Beginning a business nowadays is easy. Success comes more difficult. Some time back, owning a business required a large amount of initial capital and time. Creating a brand meant acknowledging the waves of risk and frustration.
In earlier times, companies made physical posters for advertisements. But the good news is that online business sales have leaped exponentially in 2020 alone.
Summary: Building a business within the dawn of social media and convenient payments is cheaper than the past. This happens to be the best time period to create success without breaking the bank. Here is a great list of several of these ways.
Low Cost Business Ideas With High Profit
1. Enrichment Program for Children
Online learning is the rising norm of this generation. Thus, the increasing demand for digital workbooks for children. Parents are also leaning towards using digital medium for their children for different reasons like affordability, space, and convenience. This makes digital workbooks or activities an excellent opportunity as one of the most sustainable low cost business ideas with high profit.
So, how is this done? How much can a person earn doing this?
First of all, this business produces passive income. Meaning, after making these products available online, all that’s left is to wait for them to generate revenue.
For example, an Amazon Kindle workbook may go for just a few dollars. An example of this is Eric Carle’s “The Very Hungry Caterpillar,” with ongoing sales and over 400 global ratings since its release. Picture books for children are easy to do. In fact, all that’s needed is a simple storyline and some basic illustration work.
Another outlet people should consider is Google Play Books. Here, they sell workbooks that may range from $5-15 per product. Another alternative is Etsy workbooks. What’s good here is that people are allowed to sell more than just books. Puzzles, activity books, coloring books, and other digital products are sold here for a few dollars easily. One could build a presence by making a few things in one category. Often, someone that likes a book then goes on to buy another from the same author.
For one-time effort involvement, people can earn passively without spending much. A second advantage (other than passivity) this gives is openness to worldwide customers. Since transactions occur online, the moment customers pay, the seller receives payment.
The needed budget for this kind of business can be around zero. If a business owner already has digital art skills and software access, they could potentially run it for free. But for cases where they don’t, there’s nothing to worry about. They can hire an artist on Fiverr, where individuals may charge as low as $5.00 per page.
Alternatively, purchases of bulk packages for about $100 could be done. Advertising the product is optional, for further costs. Freely though, there are many SEO things that could be done to end up higher on search queries.
Writers and artists can even create social media accounts involving Instagram or Facebook to connect with people who use relevant tags. One could try Facebook Groups or Marketplace where parents are found. These can become the most active or cost-free outlets people can use to spread digital products.
Of course, suppose you have an extra expense budget. In this case, business owners can pay for Facebook or Instagram Ads and promote their products. This is an optional step, though doing so may increase sales.
2. Academic Course
For those who are versed in a particular subject or field of study, creating an academic course is one of the hottest low cost business ideas with high profit today. Another plus is concerning how anyone can maximize their skills or expertise within multiple platforms.
Individuals can make the most out of teaching people to do something or solve problems online. What’s fun about this is how anyone can setup multiple profit outlets, resulting from having their own passions!
How can people sell academic courses? One could attempt to promote on YouTube, one of the most effortless outlets available. People can upload tutorials here and link their classes to those who wish for an in-depth lesson.
Potential students can purchase the complete course or even subscribe to marketing or tutorial newsletters. YouTube is a lucrative money maker as long as a channel’s engagement rate is running well.
While YouTube seems like the easiest way to go, the platform is quite oversaturated. There’s also pressure to maintain an audience. But with patience and the right engagement, it may be relatively easy to make some dollars off a free and globally-known website. YouTube is also a considerable advertising alternative people can use to promote their paid classes.
The second route is using websites like Skillshare. Here, people can generate income based on every student that subscribes to the site’s subscriptions. Skillshare’s top instructors make around $100k for all their lessons.
It doesn’t end there however, as Skillshare is growing massively with over 2 million students in the modern time. There’s still plenty of room for newcomers to do business out of their expertise.
Third and similar to the first suggestion, academic courses can also be sold as digital products. If someone dislikes the idea of making videos, they can sell tutorials via eBook. One can customize test papers, flashcards, and reviews to help students ace tests. These things can be sold on Etsy, Twitter, Facebook groups, Facebook Marketplace, or even Google Shopping.
The budget needed for this is low. Just like any product, people will buy in exchange for good quality. This is why courses have to be put together correctly. If a good camera isn’t available, renting is one solution. It will only take a day or two to take video portions of some course. This doesn’t require any special effects or other editing demands to begin.
