Top 20 Low Cost Business Ideas With High Profit: Starting a business can be very risky, time-consuming, and expensive. However, it doesn’t need to be that way. There are many low-cost business ideas you can start with little or no money down and still make a great profit with little work involved.
Top 20 Low Cost Business Ideas With High Profit
This list of 20 low-cost business ideas with high profit includes tips, strategies, and methods to get started on each of them without any risk of losing money or wasting your precious time. If you want to start a business but don’t want to risk your money then this list of low-cost business ideas with high profit is the perfect place to find the right one for you!
1) Forex Trading
FX or foreign exchange trading is extremely popular in international markets, but many people are afraid to try their hand at it. The truth is that there’s really no need to be scared because when you know what you’re doing, forex trading can be a great way to make money and enjoy a bit of excitement.
There are plenty of ways you can get started with forex trading—you don’t need any special certification, training, or financial knowledge—but if you want a head start, check out Investopedia’s Forex Trading Guide. It covers all aspects of FX and breaks down some of its fundamental terms so even beginners can understand them.
2) Start an Ecommerce Store
Entrepreneurs have been selling online since… well, since there’s been an Internet! It’s still one of the most popular ways to start a business, and there are so many options out there today. There are tried-and-true platforms like Shopify that have made it easy for even non-technical people to get started.
And then there’s Etsy, which is perfect for handmade goods or vintage items. You can even sell on Amazon if you’d like to work with a huge player right off the bat. No matter what your interests are, there’s sure to be something you can sell! Check out these 21 Incredibly Easy DIY Ways To Make $100+ A Day From Home.
3) Self Publishing
Millions of books are published each year, but few make it big. Many writers get discouraged and give up on their dream of writing professionally. This can be a career killer, but if you’re willing to learn from your mistakes and not be deterred by failure, there’s a good chance that you can build a successful writing career. We’ve listed five steps below to help guide you on your way to success as an author.
4) Online Tutoring
This is a popular (and profitable) industry, and millions of students in America pay their teachers each year. It’s pretty simple: Become an online tutor and provide assistance to college students around your schedule. And because you’re operating online, you don’t need to go through that painful process of setting up a formal classroom or hiring instructors—you can just get started right away!
You may even be able to find some additional revenue opportunities by offering essay editing services. How do you do it? Use Skype or FaceTime, Google Hangouts, GoToMeeting, or another video-chatting platform when working with your students—it makes communication easier than ever before.
5) Affiliate Marketing
Affiliate marketing is a great way to monetize your website. With affiliate marketing, you promote other peoples’ products on your site and earn a commission if anyone buys those products through your site. You can promote as many products as you want, as long as they’re relevant to your niche. You don’t have to limit yourself to just one product or company either; you can work with multiple affiliate programs and promote any number of their products.
As long as you have a dedicated page for that specific program, you should be able to track how well it converts and take it out of rotation if it isn’t doing so well. Commission Junction is a popular affiliate network that has tons of merchant partners in virtually every industry imaginable.
6) Business Consulting Services
If you have a skill or an area of expertise, think about consulting. You can trade your time and talent in return for cash or potentially just your expenses covered. Use social media sites like LinkedIn to find clients. Create a profile on LinkedIn and add recommendations from former bosses and colleagues as well as educational certificates, certifications, affiliations, and more.
7) Web Designing and Development
Web designing and development are easily two of the most popular side hustles on freelance sites like Upwork and Freelancer. A skilled developer or designer can pick up extra work for clients through a marketplace like these and should be able to charge between $15-20 an hour depending on their experience and skills. If you know either coding or design, it’s easy to pick up additional work building websites for small businesses around your schedule. (See our post on getting started as a web developer .)
8) Online Education
The business ideas need not be a costly affair. Even if you have little or no money to start a business, it is still possible to do so. In fact, there are many different kinds of businesses that you can set up on your own and make a decent living out of it. All that it requires is an entrepreneurial spirit, the ability to innovate, and hard work. Start building your future today!
9) Mobile Repair Services
If you’re handy around electronics and have some spare time, you can make money as a freelance mobile repair technician. You’ll need to figure out what parts are required for which jobs and your pricing structure will need to be competitive for these services to work.
Many community colleges offer classes on how to service mobile devices and it’s important that you do your research before starting up in order to avoid overcharging on rates. If there aren’t any local community colleges that offer courses, check out YouTube; there are hundreds of how-to videos detailing repair techniques.
10) Food Delivery Services
The food delivery services industry is projected to reach $133 billion by 2020. If you want to start a food delivery service in your area, start by checking out local job boards or ask around at local restaurants and bakeries if they’re hiring. You can also connect with online food-delivery businesses, which will often hire contractors who are already on their platform and ready to deliver. Other delivery-service options include UberEATS, Postmates, GrubHub, EatStreet, and more.
11) Buy & Sell Products on eBay
eBay is a giant marketplace where you can make money off your unwanted items. However, there’s more to making money than simply buying and selling stuff on there. If you really want to start turning a good profit on eBay, there are some specific steps that you should follow.
For example, once someone makes an order or buys something from you, immediately send them a message so they know it’s been shipped and give them instructions on how to track their item. This will allow them to feel confident in knowing where their package is at all times and they won’t wonder if it was stolen from your house or if it was actually delivered as they expected.
