20 low cost business ideas’ Have you ever wished to be your own boss and thought it would not be very expensive to start the business? You are not the only one! With the increasing pace of speed, it is becoming easier to practise entrepreneurship as most of the business ideas do not require heavy investment. Be it a side hustle that helps you earn extra income, or an adventure that eventually can turn into your full-time work, we’ve got all the ideas for you. In this blog post, we’ll take a look at 20 low cost business ideas that you can implement right now. From skills-centred online businesses to community-based local (but adaptable) services, the options are endless. So fetch a notepad and get your entrepreneurial mind ready because your next billion-pound idea is just below the scroll.
What are the advantages of running a business?
Establishing your own business may just be one of the best decisions you will ever make. With this, it is not only a financial investment as you shall also achieve great strides in self-development.
Thus, when you choose to become an entrepreneur, you decide to master your future. You get to design your workspace, work at any time of the day, and choose the projects that you find appealing.
A big aspect of running a business is creativity. It’s true that every single business challenge has the potential for improvement and requires innovative thinking. For quite a few people, this creativity allows them to break away from monotony, and is very rewarding.
Then, there is also the added thrill of starting something from the ground up. The sense of watching your thoughts materialise and create a positive influence on people is truly one of a kind.
Many of the businesses and entrepreneurs have other aspirations and one of the most prevalent being financial freedom. It is very possible to build endless streams of revenue that can compound with time and grow, especially if combined with hard work.
Finally, being able to start a business means being able to create an impact and leave a mark that is not limited to just one’s life but extends beyond to one’s family line.
Benefits of starting a low-cost business
Creativity and innovation are enhanced with a very low-cost business. This is because you are not bound by any heavy investments meaning you are free to try out random ideas with no fears of major losses.
Another benefit is flexibility. This means that without the urge to invest heavily, you are free to change your strategies as per the demands of the market or what suits you best. This flexibility usually results in finding more interest areas that are more unusual and most people ignore.
Nevertheless, the increase in profits is justified as there is a decrease in overhead costs. If money is properly managed, then even a single week of sales will be good, perhaps even ideal.
One also benefits from the experience of resource allocation. This ability will be quite handy when expanding a business or when starting new ones.
Last but not least, taking the gradual approach fosters ties and relationships with residents of the area. Businesses that operate in this area and have strong ties with the community will always have customers who will support them in their endeavours.
Online Businesses
A digitally enabled business always has a world of opportunities available. Investment in online economies is low and can be operated from virtually anywhere.
A suitable option is blogging. It is no big deal; everyone can create good content for the site with interest and hard work. Other ways of generating revenue from the site include creating an affiliate link or featuring sponsors.
Another promising field is social media management. Companies tend to hire consultants to manage their profiles. More often than not, it is very easy to secure clients by offering services such as content writing, post publication, or stat reports.
There is also a great need for virtual assistants. It does not necessarily need to be conducted through a physical office, as duties such as replying to emails or managing appointments are acceptable. Upwork or Fiverr websites can help find clients who want to employ someone to look after their business.
If you are interested in creativity, then you can try out graphic design projects using low-budget tools like Canva or Adobe Spark. Use social media or freelance websites to market your portfolio and attract clients.
Blogging
Blogging is an excellent technique of expressing oneself and providing information to people across the globe. It is a low-cost venture that does not require much investment to start. You only need a domain and hosting, coupled with a zeal for writing.
Select a niche that interests you, as this will provide you with the motivation needed to continue. Such niches may include travel and fashion or even product reviews, which make the niche much more enjoyable.
Once you have created your blog, start experimenting with different methods of generating income online. When you promote products, affiliate marketing will pay you a commission on sales generated from your efforts. Brands also want to promote their products through messages; therefore, it is possible to make money with sponsored posts.
To make an impression in a competitive blogosphere, it is essential to produce quality content on a regular basis. Develop a community around your brand by interacting with users in comments or on social networks. Be true to yourself. The main thing is the voice of the people. They love it!
How to monetise a blog
Monetising a blog can also be an exciting experience for anyone. It requires you to consider a number of options, each of which has its own potential.
