There has never been a greater time than today for entrepreneurs who want to start a new business venture. The internet makes it easy to put your business in front of potentially millions of consumers worldwide. The costliest aspects of starting a business, such as inventory storage and commercial space are essentially eliminated with a virtual platform.
The best part about this is, you don’t even need to sell a physical product! Many of the most successful businesses provide value to their customers by offering convenience, saving time,or delivering information. If you are interested in starting a high-value online business that requires no inventory, consider the following options.
Before purchasing a service or product, many people will comparison shop. Doing this the traditional way can be time consuming, as potential customers must go through dozens of websites and reviews before making a decision. Online marketplaces make comparison shopping easier by compiling multiple vendors on one platform.
Rather than spending hours online, users can enter a simple keyword search and find hundreds of possible options that can be easily compared through a standardized rating system. Some of the most recognizable businesses that use this model include Amazon, eBay, and freelance marketplaces like Fivver. However, the online marketplace industry is far from saturated.
If you’re interested in starting your own marketplace, identify a market gap that is both viable and profitable. Start small by focusing on one city or region. You will also need to advertise your marketplace to attract both vendors and customers. Make sure to have a vetting process in place so that your marketplace can earn a reputation for high quality recommendations.
Like a marketplace, dropshipping sells other vendors’ products. The main difference is that customers do not go to a dropshipping website to comparison shop. Instead, a dropshipping store attracts customers by offering a branded and high-quality shopping experience. Dropshippers usually purchase items from bulk retailers that are not set up to sell to private customers. That is because importing products from abroad requires meeting complex regulations.
Dropshippers ensure that every product they sell meets customs compliance for Amazon, other marketplaces, or their own online stores. Running a successful dropshipping business requires curating and testing products, crafting marketing campaigns, and offering safe and secure payment transactions. The best dropshipping companies also provide excellent customer service.
Even before the pandemic, delivery businesses started to gain popularity. The concept of expanding home delivery services to a wider range of products hit the mainstream after millions of people were forced to quarantine. As most retailers cannot keep up with the new surge in demands for delivery services, it is an opportunity for third-party providers to fill in the gaps.
Starting a delivery business is relatively simple. Besides the usual business registrations, all you will need is a working vehicle and clients. Many nursing homes, hotels, schools, and small businesses contract third-party delivery businesses to provide groceries or meals to their buildings. As you scale, you can hire more drivers.
Nearly any type of professional or personal expertise can be monetized by creating a consulting firm. There is a common misconception that only people with decades of experience can offer consulting. That is far from reality.
The truth is, even people with under five years of experience can offer valuable insights to others who are just beginning their journey. Likewise, even a seasoned professional will need entry-level introductions to industries, tools, or practices that are beyond their area of expertise. Many professionals in this position will choose to work with a consultant to reduce their learning curve.
As far as overheads go, consulting is probably the most affordable business to set up. A simple website, portfolio, and appointment scheduling tool is all you need to start attracting clients. However, you will have to put far more effort into networking and marketing to demonstrate your value and authority.
If you have a talent for writing, making video, or other kinds of content, affiliate marketing may be the perfect no inventory required business idea. Companies work with affiliates who appeal to a segment of their target demographics. Affiliate marketers create helpful, engaging content that includes links where customers can purchase any mentioned products or services.
If the affiliate’s content leads to a website visit or sale, they may then earn a set commission fee or even a percentage of the generated revenue. Affiliate marketers can publish their content on numerous platforms and social media sites. Many affiliates also create blogging sites focused on a niche topic, such as home repairs, pet care, or travel.