Dreaming of starting your own business but low on capital? Here are 25 low-cost options to consider.
- For a small business to get off the ground, not much money is required.
- Look for ideas for service-based enterprises, as these frequently have lower overhead costs than those focused on products.
- Think about starting your own business with your hobbies or professional expertise.
- This post is for those who wish to launch their own company but are limited by their ability to pay high initial costs.
The high startup costs for a lot of people with an entrepreneurial drive are the main deterrent from pursuing their business ambitions. However, if you are committed and put in some traditional hard work, you can start numerous businesses today with little to no investment.
These 25 suggestions for low-cost company ventures will pique your entrepreneurial interest.
1. Creating content
For creative professionals like writers and graphic designers, who can use their skills to produce high-quality, shareable content for businesses and media outlets, social media and the 24-hour news cycle have created the ideal storm of opportunity. It’s simpler than ever to represent oneself as a qualified service provider thanks to the expanding gig economy of independent contractors and freelancers.
2. A virtual or personal assistant
Along the same lines, entrepreneurs who are expanding their companies and wish to concentrate on high-return jobs are in great demand for people with good organizing skills. Many of those secretarial or front-desk tasks are carried out by a personal or virtual assistant while they are not present on site. These people frequently conduct clerical work, book flights, and manage calendars while working from home for a variety of clients.
3. Services for event planning
You might have the ideal disposition to start an event planning company if you’re a highly organized, meticulous person who enjoys throwing events. Event planners make it simple for people to throw a fun celebration by working for weddings, birthday parties, and class reunions. Organizing a few free events can help you gain the necessary experience. Build up a strong vendor and contact database via LinkedIn and cold calling so you can assist your clients in planning the event of their dreams.
4. Concierge/errand service
Most working parents have little time for personal tasks like grocery shopping, retail returns, or shipping packages between caring for their kids and attending to their professional obligations. A motivated person may do these time-consuming tasks for clients, freeing up their days for other vital activities. When calculating your charges, which might be hourly or task-based, take travel costs into consideration.
5. A qualified reviewer
Yes, there truly is such a thing. Companies big and small have not overlooked the value of positive ratings. Many businesses give people their goods and services in exchange for reviews of the business. They seek positive reviews, but they also prioritize candid ones. You get paid while trying new things, reading new books, experimenting with the newest technology, and much more. They pay for your time or by the review.
6. Social media advisor
Larger firms can employ a full-time employee or an agency to manage their Facebook, Twitter, and blogs, but small businesses sometimes have to do their own social media marketing. Business owners could be too busy or overburdened by their other obligations to develop a strong social media strategy. You can serve as a consultant to assist them in choosing the most effective strategies, posting cycles, and content for their intended audience. The more followers they have, the more business you’ll have.
7. Etsy store
The well-known online marketplace Etsy is home to thousands of small-scale businesses and larger enterprises, like the highly regarded Wildflower + Co., which sells jewelry, patches, and DIY goods. The cost of opening an Etsy shop is really low. Although there are three selling fees (the listing, transaction, and payment processing fees), joining the site and opening a business are both free.
8. Online training and coaching
What do you feel strongly about? Yoga? Baking? web design If you are an expert at anything, you can teach online lessons to help others improve their life. Make videos and packets of information that may be downloaded, or arrange for clients to have live Skype classes. A home-based or online tutoring business is another choice for ambitious instructors.
9. Individual chef
Strong culinary abilities and a solid understanding of nutrition and special diets are a need for this line of work since you will be required to plan and prepare weekly or daily meals for your customers. Even if you haven’t attended culinary school, having some experience in the kitchen will help you look more professional. Your consumers should pay the cost of ingredients in addition to your service fee, even though you may have to travel to and from stores and client houses.
10. The use of a translator
If you’re proficient in a second language, you can get job translating spoken and written words. This is a rapidly expanding industry, with the Bureau of Labor Statistics projecting a 19% growth rate by 2028. This development is attributed to expanding global ties and a rise in non-English speakers in the U.S. You can launch your own independent firm and promote your services to corporations, institutions of higher learning, clinics, courtrooms, and conference venues.
11. Computer education
Do you have any experience with extremely specialized software? Amateurs and professionals seeking to broaden their skill sets are driving up demand for training. There are technical manuals available for applications like QuickBooks and Final Cut Pro, but they are sometimes pricey and difficult to grasp for the typical user. When providing a complete software instruction, schedule small group seminars or private sessions and charge by the hour. It helps to have patience and a positive outlook on life.
12. Music instruction
Offering lessons to others who wish to learn an instrument may be a terrific way for those with musical talent to make additional money. Students can probably bring their own instruments to your house for an hour of instruction, unless you’re teaching piano. Stock up on songbooks or sheet music in a variety of genres and ability levels so you can provide a wide selection for your potential customers. If you advertise your voice lesson services to the community theater organizations and high schools in your area, you may make a lot of money.