If renting doesn’t seem like an option, smartphones by Apple or Samsung are known to have excellent video quality. As long as there is a decent light source and a clear voice, academic courses are easy to do. People can combine these ideas and make courses with digital products and sell them online. Nowadays, many clients are willing to pay for knowledge, and that’s why it’s a thriving time for businesses like this to take place.
3. Private Tutoring
Tutoring is unlike academic courses, as teachers may have a specific group they wish to work with. Getting income from tutoring is usually time-based. It has been reported that average wages can range from $25-50 per hour.
Tutors can charge additional fees for worksheets and other learning materials they provide for their clients. If a tutoring business goes well, they can start a tutoring center to accompany more students and hire different teachers for a broader scope.
Tutors can look for clients in many locations. These include Facebook groups, Twitter mentions, Instagram posts, hire-a-tutor websites, or search engines. Parents looking for tutors may be more active on Facebook than on any other site. Try to be as creative as possible in obtaining clients. Feel free to use video samples, visual aid samples, testimonies, and other persuading means.
For budgeting purposes, transportation and visual aids (if required by the client) are the only means where payment on the tutor’s side is required. It’s expected that quality must be ensured at all times.
If someone plans to take private tutoring to the next level and create a private tutorial center, the costs are higher. This business idea only requires someone to tutor the clients, a clean room, some learning aids and decorations, and good light. From here, the business can grow, and they can accommodate more students and hire more teachers. Just like any business, this one takes time and patience to grow. Still, it’s going to be worth it, considering the need for academic assistance with many age groups.
4. Moving Service
If handled properly, moving services offer the chance of a high income. This business idea basically revolves around assisting people in moving from one area to another.
Moving services aid customers in having a hassle-free experience transferring their appliances, personal items, and furniture. Depending on the agreement, these services may offer packages based on both weight and distance from the client’s original area and the neighborhood they plan to move to.
Every moving transaction should pay a handsome amount. You shouldn’t accept too low pay here, and set a minimum standard of what to charge.
For moving businesses that prefer to get paid per hour, the average rate could be set around $25-$50 per hour, or even higher. Service providers can also charge more for helping with unloading delicate items like pianos, expensive lights, and other fragile items.
Another trend for businesses here is through creating packages. These can have fixed payment requirements and conditions for their customers to choose from. Charges can also be added on for venturing out of state, if this offering is available.
The capital for starting a moving company may be low initially. For starters, all that’s needed is the truck or a large vehicle. Remember to follow any necessary state laws and get required licenses if needed.
People who don’t own a mode of transportation and wish to begin this business can easily rent one for a fair price, though this may not be cost effective. Rent a vehicle only when the client has confirmed or paid the installment fee.
Owners can promote packages for free using Facebook, Instagram, local newspaper ads or even physical posters around their target neighborhood.
5. Cleaning Service
Here’s a real easy one to begin. People know how to clean their living space, but not everyone has the time to do this. As the name suggests, people pay to have their houses professionally sanitized, organize their things, or extensively clean their office spaces.
Cleaning businesses are a particular hit in cities due to the hectic schedules of people’s lives. Many are willing to pay per package or on an hourly basis even.
The average payment for cleaning services may range from $75-$150 per hour, depending on where one does the work. This estimation is based only on a single-family home. The price package varies heavily on the size of the house and the services a client wants. Therefore, business owners can customize their pricing packages depending on what they think is suitable for the service they’re offering.
Cleaning businesses are beginner and budget-friendly. Meaning, the work doesn’t require people to hire cleaners since they can do the job themselves, especially if they don’t have an initial budget yet. What the worker needs is cleaning equipment, sanitizers, and other similar items. These are usually cheap and easily bought. If you want, charge an additional transportation fee for distant areas.
6. Senior Care Service
Senior care services pertain to non-medical assistance to the elderly. This kind of business is available for those passionate and empathetic in providing care.
Basically, families pay for senior care providers to complete errands. These include but aren’t limited to buying meals, cooking food, cleaning, reminding their clients to take medicine, and talking to the elders.
This kind of job requires patience as it’s more than just providing care. The responsibility of assuring a trustworthy individual can be a great companion to their loved ones should always be present.
A provider should also have versatility since the job comes with multiple responsibilities. For instance, some qualifications for senior care services include a background in cooking or learning various recipes, advanced communication skills, openness in doing errands, human empathy, attention to detail (especially in medicine-related responsibilities), and a trustworthy personality.
