Have you been on the lookout for a business you can start but don't have a ton of cash to spend? If that is the situation, you are like plenty of other working adults, college students, and retired from the daily grind who are happy to devote time and effort to a new pursuit but lack the requisite capital. What's the solution? For many, the way around the money conundrum is choosing a business that comes with low or non-existent startup expenses. These lean startups are out there, but you have to look for them. Several successful business models are listed below, including online course creation, investing in rental real estate shares, writing resumes, and preparing personal income taxes.
The great news is that if you already own a newer computer, have a high-speed connection, and are ready to go to work, startup expenses for the following businesses are quite small. Plus, you can get going within a matter of weeks. Expect to spend at least a month finding customers and doing a bit of promotion. Here are details about how to save money as an entrepreneur and the best low-cost businesses to start.
Top 4 Low Cost Startup Business Models
1. Course Creation
The idea behind course creation as a way of earning money is simple. You write a detailed synopsis of an academic class on a subject about which you are an expert. Using a standard computer camera and audio equipment, you teach the course as you see fit. After that, you submit the finished product to one of the many high-traffic platforms that sell tutorials and formal classes on hundreds of different topics. The platform gets a cut of your selling price, but popular courses can earn a substantial income for their creators.
Expect to spend six months to a year building up a catalog of classes before making a reasonable income from this kind of business.
2. Rental Real Estate Investing
Of course, you need money to buy shares in rental real estate properties. Fortunately, you don't need much because of the unique way the market is structured. So, even if you're low on investment capital, it's still possible to acquire just a few shares at first and then add to them over time. As the owner, you earn rental income and enjoy property appreciation. If you don't want to buy a whole house or deal with operational hassles, consider browsing through hundreds of homes online and choosing one or more to invest in.
The amount of the initial investment is up to you. The more you invest, the higher your real estate ROI could be.
3. Resume Writing
If you have a flair for creating perfect, compelling words for job seekers, it's possible to earn a full-time income selling your services as a resume writer. Consider taking a training course and earning certification from one of the top official industry organizations. Then, target local community colleges and universities to find new customers.
Check out competitors' rates so you don't price yourself out of the market for resume writing and CV editing. Don't sell yourself short, but be competitive with pricing.
4. Tax Preparation
In the digital age, just about anyone with a talent for mathematics can start a tax prep business. Costs are low for this lucrative business model and you can manage it remotely or in-person. Purchase the latest version of tax software and practice with it for at least a week before offering your services to friends, social media contacts, and whomever you can find through online advertising.
Just make sure you know your stuff, practice within your scope, and work with an accountant if needed.
Build A Business On A Budget
Launching a lean startup doesn't have the break the bank. Keep these top business options in mind to lower your launch costs while still maintaining a high upside.
