12 Best Low-Cost Business Ideas With High Profit

  • đź“… February 10, 2023 📝 Last updated on March 18th, 2023 đź•’ 12 minutes Read time

I’m writing this article as a fellow young entrepreneur; that perspective gives me firsthand experience of how essential it is to find business ideas that won’t put too much of a dent in your finances. So I put in the time and did the research so you don’t have to. Here, I’ll be sharing with you some of the best options for affordable start-ups that you can set up quickly to start turning a profit.

So, let’s get right into it:

Pet-Sitting Services

If you love animals, starting a pet-sitting service is a cheap business to start that almost feels like not having to work at all, while earning an extra income. Doubt it can be profitable? Let me tell you —though this is based on anecdotal evidence— lots of people who own and absolutely love their pets have very little time to actually take care of and clean up after them. That’s where you come in.

To get started, you can offer your services to friends and family members, or do some basic advertising online. This will give you some experience and also help you establish a good reputation in the pet-sitting community; it will also help if you can confidently say that your own pets are healthy and happy. From there, you can expand your services to include more clients. Really, your target market is anyone who’s too busy to take care of their pets as much as they’d like.

Pricing for pet-sitting services is a bit loose; do some research online for other local pet-sitting services that you can align your pricing with. If there are none, what’s essential is that you have clear pricing policies in place. You want to avoid any misunderstandings or disputes down the line. Additionally, it’s important to make sure that you have the necessary equipment and supplies to provide proper care for the animals.

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Personal Style and Shopping Advisor

If you have a passion for fashion and enjoy helping others look and feel their best, starting a personal shopping and styling service might be the perfect business venture for you.

You’ll want to establish a niche for your services. This could include anything from specializing in sustainable fashion to working with busy professionals who need help curating their wardrobes. Once you have a target market in mind, you can start building your brand and marketing your services to potential clients.

Listen carefully to your clients’ needs and preferences. And, make sure that you stay up-to-date with current fashion trends and developments in the industry. With a good balance of active listening and industry knowledge, you’ll be able to create a personalized shopping and styling experience that meets each of their unique needs.

Social Media Account Manager

Regardless of what industry a business is in, in the socially saturated online landscape of today, businesses need a strong social media presence to be successful. It’s definitely possible to survive without one, but the goal is to thrive. But, most business owners aren’t consummate social media mavens; they prefer to focus on what they’re good at; what they do as a business. This is why, for those of us with a knack for social media marketing, offering social media management services can be a great way to earn extra income.

For this type of startup venture to succeed, you’ll first need an understanding of who your target market is —which types of influencers do you work with best? And, then you need to understand what their target audience responds to so that you can craft the right brand voice for each of your clients.

It’s the kind of know-how that people seem to either have or not; people go to university for this, but to me, it seems you’re either a natural or you aren’t. If you do have a talent for social media marketing, use it to create tailored social media strategies for your clientele that meet their unique needs. You can offer services such as content creation, community management, and social media advertising.

House Cleaning

Starting a house cleaning service is among the best businesses to start with little money, and you’ll need virtually no specialized skills. It’s a service that’s always in demand, and if you’re diligent about it, it can be quite profitable.

Staring out with this type of business, it’s important to establish a good reputation for meticulous attention to detail. You should offer deep and regular cleaning services, and potentially, more niche services such as move-in/move-out cleaning. Have clear policies in place to ensure that both you and your clients have a clear understanding of expectations.

Always do your best so that your clients will speak highly of you to their friends and family. Word of mouth is the best form of marketing and it will help you build a positive reputation; which is the key to attracting new clients and expanding your business. Other ways to market your cleaning services can be done through flyers and online platforms such as social media or online classifieds. Providing quality service and having the right equipment and cleaning supplies are key to keeping clients happy and generating positive referrals.

Online Tutoring

If you’re a subject-matter expert in maths, science, or any language, consider starting an online tutoring business to leverage your knowledge and make a profit. You can offer services to students of all ages, even without prior experience teaching in a traditional classroom setting.

Depending on where you’re based, you may need to get certified before you can offer your services, so check with your local laws. One way to promote yourself and improve client trust in your service is by creating freely available edutainment content and posting it online or providing your videos as samples.

Event planning

If you love planning and organizing events starting an event planning business might be the perfect way to turn your skills into a profitable venture. You can offer services for a range of events, from corporate conferences to weddings and birthday parties. Consider specializing in areas such as event design, logistics, or vendor management.

When working with clients, ensure you communicate clearly and have a thorough understanding of their needs and vision for their event. You need to be on the same page as they are so you can create a personalized plan to meet their expectations. Your pricing and policies should, likewise, be communicated clearly to avoid misunderstandings or disputes.

Word-of-mouth referrals will be your most effective method for getting new clients, but to reach as many potential clients as possible, consider marketing your event planning services through social media; it helps to have a professional website to showcase your previous work.

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Freelance Writing

A freelance writing business is a great way to earn without ever having to leave your house; depending on your clients, you may not even need to speak with anyone. It’s an introvert’s ideal solo business. All you need is a talent for writing. With the rise of digital content, there is a growing demand for high-quality writing, and freelance writers are in high demand; this is true even with the advent of services like ChatGPT; AI still can’t write as well as a good writer can.

Of all the options presented here, this is one of, if not the most, affordable low start-up business ideas. If you can read this, you probably have a computer and an internet connection; that’s mainly all you need. There are also free tools online that can help boost your productivity.

The most difficult step to getting started as a freelance writer is building your client base. For that, you’ll need to learn how to market and sell yourself; it’s difficult but you need to get through it. Your options for finding clients include pitching your services directly to clients, or you can sign up for a freelance marketplace like Upwork. Note that the latter option may involve paying membership fees.

