In a world where funding can limit the chances of actualising your business, there is a need to think outside the box. One of the ways to do that is to find a low-cost business you can start with a low investment.
Meanwhile, a low investment may be in terms of money, but you will have to pay the price of hard work. At the same time, a cheap business does not negate the need to have a good business plan to succeed.
These low investment business ideas still show a high-profit potential. As a result, we have compiled a good number of these low-cost but profitable business ideas here.
How to Identify a Low-cost Business to Start
However, before we continue, what are the qualities of a low-cost business? In other words, how can you identify a low-cost business when the idea comes to you?
- You should be able to start the business with the minimum monthly wage of your nation.
- It requires little or no experience
- Allows you to work from home
- Relatively easy to start
- Has a high-profit margin over time
A large number of successful business owners today started it small. So, the size of your startup is not a limitation to the potential that the business has. Let us just hit the road. Below is a list of low-cost business ideas to start in 2021.
Top 10 Low-cost Business Ideas to start in 2021?
1. Cleaning services
The litmus test of every viable business is its ability to solve a problem. One of such problems that beg for a solution is helping people clean their homes and offices. Both individuals, families and companies need efficient cleaning services. And another interesting fact for this low-cost business is that you can start with such low capital. We already wrote a comprehensive guide, mainly on starting and running a successful cleaning business here.
2. Catering services
Catering can become a low-cost business to start if you know what to do. The first prerequisite for this business idea is the passion for cooking, the skills to plan and do the actual cooking. Apart from getting individuals as clients, you can also help to manage party catering efficiently. Instead of being worried about raising financial capital, bank on human capital in the form of relationships. Work for people within your community and get great recommendations to grow your business. Later, you may create flyers, business cards and give out food samples.
3. Virtual assistant
Just as the name sounds, you can help people organise their lives as a virtual assistant. You may wonder if this idea does not sound more like a job than a low-cost business to start. The truth is, people need help sorting mails, organising apportionments, social media posting, meeting schedules and other stuff. They are often too busy to handle this affair by themselves, and they don’t mind outsourcing the duty to others. This condition provides you with a low-cost opportunity for businesses to start right away.
4. Online content creation
Content creation is one of the most straightforward tasks that can become a business. It requires several skills, including writing, graphic design, social media management. However, it is one thing to have the skills but another to run it as a business. So, even if you are an expert in one of the required skills with an idea in others, you can build a business team. The minimum number of items, to begin with, is a computer and an internet connection. Market your skills on freelancing platforms and get started.
In some cultures, this cheap business idea may not be worthy of starting anyhow you want. But it can become very viable in practically any society. For instance, a picture that someone needs to send an item from one place to another. In addition, the person can find a business that can help them run such simple errands. Some of the typical chores that people need help with include
- Purchasing items
- Picking up items
- Transporting goods
- Delivering goods as a retail service
- Connecting people
- Transporting people
Other logistics business ideas can still fall under any of the errands service categories. However, a logistics business can still stand alone as a low-cost business idea to start and make a profit.
The job of a babysitter is not a small one. Would you please not wait till you are in dire need of one before realising how indispensable they are? Gone are those days when we think just any teenager could do the job. We are now more aware of all the involved risks be involved in leaving our wards with strangers. Therefore, the solution is to establish a company people can trust around providing this service. It would help if you had a good network of people and a private well-secured place to discharge your duties.
7. Official Escorts
Another business idea that has become better our days is the role of official escorts. People have occasions they don’t want to attend alone, and they need someone to accompany them. This business idea is not limited to women only because men can also serve as escorts. Meanwhile, escorts are not sexual partners; they accompany clients to an event for official purposes. This sensitivity is another reason why many don’t like the sound of the job. But it can still fly as a cheap business you can do in 2021.
8. Lawn care
Caring for people’s lawns is a low-cost business to start and be successful at when you have a few things. One of the few things you need is a mower, and you can rent if you cannot afford one yet. In the long run, this task though seasonal can produce a good profit if you work as a team. If you think you love to work outdoors on the landscape or field, this business may be ideal. In promotions, you may need word of mouth if you cannot afford fliers. Meanwhile, the most crucial advantage is the quality of service you render.
9. Affiliate marketing
How about selling products and getting a commission of up to 50% of the selling price? That sounds good. That is what affiliate marketing involves. Affiliate companies provide you with customised links to their different products on display. And when people buy the product through the links, you get a commission. Therefore, you can partner with blogs, website owners, and influencers to get more traffic and clicks on your products.
10. Sales consultant
Apart from working as an affiliate marketer, you can also work as a sales consultant on different work strategies. In this case, you are not selling, but you are selling your sales experience to business owners. However, you must have a good influence and a good network of people. In other words, you can help owners put in a word for their products or service. If you can prove your competence in assisting companies to achieve their sales target, this business is for you.
On a final note, think of these low-cost business ideas as what you can start from your home. And then, when the problem of startup capital is no longer there, the next thing is to plan. When you have a good plan, start with your immediate social money while brushing up on your skills. In the end, you will discover you have what it takes to run a successful business than you think.
Which of the business ideas above do you think can work best for you?
What is the cheapest business to start in 2021?
What cheap business can I start from home?
Thanks sharing these business ideas with us. Does a personal shopper and product sourcing expert fit into the Errand/Logistics business?
Can you please give us more news on business and sort of business we can go into with just a little cash of 5k
Depending on your environment, I can send you some suggestions. Send me a mail at [email protected]