Some business ideas require a significant upfront investment to start, let alone the continual overhead costs needed to sustain. Unfortunately, with these sorts of financial investments, there are no guarantees that a company will succeed.
Luckily many businesses can be started with little money. The internet has allowed many eCommerce and non-eCommerce businesses to flourish with minimal upfront capital expenditures. The following list is some of the best business ideas that you can start with little money:
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Drop Shipping
Drop shipping is one of the best types of businesses that features both a low cost to get started and a high-income potential.
Drop shipping allows a seller to receive and process orders from customers, and is typically only involved with customer relations, selling, and marketing the product. This is done through creating partnerships with manufacturers/suppliers that handle the warehousing and shipping of the goods. This relationship allows those involved with drop shipping to avoid the costs associated with manufacturing, warehousing, packaging, and shipping the products. This creates a situation for the drop shipper where their overhead is very low, but their sales and profitability can be very high.
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Consulting
Suppose you have a specialized talent or expertise in a particular field. In that case, you can consider opening a consulting business.
A consulting business can be provided either remotely or in-person to help people that could benefit from your knowledge and experience. Remote consulting can reach a broad audience online and provide services online or over the phone. In-person consulting services may provide a personalized touch or be required in some circumstances depending on the client's project. Clients may also be willing to cover travel expenses so that you can consult with them in person.
Consulting services are needed across a wide variety of industries, including multiple areas of business, nutrition, event planning, art collection, urban design, and a multitude of other areas. Overall, consulting requires little upfront cost as it is based on your knowledge of a particular field, making it a great low-cost business to start.
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Online Retail Store
Do you make homemade products, buy and sell collectibles, or already have an existing inventory? If the answer is yes, creating an online retail store is a business you can start that does not require much money.
Whether selling directly through your website or using platforms such as eBay, Amazon, or Etsy, creating an online store is a great and affordable way to place your product in front of many people. Unlike traditional retail, which requires business owners to rent or own a brick-and-mortar location, online retail stores typically have a smaller initial investment and overhead. By setting up a virtual space to sell your products, you will not only have the potential to reach customers around the world, but you will also bypass the costly endeavor of setting up a physical retail store.
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Social Media Management
There's no doubt that social media is important in today's business world. However, many companies don't have the staff, time, or know-how to build a social media presence. Due to this need, you could create a social media management business. Creating engaging posts, running successful ad campaigns, and knowing how to gain a social media following across multiple platforms are valuable skills that you can provide to clients.
One of the perks of a social media management business is that your clients will likely be continuous. A business's social media presence needs to be consistently engaged to stay relevant on social media and continue to grow its following, attracting new customers. Additionally, a social media management company may require minimal investment if you already have a phone with a good camera with design apps for creating and editing posts.
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Personal Assistant
If you are organized and can manage and complete multiple tasks simultaneously, offering your services as a personal assistant could be an excellent low-cost business for you to start. Companies and busy professionals need highly organized individuals to help them complete their day-to-day tasks as they focus on other aspects of their businesses or personal lives.
Personal assistants can operate both in person and remotely. Making and answering phone calls, sending emails, scheduling appointments, booking flights, planning events, and running errands could be on your list of services. In addition, there's minimal overhead cost as you will rely on your organizational skills and experience in various areas.
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App Development
Developing practical, fun, or interesting applications is a great low-cost business idea with the potential for high profitability. You could develop and sell your apps if you have the knowledge, ability, or interest in learning how to build apps and have good ideas. Additionally, you can offer your app development services to other companies who have an idea and want to create their own app. With technology becoming an ever-increasing part of our day-to-day lives, the demand for new apps that can help or entertain us in different ways is only likely to increase.
While many businesses require a lot of money to start, many others do not. As a result, many different types of businesses can be started with small upfront investment costs and help generate significant income.
