If you’re looking to make a little extra money or want to change direction completely, there are ways you can do so without breaking the bank. Given the nature of the gig economy today, it’s easier than ever to launch a business with minimal overhead. Here are 5 business ideas with low start-up costs that you can do right now to allow you to take control of your financial future.
Business Ideas with Low Start-up Costs
When you’re first starting with your business, it can seem overwhelming, knowing what to charge, whether or not you should open up a business bank account, and how much to put aside for taxes, that’s why it’s important to try to get your ducks in a row within the first few months of starting your business.
Of course, you can research online what to do and how to go about it, but if you want specific information related to your individual needs and goals, often you can consult a CPA in your area for an inexpensive consultation to help you get your business situated and on the right foot.
A CPA will walk you through what you need to know when setting up your business and help you determine what “business entity” is best. It is worth the small investment, to do this before you’re already months or years into your business.
With that squared away, here are 5 business ideas with low overhead that you can start today!
1. Start a dog-walking Business
The pet services industry is booming today, so anything related to people’s pets is going to be a hit. A dog walking business is a promising venture if you enjoy being outdoors, like dogs, and want to be in charge of your own time. You can begin by reaching out to neighbors, friends, and family by offering to walk their dogs while they’re at work; once you’ve established a client base, gained experience, and have a few testimonials under your belt, you can build on that by leveraging social media to expand your clientele.
A great place to start is your local neighborhood Facebook page; post your services and perhaps a few photos of the happy, well-cared-for dogs you’ve been walking to build trust; include your testimonials and positive reviews to further boost your chances of attracting new customers.
2. Perform Alterations and Sewing
If you’re skilled at sewing and have the necessary supplies, an alterations business is one of those business ideas with low startup costs that you can do right now and start putting money in your pocket.
You’ll need a sewing machine, measurement tools, pins, thread, fabric scissors, and a few additional essentials to begin. Start by offering your services to friends and family and reach out on social media letting people know that you’re available to hem clothing, alter dresses, move buttons, and perform any number of alterations people generally need when they buy new clothes.
A great time to start is right before prom season, but your customers will likely need your services year-round, as long as they know what you do. Hemming pants for adults and hemming and taking down hems for growing children is a popular service that just requires accurate measurement and a few moments of your time.
By delivering high-quality work and building a strong reputation, you’ll attract a steady stream of clients needing custom alterations for their important events. If you know that you have some sewing skills but feel like you could be better and want to try your hand at an alterations business, reach out to family members and ask if they need help with their clothing; create a portfolio of your work once you’ve perfected your skills and use that as a way to bring in new clients on social media.
Word-of-mouth will be a key component of a business like this, so be sure to offer current clients a discount if they refer you to their friends and family members. As you gain experience, encourage satisfied clients to leave reviews and recommend you to others, gradually expanding your client base and potentially increasing your rates.
3. Become an Affiliate Marketer
It seems as though everyone is an affiliate marketer these days and with good reason. TikTok makes it fairly easy – once you’ve gained 1000 subscribers – to begin earning money as an online creator with TikTok Shop.
However, there are numerous ways to go about affiliate marketing in this digital age. Typically it makes the most sense to choose products that you genuinely use and enjoy; you can’t sell something to others if you’re not fully aware of its benefits and can vouch for how good it is. If you choose to make a commission on any and every product, your audience will quickly see through you and you’ll lose their trust.
Begin with products you fully endorse and find affiliate programs you can join so you can begin making money; Amazina Associates, Cactus Media, ShareASale, and Commission Junction are great places to start.
You can create a blog or website and review products. When you include your links and provide valuable content that attracts visitors you’re well on your way. They will then click on your affiliate links to purchase the items, putting money in your pocket.
You can also leverage social media channels such as Instagram, Facebook, and Twitter to share your content, engage with your audience, and build trust. Post reviews, tutorials, and personal experiences to highlight the benefits of the products. By consistently delivering quality content and interacting with followers to drive traffic and increase affiliate commissions, you’ll start earning money over time.
4. Be a Virtual Assistant
If you have a reliable computer, high-speed internet, essential software like Microsoft Office or Google Workspace, and strong organizational and communication skills, working as a VA might be the startup business for you. Of all business ideas with low start-up costs, VA services are probably the least expensive to begin. You likely have everything you need to get started, right away. Being knowledgeable in project management apps like Asana and Trello or communication platforms like Zoom or Slack is also beneficial, as many of your potential clients will likely use one or many of these.
Find clients by creating a professional portfolio of your skills and services or build a website specific to your offerings. Networking through LinkedIn and joining platforms like Upwork and Fiverr is a great place to start. You’ll likely find that once you build up a client list, you’ll get additional business through word-of-mouth.
As a VA, you can offer a range of services. Some of these include email management, scheduling, data entry, social media management, and customer support. Tailoring your services to client needs and demonstrating reliability will help you build a strong client base.
5. Social Media Management Service
If you spend part of your days scrolling social media, consider turning that “hobby” into a lucrative business. Starting a digital marketing business as a social media manager for small local businesses is a great way to earn a significant income.
Consider reaching out to landscaping companies, law offices, boutiques, and other small businesses in your area. These businesses often don’t have the time, patience, or skill to manage a social media presence. They’re too busy building and working their business.
You’ll need to be proficient in social media platforms, like Facebook, Instagram, LinkedIn, and Twitter. Knowing content creation, data analysis, and trends is also important. Familiarity with SEO paid advertising, and engagement strategies is also crucial.
Reach out to potential clients through networking events, local business directories, and direct outreach, offering tailored social media solutions. By delivering consistent, high-quality content and demonstrating your ability to drive engagement, you’ll help these businesses grow their online presence and attract more customers.
Keep Your Interests in Mind When Choosing a Business
It’s not just about searching for business ideas with low start-up costs. Whichever business you decide to start, be sure it aligns with your interests. When you choose something that you enjoy doing, you’re more likely to stay motivated and dedicated to continuing doing it; which means, more money in your pocket.
In other words, if you hate cooking, then take that option off the table. Take into consideration your strengths and hobbies and you’re sure to find the right fit. Your connection to the business will show in the quality of your work. You’ll then be able to leverage your skills and knowledge. From here clients will begin recommending you and your service to friends and family.
Not Everything Needs to Be Monetized
This is not to say that every hobby, interest, or passion should be turned into a side hustle or business; often that can be the fast track to resentment and burnout. All hobbies do not need to be monetized; remember that! You can enjoy things just because they bring you joy and you have fun doing them.
So, the bottom line is; if you’re looking to start a business to make money, consider what you’re good at. Also consider things you can master easily. Do that thing with all your heart, and watch the money roll in.