13. Consultative firm on sustainability
Businesses throughout the nation have been paying more attention to their environmental effect in recent years. However, even the largest organizations sometimes find eco-friendly business solutions to be too expensive, thus companies of all sizes are searching for expert advice. Since the backgrounds of sustainability consultants range from management to engineering, practical skills and experience are more significant than a particular degree.
14. Services in bookkeeping
Contrary to common assumption, becoming a freelance bookkeeper doesn’t need you to be a certified public accountant. All you need is a flair for math and practical expertise with fundamental accounting procedures (though an associate degree in accounting or equivalent business experience is preferable). As an external bookkeeper, you might provide the following services:
- maintaining filing and accounting software
- releasing financial reports
- Processing Payroll
15. Processing payroll Services for digital marketing
A solo digital marketing firm is a low-cost company concept you can launch quickly if you have marketing experience. You may enroll in reasonably priced online courses to increase your knowledge if you have no prior experience in marketing but are still interested in the subject. Marketing is always changing, which is both one of its finest and most difficult characteristics. So, if you’re good at learning and sharing stories, starting a digital marketing company is a quick and affordable business venture.
16. Affiliate promotion
Although affiliate marketing is simple and inexpensive, success requires commitment and a long-term outlook. Affiliate marketing is generating leads for other businesses’ products and services in exchange for a commission. A blog or website and the specific item or service you want to advertise are all you need to get started. To be successful in affiliate marketing, you must draw a lot of traffic to your website and persuade those people to buy goods or services from your affiliate partners.
17. Online dating advisor
Consider working as an online dating consultant if you enjoy making connections and arranging dates. Filtering messages and locating intriguing individuals to meet can be a full-time effort, as anybody with many online dating accounts or dating apps will attest to. An online dating consultant may create engaging profiles, handle several client accounts, block undesirable communications, and text or call clients to let them know when prospective matches have been made.
18. eBay merchant
Selling other people’s goods on eBay in exchange for a modest fee is the main responsibility of an eBay seller, also known as an eBay helper. Although it’s easy and inexpensive to start selling on eBay, you must be very careful about who you choose to work with since you might be held liable for packages your clients don’t receive because the site is rife with fraudsters. Be extremely cautious and never provide any personal information, such as credit card or banking details, while selling on eBay.
19. Twenty-nine. Internet security expert
If you have a strong interest in computers, communications, and IT, small businesses who need to improve their online security will find you to be very desirable. Especially if you have the ability to safeguard critical client and customer information, advising company owners on how to avoid viruses, hackers, and fraudsters may be a highly lucrative endeavor.
20. Graphic design
Every business requires some sort of graphic assets to market their brand and draw clients. An substantial portfolio of your work, a computer, and a design program like Adobe Illustrator or Canva are requirements for working as a freelance graphic designer. You have the option of offering a broad range of graphic design services or specialized services like these:
- Display adverts with logos
- T-shirt designs
- Hero pictures
21. YouTuber or blogger
Consider launching a business blog or vlog if you have a passion for a certain subject or profession and enjoy writing or speaking in front of the camera. All you need to create a blog is a computer and a website. On the other hand, Vloggers should make the necessary investments in high-quality cameras, video editing software, and other AV equipment. You may locate video sponsors, sell advertising space on your website, or start an account on a financing website like Patrion or Indiegogo to earn money.
22. Purchaser of a domain
Anyone who buys domain names they think individuals or organizations will desire and tries to resell them for a profit is known as a domain name buyer or broker. The idea is straightforward, just as with many other occupations on our list, but being a successful domain name buyer demands responding swiftly on trends and spotting lucrative domains, along with a dash of luck.
23. Writer of resumes
Few individuals love creating their own resumes, and even fewer are excellent at it. A computer is all you need to start writing resumes professionally. You may promote your skills on social media and join up for a freelancing site like Fiverr or Upwork to get started.
24. A meal schedule
Most people enjoy food, but not everyone has the skills necessary to prepare delicious, healthful meals on a budget. Making an item list, writing simple recipes, giving nutritional data, devising a financial plan, and educating your clients are all responsibilities of a meal planner.
25. A video creator
Numerous businesses, influencers, and future YouTube stars want to take their videos to the next level but lack the tools or expertise necessary to do so. Being a freelance producer is a wise career choice if you have expertise as a video producer, a strong portfolio, and the drive to assist people and companies in creating great films.
Looking for other options to launch a business? Check out these suggestions from CO— by U.S. Chamber of Commerce, or explore these other fantastic company concepts.