The 7 best business ideas with low investment

Starting a successful business does not always require a large amount of money. You can start a business without breaking the bank or investing heavily in inventory, as long as you have a great business idea and the necessary tools.

If you're itching to dive into the world of entrepreneurship, there are numerous avenues you can explore, ranging from online businesses to service-oriented businesses.

Let's take a look at the top 7 inspirational ideas that could spark your imagination and motivate you to embark on your entrepreneurial journey!

The 7 best business ideas in 2023

1. Sell products online with dropshipping

Traditional retail models involve high costs of producing, purchasing, and holding inventory, along with expenses for packaging and shipping products. However, dropshipping has changed the game for the better.

It allows you to start an e-commerce business without the usual startup costs because a third-party vendor takes care of manufacturing, packaging, and shipping the products directly to your customers.

Dropshipping is like having a personal shopping assistant who finds, packs, and delivers products directly to your customers, saving you the hassle and cost of managing inventory and logistics yourself.

It's like having a streamlined and efficient supply chain that allows you to focus on building your brand and reaching your target audience .

Dropshipping provides a fast and cheap way to enter the world of online business. You get access to a wide range of ready-to-ship products and can test market or test popular products without breaking the bank.

Interesting data from 700,000 Wix Stores shows that dropshipping businesses typically open 15% faster than other online retailers.

This highlights the efficiency and flexibility of this business model. In order to be successful in your dropshipping venture, it is important to have a clear plan to sell your online store effectively.

Since you will be competing with other resellers selling the same products, it is crucial to establish a strong brand, create compelling messages, and implement effective marketing strategies to stand out from the crowd.

2. Sell print-on-demand products

Print on demand (POD) works similarly to drop shipping in that it allows you to outsource order fulfillment to a vendor.

However, POD has a unique advantage: it allows you to create and sell custom products that showcase your designs. Think of POD as your own print studio, where you can transform your unique designs into tangible products.

It's like having a magical workshop where you can bring your creative visions to life without worrying about the logistics of production and shipping.

Like a magician with a magic wand, you can create custom products that captivate your customers and showcase your artistic flair. With POD, you have several possibilities.

For example, you could start a t-shirt business with your own branded designs, create socks with funny cat photos, design stickers for dog lovers, or sell products that feature your original artwork.

If you don't have design skills, you can hire and collaborate with freelance artists through platforms like Fiverr, 99Designs, or DeviantArt. They can help bring your creative ideas to life.

When you're ready to start selling, you can easily connect your online store to a POD platform like Modalyst , Printful, or Printify.

These companies integrate seamlessly with Wix eCommerce, allowing you to list your POD products for sale on your website and ensure orders are automatically shipped to the right vendors.

3. Become a seller on Amazon (or other marketplaces)

Marketplaces like Amazon, eBay, and Etsy already attract large numbers of buyers.

While having a unique online store is important, selling across multiple channels can help you reach a broader audience quickly and at a relatively low cost compared to traditional advertising or retail.

Up to 12% of eCommerce sales can be increased by expanding into additional sales channels, based on data trends from over 700,000 Wix Stores worldwide.

Imagine that you have a delicious cake that you want to share with as many people as possible. Running your own store with your own brand is like inviting people over to your house for a piece of cake.

However, by also selling on marketplaces like Amazon, eBay, and Etsy, it's like setting up extra tables at a bustling food fair. You can reach a wider range of hungry customers who are already actively looking for delicacies.

Managing your presence across multiple channels is like having a team of efficient waiters making sure everyone gets their slice of the pie, while you oversee everything from a central command station.

With Wix eCommerce, you have the convenience of automatically importing your existing product listings into popular marketplaces like Amazon.

You can also manage all your orders and inventory from one place, saving you time and effort managing multiple sales channels.

However, it's crucial to be selective about where you sell because each channel has its own distinct characteristics. It's important to understand the values, motivations, and preferences of shoppers on each site.

By doing so, you can anticipate the specific types of products they are looking for and tailor your offers accordingly.

4. Put your physical business online

If you have a physical store, you can broaden your customer reach and avoid significant cost increases by selling online.

Take the example of Angel Gregorio, the owner of The Spice Suite. She took a bold step by quitting her regular job to pursue her passion as a "full-time Spice Girl."

At first, he operated an interactive spice bar showcasing spices from around the world. However, he transformed his business into an online empire using Wix's online store templates and administrative tools.

