Low-Cost Business Ideas for Hopeful Entrepreneurs

This article was last updated on April 16, 2022

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If you have dreams of setting up your own business, you may have been put off by the idea with the fear of investing too much of your hard-earned cash into a plan that may never work out. While this is a very rational fear for many entrepreneurs, it shouldn’t put you off starting out in business. You don’t have to spend a significant amount of cash to run a business -it all boils down to the niche you wish to go into and how savvy you are with your initial expenses in order to make a quick profit.

Here are a few lost-cost businesses that you could look into.

1. Content creation

The online world has created a substantial amount of opportunities for creative professionals. Social media, websites, and email newsletters have become some of the most popular forms of marketing for almost all niches of business, meaning there’s greater demand for professionals to take the reins and start their own companies in content creation. Writers can use their talents to create professional content for businesses and media outlets, while graphic designs are in high demand to create images and videos that grab the attention of customers.

2. Virtual assistant

Similarly to the point above, business owners are also keen to delegate mundane secretarial tasks to workers with organizational skills, so they can concentrate on some of the more important tasks on their to-do list without the worry of neglecting the basics. Nowadays, it’s extremely common to carry out admin tasks remotely, without having to be on-site, which is why many professionals look into becoming virtual assistants. You can work from home for several different clients and hopefully build up to a fully-fledged business once you’ve proven your reliability and experience.

3. Event planner

If you consider yourself as highly organized with sharp attention to detail, then why not set up your own events planning company? Before starting out, it would be wise to take responsibility of events for family and close friends as a way of building up your portfolio and don’t forget to take photos to prove what you can do.

Once you feel confident in going professional, work on forming your client base by cold-calling people and asking if they would be interested in your services, create a profile on LinkedIn to get noticed and set up social media business pages. Do be aware that if you’re looking to hire staff members to help you at each event you run, you’ll need to take out small business insurance to protect you if any incidents should occur. Find out more on small business insurance cost now.

4. Professional reviewer

Did you know that a large proportion of the products you purchase are reviewed by professional reviewers? Most people now look for the reviews left by customers when deciding whether to purchase products and services; however, professional reviewers are sent free products and get paid to fulfill a certain action. If you’re sent a product, you’ll get paid for leaving the review, or you’re expected to read a book or experience a service, your payment will depend on the time spent before leaving your review. There’s no catch – you could make a decent wage out of professional reviewing.