You may dream of opening your own business, but don’t know where to start or how much it will cost you. While any business will require some investment, especially in the beginning, there are plenty of business ideas that require little more than an idea and the initial capital needed to make it happen. Here are 7 business ideas with low investment to help you get started on your entrepreneurial journey!
1) Low Investment Business Ideas #1 – Selling your Crafts Online
Crafts are a perfect side hustle because they’re affordable to make and you can sell them pretty much anywhere. If you have any old craft supplies laying around your house, put them up on eBay. For around $10, you can also get an Etsy shop started. If you’re into making custom T-shirts online, Teespring is a great option – just make sure to calculate your per-item costs before you decide on how much to charge.
When ordering blank tees from Teespring, be aware that those prices don’t include printing costs which will vary based on the number of colors in your design and what print method will be used (Screen Printing vs Direct-to-Garment Printers). But that’s it!
So make sure to check out Teespring and Etsy, and have fun putting together some of your old craft supplies into a brand new side hustle.
2) Low Investment Business Ideas #2 – Reselling Other People’s Goods
Whether you’re a budding entrepreneur or an established small business owner, one of your main goals is likely to make money. One common way to achieve that goal is by reselling other people’s goods. Entrepreneurs who want to take advantage of economies of scale can leverage big-box retailers like Target and Walmart to buy large quantities of inventory at a low cost. Then, they can resell those items individually at a markup in places like online marketplaces or their own online stores. It’s not easy to get started selling on marketplaces, but there are plenty of individuals looking for more ways to monetize their stuff.
Amazon Marketplace has taken off in recent years, and it’s a great way to earn some cash if you have resale items lying around your house. Amazon sets you up with a sales page, handles payments and shipping, and takes a small cut of each sale. Of course, Amazon Marketplace isn’t just limited to reselling books, CDs, and DVDs – there are more than two million other products on offer. Amazon doesn’t do all of that work for free though; after signing up you’ll need to provide photos or other product descriptions as well as set your prices.
3) Low Investment Business Ideas #3 – Start an Ecommerce Shop
Starting an eCommerce shop could be one of your best business ideas if you’re willing to put in some time and energy to it. Here are some things you need to know about starting an eCommerce site before you begin: Building a Shopify store requires basic web development knowledge, including how to design websites and integrate them with PayPal. You can sign up as a seller on Shopify, although they do charge a fee. Or, if you want more customization options than Shopify offers, try out Big Commerce or Magento.
Next, you’ll need to make sure your product descriptions are appealing and accurate. According to BrightLocal research, 64% of consumers will read a store’s product description if it shows up in their search results, which is why your descriptions should clearly outline what your products do or don’t include, shipping and handling charges (if any), as well as any size/color restrictions. Since most eCommerce websites charge a flat rate based on shipping destination, you can either add on a flat rate per product or work out where each product will ship using postal codes.
4) Low Investment Business Ideas #4 – Teaching Classes Online
One of my favorite ways to make money, and something I did a lot of when I was younger, is to teach classes online. If you’re knowledgeable in a specific area (i.e. Photoshop, web design) then you can work on building an online course around that expertise. You can find course clients and/or create an online class for others to take instead of spending a bunch of money on other types of business-related courses (which don’t always provide that same level of expertise). Basically, anything that teaches people something can be turned into a good side hustle because you have all the material necessary to provide it in an online format from home.
Here’s an example of a site that offers online classes on a variety of topics: Skillshare. It’s free to list your course there, and if you make an account then you can publish your class right away and start receiving students interested in what you have to offer. As I mentioned, I did several classes when I was younger (before my business days), but they never brought in a lot of money even though they required very little time investment on my part. Skillshare provides around $100/month per class so it could be worth your time if you enjoy teaching others how to do something specific or helpful to them.
5) Low Investment Business Ideas #5 – Affiliate Marketing
While affiliate marketing takes time to build up, it can also be a very effective way to make some extra money on a part-time basis. The reason is that you will have an existing base of people who trust you or know of you, and these people will likely only take a recommendation from you into consideration. So if you do manage to become an affiliate for something that is selling well and has good commissions, then it will be easier to sell than if you were just starting out in affiliate marketing as someone new.
There are tons of products out there to promote as an affiliate, but not all of them are worth your time or effort. (For a quick and easy guide on how to get started with affiliate marketing check out my post here.)
After you’ve chosen your product, you’ll want to do some research on your potential customers. What products are they currently using? Do they have any complaints about their current products? What are their pain points? This will help you create a marketing strategy that will resonate with your target audience and drive conversions. If you can’t come up with a solid marketing plan, then you should either rethink which product or service to promote, or spend some time and learn how to do so. I’ve written a detailed guide on how to create affiliate campaigns if you need help getting started.
6) Low Investment Business Ideas #6 – Starting a Lending Club or Peer-to-Peer (P2P) Lending Platform
If you can convince investors that your social networking site or ridesharing app is worth millions of dollars, then it’s relatively easy to raise money. But what if you want to start a business that serves a less lucrative segment of society? One of my favorite businesses in terms of quick start-up time and low investment is Lending Club. This peer-to-peer lending platform makes it easy to get cash by lending money directly to borrowers over the Internet. You can earn as much as 10% annually just by investing in consumer loans. And there are no minimums required, so you’ll be able to get started right away. If you want help getting started, check out Lending Club’s resource section on getting funded.
In addition to using Lending Club, you may also want to look into other P2P lending platforms. Two of them— Prosper and Funding Circle —offer a business loan option that doesn’t require investors to be accredited. If you’re concerned about investing in an unproven idea or entrepreneur, then peer-to-peer lending maybe your best option. Check out my post on Peer-to-Peer (P2P) Lending Platforms if you want more information.
7) Low Investment Business Ideas #7 – Buy & Flip Domain Names
This is one of my favorite businesses to startup because you can get into it with very little money and start earning quickly. I’ve been doing it since 2005 and here’s how it works: you find an expired domain that could be an easily recognizable website. You buy it at auction (make sure you see in advance if there are any renewal costs), then build a free website on your own hosting, put a simple page up saying you bought it, give them all of your contact information, add in some content about what will happen when they renew.
When you’re starting out, don’t go overboard on content. People aren’t going to be looking at your site anyway so just put in some simple text, graphics, and a call to action. You can always add more content later when you have the traffic coming in. As an added bonus, people think it’s weird to see fresh new content on a domain that was just bought so it adds to your marketing plan. And guess what? Once they do renew their domain name, you have another opportunity right around that corner!
If you want to start up your own business or venture and you are confused about which business you start working on, here are some Business Ideas for Beginners with Low Investment. You have to first decide whether you are going to produce your own products or you want to give the services through your business. But make sure whatever business you start your products and service should solve the problems of the customers. For eg, the Mamaearth brand came up with its product to solve the problems of newborn babies and later introduced more products related to skin and health. The products are purely made of 100% natural ingredients. So they first identified the problem and then came up with a solution through their business.
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