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.