Dear Penny: What Are Some Business Ideas That Have Low Start-Up Costs?
I am looking to start a business with little new capital. I really need some help and guidance to figure out how to do this and get it moving. I’m 42 years old and have nothing and want to create a legacy for my family. What are some online businesses I can do or side gigs I can turn into a great income. Please help me out.
— Aspiring Entrepreneur
Dear Aspiring,
Businesses with some of the lowest startup costs are online services you can offer to other business owners. Often all you need is a computer, an internet connection, and a skill or interest you can leverage.
Consider these business ideas that have no startup costs:
- Freelance writing as a marketing copywriter, blog writer or social media manager.
- Virtual assistance, offering scheduling, inbox management, writing, design and more.
- Graphic design for social media, websites, white papers, book covers, etc. (You can start for free in Canva!).
- Bookkeeping, using your spreadsheet wiles to manage financial records for a small business.
- Online tutoring for English language learners or in any K-12 subject.
- Website development and design — start on a site builder like Squarespace and expand as you learn.
Others require some materials to start, but you could consider these if you have just a little money to invest in starting a business:
- House cleaning
- Professional organizing
- Event and family photography
- Personal training or teaching yoga
- Become a handyperson
- Upcycle thrifted items to sell on eBay or Amazon
- Mending clothing
- Landscaping
Many of these business ideas would most likely start out as a side gig, where you can earn some extra income while you hone your skills. You can find your earliest clients through freelance broker sites like Upwork or through gig apps like TaskRabbit, then ask for word-of-mouth recommendations to grow on your own.
As you figure out what you like to do best and what sets your services apart from others’ in the field, you can invest some of your earnings into growing the business through branding, marketing and hiring subcontractors. Adding that personal touch and professional organization is what will turn your side hustle into a small business you might one day sell or pass on to a family member.
Dana Miranda is a Certified Educator in Personal Finance® and author of YOU DON’T NEED A BUDGET. She writes Healthy Rich, a newsletter about how capitalism impacts the ways we think, teach and talk about money.
