Businesses can be started in multiple ways without any concerns about upfront costs and logistics. The major hurdle is people wish to start a small business but need some inspirational ideas.
Stephen Taylor is a big entrepreneur, who started small with a wrapped mint product and grew across for 30 years to become a multinational supplier. His advice is to be resilient and persistent in attaining success. Never fear rejection, negative feedback, or challenging market conditions but adjust your business strategies and move forward.
Inspiring small business ideas suitable for making side income
Start dropshipping business
Dropshipping is a low-cost and simple business to enter. It is a fulfillment model, where 3rd party suppliers store as well as ship products to consumers on your behalf. Dropshipping model is a scalable business with low overhead.
No need to handle the product, just sell it and pass orders to the supplier. Products can be curated from one or multiple suppliers locally or overseas in your online store focused on a specialty niche. You have to look after marketing and customer service.
The Print-on-demand model is similar to dropshipping. The inventory, shipping, and delivery are handed to a 3rd party supplier. Unlike dropshipping, the focus here is on product customization with personal designs to make something original.
There are products like hats, phone cases, T-shirts, tote bags, skirts, hoodies, and more that can be your creative canvas. Think about witty slogans or references resonating with dog/cat owners or some kinky designs. You can work with print-on-demand platforms like Printify and integrate it directly with your Etsy or Spotify store. It allows for smooth order fulfillment.
Launch a book
You can create a cookbook, comic books, picture books, poetry books, novels, coffee table books, and photo books if you have creative knowledge. The options are infinite, so it is a great small business idea to consider. You can start with self-publishing, which gives control over book quality and look.
Create digital products
Templates, podcasts, music, and courses are all digital products that need low investment. They are not tangible like the above ideas. There are not any shipping or manufacturing costs involved, so the profits are high. The thing here is to find out what digital product is downloaded the most. If you have the skills in creating a digital product then it can help you build a new income stream.
Start charitable business
With a business, you can have a mission attached like setting some profit percentage for a cause. Social entrepreneurs can position their brands in the market as they address the problems they care about the most.
Stephen loves to work for humanity and not just helps his community with finances but even participates in multiple food banks, charities, and The National Trust with the intention to be a responsible community member.
Stephen has a blog post on Crunchbase, where he writes about mortgage catastrophe in the UK, how to safeguard your intellectual property, and even local sports.
Partner with an NGO and incorporate your business mission. Set it to donate a sales percentage or request consumers to add a donation when they checkout.