Low Cost Business Ideas with High Profit

by bkosko
Low Cost Business Ideas with High Profit

Are you looking to start a business, but are strapped for cash? Below you will find a list of low cost business ideas with high profit potential. It really doesn’t get any better than that!

The reality is:

  • You do not need that much money to start a small business.
  • Many service-based businesses have lower overhead (think work from home).
  • You may even be able to turn your hobby or professional skill into one of these low cost business ideas with high profit potential.

High startup costs are a major impediment for many entrepreneurs. If you’re committed and willing to work hard, you may be able to start a business with little or no money.

These 20 low-cost business ideas will inspire the entrepreneur in you.

Low Cost Business Ideas with High Profit – Part 1

Low-Cost Business Ideas with High Profit

1. Content Creation Company

Social media and the 24-hour news cycle have facilitated the development of high-quality, shareable content for business and media websites by creative professionals such as writers and graphic designers. Due to the booming gig economy of freelancers and independent contractors, it is easier than ever to market yourself as a professional service provider.

2. Virtual Assistant Company

Similarly, entrepreneurs who are expanding their businesses and prioritizing high-return employment have a significant demand for employees with exceptional organizational skills. Many of these administrative or front-desk responsibilities are handled remotely by a personal or virtual assistant. Frequently working from home for multiple clients, these personnel manage calendars, arrange flights, and do administrative duties.

3. Event Management Company

If you are a very organized, detail-oriented individual who enjoys planning events, you may have the personality necessary to launch an event-planning business. Weddings, birthday parties, and class reunions are some of the events that event planners manage. You will gain the required experience by organizing a few pro bono events. Build a comprehensive database of vendors and contacts through LinkedIn and cold calling so that you can assist your clients in preparing for their ideal event.

4. Shopping & Concierge Service

Due to their professional and parenting responsibilities, most working parents have very little time for personal errands such as food shopping, retail returns, and package mailing. Motivated employees can do these time-consuming tasks for consumers, allowing them to concentrate on what is truly important in life. When calculating your fees, which may be hourly or per job, you should consider travel expenses.

5. Professional Critic

Yes, this is a real occurrence. Businesses of all sizes recognize the significance of favorable feedback. Numerous firms provide items and services to clients in order for them to write evaluations about the company. They want a good, but most importantly, honest assessment. You get reimbursed for your time or by the review, and in exchange, you get to try new products, read new books and experiment with cutting-edge technology, among other things.

6. Social Media Consultant

Larger companies can hire an agency or a full-time staff to manage their Facebook and Twitter pages and blogs, but small businesses are typically required to handle their social media marketing on their own. With so many other responsibilities, business owners may be too busy or overloaded to develop an effective social media strategy. As a consultant, you may help them determine the best techniques, posting schedules, and content for their target audience. As their number of followers grows, so will your business.

7. Etsy Shop

Etsy is a well-known online marketplace that offers thousands of home-based businesses and larger businesses, like the highly rated Wildflower + Co., selling jewelry, patches, and DIY goods. The cost of opening an Etsy store is incredibly low. There are some fees for selling: transaction, listing, and payment processing. Joining the site and opening a business are both free.

8. Online Trainer

What are your most important interests? Yoga? Baking? Web design? If you have in-depth expertise of a subject, giving virtual classes can enrich the lives of others. Create downloadable educational packets and videos, or schedule real-time Skype sessions with clients. Entrepreneurial educators also have the option of launching a virtual or at-home tutoring business.

9. Personal Chef

This business requires you to plan and prepare weekly or daily meals for your clients. Therefore, you must be a skilled cook with an in-depth understanding of nutrition and special diets. You are not required to be a culinary school graduate, but taking cooking classes will increase your reputation. Customers should cover the cost of ingredients in addition to your service price, even if you must go to grocery stores and client residences.

10. Translation Service

If you are multilingual, you can find work translating written and spoken words from one language to another. The rapid growth of this profession is attributed to expanding international contacts and an increase in the number of non-English speakers in the United States. The Bureau of Labor Statistics predicts a 19 percent increase by 2028. You can market your own independent service to businesses, schools, hospitals, courtrooms, and conference rooms.

If you need a small business website, SWS can create and manage your website at an affordable rate. However, if you would rather build it yourself, I highly recommend using SiteGround.

