Business ideas

50 low cost business ideas with high profit potential

Every small business owner wants to make a profit. But that can be hard to do, especially at first. If you don’t have a ton of money or resources to start your business, you can still hope to start a profitable small business. Just choose the right idea.



Low cost business ideas with high profit potential

Here are some low cost business ideas with high profit potential to get you started.

Affiliate Marketing

Affiliate marketers simply earn a small portion of each sale they send to a brand. So you really don’t need anything to get started. It may take you a while to build an audience that will actually help you earn money. But once you get there, it should be mostly profit.

Virtual Assistant Service

Virtual assistants help businesses with everything from inbox management to social media posting. You really only need access to a computer and an internet connection to get started. And you can earn even more if you have specific skills.

Online influencer service

Influencers partner with brands to share their thoughts on products and services with their audience. If you have a significant following on social media or on a blog, this can be an easy way to earn some extra cash.

Social Media Marketing

Or you could offer your services as a social media marketing profession. In this case, you would be creating and scheduling social media content on behalf of different brands.

digital marketing

You can even get more general and offer a variety of digital marketing solutions. This type of business really only requires expertise and an internet connection.

business consultancy

If you have business expertise, offer your services as a consultant where you provide information and advice to other brands.

Recruitment

Many companies could also use help finding the right candidates for specific jobs. You can do most of these transactions online. And companies often pay a premium for recruiting services that can help them find high-level candidates.

e-book sales

You can publish an ebook inexpensively on platforms like Amazon. Then, any money you make when you make sales is mostly profit.

Blogging

Starting a blog mainly requires buying a domain and hosting. Then, once you’ve built a following, you can earn money by offering sponsored content to brands, sidebar ads, or affiliate links.

Podcast

Podcasting offers a similar business model, but only in an audio format. You may need to purchase audio equipment. But all in all, it shouldn’t cost much.

YouTube video creation

YouTube allows video creators to earn a portion of the advertising revenue generated by their content. With just simple video equipment and time, you can build enough subscribers to make a profit on this platform.

Member website development

If you want to start a website but don’t want to offer all of your content for free as a blog, you can create a membership site where people pay a recurring monthly fee to access your content.

Writing

Copywriters, you can work with brands on a contract basis to offer copywriting for websites, product pages, or even advertisements.

Resume service

If you have experience helping people find jobs, there are plenty of job seekers who would be happy to pay you to create resumes and cover letters for them.

Online course sales

For those with expertise in a certain area, you can create an online course and charge a flat fee for people to access and complete the course at their own pace.

Sales of digital products

There are also plenty of other digital products, from binders to printable designs, that you can create without a ton of money and then sell online.

Creation of websites

Designers, offer your website design services to project to brands or individuals.

Application development

Mobile app development is also in high demand right now. If you have the ability to develop applications, you can either create your own or offer your services to third-party companies.

IT support

Tech-savvy people can also offer general IT support to customers. You can even offer this service online or over the phone so you don’t have to pay for a location.

e-commerce resale

If you want to start an e-commerce business, there are plenty of products you can buy inexpensively and then resell for a profit.

Product License

For those with a product idea, offer the licensing rights to other companies so you don’t have to pay so much for development and manufacturing.

Real estate brokerage

As a real estate broker, you can earn money on every sale you make and hire additional agents which can increase your profits even more.

Account bookkeeping

Financially savvy individuals, you just need a computer and accounting software to manage the books of multiple client companies.

Preparation of declarations

You can also help individuals and businesses during tax season if you want to make a high profit in a short time.

Translating

If you know multiple languages, you can offer translation services to authors, businesses, and government organizations.

Photo Auction

Photographers, sell your photos on photo sites to earn passive income. All you need is a camera and a computer with internet connection.

Event photography

You can also offer your services by photographing special events. People are often willing to pay extra for things like wedding photography.

Meal planning

Many consumers are very health conscious and are willing to pay for professional expertise on things like meal plans. You can charge even more if you are registered as a dietitian.

Personal training

Or you can focus on fitness and work one-on-one with people looking to improve their workouts. Find a local gym you can train with or consider creating training plans for people you communicate with online.

Event planning

If you have strong organizational and planning skills, you can start a wedding or event planning business without physical office space.

Holiday rents

If you have a little extra space in your home or access to an extra house or apartment, list your space on vacation rental sites like Airbnb.

Property management

Even if you don’t have your own space to offer, you can start a property management company where you help landlords in your area manage their tenants.

Home and office cleaning

Starting a cleaning service only requires a few basic supplies and transportation. You can work with owners and businesses and hopefully create repeat customers.

car detail

Or you could focus on cleaning cars. People are often willing to pay decent prices for full aesthetic services.

Restoration

If you want to start a food business, catering can be quite inexpensive, as you just need a kitchen but not a dining space. You can also charge a premium for certain types of events.

Operation of a food truck

Food trucks are also relatively inexpensive to set up and operate, at least for food businesses. And you can earn a fair amount by targeting special events and high traffic areas.

house renovation

If you have experience as a contractor or handyman, offer your services to homeowners looking to remodel their spaces.

Landscaping

Landscaping can be another profitable business because you really only need basic equipment and transportation.

DIY service

Many homeowners are willing to pay for small repairs or additions like hanging curtain rods or fixing walls. As a DIYer, you can stay quite busy and avoid setting up a physical storefront.

Recycling service

You don’t need much to start your own recycling service – mostly a truck or van. You can charge people to pick up electronics or other items that are sometimes difficult to recycle or dispose of.

electronic repair service

For those who are electronically savvy, start a service where you fix cracked phone screens or faulty laptops.

Refurbished Electronics Sales

Or you can buy people’s broken electronics at a discount, then refurbish them and resell them for a profit.

Elderly care at home

Many seniors need help with daily chores, from cooking and cleaning to shopping. Start an in-home care service and build a repeat customer base.

pet sitting

If you love animals, offer to babysit, walk or groom them for a fee.

child care

People these days also pay a premium for quality child care. You can even start a daycare business where you take care of multiple children at once.

Test preparation service

For those familiar with a particular school subject, you can charge a decent amount to help high school or college students prepare for specific tests, from SATs to LSATs.

life coaching

If you want to provide general help to clients, start a life coaching business where you work with clients one-on-one, in person or online.

Call center operation

Running a call center may require a bit more start-up costs than the others on the list. But you can perform some small customer service operations remotely. And many businesses are willing to pay extra to have their customer service operations located nearby.

Travel planning service

Although the travel agency industry has seen some changes in recent years, you can still offer corporate and large group planning and consulting services without a ton of overhead.

Tour guide service

Or if you live in an area popular with tourists, you can offer a tour guide service or even sell tour guides focused on specific activities.

Related Reading: 51 Business Ideas for 2020

Image: Depositphotos.com


More in: Develop an idea


Source link