Business Opportunities with Low Capital in 2024

Want to become an entrepreneur, start a new business, but only have a small capital? Don’t be discouraged! Starting a business doesn’t always require a large investment. With the capital you have and the support of the growing use of technology, you can start a business with minimal investment.

In this era of technological disruption, the internet is widely used by many Indonesians. Social media is increasingly being explored as a platform to promote various products and services, from personal branding to selling merchandise.

According to data from the Central Statistics Agency (BPS), 66.48% of Indonesia's population had accessed the internet in 2022. This figure is quite high and has increased compared to 2021, which was only 65.87%.

This percentage increase shows the openness of Indonesians to technological advancements, creating opportunities for entrepreneurs to promote their business products through social media or other digital channels.

In addition to capital, starting a business also requires market research, demographics, location, and creating a structure and strategy to grow your business. Here are 5 small capital business ideas you can try in 2024!

1. Dropshipping Business

Source: freepik

Dropshipping provides a system for selling various products directly from the manufacturer to the consumer, without the hassle of packaging, storing, and shipping the product to the consumer.

In the digital era, where most Indonesians are accustomed to online shopping, it makes it easier for you to become a dropshipper. You can use social media platforms or e-commerce to market your dropship products.

You just need to create an order list, then hand it over to the product manufacturer/supplier, who will then arrange the shipment to your customer’s address.

According to the research report Beyond the Digital Frontier, KIC estimates the proportion of active e-commerce users domestically is 33.4% of the total population.

Quoting from the Goodstats survey in 2022, 51% of Indonesians have a positive experience using e-commerce sites and online shopping. Additionally, 47% of potential buyers find it easier to find better online deals than in physical stores.

Before starting a dropshipping business, make sure you choose products of good quality. You can curate the products you will dropship in your online store display. Your responsibility as a dropshipper is to create marketing and promotion strategies for your products and act as customer service.

This dropshipping business is ideal for novice entrepreneurs because it does not require large capital and does not need storage space for your products.

2. Create Digital Products or Online Courses

Source: freepik

You can consider selling digital products such as design templates (like journaling templates, aesthetic calendars, etc.), podcasts, websites (including creating landing pages), guide books (such as culinary and souvenir shop guides in certain areas), or online courses.

One of the advantages of opening an online course is that you do not need a high budget to rent an office, so you can focus on profiting from the services you provide.

You must actively search for students to teach, such as offering to acquaintances with school-age children or using social media for personal branding (this method may take longer).

You can also sell online courses through educational platforms like Skillshare to offer teaching/mentoring services in creative fields ranging from music, painting, marketing, animation, to filmmaking.

Before becoming a teacher, decide and consider what skills or subjects you can confidently teach in an online class. You can offer one-on-one tutoring for small classes or choose to do both simultaneously.

You can also offer workshops on effective CV writing, financial planning, or various personal development topics.

3. Social Media Marketing Services

Source: freepik

You might consider offering social media marketing services to start a small capital business. Some social media marketing services you can offer include planning and strategizing content, copywriting, social media performance analysis, and managing social media accounts.

You can use artificial intelligence (AI) tools to help you develop more effective social media marketing strategies. You can leverage AI technology to generate content that can engage with target audiences and match their preferences, interests, or behavior.

You can provide more effective and targeted content by knowing the audience’s interaction history with the brand you are managing.

You can also devise strategies and create brand messages that improve awareness and build a positive image of your brand.

4. Handicraft Business

Source: freepik

Indonesia is renowned for its cultural diversity, providing ample opportunities to explore and build a business in this segment. You can explore Indonesian cultural products ranging from batik, ikat woven fabrics, rattan products, and many more.

Quoting from Jakarta Daily, the export value of handicraft products in Indonesia in 2022 reached IDR 10.6 trillion, an increase of 6.94% from the previous year.

Building a handicraft business not only hones your entrepreneurial skills but also provides a medium to channel your creativity and innovation.

By utilizing available materials or those you can obtain at affordable prices, you can create handicraft products with high selling value.

You can combine traditional and modern cultural values in your handmade products. You can also attend workshops that share knowledge about marketing handicrafts or participate in craft exhibitions as a medium to promote your handicraft products.

The handicraft business has the potential to absorb a lot of labor. You can invite your friends or neighbors to build a handicraft business together. If it reaches a larger scale, you might consider exporting your handicraft products.

Indonesian handicraft products are highly sought after by foreign consumers, so this potential can be a motivation and a goal for you.

5. MSME Culinary Business

Source: freepik

According to data collected by ESB, the average monthly growth of local culinary businesses in Indonesia for ultra-micro and micro businesses tripled, while small businesses grew by 2.6 times throughout 2023.

From this data, it can be concluded that in 2024, the opportunity to profit and grow in the small capital culinary business sector like MSMEs is still wide open.

Although competition will be tight, the potential to reach a broad customer base with a well-directed business strategy and culinary products that suit the target market remains high.

Culinary is also one of the things that cannot be separated from daily life. Culinary tourism also attracts many enthusiasts in a country rich in traditional dishes.

Referring to data from Exploding Topics in 2023, 77% of consumers want to be healthier in the future, so this can be a consideration if you want to start a culinary business.

Healthy food trends were stable in 2023. Some healthy food business ideas you can start in 2024 include salads, sandwiches, and other vegetarian or vegan foods.

One process you can simplify and automate if you decide to open a culinary business is operations, from stock management, transaction recording, sales report creation, and more.

You can find operational efficiency solutions for culinary businesses with ESB POSLite. Moreover, this versatile cashier application now includes inventory features that will help you calculate the Cost of Goods Sold (COGS), manage recipe menus, create inventory reports, and manage raw materials.

For just IDR 149,000/month for a one-year subscription, you can experience the ease of managing a culinary business that truly profits, not just hard work. Try it now!

So, do you know what business you want to start in 2024? Remember, no matter how good your plan is, it means nothing if you don’t execute it. Let’s get motivated to start a small capital business!