There are many business ideas that need minimal investment. You can start a business with small funds and still make significant profits. The condition is that your business should add value to what customers spend. These 20 small business ideas are the best way for bootstrappers, beginners, homemakers, and even anyone with a 9 to 5 job to get started as a side hustle and turn it into a profitable business.
All it takes is an idea to start your entrepreneurial journey. Your small business could be anything from selling custom t-shirts to baking cakes, and online tutoring. The condition is to use your skills to your advantage and people’s benefit. Once you start solving people’s problems in an organized manner, you build your business empire.
So, if you’re puzzled about what most successful businesses to start with minimal investment in 2024, we have you covered.
In this blog, you will find attractive ideas for your business, which usually do not require a hefty capital with many zeros to start.
Let’s get started!
Top 20 low-cost business ideas with high profit
01. Pet sitting
Our list starts with the most desirable side business idea — pet sitting. About 70% of US residents own a pet. Sometimes, they move out for vacation or other purposes, leaving their furry friend in someone’s care. Such families often seek the services of a pet sitter. If you love pets and know how to look after them, you can give these families peace of mind and make great money!
As a pet sitter, you need to look after cats, dogs, or other pets that your clients have.
Here’s what you need to do as a pet sitter:
You give them water
Need to feed them
Play with them and walk them as required
Besides, you also need to update the clients regularly about their pets’ whereabouts. You can also work on your laptop while pet-sitting. So, it’s a great business idea that costs nothing but your time.
02. Dropshipping
This type of business does not require a hefty investment as its essence is retail sales when goods are supplied to the customer directly from the supplier. The intermediary does not purchase goods in advance, store them in a warehouse, or perform any other intermediate operations.
The earnings come from the difference between the retail price and the wholesale price or from commission payments from the retailer.
The task here is reduced to website building, promoting your brand, marketing, taking sales orders from customers, documentation, and receipt of payments. All worries about packing and shipping the order are the responsibility of the manufacturing company but on behalf of your e-commerce site.
Here’s what you need to do for a dropshipping business idea:
Choose your business niche
Find a dropshipping supplier
Build your brand identity
Build an e-commerce store or open a merch store
Register your business
Run promotional campaigns
03. Professional photography
Passionate about clicking photos? You can turn your hobby into a small business idea. Start a full-time photography business by offering wedding photoshoots, pre-wedding shoots, maternity shoots, wildlife photography, product photography, corporate photography, and more. The sky is the limit in this specific niche. You can charge for your services and build a loyal clientele.
The world photography and video market is expected to reach $18.41 billion by 2027. So, the niche holds a lot of potential. If you know how to click professional photos, you can turn this skill to your favor. Besides clicking photos and shooting videos, you can teach these skills to other aspiring photographers as well.
Here’s what you need to do to set up your photography business: For
Select your photography niche
Get the right photography tools and cameras
Choose a photography business name
Get a professional photography business logo
Register your business
Build your website and portfolio
Advertise and promote your services business owners from all around the world with their graphic design needs such as a logo design, website design posts,
04. Build your audience & monetize
In today’s day of social media, capturing others’ attention can be your way to earn extra money and set up a business. You can start a small business from home by being a content creator, building your audience, and then monetizing it. Brands are willing to pay more to creators for ad promotions.
You can choose platforms like TikTok, YouTube, Facebook, or Instagram to start your blogging. From sponsored posts to selling different products, and becoming an influencer, you get various revenue streams. As per Statista data:
Nano-influencers on Insta can earn $195 per post whereas mid-tier influencers and macro influencers can earn $1,221 and $1,804 respectively.
Here’s what you need to do to build your audience & monetize:
Choose desired platforms to begin with
Choose a specific niche to target the audience
Get a handy camera and tripod for easy capturing
Post or vlog content that audience can related to
Reach out to brands for collaboration
Ensure to post regularly
05. Babysitting
Another small business idea from home is to start babysitting if you’re happy caring for babies and staying in others’ homes. You can start it small by advertising your services in the neighborhood using pamphlets or telling people who already know you.
If possible, you can list your services on various babysitting websites and apps. This can be a good starting point for you to begin with.
Here’s what you need to do to provide your babysitting services:
Give your business a name
Get a website if possible or list your services on other sites
Get a license and consider the state laws
Set your pricing and promote in the neighborhood
06. Gym trainer or owner
Do you have a passion for yoga, kickboxing, calisthenics, or pilates? You can turn your passion into a profitable business idea. Build a community or a gym for others, or start small by becoming an instructor in a nearby gym. You can also buy a franchise, which may cost you a fee of $20,000 or more.
Use local marketing strategies like pamphlets, social media posts, and word-of-mouth promotions. But before you do so, get a unique gym logo, required license, and tools. If you want to start as an instructor, you need to check out gyms in your area and schedule a meeting with them. You can show them your certification and skills to get hired easily.
