Profitable businesses you can start with low capital

IFE OGUNFUWA writes on low-cost businesses for entrepreneurs

There are many business ideas with money-making potential but in view of the volatile economy, experts advise entrepreneurs to invest in businesses that require low investment capital.

They note that online businesses are gradually taking over those that solely operate in brick and mortar stores. They advise that for people who are contemplating starting a business online with little capital, there are some viable options to choose from.

Commercial cleaning services

Though in the informal sector, commercial cleaning service is currently gaining ground and many young people, even graduates, are actively working in that area.

Graduates who are unable to directly perform the cleaning tasks employ others as part-time workers.

A business consultant, Mr. Tunde Babatope, says corporate and residential cleaning services can be offered in the areas of fumigation, carpet cleaning, furniture cleaning, wall washing, floor cleaning, draperies cleaning, water, smoke, and fire damage restoration and general laundry.

He says, “These services under this business may not have international attraction but will enjoy patronage in an urban setting. Though services are rendered offline, having an online presence will help build a strong brand.

“You can also write quality content which will border on ways to maintain a clean environment and remove tough stains.  Write weekly newsletters and send to subscribers’ emails. Operate active social media accounts and participate in group discussions. You can earn additional income by selling cleaning tools either online or offline.”

E-books retailing

E-books are gaining popularity. With the major improvements in digital technology and wide use of digital tools, e-books are becoming more relevant than the print format.

Babatope explains that there are many reasons for writing and selling e-books.

He adds, “You can write and offer them for free as an incentive to people who sign up to your mailing list. You can also write e-books for profit or to share your experiences and professionalism on a subject matter. They are easy to write and publish. You can either write the books yourself or be a reseller of bestselling copies. However, the most difficult part is marketing.

“Due to the growing competition in the e-books retailing business, having a copy with interesting content is important. The quality of the content will determine the ability to sell.”

Online coach

Sourcing for clients and building a strong brand in consultancy services have moved an inch further into the online platform. One-on-one traditional coaching is gradually becoming a thing of the past with industry experts and professionals offering online coaching services.

Babatope says consultant and career coaches are getting more recognition by engaging their followers on social media platform through thought-provoking articles and live videos on Facebook, webinars, podcasts and Twitter, among others.

He says, “Design your website and enrich it with interesting content in different formats like video, articles, illustrations and pictures. There can also be interesting games that will engage visitors and endear them to your website. The initial cost of offering online coaching services will include the cost of the website design and subsequent Internet subscription.

“You will need to have in-depth knowledge in your area of expertise, be able to motivate others and give objective and constructive feedback.  You can either communicate with your client through email, Skype or over the phone.”