Starting a home business can be a great venture for many people. Not only can it provide some income on the side, but if it is successful, it can change your life entirely. However, starting a business of any kind can be intimidating, especially if you start thinking about the risks involved.
Fortunately, there are many business ideas that do not require much startup capital. Not only does this make them great options for most people, but they carry few risks compared to other business ideas. So, if you are interested in starting a home business with a low startup cost, keep reading.
Make Money Off Your Skills
Do you have a skill that makes you stand out from the crowd? It does not even have to be something you do for a living. In fact, hobbies you are passionate about are far preferable to anything else. After all, these passions are the key to success for small home businesses.
Of course, certain skills require credibility to teach, such as acting or high-level consultation. But there is also plenty you can showcase and teach others from experience and passion alone. Some home businesses centered around skills include:
- Art and music lessons
- Nutrition and personal fitness
- Tutoring and test prep
There is room for you to teach almost any skill. Moreover, consultation using skills you have acquired over your lifetime can be a lucrative business opportunity. Plus, not only does it cost next to nothing to get up and running, but it can be something you do a few hours a week or every day.
A few things you have to keep in mind if you decide to teach or share your skills is advertising. The biggest step to finding success is getting your name out there. After that, your work should speak for itself. That being said, providing evidence of your skill and utilizing any contacts you have is valuable.
Start a Dropshipping Business
Ecommerce provides many opportunities for people to start a business at home. However, it can be a lot to do if you are looking for something small to begin at home. After all, to launch a successful business, you have to do a lot of things at one time. You need to pick products, build a website, market the products, and deal with orders.
Starting a dropshipping business can take one of the largest steps out of the process and make your life much easier. Dropshipping is a fulfillment model that utilizes a third-party supplier. What you do is work with someone else and have them take care of everything related to getting the goods to the customers, including things like:
Not only is dropshipping a much easier way to sell goods online, but the overhead cost is low. Moreover, there is a lot of flexibility. You can sell any number of goods, including curated selections or a specific niche.
That being said, it does not take all of the effort out of a home business. You are still responsible for building the website, attracting customers with effective marketing, and picking out the right products. But if you have the right plan and third-party supplier, you can do very well with very low startup costs.
Begin Your Own Blog
Very few home business opportunities provide as much potential as blogging. Blogging is one of those things that can bring in a bit of extra cash or turn into something massive. And mainly, it is about learning what works and what does not. However, even if you do not delve deep into the realm of blogging, it is still worth trying.
The main reason starting a blog is so appealing is that it has very low startup costs. In fact, aside from needing a website, there is not much else you need to worry about. And websites are cheap.
Once you have your hands on a website, it all comes down to picking a topic. Ideally, it will be something you are passionate about, but it does not have to be. You can simply go with things you are interested in or follow current trends. From there, you have a lot of options to make money, including:
- Utilizing advertisements
- Affiliate marketing
- Using it to sell your own products or services
A blog is also a great tool to make money with your talents or other home businesses. Not only can it make you money by itself, but it can direct readers to other articles or products that you have a hand in.
Create Digital Products
Creating digital products covers a broad range of things, but the good news is that all of them have the potential of making money without the need for high startup costs. One example of this is the aforementioned making money with your skills. Of course, the subtle difference is that you would make money from something like an online course.
You can also directly sell your music or art instead of teaching others the craft. Moreover, with the popularity of NFTs, many opportunities are opening up to digital creators. And the list of possibilities does not end there. You can also consider some of these possibilities for creating digital products:
- Stock photos
There are a ton of possibilities for creating and making money off of digital goods. And since most of it will require very little to get going, there is no specific startup cost to speak of. That being said, it all depends on what digital goods you plan to make and whether you have what you need to get started.
Become a Freelance Writer
There is a major market for freelance writers. People need all kinds of content written, from in-depth articles that cover a specialized topic to basic correspondence. It can even allow you to display any other skills and experience you have by applying that and creating your own niche. Some common categories of freelance writing are:
- Feature Writing: Writing feature articles for publications requires an appealing portfolio and credibility. While it is a lucrative form of freelance writing, it also has stringent requirements.
- Ghostwriting: While novels are what most people might think of when it comes to ghostwriting, it is a much bigger market than that. You can ghostwrite articles, blog posts, or anything else someone wants to put their name on.
- Copywriting: Creative content is harder to write than many people think. Where copywriting is concerned, every word is gold, and it needs to pack a real punch. But if you are creative and know how to grab attention with a quick snippet, give it a shot.
The best part about freelance writing is that there are opportunities at every skill level. Moreover, it can be done as a side gig or a full-time job. And as an added bonus, freelance writing has practically no startup costs.
Sell Handcrafted and Homemade Goods
Selling handcrafted or homemade goods is a fantastic way to start a business from home. And depending on what you are creating, the startup costs remain low. However, not all handcrafted goods sell. The key is finding the right angle to make your goods stand out. Essentially, you have to make something people want and market it well.
Of course, there are other cost concerns. For one, you have to keep shipping in mind. You can either take care of shipping yourself or turn to a third-party shipping service. Though, if you are looking for something small to make some extra income, shipping things yourself should not pose a problem.
You also need to consider marketing. That being said, if you decide to sell on a platform like Esty or eBay, it might not be as big a deal at first. Consider making a website to feature your goods and link to them. You also want active social media accounts to interact with customers.