To run your independent fitness studio, you can choose any of these — yoga, martial arts, or pilates.
Here’s what you need to do to become a gym owner or trainer:
Get all the required certifications
Get all legal paperwork done
Find a good location or a good gym in your locality
Choose a niche
Purchase equipment
Market your services
Hire a team or start as an instructor in a gym
07. Dog walking
Today’s busy pet owners hardly get time to take their furry friends on walk. This comes as a business boon for you. If you like pets, you can start a dog-walking business. It’s a trending small business idea these days. There are over 16,224 dog walkers in the United States. It shows how this industry is growing fast.
You can start it as a side business and earn money. But before you start dog walking, check the local state laws for licensing and certification needs. You can set up a Facebook or Insta profile to advertise your services. Besides you can also sign up with other companies and create your profile over there. They will give you a certain percentage or salary in exchange for your services.
Here’s what you need to do to become a professional dog walker:
Take a professional course
Get a bachelor’s degree or equivalent
Get on-the-job training
Get the required licensing
Promote your services and become a certified dog walker
The outsourcing niche has several opportunities that you can capitalize on. We know that choosing the right outsourcing business idea can be challenging, so here is the list to consider — payroll, social media marketing, graphic design, custom logo design, business consulting, accounting, tech consultation, and so on. You can choose any niche for outsourcing. Since companies are relying more than ever on outsourcing services and products, you get the best opportunity to start small in this sector.
An outsourcing business idea will cost you not more than $1,000 to $3,000 based on the size and structure. Once you set it up, you can start making anywhere from $5,000 to $10,000 and more. The income you generate will depend on your efficiency, resource, quality, and niche.
Here’s what you need to do to start an outsourcing business from home:
Consider the type of outsourcing business you want
Create a business plan
Do the paperwork, name your business
Invest in required technology and equipment
Get the legal work and licensing done
Make sure the business idea is abide by the state law
Market your outsourcing business and start earning
09. Cryptocurrency mining farm
Another small business idea is to start your own cryptocurrency mining firm. You can start it right from your home or apartment. But it may involve some upfront costs since the mining equipment and tools are a little expensive.
But before you start crypto mining, make sure you have technological prowess and the required tools. Another way is to work as a miner in a mining firm. To begin with, you need to study in detail the most profitable cryptocurrencies at the moment and decide which one you want to start mining.
By 2023, the global cryptocurrency market is projected to grow at a 12.5% CAGR. So the industry holds great potential that you can turn into your favor. The best option would be to consult a specialist who will tell you how to build a farm, what services to register for work, how to withdraw your income, etc.
Here’s what you need to do to start your cryptocurrency mining farm:
Make yourself familiar with the crypto mining process
You need to get crypto wallet, mining equipment, software, and hardware
You can join mining pools to increase your profitability by sharing the workload with other miners
Ensure you follow the state laws as in some states it may be illegal to mine crypto
10. Online courses
Online courses are becoming more and more popular every year. Learning a new skill or subject from anywhere in the world is more convenient than before.
Since online teaching is growing rapidly, you can start teaching online and later transform it into a growing business.
For online teaching business ideas, you need to be an expert in your field and have enough knowledge to share it with people. Technically, organizing the process is a no-brainer – you need a laptop or a PC, an Internet connection, and time to prepare for online meetings.
You should decide on a platform where the training will take place. You can also take the help of a marketer or agency to promote your courses. This way you can attract more interested people. Profit will depend on your audience size, teaching skills, and selected courses.
Here’s what you need to do to start teaching online courses:
Consider and plan the course you want to teach
Master the particular course and technology
Check to see if there is any licensing required
Complete all the paperwork if necessary
Promote online and offline
Start your class at a fixed time
11. Sewing and alterations
Sewing and alterations are something that people always need when the necessity arrives. And you could leverage this opportunity from home and establish your small business idea. If you like sewing and altering clothes and have a machine by your side, you can start your business from home.
This specific niche doesn’t need any special license, either. But it is important to polish your skills. Remember, clients who seek fine details need customization for their suits, dresses, pants, and other apparel. The profits will depend on how much quality you provide to them and make them satisfied.
Here’s what you need to do to start your sewing and alterations business:
Have an equipment like sewing machine at hand
Choose a location to start from
Market your services in the neighborhood and among friends
Retain your customers
12. Interior designing
Do you want to start a business, but have no idea? Well, you can start another small idea — interior design. People love to buy furniture and decorate their room for utmost comfort. You can start by decorating your relatives and friends’ homes and documenting the whole process.
