Starting a business with low capital sounds promising, low risk and potentially profitable but, all low cost business ideas are not on the same level, when it comes to profitability.
As someone without much funds, to achieve a decent success with your business, you have to prioritize spending your scarce resources only on proven low cost business ideas that will surely generate a decent returns on investment.
That’s why one of the first steps to take before starting out is to identify the low cost business ideas that will work for you.
In this post, I have listed out some proven business ideas you can start with little or no capital, in the following paragraphs…
Social Media Consulting
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Social media consulting and management is one of the top low cost business ideas you can start with little or no money.
For starters, outside setting asides some funds to promote your brand, you don’t necessarily have to put in a chunk of funds to get started as a social media consultant.
Because the social media provides you with the platform and audience you’ll need to get started. And you can save for the rest as the business takes off.
As a social media consultant your job involves engaging, communicating with, advertising for and maintaining a relationship with social media users on behalf of a brand.
In a nutshell, as a social media consultant you’re like the eye, ears and voice of your client.
From content creation, posting, advertising etc., as a social media consultant, you’ll have different roles to play for your clients, depending on the scope of your service to them.
To do this successfully, you’ll need a decent set of digital marketing skills including content creation, content strategy, posting and sometimes social media advertising skills.
E-commerce/Dropshipping
Here goes the almighty e-commerce. As you can see, e-commerce is still one of the top low cost business ideas almost anyone can start, according to research.
According to Forbes, in 2023, the ecommerce is expected to be worth about 6.3 trillion dollars in value globally.
Now that’s a good indication that e-commerce is a profitable business anyone can start.
What makes it a good low capital business is that as far as you have an online store all set up, you don’t necessarily need to invest in a physical store before getting started. So, this saves cost in a way.
Also, another good thing about ecommerce is that you can sell products you create yourself or products from others.
For example, with drop-shipping, there are many e-commerce products you can sell online without having them in your inventory or using your money to buy them in advance.
Another ecommerce idea you can try is, open an e-commerce website, get stuff from other people selling offline, based on trust, sell it for them online and get your percentage.
With these, you don’t need to have the things in stock or buy it yourself. All you do is get people online to access the stuff, and you get paid your percentage when the thing is bought. This can work almost like affiliate or referral marketing.
Also, you can get your own products to sell online. It could be on a social media platform or on a full fledged website.
All you need is products you make. And if you’re an artisan, a graphics designer maker of cakes, clothes etc., here is a good place to start.
Graphics Designing
Another proven low cost business idea you can start and scale fast is Graphics Designing.
Graphics Designing Business is one great way to make money online with little to no capital investment.
No matter where you are, Graphics Designing skills is one of the most selling skills in this digital age.
And this is so because people will always need graphics designed for different purposes, be it for Instagram, Facebook, Websites, Blog posts, Adverts, Logos and even major offline events etc.
If you don’t know how to make graphics, you can get to learn online. And you don’t need a very long time to learn the skill.
You can get something reasonable to start out within 6-12 months… And from here you keep learning even as you start making money with the skills.
Trainings & Tutorials
Do you have a peculiar skill you can train people with? Then you can organize online tutorials and training for as a business.
This is a low cost business idea you can start, right from the comfort of your home, with your smart devices.
Now, to be a digital trainer, your skills doesn’t have to be something extraordinary. All you need is to have a worthwhile and high demand skill that people are wiling to pay to learn.
If you have any of these skills you can go about training people online and getting paid for it.
From training people on how to Create content, Build Websites, Design Graphics, Make artifacts etc. There are so many things you can learn and teach other people online as a business.
To get started, you can start with setting up a good online profile, getting your website, branding yourself, getting the word out about the business etc., after that, you can launch out.
The good thing about online training and tutorials is that you can even start it from your social media platforms. With this, you don’t need to spend any cash up front. With time, you can get to expand it to the point of building a website for the business.
Real Estate Agency
Real estate agency is a proven low cost business idea you can start with little to no upfront capital.
Naturally, real estate is mostly done offline. And you don’t need a lot of money to start a real estate agency business.
However, in order to give yourself some edge you can get your own real estate business online agency business and use digital means to push your business.
Doing this will mean using the social media or getting yourself a real estate website to display your plots or buildings and then using digital marketing to promote the business.
Going online while also running the business offline gives you the chance to get more attention for your real estate business.
Photography
Are you good at photography? Then you can start a photography business online.
Provided, you have a basic knowledge of photography, understand the business and have your camera ready, you can always learn the rest and grow alongside the business.
Photography business is something I personally have a soft spot for.
Not only is it a great idea to start a business online as a photographer, online photography itself presents you an opportunity to tell beautiful and remarkable stories through your craft.
Taking a clue from professionals like TY Bello who are using their social media platforms to tell compelling stories about their brands, you can also get something coming for you right from your social media platforms.
Thing is, picture speaks volumes. Pictures can be both compelling and captivating when taken professionally. And if you’re good at what you do, you won’t find it difficult in getting jobs and clients with the right networks.
Like I mentioned earlier, social media platforms like Instagram, Facebook etc. creates a huge demand for photographs and photographers.
And also events like birthdays, weddings, burials etc. provides opportunities for people to capture memorable moments. So, your services as photographer will continue be in demand over the long haul.
Video Creation & Editing
Professional Video creation and editing is one low cost business idea you can start with little to no capital. It’s very innovative in the sense that it follows the trends.
With the surge in demand for video content, right now more people are in need of videos for their social media platforms, websites, blog posts etc.
Most of these people are super busy to even sit down and create these videos. So, here’s where you come in. As an online video editor. You help them put up their ideas together as a video of whatever length they need. And they pay you for it.
Video editing will need you to have specific skills. And even if you don’t have these at the moment, you can learn video editing by signing up here.
Again this business ideas doesn’t necessarily need you to move to anywhere. You can start right from where you are. And yes, your success is going to be your responsibility.
Final Words
In conclusion, unlike many years ago, there are so many low capital business ideas you can pick up and launch your own business today.
In this guide, you’ve just learned about the proven low cost business ideas you can start with little to no capital and still earn a decent returns on investment.
Now, one thing you must keep in mind is that to achieve optimal success; before getting started with any of these business ideas, you have to study the market, understand the demand, supply and other factors as it applies to you, before you finally get started.
There are also some specific digital skills you can learn and start a business off them, by signing up here.
Now, it’s over to you. What are your biggest challenges when it comes to starting a low cost business? Drop your comments below.
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