Most people think that starting a new business requires a huge amount of money and, for the most part, they are right. There aren’t many businesses that you can start on a small budget. Expenses for rent, marketing, employees, legal matters, and other things require a pretty big investment. On top of that, profit won’t come overnight and people are often forced to take a loan from a bank or to find investors.
With that said, there are still more than a few low-cost start-up ideas that you can venture off into. These businesses are extremely profitable if done right and of course, require little or no money to kick off.
Tutoring has been around for a long time and it certainly won’t disappear in the next couple of decades, so it is safe to invest your time and effort into it. Being a tutor is great for people that need to stay at home for whatever reason. Some tutors have children that are too young to be left home alone and some have disabilities that prevent them from having a regular job.
Your reason for tutoring is completely irrelevant, but what is important is your knowledge about the subject you are tutoring on. You can give lessons on pretty much anything, from piano and dancing lessons to math and history lessons. The most important thing is to have an extensive knowledge of the subject, so you can tutor people of all ages. Additionally, if you have an option to give lessons at your client’s home, rather than just at your home, you will increase your income substantially.
An accountant is a bit more demanding than the rest of the professions on our list. To be a professional accountant you will have to have all necessary education and licenses, but if you do, then this is a perfect job for you. You can work from your home, so there would be no office rental costs. A lot of companies today hire freelance accountants to keep their books or even have them do more complicated tasks like income statements, financial reports, balance sheets, etc.
The biggest advantage of this profession is that the earnings are excellent, but the biggest downside is that you will have to create a name for yourself. People are shy on the trigger when it comes to hiring an inexperienced and fresh from the college accountant. So try to build up your resume before you open your own accounting company.
Even though it might sound odd, running a bicycle repair shop is a great and a cheap start-up idea. If you live in an area where bicycles are used often and for the most part of the year, then grab yourself a tool box and start learning the craft. Sure, you will have to learn the basics about bicycles, but trust us, they are not that complicated.
All you will need is a regular set of tools and a place to work from. That can be any garage or a storage unit. If you live in an area that isn’t sunny all year round, then you should also offer bicycle storage services. Most people live in small apartments and have trouble storing their bicycle during winter, so renting an additional storage unit will be a great investment. Just make sure that you up the security by making sure each unit is secured with a HID reader, a security camera and an advanced lock. The last thing you want to do is to get robbed.
Pet sitting has been on the rise in the last couple of years. A lot of people can’t bring their pets on a vacation with them, so they hire a pet sitter. This profession requires almost no investment. You can either watch over clients pet from your home or go to theirs. The only requirement is that you are a trustworthy person and that you know how to handle animals. Also, we recommend to get a little bit of training for handling different kinds of animals, so you can be comfortable with any of them.
And that is all from us. Of course, there are more low-cost start-up ideas out there, but these four are truly tested. They are pretty much universal and there are no indications that they will die out in the near future.
Homerun Nievera is the publisher of Negosentro.com and WorldExecutivesDigest.com. He has interests in several tech and digital businesses as director and chief strategist.
Mediablast Digital is a digital content marketing company in the Philippines and the US that manages great niche blogs in Asia.