Post this video on social media sites to build your portfolio and fanbase. The best thing about this niche is that you can provide excellent services and get a free flow of income, plus customer satisfaction. To start an interior design business, you need a computer with specific software like AutoCAD, SketchUp, Revit, and more. You can search for your audience among house owners, office owners, or commercial establishments – restaurants, schools, cafes, etc. Moreover, you can negotiate with builders and construction store owners to provide design services.
Here’s what you need to do to start your interior design business:
Select a niche and determine what services you’ll provide
Consider your expertise and style
Name your business and get it registered
Build an online portfolio
Price your services
Market your business among your friends and on social media
Start earning
13. Lawn care and landscaping
People with their own home love to get their lawn maintained. You can grab the opportunity here and make an impressive income. The best thing is you can work outdoors yourself or you can hire people to maintain the lawn. Landscaping and lawn care businesses need a few tools as well.
These include a trailer, grass cuter, and more. You can start small from a lawn care company and grow into a bug landscaping business. if you love pruning, cutting, and landscaping, this is going to be a rewarding business for you.
Here’s what you need to do to start a lawn care or landscaping business:
Name your business and get it registered
Get a license (if it involves pesticides, etc.)
Create a website if possible
Get necessary equipment
Brand your company and start earning
14. Real estate agent
For many people, finding a home or commercial property is challenging. You can grab the opportunity and help them find their dream abode within their budget. You can earn enough money as a real estate agent and establish your own real estate company.
In many states of the United States, you need to enroll for a few months of classes and get the certification. Strong communication and social skills are required for this role.
Here’s what to do to start as a real estate agent:
Research and find about your state’s requirements
Complete a pre-licensing course
Appear in the licensing exam
Activate your license
Become a member of NAR (National Association of Realtors)
Join a brokerage
Market yours services and start earning
15. Life coach
Life coaching is over $4.56 billion global industry. The industry is gaining momentum with companies and people hiring them for career change, lifestyle change, and business change.
This business idea is for you if you are good at helping people make decisions. To start this business, you need the right qualifications. You can find social media the right channel to start picking clients. Advertising and word-of-mouth are other options for the same.
Here’s what you need to do to become a life coach:
Name your business and get it registered
Find out organizations providing life coach training
Enroll for a life coach training course
Get certification if required
Price your services and start marketing
16. Personalized pet products
Apart from pet sitting and pet walking, there are other pet related business ideas that you can start easily. You can sell personalized pet products to drive the attention of pet parents.
Consider selling customized pet name tags, customized harness and leash, customized pet clothes, food bowls, and more. There are endless possibilities when it comes to customized products for pets.
Here is what you need to do to start your personalized pet products business:
Conduct market research
Choose a pet store name for your business
Create a business plan
Design your products and get license if needed
Start your online store
Market your brand and start selling
17. Car washing
For high-schoolers and college-goers, car washing has always been a great idea to raise funds. If you’re serious about business, you can start your own car washing services and make impressive money. This small business idea is easy to start as you don’t need big funds. You can start it outside your home or rent a commercial property to do so.
You can spread the word about your business by handing out flyers.
Here’s what you need to do to start your car washing business:
Choose a location
Get permits and license
Get all the required equipment
Set your prices
Hire staff if needed and train them
Spread the word in your community
18. Selling personalized and organic goods
If you love everything organic and always make organic soaps, moisturizers, or products at home for your personal use, it’s time to expand it to your family and friends. Using all organic ingredients are, no doubt, expensive, but it’s worth it.
People are becoming more sensitive toward using organic goods. You can create them in small batches and sell it online or in your local market.
Here’s what you need to do to start your organic goods business:
Find a place from where you want to sell
Decide what you want to sell
Get the required registration and license
Set prices and promote it online and offline
Start selling your products
19. Bike repair
Do you love fixing bicycles? If yes, you can start a business idea that’s lucrative! You can advertise your bike repairing services in your neighborhood and let people know your expertise. You can also use social media to promote your services.
Here’s what you need to do to start your bike repair business:
Make a business plan
Select a location
Get legal registration if required
Promote and grow your business
20. Event planning
Do you have great interpersonal and organizational skills? If yes, then you can start your own event planning business. This is a low-cost business. All you need is to collaborate with other businesses and organize. Company meetings, weddings, birthdays, and other events are what you can plan easily.
Based on the needs you can hire a few staffs and train them to ease your task.
Here’s what you need to do to start your event planning business:
Conduct market research
Set your business goals
Follow legal guidelines
Collab with other businesses and stores
Advertise your business and start
Endnote
Speaking of companies, if you’ve decided to start a business and form your first LLC, there are reliable online services that can help you handle all the paperwork and cover legal issues. With them, setting up a company will be easy, fast, and error-free. Most importantly, with these online services, you will save yourself from wasting money in the long run. Learn more from this article. We hope that you feel inspired and ready to conquer the world with your small business idea!