Remember, success here is contingent on solid networking and keeping a finger on the pulse of the local property market.
If you have a knack for managing finances and an eye for detail, why not offer bookkeeping services? All you need is a computer, bookkeeping software, and your financial acumen.
Your tasks would include maintaining financial records, preparing bills, and making budget plans for multiple business clients.
With businesses always in need of efficient bookkeepers, this low cost business idea with high profit potential can turn out to be a lucrative career choice.
Tax season can be a stressful time for individuals and businesses alike, offering a perfect window for your expertise. If you have an understanding of the tax code, forms, and deadlines, you can provide your services for tax preparation.
Not only will you aid clients in avoiding tax penalties, but you’ll also be able to generate high profits within a short period annually. Just ensure you stay updated with the ever-changing tax regulations.
If you know multiple languages, you can offer translating services for authors, businesses and governmental organizations.
Stock Photo Sales
Photographers, sell your photos on stock photo sites to earn some passive income. All you need is a camera and a computer with internet connection.
You can also offer your services photographing special events. People are often willing to pay a premium for things like wedding photography.
Lots of consumers are very health conscious and willing to pay for professional expertise on things like meal plans. You can charge even more if you’re registered as a dietician.
Or you could focus on fitness and work one-on-one with people looking to improve their workouts. Find a local gym you can work out of or consider creating workout plans for people you communicate with online.
If you have strong organizational and planning skills, you can start a wedding or event planning business without a physical office space.
Vacation Rentals Business
If you have a bit of extra space in your home or an access to an extra home or apartment, offer your space on vacation rental sites like Airbnb.
Even if you don’t have your own space to offer, you could start a property management company where you help property owners in your area manage their tenants.
Home and Office Cleaning
Starting a cleaning service really just requires some basic supplies and transportation. You can work with both homeowners and businesses, and hopefully build some recurring clients.
Or you could focus on cleaning cars. People are often willing to pay decent prices for full detailing services.
If you want to start a food business, catering can be fairly inexpensive, since you just need a kitchen but not a dining space. You can also charge a premium for certain types of events.
Food Truck Operation
Food trucks are also relatively inexpensive to get up and running — at least for food businesses. And you can earn a fair amount by targeting special events and high traffic areas.
If you have experience as a contractor or handyman, offer your services to homeowners looking to remodel their spaces.
Landscaping can be another profitable venture, since you really just need some basic equipment and transportation.
Lots of homeowners are willing to pay for small repairs or additions like hanging curtain rods or patching walls. As a handyman, you can stay fairly busy and avoid setting up a physical storefront.
You don’t need much of anything to start your own recycling service — mainly just a truck or van. You can charge people to pick up electronics or other items that are sometimes difficult to recycle or dispose of.
Electronics Repair Service
For those who are skilled with electronics, start a service where you fix people’s cracked phone screens or malfunctioning laptops.
Refurbished Electronics Sales
Or you could purchase people’s broken electronics at a discounted rate, then refurbish them and sell them at a profit.
In-Home Senior Care
Lots of seniors need help with everyday tasks, from cooking and cleaning to running errands. Start an in-home care service and build up a base of recurring clients.
If you love animals, offer to pet sit or walk or groom dogs in exchange for a fee.
People also pay a premium for quality child care these days. You can even start a day care business where you care for multiple kids at once.
Test Prep Service
For those who are knowledgeable on a particular school subject, you can charge a decent amount to help high school or college students prepare for specific tests, from SATs to LSATs.
If you want to provide general help for clients, start a life coaching business where you work with clients one-on-one, either in person or online.
Call Center Operation
Running a call center may require a bit more startup costs than others on the list. But you can run some small customer service operations remotely. And many companies are willing to pay a premium to have their customer service operations located nearby.
Travel Planning Service
Though the travel agency business has gone through some changes in recent years, you can still offer planning and consulting services to companies and large groups without a ton of overhead.
This video serves as a handy guide:
Tour Guide Service
Or if you live in an area that’s popular with tourists, you can offer a tour guide service or even sell guide books geared toward specific activities.
Here’s a quick glance at the top five low-cost business ideas with high profit potential across different sectors for easy comparison:
|Sector||Business Ideas||Initial Cost||Skills Needed|
|Digital Marketing||Affiliate Marketing||Low||Marketing, Audience Building|
|Administrative Services||Virtual Assistant Service||Low||Organizational Skills, Communication|
|Consultancy||Business Consulting||Low||Business Expertise, Analytical Skills|
|Publishing||Ebook Sales||Low||Writing, Creativity|
|Human Resources||Recruiting||Low||Human Resources, Communication|
Related reading: 51 Business Ideas for 2020
More in: Develop an Idea