Low-Cost Start-Up Business Ideas

Many people are put off by beginning a business since it brings to mind the relationship of paying off debts or not getting any clients. The truth is anyone can cut their teeth on a business, even someone not ready to give up their day job. The market is at once competitive and open. If you have the grit, you can start a business with low investment, low costs, and low risk. In this article, we’ll look at seven business ideas that fit these criteria. 

Consulting 

Whatever your expertise or experience level, you probably know something someone else does not. Consulting is a great business because you do not need a heavy investment to start. You can start right this minute. If you do not know what field to pick, look at your interests, your experience, or your education. If you’re willing to do research and build a knowledge base around a subject to deliver a solution to a client, you’re ready to start a consulting business. From art consultants to business consultants, the sky’s the limit when it comes to what niche to choose. 

Teaching and online courses 

Contrary to what you may think, people still value the physical presence of a teacher and will pay for it. The undivided time and attention of a teacher are unmatched. It could be a musical instrument, an academic subject, or yoga. Once you zero in on your subject, find your audience, and reach out to them. 

On the other side, there is an enormous market of individuals hoping to learn on the web. Pre-recorded videos are great to generate passive income. You can sell a whole course through a series of videos, or via a website or app. 

Content creation 

Creative professionals like writers and graphic designers can use their chops to hop onto the social media wave. Creating valuable, shareable, and clickable content for businesses and media outlets is becoming more important so brands can engage their customers online. The gig economy is growing, and it is easier than ever before to market yourself or your content business online. 

Content specialisation can be in the form of blogging, videos, social media posts, e-books, and creating other types of content. Copywriting is ancillary to this and can be offered as part of your content service offerings. 

Virtual assistance 

A virtual assistant business is easy to start because it draws on other organisational, creative, and problem-solving skills you likely picked up in your last job. More and more business tasks – billing, accounting, email, project management – are happening on the cloud. Businesses prefer to work with on-the-go executives for their business administration tasks. 

Virtual assistance businesses start by offering general administrative services, like data entry, organisation, basic social media, etc. This is an incredible strategy, particularly on the off chance that you don’t see yourself as exceptionally experienced in the online space yet. As they grow, they learn more specialised skills they can offer. 

Social media management 

If you know your way around social media, there are many small businesses that need help conquering the online world. Social media holds huge potential for these businesses to gain followers and acquire new customers. Large companies often hire an in-house manager, whereas small business owners are too bogged down to manage their own social media manager. They are often cash strapped and cannot afford a full-time social media manager. 

That’s where you can step in as a social media management business. You would be setting up their social media, giving them ideas on how to engage their customers, determine posting schedules, and providing content for them to post on their platforms. 

Event planning 

If you are a detail-oriented person who loves to put together events, you can start an event planning and management business. Putting together a few pro bono events will give you the experience you need to further market your services. Event planners take over the planning and management of weddings, class reunions, and birthday parties. That way, individuals can completely appreciate the occasion as opposed to stress over all the little details. 

Resume writing and review 

Believe it or not, many people do not know how to write a resume that will get them hired. Job hunters pay for a professional to proofread their resume and even make it more eye-catching. Starting a business with these services could be the jumping-off point to starting your own career coaching business. 

Ready to take the leap? 

As you can see, you can start a business where you are with what you have. Starting small is how you grow. Do what you can and focus on delivering value. You do not need the experience to start a business. As you work on your business, you will find your confidence grows, as well as your skills. Our seven business ideas can be taken up by basically anybody with a computer and an Internet connection. 

Now, you may hesitate to opt for insurance since you may not yet be generating an income. Nonetheless, that could end up costing you more.. A mistake, error or omission on your part may result in a financial loss to a third-party and result in them taking legal action against you. Professional indemnity insurance* offers protection for businesses that provide specialist services or professional advice.  It is designed to respond to claims against your business for losses as a result of actual or alleged negligent acts or omissions in the provision of your professional service or advice. PI insurance can protect you from financial ruin and help preserve your reputation. Visit BizCover for more information about Professional Indemnity insurance as well as other insurance options for your business. 

*As with any insurance, cover will be subject to the terms, conditions and exclusions contained in the policy wording. The information contained on this web page is general only and should not be relied upon as advice.. 

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