When you start your business, you are not ready to walk away from a steady paycheck. It’s true that you’ll have to work harder, but you can keep paying your bills as you grow your business. Once your business starts to generate revenue, you can start thinking about other things. There are no limits on who can become a great entrepreneur. You don’t necessarily need a college degree, a bunch of money in the bank or even business experience to start a new business at a low investment that could become the next major success. However, you do need a strong plan and the drive to see it through.
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Low-Cost Business Ideas with High Profit
A common misconception is that earning big profits requires a huge investment in the form of money, labor, equipment, etc. But that’s not the situation if one is aware of the variety of business ideas that can be started with minimum investment. Here in this blog post, we have compiled business ideas with low investment and high returns.
Consultancy Business Ideas
Managers and professionals from various industries look for profitable consulting business ideas to do something different, enjoy more job flexibility, and make more money. Consulting is not a new phenomenon. The consulting trend is continuing to build as companies are staying as lean as possible in tough economic times.
Generally, consultants work best for those organizations or individuals who know what they are seeking and have clearly defined projects or objectives. To provide a professional service and solution to a specific challenge, that does not exist in the organization, or that is needed for a specified period of time; consultants are needed. Consulting is not just limited to the bookkeeping or finance sector. It has various types from which you can choose. Some popular types of consultancy businesses are:
1- Business Management and Plan Consultant
Business management consultants provide strategic, unbiased, and objective advisory services that assist organizations in improving productivity and overall performance. A typical project will involve meeting with clients and researching and analyzing data, after which you will present recommendations to the clients and set a schedule for implementing improvements.
They also provide services to start-ups to craft a detailed business plan for operational benefits and to easier the process of arranging finance.
2- Failure Analysis / Evaluation
Failure analysis consultants provide services in evaluating electrical, thermal, and mechanical characteristics of integrated circuits, components, sub-components, and systems to determine the root cause of failure. They also analyze failure reports and recommend corrective action to prevent the re-occurrence of problems.
3- Fitness Consultant
Having expertise in aerobics and yoga any individual can initiate home-based business as a fitness consultant. With very low start-up capital and a planned marketing strategy, this business can be initiated.
4- Freelance Bookkeeping
Every small or big company needs business accounting services like bank reconciliation, e-filling, service tax, sales tax, payroll, etc. One can start this business by giving this service freelance to the businesses that can’t afford to have a full-time accountant.
5- Human Resources Consulting
The human resource consulting business is now a growing field. Businesses of every size need HR professionals to help them with tasks like recruitment, training, compliance, administration, and payroll. Small and medium-sized businesses are looking for more personalized human resource consulting services to fulfill their needs.
6- IT Consultant
IT consultants provide analysis, advice, and solutions for organizations that need to develop or improve their communication, data, or software systems. They can also provide training for current employees.
7- Marketing Consultant
To be a successful marketing consultant, you must have an analytical mind, exceptional report writing skills, communication skills, and effective negotiation skills. Marketing consultants are considered as an industry expert. You must have a good awareness of business and commercial changes in their industry.
Food Business Ideas
Food is an essential consumable item. Many aspiring entrepreneurs nowadays are seriously searching for profitable and trending food business ideas to start a new venture. Generally, there are 5 niche subsections you can find in the food industry. These are food processing, food retail, food delivery, eCommerce, and knowledge-based business.
1- Home Based Bakery
A bakery business can be initiated in two ways. You can either establish a bakery with a retail location or selling freshly baked items from your store. You can also establish a large-scale bakery unit and selling products through retailers. A bakery is one of the proven and most profitable food business ideas that can be initiated with proper planning.
The people of the UAE love to enjoy life by celebrating the little things, be it a small event like the baby’s first day in school or a large event like a wedding. And no celebration is complete without cake! So, if you love to bake and are passionate about it, then why not turn this into a profitable business setup in the UAE. It is the perfect example of a low-cost high-reward investment. To test the waters, you can first start by delivering the cakes at the customer’s doorstep. If it is a success, then, you should invest more.
2- Catering Service
Catering service is a popular business in the food industry. For every small and big gathering and get together people always looking for a catering service. Apart from that, you will get business through event planners also. With moderate capital investment and proper planning, any individual can initiate a catering service of his/her own.
3- Coffee Shop
Over the past decade, the coffee shop industry is increasing rapidly. The coffee shop actually treated as a third-place outside of work and home to relax. Coffee shop business is one of the best ways to turn your love for coffee into a profit-making business.
4- Food Processing
The food processing business includes a vast activity of inventory management, processing, packaging, marketing, and distribution. Jam, jelly, squash, pickles, sauce, ketchup are a popular product you can produce. You can initiate the business on a small scale with limited and selected production targets. As your business grows, you can expand with different product variants.
5- Food Delivery
Without having a retail location, you can start the food delivery business from home. The business demands moderate capital investment. However, it demands strategic financial and marketing planning.
Legal Services and Law Firms
The legal industry is indispensable across a multitude of personal and professional areas, providing support for individuals and businesses alike. Sooner or later, almost everyone will need a lawyer, as the law isn’t an area in which the amateur can practice. Law firms, much like accounting services, can provide diverse skills, including:
- Criminal law
- Business law
- Family law
- Trusts and estates
- Constitutional law
- Intellectual property law
- Personal injury law
- Employment law
Copywriting serves a valuable purpose in the market, connecting talented writers with companies in need of promotional services. In recent years, the demand for quality web copy has accelerated, increasing the need for skilled professionals. Today’s copywriters create advertising and marketing materials: a realm that now includes social media ads, website copy, blog posts, and even email messages.
Copywriting requires no formal education, making this industry fairly easy to adopt, even for those without experience in content creation. There is also no need to invest in a costly commercial space; most copywriters work from home on a freelance basis and pay very little in overhead expenses.
Real Estate Business
The property industry broadly covers the areas of rents, domestic housing, capital market, office space, retail and industrial space. As confidence returns to real estate, the industry faces a number of fundamental shifts that will shape its future. Fast-growing cities like Dubai, Abu Dhabi, etc. present a wider range of risk and return opportunities.
Technology innovation and sustainability will be key drivers of the growth of the real estate business. These have created an immense opportunity to start a small venture in the property industry in the middle east, especially the UAE. Real estate business includes:
- Commercial Real Estate Agent
- Commercial Space Renting
- Construction Project Management
- Interior Designing
- Property Management
- Real Estate Appraiser
- Real Estate Developer
Contact Riz and Mona Consultancy
The UAE economy is resilient and can accommodate changes to market dynamics, open new frontiers, and diversity thanks to the country’s strong infrastructure, technology, and logistics. The UAE seeks to create new sustainable and competitive economic models and adopt more flexible approaches that boost cooperation between the public and private sectors. Be it in Dubai or outside of the state, starting a business in any of the emirates is a very encouraging decision from the entrepreneur’s point of view.
As you can see, many low-cost, high reward business ideas can work in the UAE. If you are ready to set up your business in UAE, then give Riz and Mona Consultancy a call. We will take care of all the tedious details of setting up a business, leaving you to focus on growing your business.