For people dreaming of becoming an entrepreneur, startup costs can be a significant hurdle. For those dreaming big on a small budget, here are some low-cost business ideas that can satisfy your passion for becoming an entrepreneur. I can say that you can get better returns by starting these business with almost zero investment.
Here I am going to tell you some such business ideas which require very little startup cost or resources to start and you can take big profit in your bag.
1. Content Creation
Social media and the 24-hour news-cycle have created the perfect storm of opportunity for creative professionals such as writers and graphic designers, who use their talents to create high-quality, shareable content for businesses and media outlets. Thanks to the growing gig economy of freelance and contract workers, it is easy to market yourself as a professional service provider.
2. Event Planning Services
If you’re a highly-organized, detail-oriented person who loves to have parties together, then you have the perfect opportunity to start an event-planning business. Working for weddings, birthday parties and class reunions, event planners make it easy to host an exciting party for others. LinkedIn, cold calling, and some pro-free events planning will help you have a fair experience. It will also help you build a solid database of vendors and contacts so that you can help your clients arrange the event of their dreams.
3. Professional Reviewer
Yes, it is indeed a career option/business. The importance of good reviews on big and small companies has not diminished. Companies provide products and services to individuals so that they can write reviews. They definitely want good reviews, but more importantly, they want honest reviews. They pay you for your reviews, and you get paid for trying new things, reading new books, experimenting with the latest technology, and much, much more.
4. Social Media Consulting
Most large firms hire an agency or full-time staff member to run their Facebook and Twitter accounts and blogs, but smaller businesses often have to take care of their own social media marketing. With so many other responsibilities, it can be difficult for business owners to think of any major social media strategy. In such a situation, you can enter as a consultant and you can help them to determine the best strategy, posting schedule and content for your target audience. As their followers increase, so will your business.
Also read: Starting Up a Business? Here Are 15 Things to Consider Before You Start-Up A Business
5. Online Courses and Tuition
What are you most passionate about? Yoga? Baking? Web Design? If you know something about these, you can help others enrich their lives by taking virtual classes. Create downloadable instructional packets and videos, or schedule real-time Skype sessions with the client. Another option for aspiring teachers is to start a virtual or home-based tutoring service.
6. Personal Chef
This business requires you to plan weekly or daily meals and prepare meals for your clients. This requires strong cooking skills and knowledge of nutrition and special diets (if applicable). You don’t necessarily have to graduate from a cooking school, but having a few cooking classes under your belt will boost your credibility. You may also have to travel between supermarkets and client’s homes. For this your clients can also pay service charge.
7. Translation Service
If you are proficient in another language, you can translate written and spoken words from one language to another. This is a rapidly growing sector, driven by broadening international relations and increasing numbers of English/non-English or other language speakers in other countries. Experts are predicting a 42 percent increase in this sector by end of 2021. You can start your own translation service and market yourself to businesses such as schools, hospitals, court rooms and conference centers.
8. Software Training
Are you an expert in highly-specialized software? The demand for taking training from amateurs and professionals who enhance their skills is increasing day by day. Technical manuals are available for programs such as QuickBooks and Final Cut Pro, but these are often expensive and difficult for an average user to understand. Schedule small group workshops or private sessions, and charge by the hour while providing full program tutorials. For this patience and a great personality are important.
9. Music Lessons
Those people who love music, can teach other people music lessons and how to play an instrument, it can be a great source of their extra income. Unless you are teaching piano, students can probably bring their own instruments to your home. Arrange a well designed playlist or songbooks in a variety of genres and aimed at different skill levels so that you can offer a wide selection to your potential clients. If you market yourself to local high schools and community theater groups, music lessons can also make a lot of money.
10. Personal or Virtual Assistant
People who have well organized skills are in great demand for other entrepreneurs who are looking to grow their business and want to focus on high-return tasks. A personal or virtual assistant does many of those secret or front-desk tasks without being onsite. These individuals often work from home, keeping calendars, arranging flights, and clerks for many different clients.
So these were some of the best low-cost business ideas by adopting which you can start something new. Hope you like these ideas and I wish you all the best for starting them.