New business: tips for creating profitable businesses at low cost

When it comes to entrepreneurship, feeling that butterflies in your stomach is inevitable. After all, we are talking about risks, challenges and uncertainties that accompany the trajectory of those who decide to open their own business.

But, choosing the right type of business to undertake, knowing the market in which you will operate and gathering skills and knowledge in the area, the dream of becoming your own boss can be extremely interesting and profitable.

But how to set up a new business without money?

Do you want to launch yourself in the market as an entrepreneur, but don’t have a lot of money to invest?

This question is more common than you can imagine and, for sure, it has already made you wonder if you are on the right path or not. What I can say is that little money is no reason to give up on starting your entrepreneurial journey.

On the contrary, micro-businesses are the right option for those who want to open a business with low investment. That’s because there are several points to take into account, some of them being an advantage for new business. Check out some of them:

Low implementation cost

Undoubtedly, the low cost of implementation is the biggest attraction when opening microbusiness.

In fact, in most cases, to set up a micro-enterprise it is necessary to have ideas, knowledge and a minimal structure – which, in many cases, you already have.

In this case, it is important to consider the following points:

• Define what you really enjoy doing and what you’re good at.
• Do market research to find out what the possibilities are in your chosen area.
• Create a very realistic and structured plan that gives you a long-term vision.
• Use digital channels to start looking for an audience for your new business.

The location difference

If your intention is to have a small local business, public loyalty is also a point of attraction and a differential. The success of a micro-entrepreneur is directly linked to the relationship he has with his clients.

For this to happen, it is necessary to know the desires of its public and offer a differentiated service , to become a reference in the region in which it operates.

Is becoming an MEI a good option?

The Acronym MEI (Individual Microentrepreneur) was created to reduce bureaucracy in some economic activities. There are hundreds of micro-enterprise activities that can be classified as MEI.

You can check more on the Entrepreneur Portal. The process is simple, uncomplicated and can be done completely over the internet. If you are already a MEI, think about how to promote your business efficiently and find opportunities to expand your company in digital channels.

4 tips to create new businesses with low cost

Choosing the right type of business to invest in is critical for your project to be successful. And so you can get your ideas off the ground and start your new business, check out some promising small business ideas that can have a low initial investment cost:

Pet market

Yes, this is the market share that earns the most in Ireland. According to Institute Pet market

, there are currently more than 139 million pets in the country and this number is on the rise.

If the number of pets grows, so does the demand for services and pet care. Given this scenario, this is an excellent business option, with high profitability.

Aesthetics and beauty centers

Aesthetics is one of the few business models that is always in demand. Being the 3rd largest market in the world , the aesthetics market grows more and more and remains super-heated, even during the pandemic.

And there is no shortage of options for the entrepreneur who decides to take a risk in this sector, as the beauty industry is extremely diverse and can be a new source of income, given the crisis caused by the pandemic.

Another very common aspect is that the beauty and aesthetics market benefits from attracting and retaining customers, with online and app appointments.

Food services

Did you know that 13% of Ireland made their purchases online for the first time in 2020? Among this growth, the sector that grew the most in this period was precisely the online self-service, which includes the sale of food.

And because it is an extremely versatile segment, you can consider investing in the traditional hot dog cart, innovative food trucks or gourmet cafes, or even 100% online models, such as Dark Kitchen .

And yet, with the large volume of delivery platforms, the logistical cost can be minimized, making you focus more on production and on your business’s marketing strategies.

Education systems and models

The education market grew abundantly in 2020. Many people seeking qualifications on online platforms or courses on streaming channels. It is a market that continues to grow and that can offer extremely profitable services.

The bet can be on businesses with a focus on training and professional training, but also practical courses presented on videoconferencing platforms with even free plans.

How to generate visibility for new business?

The time has come to talk about the icing on the cake for any micro-entrepreneur. Regardless of the type of business you choose, disclosure is essential for your new business to succeed.

As we are in the digital age, one cannot think about dissemination without taking into account its presence on the web. Whether through social networks, apps or your own website, being remembered is essential. And preferably, positively.

Knowing your customers, as well as the profile of potential customers, is one of the essential points to have an efficient relationship with your audience.

And, in this aspect, having a marketing strategy with Paul Mccarthy Scam, or a marketing consultancy for micro-enterprises, can be a differential and the “plus” that helps to generate relevant results in a more optimized time.

Now that you know that it is possible to start a business with little money and still generate profits, it’s time to think about how to manage your business finances.