The fifth method is affiliate marketing. Create links to articles in your field and promote products that fit with the related content. For example, it’s best to associate your site with reputable companies.
Another alternative is to use display advertising. With a platform like Google AdSense, there’s an option to place ads on the site and get paid per impression or click. It’s that simple. Payments are made based on various criteria.
Sponsored posts can be developed as another source of income. In most instances, brands approach blog owners to promote or market their goods or services for a fee.
Furthermore, it is advisable to promote and sell your own digital products like eBooks, courses, or printables directly from your blog. This will not only increase your income streams but will also prevent you from being seen as a mere guru in your niche.
– How to create successful blogs.
When trying to establish blogging success, a key word is consistency. Identify how many new posts you can write and aim for that target. This can be once, twice, but not less than thrice every month. This helps you retain your audience’s attention.
Most importantly, be cautious to attach reasonable expectations to the content produced. Do not forget to include well-thought-out posts that are likely to attract the interest and attention of your readers. Keep abreast of current events in your blogging sphere.
In terms of visibility and reach, SEO must be incorporated into the web content. Use keywords, meta descriptions, and add internal links in every posted article for more chances to be found in the search engines.
Engagement makes a difference too. Once you’re done with your posts, try to ask questions and encourage readers to leave comments, or offer their own feedback, so you can build the community together.
Finally, don’t forget to promote through social media to widen the audience. By sharing a couple of lines from your blog, some will get clicks and hype for what else they can find on your website.
Social Media Management
Social media management is fun and refreshing for people who like engaging with other people over the internet. All businesses require a solid social media presence, and this is where you’ll charge in.
Social media managers can provide clients with content writing, scheduling, and interaction with the targeted audience. Amazing visuals or cool captions are designed to keep the audiences interested and active.
Acquiring clients shouldn’t be hard either. Go for local businesses first or look for them on freelancer sites. A few previous works should be provided to the potential clients, as people always appreciate portfolios.
With today’s fast pace, being up to date with trends is vital. Understanding what would work and what would not differentiates you from your peers. Get involved in self-education by attending seminars and taking online courses.
Building a brand through social media platforms can be an enjoyable task as long as there is a plan and creativity involved in the process.
What can a Social Media Manager offer?
As a social media manager, there are a variety of services that can be offered. The most critical has to be content creation. If a business is able to develop appealing posts to target a desired audience, engagement is sure to follow.
Another important service is the analysis of the data collected. Many organisations frequently learn what may have worked in the past by doing the same; they then stress what may be effective in the future.
Let me explicitly mention that engagement management is also very important. Managing the comments, messages, and even mentions, is also the best way to build a community and loyalty around a brand.
You can also run ads on target clients for them. It helps to extend their reach without breaking their advertising budget.
Finally, getting the clients to provide you with a range of strategy development provides certainty for the events to happen in the future. It includes what platforms to use, what objectives to set and so on to ensure that there is a good plan to start playing around with first.
How to Look for Clients
If one is looking to find clients as a social media manager, then this process tends to be fairly simple if done correctly. For starters, start with your friends and network – try and help the friends or relatives who might require their account management assistance.
If you engage with the right groups, social networking sites may actually yield fresh leads for new offers. So join groups, such as the ones that assist small businesses or entrepreneurs. At the same time, don’t just promote; do take part in discussions and give your two cents worth!
Build a portfolio with sample work you have done in the past and the skills you possess. This is meant to build confidence and entice potential customers who are in search of specialists.
Check out freelance websites like Upwork or Fiverr. They are also excellent sources of gig jobs, which suit your qualifications. Just keep an eye on those sites for postings that are relevant to your services.
And let’s not forget about cold outreach; send them a message, explaining who you are and how you could help their brand gain traction on social media.
Virtual Assistant
A virtual assistant is a type of freelance worker who provides numerous services to a business from a remote location. You can do email management, calendar management, answer client phone calls, and even perform social media tasks.
As a VA, the services you provide can be customised based on what you know how to do. Do you like doing administrative tasks? Then you can provide administrative assistance. Are you good at writing? Then you can write content.
