Introduction
As the modern economy is constantly developing, a growing number of people want to become entrepreneurs. But, the belief that starting up a business venture demands a lot of capital deters people most of the time business ideas low cost high profit. Well, there are hundreds of thousands of business ideas that do not require a large investment and can bring significant profit. There is always an idea suitable for you whether you need to move away from a regular job, make some extra cash or start a fulfilling business.
These are 20 cheap but lucrative business ideas you can pursue to give your dream of becoming an entrepreneur a push start. No topic will be off-limits, from Internet businesses to regional services, and we’ll reveal all you need to know about the investments, the revenue opportunities, and the tactics to deploy. Let’s dive in!
1. Freelance Writing Services
Overview
Freelance writing is among the most profitable and easily start businesses if you have for writing. You only need your creativity, a computer and an internet connection to achieve your goal.
Start-Up Costs
- Domain & Hosting (Optional): $50-$100 per year
- Marketing: Free-$100 (Platforms used are: Social Media such as Facebook, Twitter, Instagram, and using freelancing websites such as Up work, and Fiver).
Profit Potential
These free lance writers are mostly paid at a rate ranging from as low as $0.10 per word to as high as $US 1 per word depending on experiences and specialized areas. If you worked at it you could make anywhere from $3000 to $5000 a month.
Tips for Success
- Every business – large and small – requires the service of a social media manager in the creation of an online community. If you have good feeling in social media or networking, this is one of the best low capital business you can venture in.
2. Social Media Management
Overview
Every business – large and small – requires the service of a social media manager in the creation of an online community. If you have good feeling in social media or networking, this is one of the best low capital business you can venture in.
Start-Up Costs
- Social Media Scheduling Tools: As low as $0-$20/month (if you decide to use free trial of a social media management tool such as Buffer or Hootsuite)
- Marketing: Free through social media platforms
Profit Potential
Social media managers can cost their services anywhere between $500 to $2000 per client per month. Clients are powerful keywords that can be explained by the fact that even working with a limited number of customers – five, it is possible to make a really good income.
Tips for Success
- Choose a niche to target (real estate or e-Commerce for example).
- Be current with the most current trends in social networking sites.
- The best way to sell it to your clients is to make them see the benefits with hard figures to prove it.
3. Dropshipping Business
Overview
It is another technique by which you can sell products online without actually owning any stocks. It is basically You order from the customers and have the suppliers deliver the products directly to the customers.
Start-Up Costs
- Shopify Subscription: $29/month
- Marketing (Facebook Ads, Google Ads): $100-$500/month
Profit Potential
The profit margins always lie between 15 and 30%. The potential earnings in a dropshipping store can go as low as $1000 and higher than $10000 depending on a competent marketing strategy.
Tips for Success
- Concentrate on products that sell well and which are not so competitive in the market.
- By SEO, you can target the right keywords and drive people to the website naturally.
- Soon, it became important to try out different ad campaigns and see which one is most effective.
4. Print-on-Demand Products
Overview
Print-on-demand is a type of e-commerce that allows you to print products that are created by designers based on their preferences and gain profit without the necessity to store the products in your warehouse.
Start-Up Costs
- Design Software: Available for free or costing $10-$50 per month for special features on software such as Canva or Photoshop.
- E-commerce Platform (e.g., Shopify): $29/month
Profit Potential
Earnings per product can average $5-$15. Indeed, it is possible to increase performances, and obtain monthly profits of $ 2,000-$5,000.
Tips for Success
- It a good idea to come up with fashionable designs that will suit the preferences of users that you intend to target.
- There is a lot that the companies should do online to popularize their products and one of them is social media marketing.
- Collaborate with other people for higher visibility.
5. Online Coaching and Consulting
Overview
Yes, if you’re an expert in a specific sector then the chances are high that providing coaching and consultancy services online will be an extremely profitable business. It can go from business consulting to health and wellness consulting for example.
Start-Up Costs
- Website (optional): $100-$500
- Marketing (Social Media Ads): $100-$300/month
Profit Potential
It ranges from $50-$300 for per hour coaching. There are many individuals you can charge more than $5,000 monthly if you got only a few clients.
Tips for Success
- Develop an attractive website with your performance demonstrated and proved by customer testimonials.
- Provide free webinars or workshop to market the business and attract clients.
- It also suggested that one should establish a specialisation in the market to stand out from the competition.
6. Virtual Assistant Services
Overview
Virtual assistants, (VAs) are independent contractors who offer professional business and administrative support services from their homes. Examples include, but are not limited to; managing the emails, organizing calendars, and answering customer questions.
Start-Up Costs
- Computer and Internet: $0 if you already own them
- Marketing: free to $50 (on platforms like LinkedIn and Upwork)
Profit Potential
Computations show that most VAs cost $15-$50 per hour. Working full-time, virtual assistants can make between $3,000 and $5,000 monthly.
Tips for Success
- They have to provide niche services such as maintaining pages on social networks or managing accounts.
- This brings as an implication with freelance platforms the means to build a strong profile.
- Writing articles to get the positive testimonial of the clients to increase the credibility.
Conclusion
It is not necessary to spend much money to start a business. In fact, there are enormous numbers of businesses that can be started with a relatively small amount of money but which have great potential for high levels of profitability. Over and over for every field, a creative minded person, technical bore or a service provider, there is profitability out there. From digital businesses such as drop shipping and freelance writing to business venues such as pet sitting and social media marketing, these ideas present the best mix of versatility, expansiveness, and profitability.
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