A senior care aide may be expected to visit a few times a week. Depending on the agreement, visits may last about 2 to 8 hours each time. Families may be able to potentially pay $15-$25 per hour. Main capital needs just include transportation and advertising.
There are two options a person can opt for with beginning a senior care business. First, being a one-man provider is possible. Or an individual can choose to create a senior care agency where others are hired, then connect them with clients, and generate income from taking a percentage of their commissions.
The first option is beneficial for those who are still entirely new to the business world. From there, one could use income to create an agency and accommodate more people. But if reserved capital is on-hand, one could immediately form the agency and recruit others. Business experience would still be needed beforehand.
For advertising, try Facebook posts and groups, a self-made website, or advertising listings dedicated to senior care. With extra advertising funds, think about running promotions in local ads or social media platforms.
7. Life Coaching
Enthusiasm, optimism, and charisma are being supported daily through a unique business format called life coaching services. The offers under this can be about anything as long as related to personal development, self-help, self-care, career management, business or individualistic offers of advice.
People pay per session where they can talk and express their problems to their life coaches. Having a degree or a certification in any related field is an advantage, though not a requirement.
On average in some places, people may pay around $200-$1,000 per month for a few sessions lasting 30-60 minutes each. Clearly, life coaching is a business that pays well. Similar to senior care services, this business path requires passion, dedication, and empathy. These specific qualities shouldn’t be tossed aside when starting a life coaching business.
The good news is that beginning this is free. One could upload their package prices on freelancing sites like Fiverr. In cases where business owners don’t want a percentage taken away from their income, they can advertise themselves on social media platforms to obtain clients.
One beginner’s tip is to add introduction videos. Clients may then be able to grasp what the coach is like and feel more comfortable before placing an order. An extra side income approach could involve selling mini workbooks, calendars, productivity sheets, and other self-help materials.
8. Webcomics
This one’s for artists or illustrators. Being one of the most viable free or low cost business ideas here, making webcomics is a great moneymaker. Webtoons is the top webcomics application and is the most recommended platform for publishing comics.
For a bit of background, it’s been found that around 15 million daily readers are active on Webtoon. This number is based on 2019, and over time the demand for webcomics has been rising.
Webcomics are so popular that Netflix has started adapting movies and turning them into live-action series or films. Examples of these include Netflix Originals like Sweet Home (2020), Extraordinary You (2019), and Love Alarm (2019).
Clearly, this variety reveals that webcomics are the latest trend that can generate sizeable income out of creative storylines. Some creators share that they get paid around $1,000 per month in every episode they release on Webtoon.
If you’re an illustrator, trying out a business venture on webcomics is fantastic. And don’t worry, as it doesn’t take years of art school or creative writing to create these webcomics. There are sneaky yet intelligent ways to make a viral webcomic.
Suppose a person doesn’t have a story in mind. In that case, they can purchase gigs on Fiverr or Fiverr Pro and pay commissions for artists to materialize stories. Of course, using this method should ensure artists and writers know what’s happening and consent to give their rights to the business owner.
Before hiring talent to create webcomics, a contract must be made to guarantee the smooth flow of publishing rights as these gets published. But for those who are already writers or digital artists, making a webcomic can come with no cost.
Another way to profit off webcomics is merchandise. Taking advantage of blossoming popularity, people can open shops solely for Webtoon merchandise. One can sell these things on Etsy or a web domain for a few dollars monthly.
Sites like Webtoon are known to accommodate new webcomics, as these can be featured on their homepage. Rookie creators are given a chance to show the substance of their stories.
Webcomics aren’t limited to comics. People can earn profit from pitching ideas, opening fan art commissions, making digital zines, or even reviewing other people’s webcomics. Another related business idea is making a blog centered on giving tips on the latest “good reads” available on the site. Many people love clicking on this content, so it’s an excellent option. The focal point of creating a business out of webcomics is maximizing the revenue in many streams of income, considering its popularity today.
The Recipe Of Success
These low cost business ideas with high profit are attainable and income-generating. Just like any business, these can’t flourish without dedication and patience.
With any entrepreneurial journey, a rule of thumb is to never let small capital ruin one’s big dreams. With the right mix of creativity and a coachable mindset, almost any business can blossom to more complete potential. So don’t be pressured into thinking that every big business requires significant capital. That’s not the case. Whether coaching, creating, moving, or renting – if there’s a will, there’s probably a way. Thanks for reading.
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