Explore different paths to lean entrepreneurship:
1. Solo entrepreneur
Start with minimal funding, relying on your savings and early sales. This gives you full control but requires careful planning. Perfect for those with business experience and confidence in generating revenue quickly. You can leverage tools like no-code platforms, social media marketing, and online payment systems to keep costs low.
Budget: $0 to $10k
Commitment: More than 20 hours per week
2. Bootstrapping/multi-founders
Similar to solo, but with 2-4 co-founders bringing different skills to the table. It is very common in tech startups.
Budget: $0 to $10k
Commitment: More than 10 hours per week
3. Micro-acquire
Buy a small, existing business, grow it, and sell it to a larger company for profit. This reduces risk as you focus on scaling an already profitable business.
Budget: $1k to $50k
Commitment: Less than 10 hours per week
4. Franchise
Franchising lets you leverage an established brand's model and support. Ideal for those who prefer structure and have capital to invest in a franchise license. Popular industries include food and beverage, retail, and fitness.
Budget: $0 to $5k
Commitment: 20 hours per week
5. E-commerce
E-commerce is now easy to operate with managed online store services. Start an online store, dropship products, or offer digital services. This requires minimal investment and allows you to reach a global audience.
Budget: $0 to $1k
Commitment: 10 hours per week
6. Home-based freelancing
Home-based businesses range from freelance writing to handmade crafts. This keeps costs low and offers flexibility, perfect for those who prefer working from home and understand their target market.
Budget: $0 to $1,000
Commitment: 30 hours per week
7. Partnering with or joining others
Forming a partnership can bring together complementary skills, knowledge, and resources, enhancing the chances of business success. Whether it’s with friends, family, or professional contacts, a partnership can distribute the workload and financial burden. Alternatively, go to some start-up information platforms such as Crunchbase and download a list of new startups that have raised venture funding recently; they are likely looking for initial hires.
Budget: $0
Commitment: 20 hours per week
8. Go to crowdfunding
Crowdfunding platforms like Kickstarter and Indiegogo allow you to raise funds from many people, usually in exchange for early access to products, special rewards, or equity. This method not only provides capital but also validates your business idea through market interest. It's particularly effective for creative projects, tech innovations, and community-driven initiatives.
Budget: $0 to $2k
Commitment: 10 hours per week