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
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