Profit is profit regardless of what the business is. So if you’re just starting out and you’re here looking for the cheapest business to start then you’re in the right place.
As an entrepreneur, it is your sole mission to solve problems for others. With that in mind, there’s money to be made wherever you look. All you need is an open mind, a go-getter attitude and a willingness to help others.
Business really doesn’t have to get more complicated than that, but it’s worth mentioning this because it helps to further explain why you don’t necessarily need a large amount of capital to start a business.
To clarify, there are plenty of ways that you can go out and help people without the need for fancy offices, custom-made software or shiny Lamborghinis.
Instead of trying to create the next greatest thing since sliced bread, it’s best to start small with a business model that works and then build from there, the experience itself will teach you more about entrepreneurship than anything that you’ll ever find on Google.
Once you’ve established yourself as a successful entrepreneur, you can then fund any fancy business ideas you initially had or have since come up with.
If you’ve yet to start your first business and would like to know what life is really like as an entrepreneur, then it’s definitely worth you reading my article on the 15 Things You Need To Know Before Starting A Business!
What’s The Cheapest Business To Start?
Here is a list of simple business ideas that you can start today without any (significant) set-up costs.
This is not to say that it’s going to be an easy ride, as all businesses require hard work and consistency, but this list should help to give you an idea as to what you could be doing with your free time to make some extra money for yourself.
Do you have a gift with words?
Then perhaps you can use that skill to write content for other freelancers for no cost to you at all.
All you need is access to a computer, laptop or mobile device, as well as word processing software such as Microsoft Word or Google Docs.
My friend Charlène Boutin has been writing for a couple of years now and is reportedly making over 5 figures a month!
Not bad if you ask me 😉
A lot of people say blogging is dead, but they couldn’t be more wrong. Now is the best time to be jumping online and sharing your thoughts on the subjects you love.
The greatest part about blogging is that you can literally write about anything, no topic is off-limits, and quite frankly the more obscure the niche is – the better.
Did you know that there are many bloggers out there that are pulling in over 6 figures a month?! Crazy numbers.
I don’t know about you but I hate writing about myself, I just can’t do it. This is why there’s big business in writing people’s resumes for them.
You have an opportunity to establish yourself as a top resume-creator in a market that’s far less crowded than some of the other services that I will mention on this list. Much like with copywriting, all you need is access to some word-processing software and you’re good to go.
Write A Book
Perhaps you’re more of a creative writer and you wish to turn your mad ideas into ink. There’s always money to be made in publishing (e)books, regardless of whether they’re fiction or non-fiction.
One thing is for sure though, you will need to market your product relentlessly before and after launch in order to justify the time spent writing, but the potential benefits are endless.
Now I’m not suggesting that you become the next Banksy, but there is certainly money to be made in producing your own art.
Not only can you make some extra income from selling your art to a wide range of clientele, but you can also potentially open yourself up to new commercial opportunities too, as there may be businesses that would hire you to create some artwork for a specific project or two.
At the very least you can sell your art directly to local customers, or if you’re looking to turn it into a serious business venture you can build your own eCommerce store on your website and sell it to a more international audience.
Similarly to selling your own artwork, you can also make a decent living as a graphic designer.
If you have the talent to create high-quality graphics using tools such as Photoshop or Illustrator (which are both $29.99 per month), then you’ve got a lot of options when it comes to finding new clients.
Even if you don’t have the necessary skills, you can always learn them from YouTube or online courses!
I would personally recommend that you focus on gaining a great deal of experience within a particular field when it comes to graphic design, such as a logo design, photo-editing or album cover design to name a few, as it will make it so much easier to find new clients when you’ve proven yourself as an expert in that particular service.
Start Recording Videos
Times have sure moved on over the last decade or two, as more and more YouTubers are making a killing from posting regular videos and live streams of anything and everything.
Focusing on YouTube, for now, the social media platform pays its video creators on the basis of how many users are viewing/clicking on the ads that play before, during and after their videos.
Some of the top YouTubers at the moment are pulling in 8 figures a year, yes… eight, just from posting content in their respective niches.
The best thing is that you can make videos about absolutely anything and there will probably be a market for it, including make-up tutorials, reaction videos, toy reviews and pranks.
Teach a skill (such as a language or instrument)
Know how to speak multiple languages or play a specific instrument? Well, there are people out there who would happily pay for you to teach them these valuable skills.
Not only can you teach someone in a 1-to-1 or group setting, but this is also something that you can make money from on YouTube (see the previous point) or in an online course.
The latter options will help you to be more productive and make more money for your time. What skill can you teach?
Become a consultant
Now this one really depends on whether you’ve established yourself as an expert in a particular field or not.
Without prior awareness of what you have to offer it is unlikely that you’ll pick up much business as a consultant, however, if your branding is on point then businesses may look to hire you to assess their business and advise on how they can improve on it to increase their profits.
There’s really no limit to which industry you can become a consultant in, provided that you’ve clearly demonstrated that you have a lot of knowledge and experience in that particular field.
The fees that some top-level consultants charge can at times be astronomical, I’ve personally seen people charge $5,000 for an hour phone call to $50,000 for a full day, with experts like Tony Robbins probably charging a lot more.
It’s tempting to run away with the millions of business ideas that you have running in your head, and often these ideas can have hefty setup (and running) costs associated with them, but newcomers should start with the cheapest business models and learn the tricks of the trade before investing their life savings into a business which they have no prior experience in.
What do you think is the cheapest business to start? Let us know in the comments below!