Low-Cost Business Ideas with High-Profit Potential
It may be hard for a small business to stay up and running today. Yet, there are multiple ways to earn extra dollars with low-cost or zero initial investment, and, if you are lucky, build up a profitable business.
Definition: a low-cost business idea with high-profit potential is an endeavor that requires no high-end special education, zero or moderate investment, and limited resources, but is likely to bring profit in current market reality.
Examples are affiliate marketer, reseller, online influencer, and many more.
Continue reading to discover the whole list!
Top 15 Business Idea with High Potential
Here we describe low-cost business ideas that may help you earn big money easily and in a short period.
1. Mobile Service
It works well if you have an idea of a great app to spark interest among the audience and drive users’ flow. If the concept proves to be viable, you may start implementing it even without a big investment.
You can do the app development yourself, if you have appropriate skills, or hire a vendor to do the technical part. For example, the MLSDev company has huge expertise in app development and can help you with the tech stack at very attractive rates.
2. Digital Design
A great digital product is about how well it looks and how easy it is to use. If you like to draw and would like to monetize your hobby, you may try learning UX/UI design and graphics. Since UX/UI design services are on the rise, you can easily find a well-paid job.
The good news is that with a bit of practice and training, you can learn this skill and further may start your own design agency.
3. Affiliate Marketing
This way of business is about helping companies resell their stuff. If you have an audience to advertise among and a resource (like a social media page, blog) where people can learn about the product, you may start getting your incentives right now.
4. Online Influencer
If you have a big audience on social media or blog or think you know a considerable amount of people who seek your advice, you may start promoting products or services for money.
5. Service of Quality Assurance
This is also a type of job that doesn’t require much education, just attention, a desire to learn something fast and work. The good news is that the market is saturated with demand, especially now, when the companies seek opportunities to outsource QA for savings.
6. Virtual assistant
Virtual assistants help companies do routine or robot jobs to free stuff from low-skill routines. This job implies managing email inboxes, posting on social media, filling in the reports, creating profiles of job candidates, or piling conference attendees’ lists.
This job does not need any preliminary training so that you can start building your low-cost business now. Numerous freelance platforms like Upwork or Guru store tons of offers for virtual assistants.
Although true headhunting requires a lot of practice and reading minds, this craft also implies repetitive routines, which you can handle. This includes checking LinkedIn profiles, sorting candidates by skills, sending messages and reminders, or setting interviews.
If you have thoughts to share, you can also earn money with a blog. Usually, bloggers make money by ads, referral links, and sponsored content. The pay depends on the audience’s size and activity, so bloggers’ main aim is to produce extremely captivating content to glue readers from first sight.
Perhaps, the best example of how one person managed to create a blog that hit a fortune is Nomadic Matt. The site owner and the only author managed to create a resource with millions of visits that brought him world fame and interviews with Forbes, CNN, New York Times, and BBC. Yet, he still manages to write his blog by himself, without involving guest contributors or assistants.
9. E-books Sales
There are two ways to earn money with e-books. First, you may share your experience by making a home-baked cake or heating your house when it is cold. People will love your book if the advice is practical.
Another way is to run short research on public information. For example, a person needs a legal basis to pay lower taxes (or have tax-deductions like gig-economy workers) and prepare solid research with all the links to necessary information in a reader-friendly form.
After, you may upload your book on Amazon and start getting your passive income from the sales.
10. Vacation Rentals
If you live in an attractive area for tourists and have extra space in your place, you may post your home or apartment for sharing at services like Airbnb. More than half of Airbnb hosts average at US$ 500 in monthly income. At some places, monthly rentals reach US$ 10,000 a month.
11. Start a Cleaning Service
Marie Kondo is the best example of how to make a fortune from cleaning. She turned this unattractive, boring job into art and started a profitable company. As of 2020, Marie Kondo’s net worth is US$ 8 mln.
You may watch her videos for inspiration or invent your way of fast and effective cleaning.
This low-cost business will also help you clean-up our home planet a little bit. All you need to start a recycling service is a truck. You sign a contract with a local recycling factory and pick up recycling stuff (like lithium batteries) among your community. Your income will consist of charges put on people for taking their garbage and fees from the recycling company.
13. Pet Sitting
This is an excellent option for people with no skills for other business ideas but a lot of patience and love for animals. You may walk, groom, feed one or even a couple of your neighbors’ dogs, cats, or other pets.
14. Senior Care
Our seniors often need help with everyday tasks, like shopping, cleaning, cooking, or doing other duties. If you manage to build a little network of satisfied clients, who trust you, you may start an in-house care company.
Note: this business is based on reputation. Seniors will trust you only after positive referrals. Therefore, you should make sure every customer is your happy customer.
15. Property Management
Sometimes property owners don’t have time or resources to manage their tenants. That opens a great area for you to try your management skills and earn extra dollars.
Summing Everything Up: Low-Cost Business Ideas
A successful business is about your desire to invest your time, effort, and imagination. And you have a unique chance to implement the idea with a great value to society.
A great example of this is an Indian Saahas Zero Waste company that started as a non-profit organization about two decades ago. It is now a for-profit corporation that saves India from 25,000 waste tons a day.
The next great idea can be yours.