Low Cost Business Ideas with High Profit – Part 2

Low-Cost Business Ideas with High Profit

11. Computer Training Company

Are you proficient with a highly specialized software program? Amateurs and professionals wishing to expand their skill sets are increasing teaching demand. There are technical manuals for programs like QuickBooks and Final Cut Pro, but they are often expensive and difficult to comprehend for the average user. Schedule private or small group sessions and charge by the hour for a complete program tutorial. Patience and a good attitude are essential.

12. Music Teacher

Offering lessons to folks who aspire to learn an instrument can be a fantastic source of supplemental income for musically talented people. Unless you teach piano, students can likely bring their own instruments to your home for hour-long lessons. Stock up on sheet music and songbooks of many genres and skill levels so that you can offer potential consumers a varied selection. Voice lessons can also be profitable if you market yourself to local high schools and community theaters.

13. Sustainability Professional

In recent years, businesses across the nation have examined their impact on the environment more closely. However, eco-friendly company solutions are often prohibitively expensive, even for the largest firms, and businesses of all sizes consult with experts. As the backgrounds of sustainability consultants range from management to engineering, practical skills and experience are more important than formal education.

14. Bookkeeping Services

Contrary to a common belief, a CPA is not required to work as a freelance bookkeeper. You require merely an aptitude for numbers and knowledge of fundamental accounting tasks (though an associate’s degree in accounting or equivalent business experience is preferable). The following are examples of services that you might offer as an outsourced bookkeeper:

  • Maintenance of accounting software and filing systems
  • Disclosure of financial statements
  • Putting together a balance sheet
  • Managing payroll
  • Internet advertising services

As far as guarantees go, bookkeeping is about as close as you can get when it comes to low cost business ideas with high profit potential. Whether it’s in-house or outsourced, every business needs bookkeeping done.

15. Digital Marketing Agency

If you have marketing skills, a one-person digital marketing agency is a low-cost, quick-to-launch business idea. If you have no marketing experience but are interested in the subject, you can acquire skills through low-cost online courses. Marketing is always evolving, which is both a positive and a challenging feature. Therefore, if you have a passion for storytelling and education, you can quickly and affordably launch a digital marketing business.

Learn more about digital marketing – What is Digital Marketing?

16. Affiliate Marketing

Affiliate marketing is simple and affordable to establish, but its success takes dedication and a long-term outlook. It involves promoting the goods and services of other businesses in exchange for a commission on leads generated. Start-up requirements are limited to a blog or website and a product or service to market. To be successful in affiliate marketing, you must attract many visitors to your website and persuade them to make purchases from your affiliate partners.

Learn more about affiliate marketing – What is Affiliate Marketing?

17. Online Dating Consultant

You may work as an online dating consultant if you enjoy bringing people together and arranging dates. As anyone with multiple online or mobile dating profiles can tell, sifting through messages and identifying potential dates can be a full-time job. A consultant for online dating can develop captivating profiles, manage a client’s multiple accounts, filter out unwanted messages, and provide text or phone updates on potential matches.

18. eBay Seller

An eBay seller, often known as an eBay helper, is primarily responsible for selling other people’s items on eBay for a small commission. It is simple and affordable to become an eBay seller, but the platform is filled with scammers, so you must be wary of whoever you interact with since you could be held responsible for shipments that customers do not receive. Never disclose sensitive information, such as credit card or bank account numbers, when selling on eBay.

19. Graphic Design

Every business needs some type of visual assets to develop its brand and attract clients. To become a freelance graphic designer, you need a computer, a design program such as Adobe Illustrator or Canva, and an extensive portfolio. You can offer a wide variety of graphic design services, or you can specialize.

20. Start a Blog

Consider creating a professional blog or vlog if you have a passion for a particular topic or sector and enjoy writing or appearing on camera. To begin a blog, you only need a computer and a website. In contrast, vloggers are required to purchase a high-quality camera, video-editing software, and various AV equipment. You can earn money by selling ad space on your website, obtaining video sponsors, or starting an account on a crowdfunding platform like Patreon or Indiegogo.

Get the best hosting for your blog with Siteground! Save 80% by signing up today!

Related Posts

Leave a Comment

Newsletter Signup

Subscribe to our weekly newsletter to get business, marketing, and other tips delivered directly to your inbox!