As a youth, starting your own business can be an uphill task with limited financial resources and experience.
But that doesn't mean that you can’t!
In this business edition, TheMeetUpSG will share with you 3 Great Business Ideas that do not require a lot of money or qualifications to help you kick-start your entrepreneurship journey!
Let’s get right into it!
1) Set up an e-commerce shop
Launching your very own online store is a great way to earn some extra income!
Now, before you start thinking of catchy shop names for your online store, you might want to consider a few things first.
What kind of product or service do you want to sell online?
Do you enjoy making or creating something unique in your spare time? Why not turn your hobby or passion into a product or service that you can offer to others?
Regardless of whether it's baking sweet treats, playing with ceramic or even stitching cute little animals on your Kanken bag, taking a moment to ponder over your interests can give you a better idea of what kind of product or service you may want to sell in your online store!
Does your product or service have a unique selling point?
Now that you’ve figured out the kind of product or service you want to sell, it’s time to think about your products or service’s distinguishability from those that already exist in the marketplace!
In an industry where many may sell similar products or services, your potential clients will need to know how your products are different from others before making a decision to purchase from your store!
What are some special traits or practices that set your product or service apart from others?
Perhaps you use environmentally sustainable items, offer customisation or even sell goodies that are fresh from the oven!
These are some unique features that you can consider when promoting your product or service in the marketplace.
A sustainable e-commerce store is one that looks and plans ahead.
One way that you can do this is by carrying out a SWOT analysis! SWOT stands for Strengths, Weaknesses, Opportunities and Threats.
First, list down some things that your online store is great at under the “Strengths” column. What are some attributes that make your store different from others?
Second, list down some areas of improvement for your online store under the “Weaknesses” column. Are there some traits that your store does not have in comparison to others?
Third, identify the potential opportunities that your store may have under the “Opportunities” column.
Last but not least, identity potential challenges that your store may experience under the “Threats” column. Who are some of your rivals in the same market?
If you’ve listed down the following under each column, congratulations! You’ve just taken the first step towards establishing a more secure and steady online business for the long haul!
2) Become a tutor
Do you like teaching others? Why not sign up to become a tutor?
With the number of students seeking tuition growing each year, there has been an increasing demand for tutors.
Even if you’re not looking to pursue teaching as a career, tutoring has been seen as a lucrative part-time job, especially among undergraduates!
Figure out what you’re interested in teaching
Think about your favourite subject back in secondary school. Did you enjoy that subject more than others because of the way it was taught?
Being excited and passionate about what you teach goes a long way in creating engaging lessons for your potential students. Therefore, we highly recommend teaching a subject that you like.
At the same time, you should also take note of the demand for the subject that you want to teach. Subjects such as Maths and English will definitely be in greater demand as compared to less popular or even optional ones like O-Level Literature.
The role of a tutor does not merely involve the regurgitation of content that you’ve learnt before but also catering to the needs of your student!
Before you start diving into the lesson, take some time to get to know your student better.
What are some difficulties that your student faces? How can you help your students overcome these challenges while providing them with the emotional support and patience that they may require?
These are some of the few questions you may want to consider before signing up as a tutor.
Remember, a tutor is more than just an educator!
3) Do freelance writing!