10 Low-investments Small Business Ideas
May 18, 2022
Looking for side hustles to earn some extra coins? Want to leave your abusive workplace and be your own boss? Or stuck at home with limited options? You must have thought about starting a small business at some point in your life. But somehow you never did. The questions and doubts lingered and made you push the idea down. What should I start with? Do I have enough capital to invest? Will it stay float or will it go bust? What skills will be needed? So many intimidating doubts.
It may seem difficult to come up with a decent business concept, but with little thought and preparation, you can easily start a small business to boost your income – or even become your own full-time boss. It all starts with an idea that can develop over time. One which is nurtured by keeping the new normal in mind. The pandemic has shifted public perceptions toward products and services. While opening a retail shop or a restaurant may have seemed like a smart idea in the past, you may want to reconsider your plans. Consider businesses that can support how people live their lives now rather than more traditional ones.
Here are some low-cost business ideas you may start right now.
1. Consultation
Consulting might be a profitable alternative if you are skilled and passionate about a certain issue such as business, social media, marketing, human resources, leadership, or communication. You can establish a consultancy company on your own and develop it over time by hiring additional consultants.
2. Virtual Assistant
Many small company owners and solopreneurs are in desperate need of assistance and are willing to pay for it. You may assist them with scheduling appointments, sending and responding to emails, making phone calls to clients, answering consumer questions, and much more. The best part is that you can accomplish all of this without really being there. Platforms like Upwork, Remote.co, and Indeed can assist you in finding clients.
3. Freelance Content Writer
If you're good at writing with some marketing experience, you can work as a freelance copywriter or content writer. There are several companies that will pay you to create blogs, online material, or press releases. Most freelance copywriters charge $40 to $50 per hour, but those with industry knowledge may charge significantly more. Freelance copywriting is an excellent business to start since you can work from anywhere with an internet connection. It's a business that you can run from the comfort of your own home, or even while traveling.
4. Drop Shipping
Dropshipping is the definition of selling without inventory — it's a means to make practically any business that sells tangible things to customers a low-investment business. You only need to make sales and send orders to your supplier; you do not need to handle the items. You are, however, still in charge of your own marketing and customer service.
5. Event Planning
If you enjoy arranging events, consider starting your own event planning company. As an event planner, you'll be in charge of all areas of the planning process, from budgeting to vendor coordination to invitation design. To begin, all you need to do is throw one fantastic party, and your event-planning company will take off thanks to all those positive word-of-mouth referrals.
6. Catering
Starting a catering service is a terrific way to break into the field of self-employment if you're a professional chef who is bored of the restaurant grind. To get started, you'll need a commercial kitchen, a part-time serving crew, and a few assistant chefs. However, compared to establishing a restaurant, the startup and operating expenditures of a catering business are far more affordable.
7. Airbnb Business
Many people get additional income by renting out their houses in whole or in part, including vacation rentals and event rentals. Starting an Airbnb might provide the passive income you're seeking if you have room to rent, especially in a desirable area.
8. Tutoring
Almost every student will require tutoring services at some time throughout their academic career. Also, not only is teaching in high demand, but you can make up to $40 per hour as a private instructor. Set yourself up as a freelance tutor for students of all ages in your local community if you're proficient in a foreign language or strong in math, science, or writing.
9. Housecleaning
If you have a strong work ethic and are prepared to get your hands dirty you can start a cleaning service. You can also grow your business by recruiting a few workers or contractors and overseeing various cleaning crews. Overhead may include equipment, marketing fees, and employee compensation, but otherwise, beginning a cleaning service is a low-cost venture.
10. Digital Marketing
Digital marketing is another growing industry. This is what you do: You create a website, market it on social media platforms such as Facebook, Twitter, and Pinterest, utilize SEO to boost its position in search engines (Google/Yahoo), manage online advertising campaigns, update corporate material with fresh messaging that aligns with the online branding, and so on.