What Businesses are the Least Risky to Start?
That said: I genuinely believe that if you are looking to set up a business with a low level of risk, you need to set up a digital, online business selling something that you are passionate about.
There are 3 reasons that I believe setting up an eCommerce store is a low-risk option for start-ups:
- It’s a one-man business - you don’t need to hire staff or space to begin with...
I think eCommerce, or digital businesses are the least risky to start because you can test your idea quickly and cheaply in the early days. When I first began a website I was able to test how many people came to the website and how many people clicked the button. I was interested in the visitor to ‘buy now’ ratio. I didn’t even have to sell the products to start, I could just test if the idea was popular.
- You can dropship - you don’t have to carry stock...
In order to set up an eCommerce site, you don’t actually have to carry or even ship stock to begin with. You can dropship products and arrange for another company to do all the hard work for you! Dropshipping means you don’t have to invest too much money, energy and time into renting warehouse space or arranging shipping services and costs.
Here’s the thing: most suppliers have minimum stock order quantities - meaning that typically, you would end up with stock without fully knowing whether you would be able to sell it! However, with dropshipping, the supplier sends as you sell. This means, you don’t have to carry dead stock. If you don’t sell anything, you haven’t lost money on stock!
- You can initially run your business part-time - and have another job...
Running an eCommerce business is extremely flexible.
You can work from home, run your eCommerce site anywhere - you don’t need to hire anyone at the start. You can do your own website, marketing and customer service. You can easily put the work in - fortunately, it’s not rocket science! You only have to worry about hiring experts, web designers and marketing gurus when you have the money. Don’t even think about hiring web designers at the beginning of your business - don’t get caught up in tech, it’s the worst thing you can do!
The best thing about eCommerce is that people will buy when you are not at work. You don’t have to ‘open shop’ in order to make a profit. You can easily have another job and then work on your eCommerce business part time or even on evenings. A lot of the work can be automated - marketing emails, new promotions. You will just need time to fulfil orders if you are not dropshipping.
If you want to set up a profitable business I teach you this in 60 days in my eCommerce mastery course. Step by step, we teach you a process that leads to sales - again, mitigating the risk of starting your own business. Check out the presale by following this link HERE