Having a small budget doesn’t necessarily mean you can’t start a business. Despite what you may think, small businesses have the same survival rates in a good economy and a bad economy.
Survival rate, according to the Small Business Association, show that two-thirds of small businesses with employees survive two years in business. In addition, half of these small businesses survive at least five years. Subsequently, the volatility rates remain relatively constant. Interestingly, these survival rates don’t vary much from industry to industry, whether it’s manufacturers, retailers, foodservice, or hotels.
In addition, most micro-enterprises (those with less than 10 employees) start with a very small budget. Whatever business idea you choose works best for you, and whatever your budget, it’s important to calculate your start-up expenses before you get started.
Choosing a business idea for a small budget
Countless little ones Business ideas do not require a large capital investment. The Really Useful Information Company (TRUiC) researched ideas and picked some of the best, making it easier for you to find one through their guides and business tools.
Finding the right business idea for a small budget depends on whether you want to work from home, start an online store, open a physical store, or just make some extra money with a side business.
Depending on your skillset and personality, one of these low budget business ideas might be right for you:
Personal training or nutrition advisor
If you are a certified fitness or wellness fanatic who can help others, you don’t need a lot of money to start making money. There is no need to open a gym or work in a corporate gym, start your business by offering your services as a personal trainer. There are several ways to do this: either by finding clients who want one-on-one workouts at home or at work, or by finding groups of clients to work out at local parks or community centers.
As a certified fitness trainer or health coach, you can also create a personalized exercise and nutrition service for people who want to achieve their health goals.
Becoming a personal trainer or nutrition consultant requires a small investment. This includes the price of your exercise equipment, license fees, a website, liability insurance, and advertising.
Tutoring and cultural enrichment
Teachers, musicians, artists, and performers can all easily start a business by volunteering their services in teaching others any of these skills.
Typically, teaching any of the cultural activities like theater, music, and art requires a space where you can present your lessons. If you don’t have one at home, you’ll need to find one to rent. With music lessons, you can also teach your students at home.
Home tutoring companies offer former teachers a wonderful opportunity to help children who need extra help with schoolwork. These lessons require a quiet space in your home or the children’s homes.
This is the perfect company for someone with marketing skills and knowledge of social media platforms. Businesses have an endless need for someone to help them organize and execute their ad campaigns, digital marketing campaigns, and social media marketing efforts. If you are good at writing, you can also offer a content marketing service. Marketers can also help businesses plan events, launch products, etc.
Start your marketing business by defining the services you will provide and the business you will respond to. You don’t need to rent an office for this type of business, but you will need a dedicated space to work. Besides your computer, you will need some free time to keep up with marketing trends. You should also make sure that you always have the latest required software.
Career coaching and business consulting
These two jobs require qualifications and experience. Most career coaches and business consultants are highly skilled and knowledgeable in their field, and this is the perfect business idea if you fall into this category. Whether it’s enhancing the professional value of a client or helping with project management in a business, these professions have the potential to generate a solid income.
Online stores are a great low cost business idea if you have a product that you want to sell. It’s easy to set up your own ecommerce store, and depending on what products you want to sell, you may even decide to become a seller on eBay, Etsy, or Amazon.
These are just a small example of business ideas for small budgets. There is no limit to the number of ideas. Ultimately, the company you choose depends on your skills or your willingness to learn something new.