I would like to generate passive income , what business should a beginner be involved in that's low risk ?
I am a young entrepreneur interested in the process of starting my own business or organization . #entrepreneurship #general #bussiness
For low-risk entrepreneurial opportunities, you should open a storefront on Ebay, Etsy or Amazon. Granted, you’re not going to be the next Warren Buffet, but it will give you a taste of what it takes to run your business. And if it takes off, there’d be ample chances to take your tiny business to the next level.
I’ve had a storefront on Ebay and Amazon. In fact, for almost two years, it was my sole source of income. I’ve realized a few things…
There is no lack of opportunity to make money independently. A person is limited only by his lack of imagination or lack of dedication.
Entrepreneurship is not a skill. It’s an attitude. If you really want to do it, chances are, you’ll succeed. If some informercial sold you into doing it, then you probably won’t.
You might have heard of an NBC show called Shark Tank. It features entrepreneurs trying to get venture capital for their businesses from a panel of investors. You’d be amazed exactly how small most of those businesses are. Some of the people are doing stuff out of their garages with grandma helping. So don’t let anyone tell you it takes a lot of money and skill to start a business. The only thing you need a lot of are dedication and imagination.
I started a bow tie business when I was in graduate school. We design and sell bow ties online (www.OoOtie.com) and its a nice mostly-passive business. It took 3-5 years of working on it in my spare time to build it up to where it covers expenses and generates passive income. But from the risk/reward standpoint, the initial investment was relatively low ($2k) and I had a couple of great partners to help get it off the ground. We had a lot of fun, and decided even if it didn't work out we would have plenty of bow ties to give away as gifts for the next few years!
Entrepreneurship is great. But there's really only two ways to earn money: work or risk. If someone tells you about a great passive income opportunity, there's a decent chance it's a scam. However, you can find a niche market: people who have a problem that needs solving in an area that you're passionate about. Then with hard work and some luck, you can serve that market and make a good living. Once you have money saved, you can invest it in passive-income investments -- but remember that in order to make money on investments, you'll have to take on risk.
Try joining a startup company (for the summer, or as an intern, or part-time). You'll get to see the process of entrepreneurship up close. Ask the CEO to mentor you.
I wish you well on your endeavor. I would say make sure you keep a book to write down all of your ideas and do not be afraid to do some research. If you are selling a product maybe start out small like trying Ebay or flea markets to see what may sell well and what doe not. Starting a business takes perseverance. The Small Business Administration lays out steps that are helpful for you to take.
I agree with your answers above but I would like to offer an additional insight...if you have a service business (lawn mowing, repairs, cleaning, photography, website design, etc.), then there is not a lot of investment up front if you advertise in local papers, with flyers, online, etc. This can help you generate a small passive income for now until you decide what you want to do in the future.
A lot of this depends on your skills or what you can learn to provide a service to your customers.