Work As a Virtual Assistant
The increase in remote work also made the role of a virtual assistant more necessary than before. Many people now working from home might not be accustomed to it. Therefore, the need for skilled assistants familiar with all of the tools and intricacies of the digital workplace is high. Virtual assistants are responsible for things like:
- Booking appointments
- Managing an employers schedule
- Taking notes during a call or virtual meeting
- Making calls and interacting with people on behalf of the employer
Virtual assistants are responsible for everything that an ordinary assistant might do. Moreover, virtual assistants need to be familiar with the tools required to make an online workplace flow smoothly. Additionally, a strong grasp of computer and technical skills is nice.
What makes becoming a virtual assistant such a great home business is the freedom. As a virtual assistant, you can take on as many clients as you have time to help. Moreover, it can all be done from home and with minimal startup costs. There are also many platforms to connect virtual assistants with those in need.
Try Your Hand At Transcription
Transcription is a mixed bag. Depending on the job you take, you might not make much money for your time and effort. However, even those jobs provide a decent wage for work you can do whenever you want. In fact, even if you only have a spare 15 minutes here and there, you can do transcription work on some sites.
But it takes more than a bit of spare time here and there to make real money as a transcriptionist. For starters, you need to type quickly. The faster you type, the more you make as a transcriptionist. You need to be accurate, too. Additionally, having an ear that can pick up the correct word when the audio is bad or an accent is heavy will help.
Assuming you have the typing skills to match your ambition, transcription work can be rewarding. It is needed for videos of all sorts, audio recordings, and live conversations and meetings. Moreover, the startup cost is minimal. At most, you might need to pick up a cheap computer and a good pair of headphones to make it all easier.
Learn Web Development
Web development might seem intimidating at first, and it really can be a difficult subject to tackle. However, it offers some fantastic rewards for your effort. The best part is that there are a ton of free resources to help people learn the art of web development, meaning there is no excuse not to see things through if you decide to learn.
Additionally, considering how popular ecommerce and online businesses are, there is plenty of web development work. In fact, having a website is almost mandatory these days. And because websites are so necessary, everyone needs help setting up a website, from businesses to individuals.
So, if you are looking for a home business to do on the side or an entirely new career you can do from home, web development is one of the best. There are plenty of opportunities and learning resources, and web development can be pursued with very low startup costs.
Make a YouTube Channel
YouTube is a business you can do from anywhere, much less your home. Moreover, it has absolutely no startup costs. Of course, things might get expensive depending on the type of content you make, but you can always start simple and scale up once you attract some interest and see success.
Moreover, you do not need to become a huge YouTuber to make decent money through the channel. All you need to do is make decent content on a topic you enjoy, get a stable viewer base, and slowly grow. You can even look into the logic behind the YouTube algorithms if you really want to step up your game.
If you decide to make a YouTube channel, do not expect immediate success. It takes work. However, once you get the channel up and running, you can make money through ads, sponsors, and even affiliate marketing. It can even be a great place to promote and link your own platforms or businesses.
Streaming operates in much the same way as a YouTube channel does. The main difference is that most streaming is focused on a few key topics, with gaming being a famous example. However, streamers can do various things, so do not think it is only viable for gamers.
More importantly, streaming is one of the home business ideas that provides a lot of flexibility and potential. Not only can it be done at home with ease, but it does not require much in terms of startup. Of course, things might change if you do not already have a computer, but if you do, there is not much else to worry about.
Being a stream also allows a few different sources of revenue. Donations are a big source of money, while the same is true of subscribers. Many sponsors also reach out to streamers, who are influencers in their own right. Additionally, streamers can post highlights of their stream on YouTube for even more income.
Sell Print-on-Demand Goods
People like personalized items, and some are very easy to produce. Among those are print-on-demand goods. Print-on-demand goods often run off the dropship model, where you put most of the work on a third-party supplier. By allowing someone else to take care of inventory, shipping, and fulfillment, you can focus on sales.
There are also a lot of goods that can work with the print-on-demand model. The obvious are t-shirts, which are great if you want to provide easily customized products. However, other items that can work well with printing on demand are:
- Greeting Cards
- Phone Cases
- Tote Bags
Of course, what you decide to print on will change the equipment you need. However, even specialized equipment for most printing is not expensive. The only other problem you might face is the artwork. You need to make sure you sell your own work or public domain assets.
Another option for providing people with great design choices is working with artists. Freelance sites like Fiverr, Upwork, and 99Designs can connect you with artists to help you make some great things. Or you can contact any artist open to commissions and talk about the business. The best part is, you can do it all from home.
Provide People With Awesome Subscription Boxes
Curating products is another option when it comes to selling things online. The key is to pick themes people are interested in and put some serious thought into what goes inside. And there are a ton of options for what to do, such as featuring certain brands and local products that are not available elsewhere.
Another thing that makes subscription boxes a great home business idea is that they bring consistent income. If you make boxes people are excited about, you can get repeat business with relative ease. Moreover, as you grow, you can offer more choices and do limited-time events to garner more excitement.
Subscription boxes can also go well with other home business ideas, such as blogging. If you have a blog you are passionate about, especially if the topic relates to goods, like beauty or sports, you can tie in the subscription boxes. And you can do all of this for minimal startup costs.
These are some of the best options for starting a home business. Not only do they provide a lot of room for growth, but most of them can be done part-time or full-time once you are established. And the best part is that all of the home business ideas above can be launched with minimal startup costs.