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7 Small Business Ideas You Can Start (Even with a Small Budget)

Dec 08, 2020
7 Small Business Ideas You Can Start (Even with a Small Budget)

As a budding entrepreneur, you may struggle with capital investment to launch your new business. A good business idea for you is not something lavish but something that you can start today with low investment.

We’ve been there and we understand the need for low-cost small business ideas that have the potential to generate high profits over time.

To help you get started, we’ve put together a list of small business ideas that you can start (even with a small budget). But before that, we have a few tips to help you make a good choice.

Quick Tips to Start a Small Business with Low Investment

When picking a business idea, you should:

  • Consider what your hobbies and interests are and analyze if you can turn them into a business model.
  • Look for service-based business ideas as they have lower capital requirements than product-based businesses.
  • Figure out ways to reduce your start-up costs regardless of the business idea you choose. For example, you should not hire too many people too soon.

No matter which business idea you pursue, you should make sure that you complete all state and federal filings and other legal paperwork properly with the assistance of business attorneys. The best way to make sure you start the business correctly and for a low start up cost is by using a formation service like GovDocFiling.

You avoid the hassle of government paperwork and potential penalties, and get a ton of added benefits for the start of your business like free legal documents and a free tax consultation. The packages also include access and discounts on essential services like bookkeeping and banking.

Which Small Business Ideas Should You Consider?

To help you start a low-cut business successfully, here are some profitable business ideas for you:

1. Digital Marketing Services

These days, a majority of business owners are focusing on building a strong online presence for their brands. This makes digital marketing a lucrative business idea.

If you have experience in the marketing field, you can consider offering digital marketing services to help other businesses grow. However, you will have to stay updated with the latest trends and strategies in the digital space to do this efficiently.

You can take a reputable digital marketing course to get your basics right. You can also hire a couple of experts in the domain to help you generate significant results for your clients.

A digital marketing agency is easy to set up and will not require much investment.

2. Virtual Assistant Services

Do you have good organizational skills? Many entrepreneurs and influencers are looking for someone to organize their emails, client communications, everyday schedules, and more.

You can start as a solo virtual assistant and, gradually, build a team of skilled professionals to assist your clients.

The only investment you’ll need initially is to build a portfolio and a strong online profile to display your capabilities. Finding your first few clients may be a hassle, but you’ll able to grow your clientele by delivering good work.

3. Coaching Classes

The education industry offers a plethora of opportunities for young and talented people. You can start your own coaching classes by renting a small space. The coaching business model works and you should try it too.

Do you have a strong grasp of a specific language or subject? If so, you should start by imparting your knowledge to people who are willing to learn.

In most states, people often invest in learning foreign languages, developing communication skills, and taking overall personality development classes. You can also teach cooking classes.

4. Fitness Centers

People pay more attention to health and fitness these days and are willing to spend money on it. Opening a fitness center could be a good business idea for you. All you need to do is hire professional trainers, rent a space, and invest in basic pieces of equipment.

You don’t have to invest too much into the infrastructure or decor, especially not when you’re starting your fitness business. It’s always better to improve things as you earn money and continue to grow your business.

One major benefit of opening a fitness center is that you can offer a quarterly or an annual subscription to your customers. Many people find it challenging to keep going to a fitness center regularly, but most of them are likely to pay for long-term subscriptions.

5. Cafe Business

Another popular business idea is to open a themed cafe with a beautiful ambiance. Cafes like this are very trendy.

People like to work in soothing environments while enjoying a cup of coffee or tea. You can also have a few popular snacks on the menu and offer free Wi-Fi to visitors.

It won’t need much investment as you can easily rent a space for your cafe business. You can decorate the space in your own unique style without hiring professionals.

6. Trip Planning Business

The travel industry also offers a lot of opportunities to make money. Are you a travel enthusiast? Then, it will be even more fun for you.

To start a trip planning business, all you need to do is collaborate with hotels, resorts, cottages, travel guides, and vehicle owners. You can hire a few adventurous people who love hiking, trekking, and other activities. In addition, you should also consider providing movers in Brampton or any other towns in case travelers need it.

You can offer well-curated travel packages to your customers that guarantee unique experiences. People are willing to pay for cherished experiences at beautiful locations.

7. Daycare Services

The market for daycare services is huge. Most parents go to work these days, which leaves them with less time to take care of their young children.

Opening a daycare center can help you earn big over time. All you need is a comfortable space, a collection of toys to keep the young ones engaged, and reliable guardians.

Instead of renting a space, you can also collaborate with big corporations to offer daycare services to their employees’ kids. The company may provide you with a free space to set up your daycare center.

You will also need to ensure safety and acquire proper licensing to start a daycare center. For this, you should check with the local and state government to see which licenses you will need and how to acquire them.

Ready to Launch Your New Small Business?

For many people with an entrepreneurial spirit, the greatest drawback that prevents them from pursuing their business dreams is the lack of funds. However, the business ideas that we’ve covered in this post don’t demand much capital investment.

You can easily launch one of these low-cost businesses and turn it into a profitable venture with your hard work and dedication. You should choose a business idea that you’re truly passionate about, which will make the work easier for you.

Do you have other questions about starting your own business? Feel free to leave them in the comments below.

Co-Owner of GovDocFiling

He had an entrepreneurial spirit since he was young. He started GovDocFiling, a simple resource center that takes care of the mundane, yet critical, formation documentation for any new business entity.

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