This is a great time to start a business, and for all sorts of reasons. For starters, the internet has leveled the playing field, both in terms of start-up costs as well as offering social media marketing.
Moreover, there is a lot of free online help and coaching available. And finally, because of the pandemic, working from home has become the norm, so no need to pay for expensive rent.
All of which is to say, starting a business for less than $500 is quite possible today. Here are 10 options to wet your whistle.
1. Dropshipping
Dropshipping is an e-commerce system that allows you to sell products online without the need for buying or stocking inventory, making it an incredibly affordable business to start. Instead, you work with a wholesaler or distributor that stocks the product and you set up an online store that sells the product(s).
Because the supplier handles inventory and shipping, your focus is on marketing and customer service. You and the wholesaler then split the profit.
2. Online education products
This business involves creating and selling online courses or e-books. You could offer courses or e-books on a wide range of topics, such as business, personal development, technology, or whatever your interest. The cost to start this business is relatively low as you can use a website builder like Teachable or Thinkific to sell courses and you can sell your e-books on Amazon.
Why a Business Credit Card Could Transform Your Small Business
These business credit cards that offer a convenient and efficient way to separate personal and business expenses, simplifying accounting and tax reporting.
Additionally, business cards can provide valuable perks such as rewards points, cashback, and expense tracking tools, enhancing financial management and the potential to help save money in the long run.
3. Affiliate marketing
Here, you promote products or services of other businesses and earn a commission for any sales you make. You could promote the products via a website, a social media channel, an e-newsletter, on TikTok, you name it. Is there a market for this? Forbes says that online sales are expected to total more than $6 trillion this year.
4. Etsy store
If you are crafty, selling handmade products like jewelry, candles, or art on a platform like Etsy can be quite profitable. Social media and word of mouth can help you market your products — and these channels cost nothing. As demand grows, you can expand your offerings.
Let’s now look at some offline businesses you could start on the cheap.
5. Mobile notary
Becoming a mobile notary is a flexible and low-cost business that can generate steady income. With a small investment in notary training, certification, and supplies like a notary seal and a journal, you can start offering services such as witnessing signatures on legal documents, real estate transactions, and other important paperwork.
And as a mobile notary, you can offer the added convenience of traveling to clients’ locations, making your service more accessible, appealing, and marketable.
6. Car detailing
Staying with the car theme, what about setting up a car-detailing service? Overhead is low as you simply need basic cleaning supplies like soaps, waxes, a vacuum cleaner, and microfiber cloths. This is another business where offering a mobile option makes a lot of sense.
7. Fitness trainer
If you are passionate about fitness and have some expertise in fitness, nutrition, yoga, or something similar, you could easily and affordably start a personal fitness business. You can offer sessions in your own home, a local park, in clients’ homes, or even online.
8. House cleaning
A house-cleaning business will never go out of style and is always needed. Upfront costs are minimal and you can start by offering your services to friends and family or advertising locally. House cleaning is also fairly recession proof, as in good times people like it, and in tougher economic times, they often work extra hours and do not have time to do their own deep cleaning.
9. Gardener
Lawn care is another low-cost business that can quickly grow through word of mouth. The basic initial investment would be for equipment like a lawnmower and trimmer, and also transportation. Offering seasonal services, like leaf raking or snow removal, can also provide year-round, all-season income.
10. Junk removal
People always need stuff hauled away. If you have a truck (or can get access to one), this just might be the right business for you. You can advertise for almost nothing on Craigslist and offer services to homeowners, real estate agents, and business owners who need to get rid of, well…junk.
So there you have it. No need to keep toiling away for The Man. With ideas like these, you can be your own boss with a fat bank account balance, and sooner than you’d think.
