The cost to start a business often becomes an obstacle that prevents a lot of entrepreneurs from having the business of their dreams.
However, a report by the US Small Business Administration shows that many small-scale businesses in the country are established with less than $3,000 of starting cost.
Also, the operational cost can be significantly minimized, thanks to today’s technology that allows small businesses to run from home.
With a home-based business, you can eliminate costs to rent or purchase property to run your business, making money-saving.
If you are interested in establishing a business with low startup cost, here are the best 10 ideas you can consider trying.
Best Business with a Low Startup Cost
#1. Social Media Consultant
Social media is an important part of modern culture and almost everyone has it.
Not only that but companies also use social media to promote their products and services.
Well, it needs skillful people to manage the companies’ social websites and make them look professional as well as keep updating the products and services offered.
If you love spending time on social media and eager to earn money from your hobby, just consider a career as a social media manager or social media consultant.
This is a profitable business that will allow you to make income up to $51,000 per year. To start a social media consulting business, you need around $500 at a minimum.
This business also requires you to have in-depth knowledge of a wide range of social media platforms.
#2. Professional Reviewer
Keep in mind that good reviews play an important role in the growth of both small and large businesses.
In this way, many companies hire reviewers to give professional thoughts and opinions about their products and services.
These companies need the reviewers to write a good but honest review. Then, you will get paid based on the review you make.
One of the best things about this business is that you can do it from anywhere and at any time.
This can be done as long as you have proper devices like a laptop or a computer and of course, a good internet connection.
To make it professional, just pick up a business area that meets your expertise. For instance, if you have a deep knowledge of technology and gadgets, it will be better if you review things like smartphones, computers, software, and all related things.
It is important to review things that give you the knowledge about them since you want your review to be good, professional, and highly informative.
Try to keep updating your information by reading new books, trying new things, and experimenting with the latest technology.
#3. Affiliate Marketing
With the fast growth of online marketing businesses, affiliate marketing now becomes one of the most popular small businesses.
It is not only easy to start but also cheap. Generally speaking, affiliate marketing requires you to promote products and services provided by other companies.
Then, you will get a commission based on the generated leads. A blog or website is all you need to start this affiliate marketing business.
That will be the tool you can use to promote the products and services. Sounds easy, doesn’t it? Wait! You need to keep in mind that affiliate marketing requires your dedication to be successful.
This is because it takes time and hard work to build a “fanbase” for your website. Bear in mind that your website needs to generate as many followers as possible.
You also need a good marketing strategy to make your followers purchase products offered by your affiliate partners.
#4. Graphic Design
Do you love designing something and want to earn cash from it? Well, graphic design might become an ideal small business with an initial low cost you can start this year.
Don’t worry that you can’t find clients to market your products. All companies, regardless of the business areas they specify, need visual assets to attract customers and grow their brands.
Thus, starting a business as a graphic designer can be very profitable. To build a business, you need to have a good computer.
Aside from good devices, you also need to have good design software such as Canva and Adobe Illustrator.
To convince potential clients, an extensive portfolio of your work is also required. As a graphic designer, you can provide your customers with a wide range of graphic design services.
You can also provide your clients with niche services like logos, brochures, flyers, display ads, hero images, Instagram graphics, infographics, T-shirt graphics, and more.
With a lot of niche services offered, you can attract more clients to come and use your services.
#5. Freelance Writing
If writing is your passion, starting a career as a freelance writer can be another small business option you can try.
Not only comes with a low starting cost but the business will also provide you with a great self-employment opportunity.
All you need to start this profitable business is a computer and a stable internet connection. There will be various topics available for you to choose from.
Depending on your own skills and personal interests, you can choose to write based on your favorite genres, styles, and preferred language.
#6. Selling Handcrafted Products
This is another business with a low startup cost based on your hobby, skills, and personal interests.
If you have talent and passion for creating handcrafted products, there will be almost limitless business options you can pick.
Either it is creating cloth bags, accessories, or aromatherapy candles and soaps, you can turn your hobby into a profitable source of income.
If you choose to create home-made soaps, the initial costs needed are usually around $20,000.
This is the minimum amount of money that you need to purchase some basic materials to make the soaps.
These include molds, essential oils, glycerine, and herbs. As for aromatherapy candles, the National Candle Association reports that candle sales in the United States are estimated at $3.2 million per annum.
This great selling rate is based on the fact that candles in the US sell within the range between $1.99 to $3.5 on average. Some popular candle products are even sold up to $200 or more.