5. Start a Dropshipping Business
- Estimated income: $200-$3,000+/month, depending on the online store and market size
- Requirements: business management, digital marketing, and site maintenance skills
Dropshipping is one of the most simple businesses to start for beginners because it’s low-risk yet profitable.
This business model involves partnering with suppliers to sell their products on your platform. The vendor handles storing and shipping, while the seller focuses on marketing the goods to prospective customers.
There’s no need to manage inventory, so the startup costs are relatively low. The average cost of setting up a dropshipping business site is $150. This figure includes a web hosting service, a domain name, and a membership at a supplier directory membership like Spocket.
Since customers can’t inspect the products in person, the success of this small business model relies on customers’ trust. Evaluate suppliers before collaborating to avoid issues and provide excellent customer service to ensure their satisfaction.
