2019 Trending Business Ideas with Low Startup Costs
Starting a business is exciting, right? You have an idea and you have the *perfect* name for your brand. But what comes next? The money! Can you really afford to start a new business? Can you afford the inventory, the insurance, the start-up costs?
Good news is... there are options.
In fact, there are 3 booming start-up businesses happening this year that require very little (or even zero) startup costs. Yep, that’s right. Here are 2019's trending businesses that you can start TODAY without breaking the bank!
1) Print on Demand
One of my favorite growing startup businesses is the print-on-demand business. It's freaking awesome because you no longer have to buy 10,000 units of T-shirts from China, and hope and pray someone buys them. Right off the bat, your startup costs are extremely low. How does it work? You only purchase your inventory when a customer buys your item, hence the word "on-demand". As soon as the customer pays for the product, the printing company begins printing your design on the product.
The drawback to having a print-on-demand company is that the shipping times can be longer than what we are used to nowadays (thank you, Amazon Prime.) I know I am personally accustomed to 2-day shipping on pretty much everything, and even that can feel like an eternity. With print on demand it's often ground shipping which can be 3-7 business days. You can opt for faster shipping but it's going to cost upwards of $10+. You can decide if you as the business owner want to cover shipping (basic, ground) and have the customer only pay for expedited shipping. Or have them always pay for their shipping.
I have experience with print-on-demand because I actually own and operate an e-commerce business that is in the early startup phase. I haven't announced it nor officially launched it, I am testing it right now and learning the ins and outs. What I can tell you is that I use Shopify to host and create my e-commerce site. The website themes are included and once you choose Shopify, it's literally all you need. It's a one-stop shop for your store and comes with payment processing, themes, 3rd party apps/plugins, hosting, and design. Both large and small businesses use Shopify - ever heard of AllBirds?
My favorite aspect of Shopify is the abundance of support they provide. They have awesome free tools, webinars, and guides to get you started. They have what seems like millions of 3rd-party companies that you can connect with to do your on-demand shop. I design the product myself and I reach out to the vendors to be my print-on-demand resource. Now that I have samples of my product, there's some things I like about it, and some things I don't. I am changing vendors so I won't reveal their name at the moment. Sampling is essential before you put your product out there, test the quality, try it on, and make sure it meets your standards.
Currently, I offer my customers free ground shipping however, if they want their items faster, they'd have to pay to expedite it. I do believe in 2019 we should strive to always have a "free shipping" option. That's where society is right now and it's what customers want. I hate paying for shipping myself, so why force my customers to do it? That's the value we bring at the moment, who knows we might change that strategy later and offer FREE 2-day shipping and do a split test to see which strategy outperforms the other.
Shipping shouldn't be your only differentiator, but it's a great place to start.
What I love about print-on-demand:
Extremely easy to start and very low start-up costs. You can open a site right now with a free trial and pay about $30 a month.
A caveat to print-on-demand:
Competition is very high.
Focus not only on creating a brand like Nike, but creating a community.
You can do that by bringing extra value to your website: have a newsletter or have a blog. Instead of spamming your customers 5 times a day about a sale going on, why not share tips and tricks to help make your customer's lives easier in your industry/niche.
For example: "DIY face mask recipe" or "do's and don'ts to make your skin feel less oily" - if you're in the skin care industry. You're here to show you're an authority in your field and not just to take your customer's money. If you do this right and you've proven yourself trustworthy, people will be coming with credit card in hand.
That's how you can stand out from the copious amount of print-on-demand companies that are out there.
So if you have some cool, unique designs in mind that you have yet to see in the marketplace then maybe POD is for you. Now, if design isn't a natural skill but if you have an idea of what you want it to look like, hire a graphic designer on Fiverr.
-Super easy to setup, you can have a store setup in less than 24 hours on Shopify.
-Don't have to buy inventory
-Low start-up costs
-Extremely competitive, so it's mighty crucial to stand out from the crowd with branding and value-add to the community.
2) Digital Marketing Services
Digital marketing is a very broad term. Graphic design, creating content, advertising (Google Ads, Facebook ads), SEO (search engine optimization), driving traffic, website design - the list literally goes on and on.
Most people think paid advertising when it comes to digital marketing, but the truth is it encompasses many different facets.
If you know your way around SEO, driving traffic, advertising, understanding CPCs CPAs CPMs, attractive social media posts, - you can help businesses grow their traffic and manage their paid advertising campaigns.
Now I know this is may not be for everyone, but the truth is digital marketing has become a standard way of doing business. It's very difficult to have a wildly successful business without an online presence. Because digital marketing requires specialized skills, knowledge, and experience, companies - both large and small - are willing to pay firms and agencies to help them grow their online presence. Therefore the demand is ever increasing, especially as more and more entrepreneurs are being born. Not all entrepreneurs understand digital marketing and therefore they may need your help.
In the last few years, I've been educating myself on digital marketing. Things like SEO, blogging, creating content, graphic design on Canva, branding and some other fun things. I became Google certified this year in Google Ads and Digital Sales.
If paid advertising is your jam, I definitely recommend that you prove yourself and your knowledge by getting certified for FREE with Google Ad Academy (now called SkillShop). If you know me, I am not a big fan of spending thousands upon thousands of dollars just to get the 'degree' or a fancy 'certification', however in this case, since Google offers a program for free, it would behoove you to take advantage of this gratuitous education.
