Top 15 Small Business Ideas With Low Investment _ Most Profitable
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High costs associated with starting a business force many people with an entrepreneurial spirit to abandon their dreams. However, if you are dedicated and ready to put in some good old-fashioned effort, you can start a business today with little or no funding. Here are 15 low-cost small business ideas that will inspire your entrepreneurial spirit.
1. Event Planning ServicesYou can consider an event planning business if you are highly organised, detail-oriented and love hosting parties. Build a database of vendors and contacts via LinkedIn and cold calling to assist your clients with their event planning. You can gain the necessary experience by organising a few pro bono events.
2. Affiliate MarketingAnother way to make money online is through affiliate marketing. It is a low-investment business but is highly profitable. It is the oldest form of digital commerce, where you refer someone to a product online and receive a commission when they purchase it.
3. Social Media ConsultantUnlike larger companies, small businesses usually promote their business via social media marketing on Facebook, Twitter, and Instagram. However, having many responsibilities may prevent business owners from developing a great social media strategy. As a social media consultant, you can help clients determine the most effective content, tactics, and posting schedules. Your business will grow as its followers grow.
4. Cloud Kitchen Or BakeryDo you enjoy cooking and baking? If so, you may find cloud kitchen and bakery the most profitable businesses you could pursue.
You only have to create a menu for your cloud kitchen/bakery and an online store to display your delicacies. You can let those near you order food, and they can either get it delivered or pick it up.
5. Sell Handcrafted ProductsThe internet and technology have allowed artisans to move beyond being artists to becoming professionals. A handcrafted business produces its products in-house rather than acquiring them from other sources. As a business, its primary focus is to provide consumers with a personalised experience.
You can start a unique business by making candles, soaps, pottery, and even sauces. As a small investment business, you can start with smaller batches or pre-orders until you generate consistent revenue.
6. Drop-shipperDrop-shipping may be one of the best ways to start a business with little money. Getting the right supplier and building an eCommerce website will be the most challenging aspects of starting this business. However, once this is complete and your customers begin ordering, your supplier will handle shipping and order fulfilment.
Drop-shipping businesses have low overhead costs since you don't need to purchase inventory upfront or rent a warehouse.
7. Freelance Writer Or EditorConsider starting a freelance writing or editing business if you have a penchant for words and a keen understanding of grammar styles. This low-cost business idea only requires a computer and reliable internet. It's also a great side hustle that can grow into a full-time job as your client list grows.
8. BloggerIt may take some time to monetise this low-investment business, but many creative types might find it an attractive and flexible idea. It is easy to share your passions or skills through a blog. You'll likely start earning money from your posts as your readership grows through ads, sponsored content, or affiliate marketing.
9. PhotographerThere is a higher investment up front when starting a photography business. But as soon as you have a professional-grade camera and software for editing your pictures, you're up and running. When you're just starting, offer your services at a discount to friends and family, then adjust your rates once you've built a solid portfolio.
10. Travel AgentNot everyone has the time, patience, or research to plan a vacation. It is common for some people to outsource the task of planning a vacation to a professional. A travel agency may be the perfect low-cost business idea for you if you're a well-travelled person with an eye for detail.
11. Pet Sitter And Dog WalkerPet sitting and dog walking are great business ideas for animal lovers—and they don't require a lot of capital to get started. Besides a business website, marketing materials will likely be your main startup cost. Print flyers and business cards to promote your local business and post them around the neighbourhood.
12. Virtual AssistantIndividuals and/or businesses can hire virtual assistants for remote administrative assistance. Depending on your skill set and preferences, you can offer various services, including refund processing, customer support, data entry, managing emails, and bookkeeping. The only cost associated with becoming a virtual assistant is your registration fee and marketing costs.
13. Graphic DesignerStarting a freelance graphic design business can help you make money from anywhere if you have creative skills. To showcase your skills and past projects, you'll want to create an online portfolio that looks professional. The next step is to determine the type of projects you are interested in working on and reach out to your network.
14. Online Courses And TutoringVirtual classes allow you to enrich others' lives if you are knowledgeable about a specific topic. Plan real-time Zoom lessons with clients or create downloadable instructional packets and videos. You may also start a virtual tutoring service from home if you want to become an educator.
15. Grocery StoreAny business that caters to life sustenance, grocery shopping or other similar activities is likely to succeed if handled properly. However, the costs of renting a space and purchasing inventory might be higher than those of other ventures on the list.
Apply For A Business Loan Today From IIFL FinanceWith so many low-cost business ideas available, starting your venture has never been easier. Get a business loan from IIFL Finance to fund your small business, and start making a profit in no time. We also offer loans via WhatsApp.
Frequently Asked Questions
Q1. Can you start a small business with no investment?
Ans. Yes. Tutoring, blogging, and freelance writing are some business ideas that require low to zero investment.
Q2. What are some of the best side business ideas?
Ans. Among the in-demand creative services you can offer as a side business are writing, editing, proofreading, translating, graphic design, and illustration.