So you’re planning to become an entrepreneur but are hesitant to take the first step because you have no business idea in mind? Well, lucky for you, we have compiled 10 great business ideas that you can start with a low budget and give you high returns.
10 Business Ideas With Low Investment and High Profit
1. Web Design
There is a lot of money to be made designing websites. In fact, many professional website designers make a good living off web designing gigs sourced online. If you’ve got some basic coding skills and knowledge about HTML, SEO, and CMS like WordPress, then you can earn some extra cash designing websites for both individuals and companies. You can even help old businesses redesign their websites and tweak them in a way that enhances their online presence.
You can either become a freelance web designer or set up your own website where you will list the kind of services you offer. You can also reach out to individuals and companies, as well as local small business owners who might need your services.
2. Affiliate Marketing
Affiliate marketing provides a great way to make passive income. With affiliate marketing, you promote products for a commission. One of the most popular affiliate programs is the Amazon Associates. All you need to start is a computer, internet connection, domain name, hosting, the right niche, good quality content and you’re good to go.
3. Event Management
Event management is becoming an increasingly popular business. Nowadays, people are more than willing to spend huge amounts of money to hire someone who can make arrangements for their special days like weddings, birthdays, personal or professional events, etc.
The good news is that you don’t have to spend a lot of money in this venture.
4. Virtual Assistant
With just a laptop, internet connection, and an online portfolio like a website or social media presence, you can become a virtual assistant. As a virtual assistant, your job will be providing support services to other businesses. You can do it right at the comfort of your home, thereby eliminating the need to rent an office.
The good news is that the job pays really well. In the United States, the national average salary for a virtual assistant is $22,000. You can even set up and office and hire other virtual assistants.
5. Dog Walking
With a busy work schedule, lots of people don’t have the time to walk their dogs. If you love pets, you can make some money walking other people’s dogs. The only major costs you will have is paying for pet insurance and license.
Dog walking is a lucrative business as you can make an average of $12 per hour.
6. Become a Professional Photographer
Do you have a knack for photography? Well, why not turn it into a serious business? With a good-quality camera, a tripod, computer, lenses, camera bag, lighting, backdrops, business license and insurance and other essentials, you’re good to go. You can easily earn a 5-figure salary annually with a photography business.
The resale business involves acquiring products and selling them to other people. You can either use dropshipping or wholesaling to obtain these products. With dropshipping, you will be sourcing products directly from the manufacturer and selling them to customers on your website where you will make commissions. You will incur zero shipping fees, which makes it a great low investment business idea.
Wholesaling involves buying a large amount of products from manufacturers and selling them to retailers. You will need more money and of course some space to store your goods, but it’s a highly profitable business. Unlike most business, you more control of your business with the wholesaling venture.
Tutoring, whether online or physical is a very profitable business which requires little or no investment to start. You can start small and start your own academy after your income grows. According to Payscale, the average salary for a full-time college tutor is $17.72/hr or $38928 annually. You can earn more depending on your level of education, experience, among other factors.
9. Fast Food Joint
Globally, fast food generates a revenue of over $570 billion, a figure that is bigger than the economic values of most countries. This figure is not going down any time soon as the fast food industry is growing at a fast pace.
If you can open up a fast food joint in a popular place where there are office premises or commercial buildings or simply in a place where people like to hang out, you can easily make a lot of money. Fast food businesses have proven time and again to be lucrative businesses. Your business could grow to be the next McDonald or KFC- who knows!
10. Social Media Manager
Social media has become a crucial marketing tool for business owners and companies. To establish and maintain a social presence, most business owners and companies often hire social media managers to create and maintain new marketing campaigns, promote their brand, monitor progress, answer to social media inquiries, and other functions.
Because these entities are always looking for professional social media managers, you can start a social media company where you manage other people’s /companies social media accounts for a fee. Social media managers earn around $14 per hour and an average annual salary that ranges from $34, 432 to $56, 571 according to Payscale.com.