Typically when a person with low income, thinks of starting a business, the next question that comes into the mind is “do I even have the enough money to start a business?”. But remember that, not every business requires huge investment capital and there are low-cost businesses you can start today. That’s what this article is all about i.e. businesses requiring low investment especially for low income earning individuals, although anyone implement the businesses mentioned here.
Once you get to know the businesses requiring small investment, you’ll be convinced that, beyond just needing capital to get started, what you really need is a hard work, willingness to take risks, and start with whatever you have.
Businesses with little investment to start today
Here are 10 business ideas with little capital to start with. Some of these businesses will allow you to earn online from the comfort of your home whereas others offering your services and knowledge to people interested in what you know, among others.
1. Work as a freelancer
Are you artistic in nature and good at designing advertising creatives such as banners, logos, etc? Are you an expert in web designing and development? Is it easy for you to write on any topic?
One of the low investment businesses you can undertake, using your skills in your spare time to earn extra money, is freelancing.
The costs are minimal, since all you need is a good computer, internet connection and relevant tools required for that particular task. So you need to invest your time to create a portfolio of services and start looking for your first customers.
There are many online platforms for freelancers such as Freelancers, Fiverr, Upwork, Workana and Nubelo.
2. Personalized classes for college and university students
Teaching is a noble profession. And if you have acquired experience in a specific field after years of working, then why not use this knowledge to teach one-to-one classes to students. You can teach economics, design, programming, math or whatever subjects you’ve mastered in.
You can charge hourly and define the hours of study, something that helps you to undertake while you are working. For this type of business with little investment, it is important that you manage your travelling cost, food and time well.
For this, you can learn to create a personal budget and be very disciplined with your time.
3. Offer professional photography services
If you’re the type of person who likes to take pictures and share them on social networks, you could create a profitable business from these snaps.
For this low investment business, all you need is a good camera that allows you to take good pictures. This doesn’t have to cost thousands of dollars, but it can’t be your cell phone either as you need good quality images.
You can start offering your services for family or friends at their events, usually done in your spare time. Another alternative would be to sell your photos to image sites.
4. Weekend childcare
Do you like children and find it easy to take care of them? Then why not turn your taste into a business?
You can do it at night or on weekends, usually parents look to go out at night or have events where their children can’t attend. Start offering this service in your neighborhood, it doesn’t require investments beyond promoting your business.
In fact, once people know your skills they will begin to recommend you. Remember that businesses with little investment can become big companies if you start from the simplest, identify what the real added value is and do things well.
Once you identify what value you can exploit, you can start hiring other people, even in the future, if you develop a structure and a business model, you can start thinking up a cheap franchise model.
5. Being a dog walker
All you need are good shoes, dog leashes and fitness that you can develop in the first few weeks.
If you like dogs, you can turn this hobby into one of the low investment businesses you can enjoy while walking your neighbors’ pets.
You can charge by the day or by the week at a convenient time for both. It’s also a good way to exercise, as these walks will not only help dogs and you can take advantage of all the benefits of walking.
6. Offer house cleaning services
If you feel that your income is not enough, and you are looking for new alternatives to earn money quickly, you can propose to your friends that you clean their apartment or house.
You can start by doing it yourself and then create a whole cleaning system. That’s where the magic of creating business with little investment lies, initially you must do it yourself, but later you can delegate and focus on managing it.
When you develop a cleaning technique that is replicable and scalable, you can hire other people to do the cleaning and you can focus on winning new contracts.
In the future you will be able to expand your business to gardening, office cleaning, and restaurant services.
Remember that the largest empire began with the smallest idea.
7. Selling your knowledge: Consultancy or advice
Do you understand how digital marketing works, direct sales, how to optimize a process within your company? Do you have a knowledge and method that can be monetized?
You can provide consulting services to other companies or entrepreneurs that have a common problem and for which you have an alternative or solution.
This can be the first step in starting your own business or independent life; you don’t need to quit your job today to do it, you can use your free time to do it.
8. Be a virtual assistant
In this business with little investment, you need to have free time as you will have to assist several people at the same time.
You don’t have to be in an office to provide this service. In fact, this is one of the ways to make money from home, with your personal computer and an internet connection.
Maybe the company you are attending is in another city, or even another country, all you need to do is provide administrative support that allows the other person to focus on what adds value and makes a difference, and you provide the administrative service.
For this, the only investment you need is time to get to know yourself and present yourself to potential entrepreneurs or executives who require your service.
9. Create digital content
One of the businesses with little investment that most people don’t believe possible is to have a blog that generates income to live on.
So the first thing to do is to make it clear that you can create a blog and make a living from it, since digital content is a trend today and we all want to be informed, something that a blog can offer.
Creating a digital publication that doesn’t just require money, but also time. To start you need to define the topic you are going to talk about, choose a domain and buy a hosting plan.
10. Write an ebook or create digital products
Finally you can write a digital book or ebook and sell it on platforms like Amazon, where you can sell it for a commission.
Writing books is the kind of low-investment business that needs your hard work while you’re creating it, but once you get it ready, all you have to do is promote it.
Once you have the book ready, you can promote it and sell it on Amazon. Normally the commission is 30%, which is somewhat expensive, but you will have access to millions of buyers around the world.
These low-investment businesses are not just limited to books, as you can also create online courses and other digital products that you can promote on the web through affiliate marketing.
In the case of books, all you need is inspiration, knowledge and a lot of consistency to write a quality content. This can be the beginning of a successful career as a writer.
In conclusion, like any business, it requires an investment of time, resources and money to turn small business to a large business and most importantly it requires hard work to succeed in business or any area of life.