Now, we've talked quite a bit about digital marketing already. I don't want you to go in thinking you're going to do all these things today. If digital marketing is definitely in your future, PICK ONE AVENUE. Whether it's graphic design or SEO... become an expert and a person of authority in that space. Learn everything you can, educate yourself, watch YouTube videos, get the free certification, get some experience, showcase your work, and boom you have a business. Once you trained that horse and it's winning some races on its own, now you can think about expanding your digital marketing agency in those other avenues and become that one-stop shop for all thing DM.
-Not much startup cost required, depending on the avenue you take.
-Tons of free resources like Canva (graphic design) and Google Academy (learn about Google Ads, YouTube, Marketing, and more).
-High in demand
-Numerous agencies nowadays that offer digital marketing service like paid adverstining, campaign ads, social media management, and SEO to name a few. But don't let that scare you, instead focus on being authentic and being you. Don't copy what others are doing. Nobody can truly compete with your uniqueness, so bring your own personality and flare to the marketplace - that's how you stand out.
-If you're going the route of paid advertising, it is a MUST to invest your time in understanding how marketing and advertising works. You will likely have to run your own campaigns to get a full understanding of what it takes to generate exposure with a return on that investment so that you can add value to your customers. You'll need a good $300-$500 a month to run your own ads to get a feel for it and to really see results.
3) Coaching & Courses
Last but not least is coaching & courses. Talk about an industry that is BOOMING. I can't tell you how many fitness coaches and marketing consultants I've seen in the past 2 years. And it seems like EVERYONE has a course, amirite? Here at LegendVest we are building our own course program as we speak. (We have a free course on "how student loans work" available now if you subscribe to our blog on our website). Some of you may know our story already, Jamison and I have built a million dollar brand from scratch right out of college and sold that company. Now we are going to teach everyone how we did it, how you can do it, and the tools you are going to need in today's world to be successful.
The beautiful thing about courses is that if you have a skill that people want, you can teach people how to do it. People are eager to learn how to grow their business and find out how you did it. Which is why we give back to the community and honestly, anyone can learn from us without spending a dime on our courses (check out the blogs, podcasts) right here on our website that you can learn from right away. We did this intentionally because we want you all to know that you can have a wildly successful business without spending six figures on education, of course unless you want to. Now if you feel you need extra help, specific strategies for you and your business only, and want to go deeper - that's where the courses and consulting would come in. The basics and fundamentals are free right here at LegendVest.
Education has always been needed, the difference today is that we have digital, online courses available at our fingertips. Whether it's piano lessons, a sales course, or how to become a chef - you can teach and learn practically anything online.
Just like digital marketing, there are TONS of competition. However the key differentiator here and with coaching is going to be YOU and your EXPERIENCE. Your value comes from what you know and what you've been through that you can share with others. There is a price tag associated with that value that you bring.
Your story does have meaning and significance. I do believe we all have a story to share and something to teach to the community. So why not monetize that?
People need and want help all over the world and they're willing to pay for a course whether it's $500 or even $10,000. As long you are going to bring them the results they're looking for and/or solve a problem, trust me the money will come.
We are in an interesting place right now in our society as we no longer need universities as much as we used to. Yes, I do believe in college (minus the student loans) because of the experience it brings, the opportunities that come your way, and the people you'll meet. However, the beautiful thing about 2019 is that we can learn just about everything we need on YouTube for free or for a few hundred bucks on Udemy or on an Influencer's course. There are numerous pathways for education, and college is not the only way anymore. Hello, digital courses and online coaching!
Here's what it's going to take to build your coaching/course biz. First, it's going to take time. People need to trust you and trust doesn't always happen over night.
Focus on bringing extraordinary value CONSISTENTLY.
- What free content/information are you giving away?
- Do you have a blog, a podcast, an email newsletter?
- How often do you go 'live' on social media and answer questions free of charge once a week?
Focus on GIVING first and trust me, if your information gives people results they want; they will be calling you with credit card in hand wanting to go deeper with you and learn more from you. Once you position yourself as an authority - again that comes with time, knowledge, and experience - people will trust you and you're well on your way to growing a true brand.
What will you need?
You will definitely need a website, a course platform, as well as an online presence. You can either have your website and course on one platform like Thinkific. Or use a 3rd party website (like Wix or Wordpress) and link your course content (Thinkific, Kajabi, etc). Both ways work just fine. LegendVest right now has its own website in which we drive traffic to our courses on Thinkific's website. It works for us right now, who knows in the future we may decide to do everything on one platform. Choose what's best for you.
You're going to need that online presence to build your brand and a community. Meaning, you need tons of free content on your site whether that be a podcast, a blog, a newsletter, an e-book, a YouTube channel, a how-to guide, etc. before you ask people to give you money. They need to know who you are. They need to like you. They need to become your virtual best friend.
Once you've done all those things above, now you can ask for the sale. And your audience will gladly pay you because you've already made a positive impact in their life for free.
There you have it. I gave you 3 trending business ideas with little to no cost for 2019. People are making beau-coup money doing these and so can you.
If you don't take anything from this, write this down: build trust, become an authority, give value and the money will come.
What business are you going to start today?
Thanks for tuning in!