Beginning in March 2020, the ill effects of the COVID-19 pandemic manifested with the devastating impacts bore by small businesses and employees. Some 3.28 million working-class Americans filed for unemployment during the period, with the economic impact of the situation predicted to last for many years.
Meanwhile, additional data revealed that small businesses make up 99 percent of all U.S. businesses, which employ over 50 percent of the American workforce. Aside from mass layoffs, the pandemic is seen to cause startup depression, which is essentially a condition in which emerging companies hold off on their decision to enter the job market in fear of the pandemic’s negative impacts.
In response, the U.S. government through Congress approved in March three stimulus packages that were aimed at addressing the pandemic’s brunt on businesses and households across the country. Additionally, legislative measures were approved back in April and June that were meant to enhance the effectiveness of measures put under the initial stimulus packages.
Now, if you’re thinking about trying out your luck in opening a business soon but are worried about the costs associated with such a venture, you’d be happy to know that there are low-capital startup businesses that you can try. These options would allow you to open a business with lower financial risks since you’re shelling out minimal investments.
Here are eight businesses that you can open on a small seed fund:
1. Recyclable bags
As consumers are becoming more health- and nature-conscious, the recycling industry is getting a much-needed boost. Accordingly, it’s one business venture that’s worth entering right now. You could start with nature-friendly tote bags made from recycled materials that are guaranteed eco-friendly. They are reusable and durable, which means you can use them for many years. Consumers who often go to the groceries to buy their weekly or daily supply of food, medicines, and other household essentials would definitely dig these green products.
2. Online selling/eCommerce
If you don’t like the idea of managing or investing money in a physical store, the online selling or eCommerce business venture should suit you perfectly. You may use social media to list your products and reach out to buyers who are fond of shopping for things online. This would hardly require any capital except for the actual items you’ll sell, so it should be something you should consider doing.
3. Food truck
The food truck business will surely begin picking up as people become increasingly confident in moving around areas where lockdowns are gradually easing. If you are a foodie and you have a natural talent for cooking, this option should be an easy pick. You can invest in a vehicle and convert it into a truck fitted with a basic kitchen to offer fresh and hot food products to buyers.
4. Healthy food or supplement store
The COVID-19 pandemic highlighted the need for people to mind their health above all else since those who are most vulnerable to it are immunocompromised or have a weak immune system. As such, you could open a startup business on a small capital by offering healthy food options like salads, as well as health supplements that help boost one’s immunity.
5. Vending machine
Vending machines are one of the very few mobile-type businesses that can offer many product options. From soda products and snacks to coffee and bottled water, there are so many items to choose from. You may start with just one vending machine and then continue adding as you recover your initial investment.
6. Retail store
The retail business has always been an option for business-savvy individuals who don’t want to take a big financial risk. It’s a highly flexible venture that depends on how much money one wants to invest in. There are also limitless possible products that one can offer, which is perfect for those with varied interests or target markets.
7. Event planning
If you happen to have an innate knack for planning or organizing events, then this one should be easy. As businesses start to gradually open up such as resorts, events venues, and restaurants, the event planning industry should resume. As such, it is one viable business venture that you should try your hands on as it won’t need much capital to start.
As people try to avoid crowds where there is a chance to catch the deadly virus, they are finding ways to secure essentials or take care of things in the comfort of their homes. A great business startup that requires minimal capital is the errand or concierge venture. You’ll only need a vehicle and gas budget to open this business, so it should be something that you must strongly consider.
Which of these small-capital options appeal to you the best? Please drop a comment below.