3 Small Business Ideas for Young Entrepreneurs

If you consider yourself to be a young entrepreneur, you probably dream about coming up with a product or idea that will make you rich. If you are tech and coding-minded you may try to make an application that becomes incredibly popular and generates a significant persistent income from its repeated purchase. For young entrepreneurs with expert-level knowledge in a certain subject, the idea of selling what you know could be a profitable one. Today, it is possible to create online courses and sell them on e-learning sites such as Udemy, gaining a persistent income from the sale of each course. In this article, three other unique business ideas will be explored. Each may be suitable for young entrepreneurs who are seeking to start a first business and do not have significant funds to invest.

Drop shipping as a low-cost start-up

One of the lowest-cost models for small businesses is to start a drop shipping firm. Put simply, drop shipping is a method of order fulfilment. The drop shipper creates a website where they list the products of third-party suppliers and wholesalers that they have agreed to collaborate with. When a customer places an order on your website, the supplier is contacted with the order details (including the shipping information) and fulfils the delivery. The key benefit of this form of business is that it requires minimal start-up funding. By using website builders, you can create a professional-looking website in a matter of hours and begin to list products that you have agreed to sell. You do not need to hold any stock or invest in storage premises as the supplier takes care of shipping all the products. Profit is generated by charging more than the supplier on the total cost of the goods sold.

Sell handcrafted goods online

If you have an artistic nature and enjoy making crafted items, you may consider setting up an online shop to sell these goods. The market for handcrafted goods remains buoyant and many consumers will pay premium prices for items that display high levels of workmanship and detailing. When it comes to shipping these items after a sale has been made, it is important to investigate the services of reputable shipping firms. Search the web for such companies and get an online shipping quote from each firm based on a sample delivery. Ideally, the shipping firm that you choose will be able to offer a range of delivery timescales to suit the needs of your customers. In addition, they must charge competitive prices for shipping. This will allow you to keep these costs low and pass on the savings to the consumer.

For fitness fanatics

Finally, many young adults have a passion for fitness, sports, and staying in shape. This passion can be transformed into a profitable small business venture if you decide to set up as a personal trainer. Personal trainers can visit clients in their homes or create a dedicated home gym on their premises that clients can use. Offer tailored workout routines and fitness plans for each client and build a reputation for helping them achieve their fitness goals. You can promote yourself as a personal trainer by advertising your services on social media channels such as Facebook. In short, this is another low-cost start-up venture that can quickly generate significant revenue streams if you have the drive and dedication to build a loyal customer base.