Starting a business has never been easier. With technology advancing and COVID-19 significantly impacting consumer behavior, there are a plethora of new opportunities for aspiring entrepreneurs.
However, not all businesses are the same. They differ in terms of startup cost, business model, and profitability.
Today, we’ll discuss some low-cost business ideas that can help you generate quick and consistent profits.
Let’s dive in.
1. On-Demand Mobile Services
The COVID-19 pandemic has taught us one thing – mobility is the future. The on-demand mobile application market was already reaching new heights, but the epidemic has given it an essential boost.
People have almost entirely ditched human-contact. Whether it’s ordering food, booking a taxi, or hiring landscaping services, consumers are looking for online solutions. If you can provide a service without letting your customers move from their place, you are destined to succeed. As for billing, you can find any free invoice and billing app for Android to send invoices online.
There’s no limit to the services you can offer. Some examples of profitable on-demand mobile services are landscaping, repair, home moving, and garage repair.
2. B2B Services
We live in a dynamic business landscape. According to Get2Growth, roughly 100 million startups open each year, intending to make a difference in this vying world. Thus, B2B services like digital marketing, social media management, web development, and branding are in high demand. Some companies also outsource their core operations like payroll, bookkeeping, and customer support.
If you have in-demand skills, you can offer services to startups and small businesses. Later on, you can expand your team and offer a broader range of services. Nowadays, earning a six-figure income with a digital agency is very realistic.
3. Designer T-Shirts
Custom-printed t-shirts are very popular, especially among teens and younger adults. You can also design and sell print-on-demand t-shirts. And you don’t need to be a fashion designer.
Platforms like Teespring allow you to design and sell t-shirts. Besides, Teespring handles all inventory management and shipping, so all you need to do is design and promote your custom apparel.
If you can’t design a t-shirt at all, you can find freelance designers at affordable costs on websites like Upwork and Fiverr.
Since we touched upon freelancing, let’s talk about it in a bit more detail. If you are skilled at something, but you don’t have the resources to start an agency business, you can begin as a freelancer. In fact, most digital agencies were once freelance businesses.
Freelancing refers to working on particular gigs and getting paid on a per-project or an hourly rate. It allows you to work with a wide range of clients instead of working on a salary basis for a single employer.
And if you’re uncertain about the earnings, “31% of freelance workers in the US earn more than $75,000 per year,” showed a study by Upwork. However, the study also indicated that there are about 57 million freelance workers in the US alone. It is, therefore, a competitive business that requires a lot of hard work and dedication in the initial phase.
Billing and invoicing are some other concerns freelancers often face. A lack of collaboration and ineffective communication leads to inaccurate billing, which is frustrating for both freelancers and clients. To avoid this, use robust invoice software for Windows like Moon Invoice.
Sharing businesses have become the new normal. Several factors have contributed to this shift, mainly the increasing environmental concern, rising costs, and minimalism.
Nowadays, people share everything from car rides to homes. That’s why businesses like Lyft, Uber, and Airbnb have skyrocketed over the past few years. Coworking spaces are another excellent example of sharing business.
If you have a sharing business idea in mind, turn it into a reality. However, be sure to keep the social distancing measures in check.
6. Sell Digital Products
People love products that they can exercise from their smartphones or laptops. These include online courses, e-books, videos, music, software solutions, and everything that can be digitally utilized.
If you’re good at a skill and feel you can help others develop it, create an online course. Digital marketing, e-commerce, and web development courses are in high demand. Contrarily, you can also compile your knowledge in the form of an e-book.
If you’re worried about selling digital products, Shopify has got you covered. It offers a free digital download platform that allows you to list and sell digital products.
7. Real Estate Service Provider
Real estate investments have surged in all developed and developing countries. People see real estate as a lucrative investment opportunity and not just a place to reside. This shift has ignited the demand for reliable and knowledgeable real estate agents.
If you have an eye for properties, real estate services can be a low-cost, high-profit business idea for you. However, some regions require realtors to have a real estate license. So, be sure to check in on the regulations before getting started.
In addition, real estate services are essentially a reputation-based business. You’ll need to print business cards and devise a strong marketing strategy to gain visibility and attention.
8. Personal Branding
Arguably the hottest business idea of 2020 and beyond is personal branding. If you have an audience that loves you and what you do, you can monetize in a myriad of ways to earn a consistent income.
For example, you can launch an educational blog, grow your audience, and monetize your blog with Google Ads, direct advertisements, and affiliate marketing. If you’re an artist, you can set up a Patreon account and encourage your fans to support you.
Social media also offers several branding and business opportunities. By growing an audience on platforms like Instagram, you can become an influencer and collaborate with brands. If you love creating videos to entertain or educate, you can start a YouTube channel and monetize it with Google Ads and brand promotions.
But when it comes to monetizing your personal brand, always adopt an audience-first approach. Understand what your audience needs and deliver content accordingly.
That’s not all. There are hundreds of business ideas out there, and what you do boils down to your passion and the resources you have.
Technology has made running a business effortlessly. You can now create and send invoices online with invoice software for Windows instead of printing paper invoices.
But in the end, running a business requires planning, persistence, and patience.