Are you thinking of starting your own business? But don’t have the capital? These are 25 low-cost alternatives to consider.
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A small business doesn’t require a lot capital.
Service-based business ideas are often more affordable than those that focus on product-based products.
You might think about whether your hobbies or professional skills could be turned into a business.
This article is for those who are interested in starting their own business, but don’t have the financial means to do so.
Many people who are entrepreneurial have the No. The number one reason people don’t follow their entrepreneurial dreams is the high cost of starting a business. There are many businesses that can be launched today without any funding or minimal effort if you’re dedicated and hardworking.
These 25 ideas will inspire you to pursue your entrepreneurial passion if you are looking for a low-cost way to start a business.
1. Content creation
The perfect storm of opportunities has created for creative professionals such as writers and graphic designers. They can use their skills to create quality, shareable content that businesses and media outlets will love. It’s now easier than ever for professionals to market themselves as freelancers and contract workers thanks to the growing gig economy.
2. Virtual or personal assistant
Those with organizational skills are also in demand by entrepreneurs who want to grow their businesses and focus on high-return jobs. Virtual assistants or personal assistants can perform many of these front-desk or secretarial functions remotely. They often work remotely for multiple clients and manage their calendars, make flight arrangements, and do clerical work.
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3. Services for event planning
You might be a person who is organized and meticulous, loves organizing parties, and would like to start an event-planning company. Event planners are able to organize events for people such as weddings, class reunions, and birthday parties. You will gain valuable experience by planning a few events for free. Cold calling and LinkedIn are great ways to establish a strong network of contacts and vendors so that you can assist your clients in organizing the event of their dreams.
4. Errand/concierge service
Most working parents are busy caring for their children as well as their professional responsibilities. This leaves little time for personal errands such grocery shopping, returning to the mall, or mailing packages. These time-consuming tasks can be handled by a driven individual, which will free them up to do the more important things in their lives. When determining rates, you should consider travel expenses. These can be hourly, or per task.
5. Professionnal reviewer
This is a real thing. Companies large and small recognize the importance of positive reviews. Companies often offer products or services so that customers can review the company. They are looking for a positive review, but also an honest review. They either pay you for your time or the review. You get to read new books, try new technology, and more while also getting paid.
6. Social media consultant
While larger companies may be able to hire an agency or full time staff member to manage their Facebook and Twitter accounts, small businesses are often responsible for their own social media marketing. Many business owners are too busy with other responsibilities to think of a great strategy for social media. You can assist them in determining the best strategies, posting times, and content to reach their target audience. Your business will grow as their followers increase.
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7. Shop Etsy
Etsy is an online marketplace with thousands of sellers. There are also larger producers like Wildflower + Co. which sells jewelry, patches, and other DIY items. It is very easy to open an Etsy store. Although it is free to register on the site and open a shop there are three selling fees: the transaction, listing and payment processing fees.
8. Online tutoring and courses
What is your passion? Yoga? Baking? Web design? You can make it easier for others to learn by giving virtual classes. You can create downloadable videos and instructional packets, or you can schedule Skype lessons with clients. A virtual tutoring service, or one that is based at home, is another option for educators.
9. Personal chef
You will need to plan and prepare meals for clients every week. Although you don’t need to be a chef, it is a good idea to take cooking classes. You may need to travel to and from clients’ homes and supermarkets, but your customers should pay for the ingredients.
10. Translation service
You can find work translating written and spoken words between two languages if you are fluent in that language. This field is growing rapidly due to international ties and a rise in non-English speakers in America. The Bureau of Labor Statistics predicts a 19% increase in employment by 2028. You can market your services to schools, hospitals and courts, or start your own service.
11. Software training
Do you have skills in highly-specialized software programs? Amateurs and professionals are looking to improve their skills. There is a growing demand for training. Although technical manuals for programs such as Final Cut Pro and QuickBooks are readily available, they are often too expensive and complicated for most users. For a complete tutorial, you can schedule small group workshops or private sessions and charge per hour. You need to be patient and have a great personality.
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12. Music lessons
Musicians who are musically talented can offer lessons to those who wish to learn the instrument. This can provide a great source for extra income. Students can bring their instruments to lessons, unless you are teaching piano. You can stock up on songbooks and sheet music in different genres to offer your clients a variety of options. If you are able to market yourself to high school and community theater groups, voice lessons can bring in a lot.
13. Sustainability consultant
Businesses across the country have been taking a more careful look at their environmental impacts over the last few years. Even for large companies, it can be prohibitively costly to implement eco-friendly business strategies. Businesses of all sizes seek out experts to help them. There are many backgrounds for sustainability consultants, including engineering and management. This means that practical skills and experience are more important to them than any degree.