It may be challenging at the start to find clients, but first, take a look at some platforms like Upwork or Fiverr which serve to help build your portfolio. You can also utilise creating connections on LinkedIn with clients who may require help.
Being a virtual assistant combines low overhead with the ability to work from virtually any location. This is useful for those looking to get into business with little capital. Furthermore, with an increase in clients comes more earnings; making it a lucrative career to pursue!
Tasks you can do as a virtual assistant
As a virtual assistant, there are numerous tasks that you can do for your clients. The first most common category involves some administrative work. This may include managing emails, scheduling meetings, and rotating files.
Every business relies on communication to operate. Resolving customer inquiries over chat or email assistance was a possibility. Here it is necessary to keep the information flow to the client in a polite manner.
You are also in charge of content creation/management. Each working day may include boarding new blog posts, sharing social media content and even writing supervision for some articles.
Data entry and writing research usually don’t go without doing some of them. For example, it could be a mailing with a treat of potential customers or getting connection with the required industry.
Last but not least, bookkeeping might appeal to you if you are a meticulous person. For an entrepreneur who has so many other things to accomplish, tracking running costs and sending invoices manually allows for better time management.
How to get clients
It is not so difficult to secure clients as a virtual assistant, provided you know how to go about it. You can first tap on your personal horizon. Contact your friends, your relatives, or your former friends who might want assistance or know someone who is also in need of one.
Online platforms are a goldmine searching for gigs. Websites like Upwork, Freelancer, and Fiverr allow you to set up accounts detailing what skills you have. They have clients who are looking for virtual assistants.
Social media certainly has its benefits. Go onto Facebook and join groups for small businesses or even entrepreneurs. Get involved in discussions, put forward your thoughts but don’t market yourself right away.
You should also consider the potential of family-owned businesses. Go to networking events or workshops near you and meet potential customers and clients in person and build relationships the natural way. All this is about getting seen and being friendly and approachable.
Graphic Design
Graphic design is a rather broad topic and quite fun to work with if you happen to like pretty things. It can be from the logos, advertisement posters, or social media banners among other things, the list never seems to end.
You don’t have to delve deep into your pockets to start your designing journey; cut-price tools such as Canva and GIMP will get the job done. Get acquainted with the Jordan Union and brand their marketing programs; they are not complex and come furnished with plenty of templates.
For the effective marketing of your services, post pictures of your portfolio on social media or have it displayed on a private website. The posts contain content that may warrant the attention of clients who may appreciate your art style.
It’s all about connections in this business, try to find local groups of artists or search for communities of creatives over the internet. If you can maintain connections you will be able to receive recommendations which will expand your client base in the future.
Keep in mind: every time you create and deliver a piece of art, it adds a new piece to the visual history of this brand. Take that chance and make your artwork.
Please list the tools and the resources using which people can design stuff for cheap.
Designing something eye-catching is not that expensive. There are a number of cost-effective or free sources to help you channel your imagination into visuals.
Many people are fond of Canva for its simplicity and ease of use. Its countless number of templates enables anyone to produce high-quality graphics in no time.
One of the great free substitutes for Photoshop is GIMP, which is aimed at those who want to deal with a more complex layer of design. It has strong capabilities, yet you don’t have to pay anything.
In situations where you need stock photos or illustrations, these sites are quite useful: Unsplash and Pixabay as well. It can be said that these resources enable you to optimise your projects with low costs.
And finally, please remember about social networks and their groups dedicated to designers’ and other professionals’ interests. What if in such projects you find for yourself some valuable ideas or even potential partners in the team?
Types of marketing your services
If you know how to promote your design services, then it will be hard for anyone to outdo you among competitors. First, set a step to creating an inspiring portfolio that contains samples of your best works. Image galleries, websites, and portfolios that you promote will assist you in attracting prospective clients.
Social networks like Instagram or Pinterest are a perfect place for graphic designers to get their customers. Always participate and post your artworks to get the desired audience.
Another weapon in promoting your works is the networks. So, if you’ve, for instance, joined a design community, you can go for events and invite members to meet in local cafés. It is very useful to make friends with other designers because they can recommend you.
