Crowdfunding)
We all hope to use other people’s hard-earned money to sponsor our business dream. If you are happy to become a workhorse for the first few years and buy them out with a hefty paycheck to chase your dream, this approach may be a worthy strategy.
The reality is that most Angels Investors and JV would demand a significant stake in the ownership of your proven business model. If it is anything less than their expectations, you won’t get it.
Choose a business model that resonates with your passion, values, and mission in life. Using the Five steps mentioned above will strengthen your logic over emotion. Don’t fall into the trap of running any business based on impulse. Every effort to build, market, and grow your business takes time and money. Any worthwhile journey will be trench with triumph and tribulation.
If you need more clarity on building and marketing your business, we have a Business Growth Workshop to help fit that puzzle for you.