This option has a special significance for me as the one I’ve decided to go with; I promise, with hard work and dedication, freelance writing can be a fulfilling and lucrative career path.

Car Detailing

If you’re someone who has a real passion for cars, then offering car detailing services could be an excellent business idea for you. Not only can it be a fulfilling way to turn your hobby into a profitable venture, but it’s also a service that’s always in demand.

Car detailing involves thoroughly cleaning, restoring, and finishing a vehicle to make it look as good as new. Some of the services offered may include hand washing and waxing, interior cleaning and detailing, engine cleaning, and polishing. While it does require some specialized equipment and products, you can still start a business for cheap; $500 or less, which is a relatively low budget compared to traditional businesses.

One of the keys to success in this business is to provide exceptional service and attention to detail. Building a loyal customer base through word-of-mouth referrals can help your business grow and thrive. Additionally, consider offering packages or loyalty programs to incentivize customers to come back for repeat services.

Online Course Creation

Online course creation involves creating a comprehensive curriculum for students, leveraging your expertise in some particular field. Essentially, all you need to do is create an online learning course, which you then sell to students. Course creation is about creating a comprehensive curriculum, and knowing how to make it understandable to students. You’ll need to learn how to pace your lessons, since students using your course won’t be able to ask you questions directly.

Lawn Care Service

If you’re in the united states, then lawn care service is one of the most profitable ventures during the summer months. To succeed, you need to consider factors such as the equipment needed, marketing strategies, and pricing structures. You can purchase mowers and other tools to maintain lawns effectively, market your services through flyers, business cards, or social media, and research the rates of other lawn care companies in your area to determine a reasonable pricing structure. If word of mouth feels like it isn’t bringing in new business fast enough, consider offering promotions or discounts to attract new customers.

Starting a lawn care service may require some upfront investment. Still, it can be a fulfilling and profitable business venture for those who enjoy working outdoors and have a passion for gardening.

Virtual Bookkeeping

Bookkeeping is essential for any business, but small businesses may not have the resources to hire a full-time bookkeeper. That’s where virtual bookkeeping services come in. If you have experience in bookkeeping and accounting, you can offer your services remotely to help small businesses manage their finances.

Virtual bookkeeping provides numerous benefits to business owners. Mainly, it lets them outsource their bookkeeping, freeing up time to focus on profit-generating aspects of their business. On your end, as a virtual bookkeeper, you get to enjoy a greater degree of flexibility and the ability to work from anywhere.

You’ll need to build a reputation for excellent service; but to get your foot in the door, the first thing you need to do is market yourself. Thus, you’ll need a strong online presence. Think about whether you need to create a website. Social media accounts are non-negotiable. Beyond your online presence, it will help you to participate in networking activities with other professionals.

Consider whether you want to charge an hourly rate or a flat fee for specific services; you could devise a pricing scheme incorporating multiple services and both hourly and flat fees. Just, make sure your pricing scheme is easy to communicate clearly to your clients so as to avoid confusion or misunderstandings.

Graphic Design

Starting a business in graphic design can be an excellent way to earn money if you have a creative eye and possess design skills. As a graphic designer, you can offer a wide range of services to clients, from creating logos and marketing materials to designing websites and social media graphics.

Businesses now understand that to stand out from the competition, they need good graphic design. Nowadays the demand for skilled graphic designers is higher than ever before. At the same time, the graphic design industry itself is highly competitive.

It is also rather costly to enter, as you will need an array of software tools like Canva or Photoshop, and hardware tools like electronic drawing pads and styluses.

If you have the capital to get started, a good jumping-off point for building your portfolio is to take on small projects for friends or family members, volunteer your services to local nonprofits, or create designs for your own projects.

Once you do find clients, do your best to be transparent and firm about your pricing structure, as well as in setting the scope of whatever project you agree to do for them.

Final WordsI hope that these business ideas have inspired you and given you inspiration for your next entrepreneurial venture. Starting a business is challenging but also immensely rewarding. It takes perseverance, acumen, and a little bit of stubbornness to see your business grow and thrive. Don’t be afraid to fail, because the only real failure is giving up. Be willing to learn and ready to adapt, and you are certain to achieve your goals.

Starting a business doesn’t have to be expensive; there are plenty of ways to make cheap investments to make money. I hope I’ve been able to show you that. With passion, savvy, and hard work, almost anything can become a successful business. Just stay focused, surround yourself with good friends and good people, and don’t be afraid to take risks and try new things. I wish you the best of luck.

Keep an eye on the EBoost blog for more posts on entrepreneurship, small business marketing strategies, financial advice, and more!

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Low-Cost Business Ideas For 2023 FAQ

The easiest business to start can vary depending on a person’s skills, experience, and interests. However, here are some examples of businesses that are generally considered to be relatively easy to start:

  1. Freelance services: If you have a marketable skill such as writing, graphic design, or web development, you can offer your services on a freelance basis.
  2. Online selling: You can start an online store through platforms like Etsy, Amazon, or eBay to sell products that you make or source from suppliers.
  3. Pet care: If you’re an animal lover, you can start a pet-sitting, dog-walking, or pet grooming business.
  4. Home cleaning: You can start a home cleaning business with just a few supplies and offer your services to homeowners in your area.
  5. Personal training: If you’re passionate about fitness, you can become a certified personal trainer and offer your services to clients in your area.

It’s important to note that while these businesses may be relatively easy to start, they still require hard work, dedication, and a strong business plan in order to be successful.

Eduardo Mora - Eboost Partners
Eduardo Mora
As a director of marketing, my main function is to oversee and implement the organization's marketing strategies and plans. This helps the organization reach its target audience, increase brand awareness, and ultimately achieve its business goals.