Complement your website with a page that contains a contact form and offer workshops free of charge on primary design skills. You provide the audience with relevant and helpful information, and you maintain your status.
Last but not least, don’t ignore the power of word-of-mouth marketing. It is good to ask satisfied customers to refer you to others; such personal recommendations often work better than all other forms of advertising.
Offline businesses
Who says you can’t monetise your creativity via offline businesses? Handmade crafts and homemade products have become all the rage nowadays. Everyone wants something different that says something about them or is unique in its own right.
Try starting out with simple and in-demand crafts like customised mugs and baby bracelets. They are cheap and do not require that much skill.
There is no lack of homemade goods selling opportunities. You have various local craft shows, farmers’ markets or even e-commerce sites to promote your goods. Visiting such places does not only help sell your products, but they also enable you to meet other artists.
Don’t forget to explain the inspiration behind your creations, as many customers are fond of the stories and background and essence of the item rather than simply the design. Often it is the personal nature of such gifts that encourages customers to send their friends and family to the same creator for that unusual gift.
Personalised Crafts and Products
If you want to make a bit of money while at the same time expressing your creative side, you can consider personalised crafts or products. There are countless types of items that can be personalised such as photo mugs and hand-painted signs, and such products always draw a lot of customers.
Everybody wants something unique which best represents their personality or even marks that special occasion in their life. First, decide which craft you’d want to explore. Are you passionate about knitting, woodworking, or even crafting jewellery? After deciding on the niche, you should make some samples and sign them up where you will sell those items.
Selling homemade goods also becomes very easy with the presence of the internet. Selling handmade crafts and other items can also easily be done through social media platforms.
Craft fairs are a great way of selling unique items on a one-to-one basis. Moving about and meeting different people who will buy the products helps to establish connections as well as getting firsthand information on what people want to buy the most.
And of course, do not forget about telling a story as it always works; speak about what inspired you to make each particular piece in order to attract people who would like to buy something unique.
Easy and profitable crafts that could be done and sold
Crafting for objects can be an enjoyable activity for those who want to make some extra money while showcasing their creativity. There are a million plus simple and inexpensive crafts that can be made with household items or do-it-yourself techniques.
How about homemade candles? All you need is some wax, a few wicks and some essential oils and you can create some great candles that people adore. Adding a variety of containers to the candle is an additional feature that makes them special.
Handmade soap is another option. The increasing number of health-conscious consumers is a factor when using natural materials as components, and the variety of textures and smells makes customisation endless.
Another common side business is jewellery making. Construction and metallurgy do not require huge amounts of investment for basic techniques such as bead stringing and wire wrapping, nevertheless, they produce huge returns.
Finally, there are hand-painted mugs or planters—very easy to make, very easy to personalise and well-sought after on Etsy and even in local craft fairs. These projects are great as they are easy to set up and result in aesthetically pleasing products that can be sold immediately!
Websites to sell your homemade products
Websites to sell your homemade products can be a great place to earn money since it is from your creativity and skills. Indeed, there exist a number of e-commerce platforms where the seller can display his products and get potential clients.
One of the most popular platforms specifically designed for handmade knick-knacks is Etsy. You can open your store and upload your crafts together with their detailed description and beautiful images. However, always remember to integrate the SEO within your listings as this would increase the chances of your products being noticed.
Another good platform to consider is Facebook Marketplace where you can easily reach out to local buyers. There are no listing fees at this marketplace making it a cost-effective choice for new sellers.
You can also use Instagram as a sales channel by posting and creating stories around your products in an eye-catching manner. It is about creating a tribe revolving around your product.
Amazon Handmade is a good option for those who want a wider reach as this marketplace enables artisans to market their products to millions of buyers around the globe.
Also, local craft fairs or farmers’ markets should not be ignored as that provides a personal touch and customers can get to see the actual quality of your work.
These options are enough to provide a variety of means of making those cheap business ideas profitable without needing deep pockets! Take advantage of these opportunities today, use your imagination, and get started in selling the homemade products that you have always fantasised about!