He started selling spice boxes online, which became a significant source of income, especially during the COVID-19 pandemic.

As a result of successfully embracing an online model, The Spice Suite achieved sales of over $2 million, with its online store becoming the most successful part of its business.

Similarly, many other companies in the food and restaurant industry have embraced e-commerce. For example, Smart Chefs, a catering company, shifted its operations online by selling and delivering restaurant-quality food boxes to customers' homes.

Bimber Distillery, a specialty single malt whiskey retailer, tapped into a global marketplace by offering easy-to-buy products, tour bookings and other benefits through its online presence.

Imagine your business as a charming local store located in a friendly neighborhood. Expanding into eCommerce is like opening a virtual door that connects your store to the vast online world.

It's like having an invisible bridge that allows customers everywhere to explore and buy your products, even if they can't physically visit your store.

Just as a small store can transform into a thriving global marketplace , your online presence can create exciting opportunities and attract customers from far and wide, increasing the success and impact of your business.

Whether you're selling boxes of groceries, clothing, or auto parts, e-commerce can be a smart and profitable investment.

5. Create instructional or entertaining videos

Your interests can determine whether you create workout, cooking, or kid-friendly content. The earning potential is immense if you can engage and nurture a dedicated audience.

There are several ways to make money with digital video content. One option is to charge a monthly subscription fee, giving customers full access to exclusive content.

Alternatively, if you use video hosting platforms like YouTube, you can earn money based on the number of viewers your videos attract.

You can also consider selling or renting your videos for a limited time, like 24-48 hours, and allow viewers to download or access them.

Whichever pricing model you choose, it can be beneficial to offer some of your content for free. This allows customers to get a sample of your product and encourages them to make a purchase.

You can also engage with your audience by hosting live streams or webinars using platforms like Zoom, Vimeo, or YouTube, fostering a strong and interactive community.

6. Create your own subscription service

The e-commerce subscription service industry has grown significantly, with popular names like Netflix and Ipsy gaining a large following. There are three types of subscription services:

Replenishment: Items such as toilet paper, toothpaste, coffee beans, and razors are regularly replenished for customers.

Curation: Themed boxes are curated with a selection of items related to specific categories, such as clothing, beauty products, books, food or wine.

Access subscriptions: Subscribers receive discounts or premium benefits in industries like food, beauty, and clothing. Starting a subscription box business offers different opportunities.

The first important step is to choose a specific niche for your business. It is beneficial to select a niche that you are familiar with or have experience in.

For example, if you already sell a product, you can convert it to a subscription service.

If you have a hobby like making soap, creating hot sauce recipes, or making homemade hand sanitizers with essential oils, you can create a gift box out of your products. You can also set up tiered memberships that provide exclusive access to premium items.

By using your knowledge and passion, you can create a unique subscription box business that caters to a specific target audience. This allows you to offer them a pleasant and personalized experience, tailored to their interests and preferences.

7. Start a podcast

Did you know that podcast advertising revenue is expected to exceed $2 billion in 2023 and could reach close to $3 billion in 2025? In addition to ads, you can use your podcasting platform for other opportunities.

You can offer courses, share premium content, or even host events.

If this sounds interesting to you, start by selecting a topic that really interests you. Find ways to entertain, inform, and inspire your listeners using your expertise in that area.

Collaborate with friends, invite special guests, or team up with influencers to add value and increase your reach.

To record your podcast, you can use audio hosting platforms like SoundCloud or Libsyn. Once you've finished recording, you can showcase and stream your podcasts on your website using the Wix Podcast Player.

Once your podcast gets enough listeners, you can explore sponsorship deals through platforms like Ad Results Media, Adopter Media, or True Native Media.

Here's a pro tip: Consider complementing your podcast brand by creating print-on-demand merchandise like branded t-shirts, socks, and accessories.

This can give your revenue an extra boost and give your audience tangible ways to support and connect with your podcast.

Conclusion: Best Business Ideas 2023

There are numerous online business opportunities available, each with its potential for success.

Whether it's dropshipping, print-on-demand, multi-channel selling, digital video content creation, subscription box services, or podcasting, the online landscape offers a wide range of options for aspiring entrepreneurs.

The best online business ultimately depends on your interests, experience, and market demand. It's crucial to do your research thoroughly and identify a niche that aligns with your passion and has the potential to attract a dedicated audience.

Building a strong brand, leveraging technology platforms, and implementing effective marketing strategies are key elements in thriving in the online business world.

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