Many would-be entrepreneurs have been stopped dead in their tracks, assuming they need a fortune to get their ideas off the ground. This is often not the case.
Starting a small business doesn’t necessarily require huge startup capital. Whether you prefer earning extra income from home or while interacting with others in person, there’s an affordable business idea well-suited for your financial goals.
Listed below are 10 of the most profitable small business opportunities that won’t break the bank. With enough preparation, each of these businesses can generate monthly profits equal to your initial investment.
Top 10 Small Business Ideas To Start Now
Freelance Copywriter
Copywriters write content, otherwise known as copy, on behalf of businesses or clients.
Investment-wise, one doesn’t need much to enter this business. Anyone skilled in writing can try this side hustle, as long as they have a device to write on and a stable internet connection.
If you already have those two, you can be a copywriter without investing extra money, as there are no licenses, certificates, or prerequisites to start this business.
The average base salary for copywriters is $30.75 an hour, based on data from Indeed.
Real Estate Agent
According to a 2022 National Association of Realtors report, 86% of American homebuyers used a real estate agent to help with their purchase. This data shows there is high demand for this service, making it one of the most successful business ideas you can try.
Real estate agent requirements vary depending on your state. However, in all cases, you must obtain your license by passing an exam and completing several classes. Hence, investing your time and money in this business idea is necessary.
It costs $1,000 to $2,000 to start this business. After that, marketing is the only notable overhead expense. On average, it is possible to earn $8,000 monthly when working as a full-time real estate agent, or $4,000 monthly on the low end.
Online Bookkeeper
You don’t need an accounting or business degree to work as a bookkeeper. The certifications most clients require you to have can often be earned through paid online courses that typically last only several months.
Including the cost of enrolling in a bookkeeping course, the initial investment for this business idea is as low as $1,000. This covers coursework, your business license, optional liability insurance, and, in some cases, a portion of your marketing expenses.
To increase your marketability and earning power, consider becoming a certified bookkeeper by completing the requirements to become a member of the American Institute of Professional Bookkeepers or the National Association of Public Bookkeepers.
You can expect to earn $21 per hour on average as a bookkeeper. On that note, it’ll still be profitable even if you work part time on this side hustle.
Start A Cleaning Business
According to the U.S. Bureau of Labor Statistics, more than 50% of households in America are considered dual income, which means one of the parents works full time, and the other is working at least a part-time job.
Since most parents are busy with their careers, many consider outsourcing household chores to professional cleaning business companies, which you can start yourself.
It’s possible to start this small business idea with as little as $2,500, which is also the average monthly income you can expect from this business if you have regular customers.
Start A Consulting Business
If you have a specific area of expertise, starting a consulting business is a great option, as you won’t need too many preparations to get this gig going.
First, decide on an industry or niche you’re an expert in, then set up an online consultation page. Anyone who needs your advice can become a client, regardless of where they are in the world.
You most likely have all the certifications that prove you’re qualified to give advice, so the only investment you need for this business is to set up your page and focus on its marketing. Both can be done for free, but it’s not a bad idea to invest several hundred dollars to make it easier to find new clients.
Consultants usually charge $42.25 per hour on average.
Photographer
A common misconception is that you need the most expensive cameras to take amazing photos. However, capturing high-quality pictures is more about skills than equipment, making photography one of the best small-scale business ideas.
If you don’t already have a basic photography setup, investing at least $1,000 for a decent camera and editing tools is enough to get you started with this small business.
As long as you put the time and effort into honing your skills, this gig can let you earn up to $45 an hour.
Virtual Assistant
Many businesses outsource some of their administrative tasks online to minimize expenses allocated to office space and equipment. That means being a virtual assistant is currently one of the best high-demand small business ideas you can do from home.
This business requires little to no initial financial investment. Often, all you need is a laptop with a working camera and microphone. You can start seeking customers using freelance websites like Upwork and Fiverr, or let them find you.
On average, virtual assistants earn $26.79 per hour, but charging an hourly rate of up to $40 in this line of business is not unusual.
Sell Print-On-Demand Products
For creative individuals, selling print-on-demand products is one of the best ways to earn passive income without a huge initial investment.
In this line of business, you design items such as shirts or mugs and work with a print-on-demand supplier who will produce and fulfill your customers’ orders.
As you won’t need to stock up inventory or create any item yourself, you can start this business for less than $100. Your profits depend on your sales and pricing strategies, but successful print-on-demand businesses can consistently earn thousands of dollars monthly.
Start A Subscription Box Company
A subscription box is a monthly delivery filled with products tied to a particular niche. This service is very much in demand right now, with people leaning on home deliveries more than ever, and the good news is this side hustle is well-suited for business owners on a budget.
Customers often pay before they receive your goods. So, apart from marketing, you can potentially have $0 in overhead costs with this business idea.
A subscription box company’s earnings heavily rely on the number of regular customers. However, since a 40% to 60% net profit with this business is common, it’s possible to earn more than $1,000 monthly.
Open A Food Truck
Consider opening a food truck if you like preparing and serving food outdoors. Despite being the most-expensive business idea in this list, costing more than $28,000 to process the legal requirements alone, it’s still a relatively cheap food-centered business idea compared to opening restaurants or coffee shops.
A food truck with a consistent customer flow can generate up to $500,000 of annual revenue. If you maintain a healthy 7% profit margin, that’s almost $3,000 a month of net profit.
Tips On Starting A Side Hustle
Don’t expect overnight results: Businesses take time to develop, start and be profitable. Embrace the possibility of earning less than expected but take those instances as lessons to improve your business rather than a sign to stop reaching your goals.
Invest in marketing: With all the small business ideas mentioned above, marketing is a huge stepping stone to elevating your income. Don’t be afraid to invest money in paid advertisements, professionally crafted product photos, and endorsements by influencers, as they can lure in more customers to your business.
Always track your expenses and revenue: It’s easy to think you’re generating positive cashflow when not tracking expenses, especially ones that don’t appear to be directly related to your business, such as gas, utilities and loan interest. However, doing this makes it impossible to calculate your exact profits or losses in the long term. Always record your expenses and revenue and use accounting tools to ensure you’re still making a reasonable profit through your side hustle.
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