12) Become a Micro-Enterprise Loan Provider
So you want to start a small business, but don’t have any money? You can get loans from local banks or lenders, but your options will be limited. Instead of dealing with traditional lenders, consider becoming a micro-enterprise loan provider. Many businesses are started on a shoestring budget and have small capital amounts that make it difficult to obtain financing from other channels.
If you can put together $1,000-2,000 for lending purposes, that amount is actually quite sufficient in many markets to help someone successfully launch their new enterprise. Start by contacting foundations and local development organizations in your area and let them know what you want to do; they may provide seed funding as well as resources.
13) Open a Junk Yard
If you have a knack for fixing things, starting a junk-removal service might be your perfect low-cost small business idea. People often find themselves in need of professional help to remove items like old furniture, appliances, or mattresses. Offer to take these things off their hands for a fee–you can even offer to dispose of things as part of your service. Make sure you’re properly licensed and insured; otherwise, your budding business might fizzle before it starts.
14) Rent Out Parking Space
If you live in a big city, where parking can be a real hassle, renting out your parking space could be an awesome way to make some extra money. It’s also something that doesn’t require any special skills or education to do. If you live in an area where demand for parking is growing (like downtown), it might be easier to get your foot in the door—and earn up to $1,000 a month!
For example, on average, someone with a busy garage located next to a large office building in San Francisco charges $175 per month. If they were able to rent out every day of his parking spot at that rate, he would generate about $2,500 per year—not bad for simply owning your own driveway!
15) Flipping Websites for Profit
Websites are a great investment for many reasons. For one, they’re relatively cheap. They can be acquired for less than $100, and even if your site doesn’t sell immediately, you can usually get it to make money pretty quickly by optimizing search engine results and learning how to monetize through affiliate marketing and advertising. Many sites generate over $1,000 per month!
The two main barriers to flipping websites are time (you have to be able to do research quickly) and domain availability (you need good drops available). Fortunately, there are companies that will buy your website so you don’t have to worry about that aspect of it.
16) Event Management Services
If you love planning events, from weddings to corporate conferences, then event management services are an ideal small business opportunity. With technical expertise and lots of creativity, you’ll be able to manage any kind of event. The type of services for companies will vary greatly depending on your location and experience. As a well-rounded professional in organizing special events, you could get involved in some or all of the following
17) Home Based Massage Therapy Business
Most people enjoy a good massage, but not everyone can afford to treat themselves on a regular basis. If you have experience in massage therapy and have completed training from an accredited school, starting your own home-based massage therapy business is a great way to put your talents to work for yourself.
Just make sure you’re licensed before offering services to clients—your state’s licensing requirements should be easy enough to find online. (You might also want insurance.) Then, using your massaging skills as a bartering tool during tough economic times will allow you to offer sessions without worrying about how much cash is coming in at that moment—and reap nice referral bonuses in exchange.
18) Dog Walking Service & House Sitting Services
You’ve heard it a million times: pets are good for your health. And studies have shown that people who own pets live longer are less likely to develop heart disease, and recover from surgery faster than those who don’t. If you love animals and have always dreamed of working with them on a professional level.
Then starting a dog walking or house sitting service may be your perfect entrepreneurial opportunity. No startup costs are involved and most of your potential customers will come via word-of-mouth referrals. In other words: all you need is passion. As long as you genuinely care about animals (and their owners), you’ll do great!
19). Wedding Photography Services
Wedding Photography is a classic profitable and sustainable small business. A wedding day is one of those magical days in life that will never be repeated again. This gives you a very unique opportunity to capitalize on it by providing quality wedding photography services.
If you are skilled in taking pictures and have a knack for arranging them in beautiful albums, becoming a wedding photographer could be very lucrative. It is an extremely competitive field though, so make sure that you have what it takes to succeed as such before starting off your own practice! Here are several tips on how to become successful as a wedding photographer
20). Buy Commodities in Bulk from China & Sell Locally
Most items can be purchased wholesale, shipped to your location, and then sold for more money than what you paid. The more unique or unusual an item is, and/or if you can find a new way to package it and sell it, then your chances of making decent profits go up. While there are many ways to import goods from China into a country, one of my favorites is buying goods directly through Alibaba.
Which gives Western buyers unprecedented access to small Chinese businesses. Read my Alibaba review here. Alternatively, if you don’t want to sign up as a seller on Alibaba (for free), then contact someone who already has an account or simply browse around their website. There are plenty of quality products available at cheap prices!
Also Read: : How to Start a Photography Business
We have gathered some of our favorites, but there are so many to choose from. We encourage you to consider all these options and others that might be right for you in your specific situation. A few more excellent resources for further research include Business Insider’s list of 19 under-$100 million businesses you can start today and Pinterest’s guide to starting a home-based business.
An Entrepreneur’s fantastic how-to guide on building a startup. You may also want to check out Tim Ferriss’ podcast episode about How to Turn Your Skills into a Fortune, where he interviews Adam Robinson—the man who turned his $7,000 investment into an eCommerce store selling pens into an empire valued at over $100 million today!