Don’t want to be tied down to a 9-to-5 job and want to start your own business instead? Starting a business does involve capital. But there are many businesses that can be started from the comfort of your home and just under $1,000. In this article, we give you some small business ideas that you can start with just below $1,000.
Top 7 Low-Cost Business Ideas
Every day multiple online businesses are opened, especially since it has become very easy for everyone. Not to mention, there is a growing interest in becoming entrepreneurs among this generation all over the world. This is mostly because everyone wants a second source of income other than their hectic day-to-day jobs that helps them score plain peanuts.
Here are seven low-cost business ideas that you can start from anywhere or even from your home:
1 Audio Transcription Business
There are many podcasts, videos, series, and movie creators out there. With the increase in media entertainment, a lot of these companies and people want someone who can transcribe the media for them. Opening a transcription business to transcribe audio of any media file and create a text version for it is a great business plan. It is the simplest business plan that won’t cost you much and would help you earn a lot.
You just need to listen to the media file and type out what is being said, exactly as it is. Simple, right? Plus, if you can type fast, this could bring in more money for you. Since the more you can produce, the more you will get paid. Initially, you do not even need employees for this idea. As you grow and expand, or take up huge projects, that is when you can set up a remote team who will then work on it.
2. Email Hosting and Website Setup
Almost every business today needs an email service and a website. All these emails and websites need a hosting server for them to work. In addition to this, people need assistance in setting up their websites, since it is a complicated procedure, especially if the person is a non-technical person and has no idea what they are doing. You can start a business that offers these services.
It is a great idea since these demands keep growing as we move ahead. At one point, every business out there will want email hosting and website setup services. And although there is a lot of competition out there, you can focus on offering these services to a small niche.
3. Instagram Influencer & Ads consultant
You have an Instagram account, right? How much time do you usually spend on it? Now, imagine how much time every other person spends on Instagram. Instagram is a growing platform that is much more popular than Snapchat and Facebook. Lots of people spend a lot of time just viewing ads, posts, and reels on Instagram. With all this growth, there is a huge potential for companies that want to market their services and products on the platform. And a huge part of advertising on Instagram is about influencer marketing.
You can open up a business as a consultant where you reach out to businesses that want to advertise their services. Once you have your portfolio ready, you can then reach out to Instagram influencers and build a relationship with them. These influencers will help you advertise the services and products under your portfolio.
4. Affiliate Marketing
This is the most basic idea that you might already know about. There are many people all over the world who have an affiliate marketing business. Even though the competition might seem high, the chances to become successful in this business are also very high. In fact, you can be different and set up a website where you can sell the affiliated products instead of a YouTube channel to do it.
5. Independent Social Media Manager
Social media is consistently growing since it was introduced. It is mainly because social media platforms are one of the best places to reach out to customers. People around the world already spend hours and hours on social media. The best way to interact with them is by being a part of the social media network. Lots of companies are using this to their advantage and are spending billions to get social media users’ attention.
If you have the skill and the interest in marketing on social media platforms, then you can become a social media manager. You do not need to be a part of a huge company to do this. Initially, you can take up a project or two and handle those businesses’ social accounts and post ads for them. Once you are ready to move ahead, you can then hire employees and create a social media management company out of it.
The best way to be successful in this is by choosing a niche. With this, you will be able to eliminate a lot of the competition. In addition to this, focus on offering the services in a specific area to narrow down the competition more. This business can be operated from your home, even if you hire employees since everyone will be able to work remotely on the job. In short, no office space, and you save tons of money.
6. Airbnb Management Business
Although Airbnb has become a huge success over the last few years, it is still a growing company all over the world. It is, in fact, a huge success in cities that attract a lot of tourists. People find it very convenient as compared to booking a hotel. With this growing interest, and if you have an interest in managing properties, you can open an Airbnb management business.
In this business, you will have to manage other people’s Airbnb for them. Pick up a growing area where Airbnbs are becoming common, and start off. You will be in charge of showing the place to guests, cleaning the place, giving the keys to the guests, and helping the guest with anything they need. Once you have successfully hosted guests for another person’s Airbnb, you can charge a fee for helping the person who owns the place. It is a perfect idea if you want to stick in one place and run a side business, or manage the Airbnbs in a complete locality.
7. Home Cleaning Business
Cleaning an Airbnb is one part of that business. But if you want to focus only on a cleaning business, you can open that too. A lot of local towns and even large cities require home cleaning every time. People purchase the services for one time or even on a subscription basis. The competition is high, but the demand is higher. People will always need their homes cleaned and there is no way you lose in this business.
Moreover, you might have to begin by cleaning on your own so that you can gather enough money to then hire a team. This business does not really need a website, although it is a good idea to have one. If not, you can use social media or door-to-door marketing in your locality. This is a great idea if you are up for the efforts that come with it.
In the end, you just need to pick up something you are passionate about. Having the passion to work on an idea is very important for it to turn out to be a success. If you do not have a passion for the idea you like, then choose something else. The idea you choose needs both skills and passion.