Becoming your own boss has been a dream for many, but it used to be a lot harder to achieve. Just a generation ago, the idea of running an online business wasn’t really a thing. If you wanted to be an entrepreneur, you likely had to start a brick-and-mortar business.
Starting such a business wasn’t cheap. You either had to use your savings, max out your credit cards, or try to get a loan, which wasn’t always easy.
But today, things are different.
The internet has changed a lot, and one of the best things about the digital revolution is that it’s now easier, faster, and much cheaper to start a business. The days of renting expensive office space, hiring staff, and paying for overhead costs are largely gone.
Now, just about anyone can start a business for a relatively small investment – often even for less than $500. Here are seven examples of affordable businesses, both online and offline. Even physical businesses are easier and cheaper to start nowadays, thanks to the ability to work from home and the low cost of marketing, which can often be done for free through social media.
1. Virtual Assistant
Becoming a virtual assistant (VA) is a great option for people who are good at organizing and communicating. VAs work remotely and offer a wide range of services to clients, such as:
– Administrative support
– Managing emails
– Scheduling
– Research
– Creating content
The demand for VAs is growing, especially among businesses that need help with daily tasks but aren’t ready to hire full-time employees. Starting this business requires little more than a computer, internet access, and some basic apps or software.
2. Social Media Management
In today’s world, having a social media presence is essential. However, many people, especially small business owners, don’t have the time, skills, or interest to manage their social media accounts.
That’s where you come in.
You can offer services such as content creation, scheduling posts, and analyzing performance. According to a survey by the email marketing company Vertical Response, 43% of small businesses spend about six hours a week on social media management. With a few clients, you can easily have a full schedule and a good income.
3. Online Coaching or Teaching
Online coaching is very popular right now. Coaches offer courses or one-on-one sessions on topics like yoga, weight loss, financial management, or online marketing. All you need is a website, some marketing (like pay-per-click ads), and you’re ready to go.
Similarly, online tutoring has become more common. My daughter, for example, taught English to Chinese students online after she graduated college. She made good money, though she had to wake up at 3:00 a.m. to match their schedule. There are plenty of online platforms that make it easy to get started.
4. Pet Sitting
If you love animals, pet sitting can be a fun and flexible business. With the growing number of pet owners, there’s also a rising demand for reliable pet care. Apps like Rover make it easy to advertise your services and handle administrative tasks. As a pet sitter, you might be responsible for feeding, walking, grooming, and playing with pets while their owners are away. The start-up costs are low, usually limited to supplies and insurance.
5. House and Office Cleaning
Starting a cleaning business for homes or offices is another affordable option. You don’t need much to get started, just some cleaning supplies and basic equipment. By offering competitive rates, you can attract clients and build a profitable business.
6. Handyperson Services
If you’re handy with tools and repairs, becoming a handyperson is a great business option. From fixing home repairs to painting, plumbing, and electrical work, there’s always a need for skilled help. Start-up costs are minimal, and you can advertise your services on sites like Craigslist, often for free.
Entrepreneurship is more accessible than ever. Whether you’re managing social media or offering cleaning services, starting a business with minimal investment is possible.
Bonus Tip: Business Credit Cards Can Help
Business credit cards make it easy to separate personal and business expenses, which simplifies accounting and tax reporting. They can also offer perks like cashback, rewards points, and expense tracking tools, which can help with financial management and save you money in the long run.
