Starting your own business is a rising trend in this economy. This is due to employee morale at an all-time low, job dissatisfaction at a record high, and the younger generation willing to job hop until they’re fully happy. It isn’t a surprise to believe forecasts that think self-employment will triple in the next decade.
The deterrent? The initial capital. There aren’t a lot of businesses to start with little money. However, not every business idea requires six-digit funding from venture capitalists. With a little bit of hard work, a small monetary investment, and some luck, your business can not only survive but it can thrive as well. Before you know it, you’re living on business income based on a business started with very little money.
Unsure where to begin? Here are the eight best businesses to start with little money:
1. Window Cleaning Business
A window cleaning business is one of the best businesses to start for entrepreneurs with little money. It requires very little investment, and compensation is quite competitive for the hours you clock in. There is only one difficulty: getting clients. Because storefronts are coming under increasing pressure amid the fledgling brick-and-mortar business model, many may be apprehensive to pay for window cleaning, especially when they can do it themselves with paper towels and Windex.
That said, starting a small business with little money is the best approach. Eventually, through word of mouth and a basic website, you could have a superb rolodex of businesses.
2. Pet Sitting Business
It is estimated that the average household spends around $1,200 a year on their pets. Of course, you likely know plenty of individuals who fork over that much money on food alone – fido needs his steak tartar, quail eggs, and sweet potato for dinner.
As more people decide to ditch the kids and instead have pets, there will be a growing demand for pet sitting – when the owner is away on business or vacation, someone stays in the home and looks after the dog, cat, or fish.
Indeed, not every pet owner is comfortable with this arrangement, leaning on friends or family to care for their furry creatures. That said, it takes one client to be the go-to guy or gal for pet sitting. And you’ll be raking in loonies and toonies for simply watching and caring for a cute animal.
3. Uber or Lyft Driver
Ride-sharing is helping thousands of drivers earn passive income, a full-time salary, and enough to pay off their car. It’s a superb and innovative service that any motorist should take full advantage of.
All you need is an automobile, an account, and an impeccable history. That’s it. You don’t need a lot of money to start this business.
4. Tutoring Business
Are you a mathematics wizard? Can you teach chemistry to a monkey? Is history your passion? If you love to mentor others, then tutoring could be one of the best businesses to start with little money.
Whatever you’re into, and whatever your credentials are, tutoring is a great way to earn cash. While there are plenty of free tutoring services on the web (the Khan Academy is just one example), some families like the personal touch and will rely on a professional tutor to teach.
Again, like pet sitting, it takes the rave reviews of only one person to nab more families.
5. House Cleaning Business
Who can live in filth? You are probably like many others who have all of the latest cleaning products to clean everything from mildew to mold to the grime in your kitchen tiles. But why not use these cleaning products for places other than your home?
Some homeowners can’t be bothered to keep their humble abodes in check. They would prefer to spend the two or three hours with their kids, having fun, and experiencing life – not scrubbing the toilet.
This is your opportunity to shine! You can start small with your own supplies, then, with more clients under your belt, you can reinvest the profits into better and more professional cleaning products and tools.
6. Domain Name Buyer
Bitcoinmania may be dying down, but a lot of people may a killing off of the peer-to-peer digital currency. Bitcoin.com was bought and sold for nearly $3 million, leading people to realize that you can make money off of domain names. You just need to pay attention to current events and what is happening all over the world.
Imagine if you had pets.com at the start of the dot-com bubble. You would have made a fortune.
So, all you need to do with this venture is purchase domain names for as little as $0.99, and if that domain is eventually in demand by power players, then you can sell it at a premium.
7. Website Flipper
Everyone knows about house flippers, which were synonymous with the housing crash a decade ago. But what about website flipping? Yes, there is a huge market for it, and many of these flippers are making good dough from their knowledge of website design.
Website flipping requires more digital acumen then money, though you do need to cover the cost of web hosting, domain buying, and server maintenance. Aside from that, if you are great and fast at redesigning web portals, then this is a business idea for you.
8. Errand Runner
Dropping off dry cleaning, doing groceries, and picking up your cat from the spa? Ain’t nobody got time for that!
In an environment where time is a precious commodity, it is becoming increasingly difficult to manage our time. Since we demand downtime to unwind from our hectic schedules, the last thing we want to do is run errands before or after work. This can be avoided by hiring an errand runner.
There are platforms that connect errand runners with clients. However, you can start your own website and advertise your services in your area. Just list the errands you’d run, the cost of each errand, and your reliability. Remember, with such a service so local, you need to have incredible word-of-mouth and an excellent reputation.
OK, task rabbit, go!