If you are looking for a side gig or considering changing careers. Many people like the idea of starting a business, but they’re wary of the high start-up costs involved. Fortunately, the internet has made it possible to start a business with minimal initial outlay. So, here we’ll explore 15 low-cost business ideas to inspire budding entrepreneurs.
The Best Low-Cost Business Ideas
1. Start a Blog
One of the most interesting low-cost business ideas is to become a blogger. Starting a blog will allow you to be creative and make a difference while earning money at the same time. It’s incredibly flexible and can be worked around your other commitments.
You will need to put in some extra effort when you first start out, and you will not see an immediate income. However, you don’t need any technical skills, and you don’t even need to be an excellent writer.
Many of the best blogs have a natural, relaxed style that resonates with the site visitors. However, it is important that you choose a subject that you feel passionate about. If you’re struggling to write a blog about a topic that you’ve already become bored with, it will come through in your writing.
When you share your passion, knowledge, and expertise with the online community, it can be a very gratifying business. There is the potential to earn up to $50,000 a month or even more. Popular blogs attract sponsorships, collabs, and advertisers.
For step-by-step instructions, see How to Start a Blog.
2. Virtual Assistant
If you’re a highly organized person, you could create a business by providing virtual assistant services. Virtual assistants are responsible for dealing with emails, setting appointments, and organizing schedules. However, some clients may require you to deal with customer service issues or write content.
The great thing about being a virtual assistant is that the work is varied, and you can work for multiple clients. But, you’ll need to keep everything organized to avoid confusion.
You can start your business by working virtual assistant jobs on freelance platforms, but once you’ve developed a reputation, you could move your services on to a private website.
As a newbie, you can expect to earn $10 an hour or more, but as you develop experience and establish a solid reputation, you can command a far higher rate.
If you’re ready to get started, see our reviews of the best virtual assistant training.
If you're interested in making money from home, be sure to check out this free workshop from Kayla Sloan. She shows how to use the skills you already have to start making money as a VA.
3. Social Media Marketing
Most companies recognize the potential of social media to enhance their brand. However, while large corporations can afford to have a dedicated marketing department to handle their social media, most small to medium companies choose to outsource this task. This is where you can create a business opportunity as a social media marketing manager.
Managing company social media pages is similar to your personal profiles. You’ll need to post content, engage with followers, and answer questions. However, as a social media marketer, you can take this further by using Facebook ads, SEO strategies, and content marketing.
If you’re not confident about marketing strategies, there are courses online to help you learn more about online marketing and how social media plays an important role in promoting brands.
You can work on freelance platforms to find clients or approach businesses in your local area directly. You may notice that some of your favorite small stores are lacking a cohesive social media presence, and you can act as a marketing manager to help them.
4. Flea Market Flipping
If you enjoy spending your time at flea markets, yard sales, and thrift stores, you can use this inspiration for a low-cost business idea. People with a good eye for bargains can make great money flea market flipping.
Essentially, you’ll be finding items at low prices, cleaning them up, and then selling them for a profit. You can even specialize in particular areas, such as toys or household items.
Once you find items at good prices, you can resell them online through eBay or other selling apps. Top flippers are making up to $5,000 per week, but this requires enough money to buy the items and up to 15 hours a week.
Just be sure to consider all your costs and do your research before you start trading. You’ll not only need to cover your initial purchase price, but packaging materials, shipping costs, seller fees, transaction fees, etc. These need to be factored into your selling price, which also needs to be competitive.
To get started, see our list of the easiest things to flip for profit.