10 Small Business Ideas To Start On A Very Small Budget
With so much economic instability and high unemployment rates ravaging almost every corner of the world, establishing multiple streams of income is no longer an option. It has become a necessity. But starting is not exactly easy, especially when you have very little in terms of capital.
A business idea and your ambition will take you far in business, but when you are without money or with very little capital, it can be more difficult. The good news is that you do not need to have or wait for a million dollars to land in your bank account to start your own business. With the little you have, you can start a small business at home that will grow over time and perhaps achieve financial independence. Here are 10 small business ideas you can start with a very small budget.
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Become a Reseller
The first idea of starting a business is to become a reseller. A reseller buys new and old used items and resells them for a profit. If you enjoy hunting down diamonds-in-the-rough in second-hand shops, then you could turn this hobby into a money-making venture. All you have to do is do a little cleaning and taking social-media worthy pictures (simply because social media is one of the best places to resell your goods). Your first purchase shouldn’t be very expensive and you could double your money on the resale. Some of the things you could resell include shoes, vintage electronics, clothes, collectible toys, video games and consoles, books, and paintings.
2. Become a Private Cook
If you have a knack for cooking and genuinely enjoy the process, then it’s high time you realize that you have a moneymaker right in your hands! The idea is to find something you’re relatively good at and polish it up, so you can monetize it. You can market yourself as a private cook and get thousands of people around your home to pay generously to have you cook in their homes on an exceptional or regular basis. Your cooking skills can also allow you to work from home.
All you need to do is start an online business: gourmet e-commerce box, sale of recipes, made-to-order dishes, etc. Market yourself on your social media or you can even create a website where you put out your services and make it easier for other people to find you. As far as capital is concerned, you wouldn’t need too much from your end, especially since you’re just starting. Just use the things you have in your kitchen already!
Plus, ensure you do enough research on how much you’re supposed to charge in your location, so you can make enough profit.
3. Monetize Your Sewing Business
Do you know how to sew? Starting your own business and working from home shouldn’t be a problem for you. Whether for designs or alterations, sewing is one of the most lucrative business ideas. Sewing is also good for starting an online business. Create your website or use your social media, add some photos of your previous work, and set your prices for the most common sewing requests.
Another idea for making money with your tailoring skills is to sell your designs. Create chic trendy designs that you’re sure would appeal to a particular demographic. Marketing these pieces would be easier this way. Another method of monetizing your passion or expertise in sewing is by selling tutorials, patrons of your creations, e-books or even training others who might be interested.
4. Online Training
By 2025, the e-learning market is expected to be worth $325 billion. There is no better time to be a part of it than right now. Do you have specific knowledge on a specific subject? Or can it just be a passion? The internet is full of videos and tutorials of all kinds, but finding quality content is not easy.
This is why more and more people are ready to buy digital files like e-books or training videos from the Internet. You can monetize your expertise by selling online training materials. Because it is a digital product, it costs close to nothing to produce or even distribute!
5. Become a Tutor or Coach
Becoming a tutor or coach is more personal than online training, but they are alike in certain areas. You could teach exam review students, music fans learning an instrument, or managers looking to improve their skills. Getting started as a teacher or private coach, your only investment is your knowledge.
This is a perfect way to make some passive income without all the hassle of a ‘real’ job. Thanks to video conferencing software like Skype or Google Hangout, you can conduct your classes from your couch. Distance lessons are an increasingly common practice, so finding students shouldn’t be a problem. Just make sure you’re good at what you do and enough people trust your skills/expertise enough to recommend you. There is also financing software that will help you set up automatic debits with your regular students.
6. Become a Writer
Writing is gradually becoming an incredibly lucrative source of income. The major challenge for most web businesses is the production of quality content. Building an online business on this idea is to put your knowledge at the service of companies that need to produce blog articles, interviews, comments, and even books on a subject that you know well.
You can work from the convenience of your home (remotely) and also collect payments just as easily. A great way to also find these jobs is by going on freelance websites like Fiverr, Upwork, PeoplePerHour, and so on. If you have a way with words, then finding top paying clients won’t be a hassle at all.
7. Become a Website Designer
Among the other ideas listed in this article, this is the most technical. And it is literally impossible to make any money from this venture without first dedicating hours, days, and even months to learning the skill of designing websites. If you already have this box ticked, then you could easily offer your services on freelance websites like the ones mentioned above.
You can also design your business website and market yourself by putting out your skills, your portfolio of the designs you’ve made in the past, your prices, and a contact form, and you’ll be getting orders in no time.`
8. Become a Social Media Handler
Many businesses are willing to pay to avoid spending too much time nurturing their community on social media. Creating an online business by offering this type of service is an excellent idea for making money on the internet. You can get started as a freelance in social media management.
While becoming a social media manager requires little to no qualifications from your end, there are certain skills you must have so you can deliver a great service – creative thinking skills, time management skills, average writing skills, and even great communication skills. To be a part of this, you do not need a lot of money. All you need is your phone or laptop and access to internet service. You might also want to take a social media marketing course on online training platforms to brush up on your skills and make you marketable.
9. Try Making Handmade Crafts
What do you know how to do with your ten fingers? If you have cute things that you made with your own hands, why not make a small business online out of them? Once upon a time, you might have had to set up a small stall in a market to sell your crafts but thanks to technology, you no longer have to do that. Getting your website might be expensive, so you can look out for certain websites dedicated to helping crafters sell their products.
Etsy is one of the most popular online marketplaces for artists to sell their crafts. But there is also ShopHandmade, ArtFire, etc. You would need a good camera to get some nice shots and post them on the website.
10. Become a Blogger
Do you feel that you have something important to share with the rest of the world? With an online blog, you can write it all down and post it instantly. Some bloggers have made this their full-time job, but you can start slow until you’re ready to quit your job. But in the meantime, you can make at least $500 just from blogging. Running a blog is also very cost-effective. To start, all you need is a laptop, access to internet service, and a couple of dollars for establishing your online presence.
Don’t let money stop your dreams of starting your own online business. From this list of 10 small business ideas you can start on a small budget, you can choose one that aligns with your interests. Once you’ve found that one, do not hesitate, get started!
All pictures are from Pexels and no attribution is required.
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