For many people with an entrepreneurial spirit, the No. 1 reason why they don’t pursue their business dreams is because of the significant costs associated with starting a business.
However, there are many businesses you can launch today with little or no funding, so long as you are dedicated and put in some good old-fashioned hard work. You don’t need a lot of capital to start a small business.
Look for service-based business ideas, as these often have lower overhead than product-based businesses. Consider whether you could turn your hobby or professional skills into your own business. If you want to start a low-cost business, these ideas will help inspire your entrepreneurial passion.
Social media and the 24-hour news cycle have created the perfect storm of opportunity for creative professionals like writers and graphic designers, who can use their talents to create high-quality, shareable content for businesses and media outlets. Thanks to a growing gig economy of freelance and contract workers, it’s easier than ever to market yourself as a professional service provider.
If you’re a highly organized, detail-oriented individual who loves putting parties together, you might have the right personality to launch an event-planning business. Working for weddings, birthday parties and class reunions, event planners make it easy for others to host an exciting party.
Planning a few pro bono events will help give you the proper experience. Use LinkedIn and cold calling to build up a solid database of vendors and contacts so you can help your clients orchestrate the event of their dreams.
SOCIAL MEDIA CONSULTANCY
Larger companies can hire an agency or full-time staff member to run their Facebook and Twitter accounts and blogs, but small businesses often have to take care of their own social media marketing.
With so many other responsibilities, business owners may be too busy or overwhelmed to come up with a great social media strategy. As a consultant, you can help them determine the best tactics, posting schedules and content for their target audience. As their follower counts grow, so will your business.
Along those same lines, those who have good organizational skills are in high demand for other entrepreneurs who are growing their businesses and want to focus on high-return tasks. A personal or virtual assistant performs many of those secretarial or front-desk functions without being onsite. These individuals often work from home for many different clients, keeping track of calendars, making flight arrangements and doing clerical work.
Yes, this is really a thing. The importance of good reviews has not been lost on companies large and small. Many companies provide products and services to individuals so they can write a review of the company. They want a good review but, more importantly, an honest one. They pay for your time or by the review, and you get to try new things, read new books, experiment with the latest technology and much more, all while getting paid.
For the musically gifted, offering lessons to others who want to learn an instrument can be a great source of extra income. Unless you’re teaching piano, students can likely bring their own instruments to your home for hourlong lessons.
Stock up on sheet music or songbooks in varying genres and aimed at various skill levels so you can offer a wide selection for your potential clients. Voice lessons can also bring in a lot of money if you market yourself to local high schools and community theater groups.