Top 8 Low-Cost Businesses You Can Start Today
Starting your own business can be liberating as you have more control over whom you work with, where you work, and most importantly, the amount you can earn.
What’s stopping people from starting their own business is the risk of investing a lot of money during the early phases of their entrepreneurial journey. It doesn’t have to be true for every type of business. You can launch an entrepreneurial project with minimal financial investment if you want to go now and start earning.
If you’re on the lookout for businesses that don’t require an arm and a leg to build, here are the top eight low-cost businesses you can start today in no particular order:
- Affiliate Marketing
Affiliate marketing involves promoting company products or services through your marketing channels. It is like getting a referral fee every time someone uses your code to purchase services or products. This low-cost business is relatively easy to start, but it will take some time before it gains traction.
Affiliate marketing programs like Keala Kanae’s would usually require you to have a phone or computer you can use to create or push content related to the program you joined.
- Virtual Assistance
Nowadays, one of the most in-demand freelancers companies look for is virtual assistance. As a virtual assistant, you have the freedom to work remotely anywhere. Virtual assistance service is considered a low-cost business since you would only need minimal equipment like a laptop and an internet connection to start.
The tasks you may handle can range from email management to web development to appointment setting. Offering virtual assistance isn’t limited to online clients; you can offer your services to businesses with a physical store.
- Vacation Rentals
If your property has extra space or if you have access to a spare room or house in an area that tourists frequent, vacation rentals can be a low-cost business you can start today. Offering accommodation to vacationers doesn’t need a lot of money to start. You can sign-up with marketing platforms like Airbnb or join Facebook groups where tourists hang out to look for affordable spaces they can rent when going on trips.
- Pet Sitting
One of the common types of low-cost business is pet sitting. Pet sitting can be a lucrative low-cost business, especially for animal lovers. Pet sitters can earn up to USD$100 for overnight sessions or around USD$20 for shorter sessions that last up to 20 minutes. It’s relatively easy to start, and you can offer your services first to friends and family to build up your reputation.  And if you’re thinking of investing more and scaling up in this field of business, you can try venturing in the franchising space and find a pet sitting franchise that’s right for you. Â
- Tutoring
Another type of business you can begin is tutoring. You may only be thinking about academic tutoring when it comes to this business. Currently, tutoring doesn’t have to be limited to teaching students about academic subjects. You can also tutor others on various topics, like sports, cooking, singing, or cooking.
Tutoring can help you earn up to USD$50 an hour and can be done online and offline. Manage your expectations, though, as signing up on online platforms may mean sharing a percentage of your profits with the company you joined.
- Event Planning
If you have the knack for organizing and planning, event planning can be a business you can start. Starting an event planning business is relatively simple and requires minimal pocket expense.
Event planners don’t need a physical office to conduct business. It’s easy to consult with clients in their preferred locations or online. Events you can manage may include small bridal showers to corporate meetings.
- Language Translation
Another example of a low-cost business you can start today is translation services. If you can speak and write in other languages such as Mandarin, Spanish, and French, this is a viable business.
You can offer translation services to corporations, government offices, and video content creators who would like to add multiple language captions to their movies. This type of business needs no other equipment aside from your brains and perhaps, a computer or smartphone.
- Social Media Marketing
For internet-savvy individuals who can create simple graphics and have the agility to learn applications on the fly, this may be a potential low-cost business for you. If you have the eye for spotting a growing trend and can write short but engaging captions, social media management can be a gig you can try. The tasks you may offer to your clients can include social media designs, some light research, and posting to different social media platforms on their behalf.
Conclusion
There are a lot of businesses that don’t require a lot of capital. Some of the biggest businesses right now started small and worked their way up to become giants in their industry. If you’re looking for one to escape the rat race or supplement your income, you may want to do a quick skillset inventory. Businesses don’t have to be complicated. It’s just a matter of finding out what other people need and exchanging your efforts to resolve that need with monetary compensation.
