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I like saving money. But even more, I like MAKING money. But I get it, who wants to risk a lot of money when you're not sure if your business will succeed?
I have my University degree in Business Management and I've been running online businesses for 2 decades. Yeah, I'm old. And in that time I've learned the best low-cost business ideas with high profit potential:
- Have a skill or hobby? Upload instructional videos to Teachable
- Blogging using Squarespace
- Affiliate marketing
- Freelance writing – start making a profile on Fiverr
- Start an online store on Shopify
- Flipping stuff
- Sell your skills online on Fiverr (or your feet. No judgment. I’d do it, but unfortunately I’ve been told I have chicken flipper-looking feet. Thanks for the honest feedback, Mom!
It's never been a better time to launch your own small business. 66% of small businesses are profitable, and nearly 5 million new businesses were registered last year – a 42% increase from previous levels.1 But what kinds of businesses can you start, especially if you don't have a lot to invest?
Table of Contents
Low Cost Business Ideas With High Profit
Starting a business doesn't have to be expensive. With the right mindset and a sprinkle of creativity, you can turn a small investment into a goldmine full of, um, gold! (Dang, I stink at analogies!)
Sell Your Skills With Online Courses
Profit potential: $500,000+ per year
Cost: You can start with $0 but I highly recommend the free trial of Skool or use Teachable because it makes it way easier to profit compared to doing it solo.
Doing it solo is never as fulfilling, is it? Hey, get your mind out of the gutter! I was talking about eating lunch.
Miss Excel makes millions of dollars a year by uploading videos about how to use Microsoft Excel:
Miss Excel didn't need to spend much money. She used her knowledge and added her own creativity.
Teachable.
Fascinated? Hear Miss Excel's complete story about she makes money with online courses as a business here:
Create and sell online courses to help people to learn a specific skill or gain knowledge in a particular subject. You can create a course for just about anything you know well, such as
- photography,
- laser tag fashion trends,
- cooking,
- life coaching,
- hair and make up,
- coding, or
- understanding various cat communication such as the sad meow, the hiss, and the “cuddle-me-now-or-I’ll-pee-in-your-left-shoe” purr.
With the rising demand for online learning, the earning potential is sky-high. CNBC recently profiled a photography course creator who makes $240,000 a month through her business. $240k. A. Month.7
To get started, check out platforms like Teachable, Skillshare, and Skool, which provide easy-to-use tools and resources for creating and selling online courses. These platforms also have a wide reach, allowing you to tap into a global audience and expand your customer base.
Wondering how to promote your course? You can promote the course(s) you create via social media! Check out our article on How to Make Money on Pinterest.
If you're still thinking about things you could monetize and create a course from, check out our articles on how to make more money, and how to make money fast.
Tips For Getting Started as an Online Course Creator:
- Choose a topic you're passionate about: Find something you love and have expertise in. It could be cooking, rodeo, fitness, guitar, photography, advanced animal origami, or anything you're good at. This will make creating content more enjoyable and engaging for your students.
- Research your target audience: Understand who your potential students are and what they're looking for in an online course. This will help you tailor your content and marketing strategies to attract the right audience.
- Plan your course content: Break down your topic into modules or lessons and create a clear outline. This will give you a roadmap to follow and make it easier for students to navigate through the course. For instance, for my upcoming course on tater tot making, I already know Video 1 will be “Open the Bag.” And Video 2 will be “Spill Tots onto Pan.” Not sure about the rest yet.
- Invest in quality equipment: To create professional-looking courses, invest in a good microphone, camera, and lighting setup. Clear and high-quality audio and video will enhance the learning experience for your students. First try with your phone to see if it’s good enough quality.
- Promote your course: Use social media like Facebook, Instagram, and YouTube to showcase your expertise and attract potential students. Engage with your audience, share valuable content, and build a strong online presence.
Affiliate Marketing
Profit potential: Millions of dollars (yes, really. I have friends who have accomplished this.)
Cost: You can get started right away for $0, but I suggest sending emails to your followers using ConvertKit (there's a free trial). And build a website with Weebly or set-up a WordPress site on SiteGround.
Affiliate marketing is one of my favorite low-cost business ideas with high-profit potential. This lucrative business opportunity allows you to earn commissions by promoting products, referral bonus apps, or services through your blog, website, social media, or podcast.
So how does it work? It's simple. As an affiliate marketer, you sign up with companies or platforms like Shareasale and ConvertKit to become their affiliate. They provide you with a unique referral link or coupon code that you can share with your audience, for example, the way Amazon helps affiliates promote their Audible program. When someone makes a purchase using your link or code, you earn a commission.
The beauty of affiliate marketing is that you can do it from the comfort of your own home, at your own pace, and with little to no upfront investment. Actually, you can do it from anywhere, so if you win an all-expenses-paid trip to Bhutan, you could continue earning money through affiliate marketing!
All you need is a computer or smartphone, an internet connection, and the willingness to learn and promote products or services that align with your interests or niche.
The profit potential of affiliate marketing is immense. You can earn passive income by creating content once and earning commissions for years to come. For example, skinfluencer Vi Lai makes $5,000 to $6,000 a month simply through affiliate sales of the products she recommends to her followers on TikTok.2 And yes, the skinfluencer market is huge and extremely lucrative!
However, you don't have to specialize in skin care or makeup to make money with affiliate programs. Take a look at our list of businesses to start with 10k to get an idea of something that would work for you!
Tips For Getting Started as an Affiliate Marketer:
- Find Your Niche: Start by identifying a specific area or industry that you're passionate about or have expertise in. This will help you choose the right products or services to promote.
- Research Affiliate Programs: Look for reputable affiliate programs that align with your niche. Popular platforms like Shareasale, Amazon Associates, and Commission Junction (CJ) offer a wide range of products and services to choose from.
- Build Your Audience: Focus on building a loyal audience through social media platforms, blogs, or YouTube channels. Engage with your followers, provide valuable content, and establish yourself as an authority in your niche.
- Promote Quality Products: Don't just promote any product or service for the sake of making a quick commission. Your audience's trust is essential, so only recommend products that you truly believe in and that provide value to your audience.
- Track Your Progress: Monitor your affiliate marketing efforts using analytics tools and track your conversions, clicks, and commissions. This will help you identify which strategies are working and adjust your approach accordingly.
Needs ideas for what promote? How about electronics, phones, or luxury items?
Freelance Writing
Profit potential: up to $300,000 per year for the best writers. $100,000 is definitely doable for very good writers – I should know, I’ve hired these folks!
Cost: You can start with $0, but I recommend this course, Freelance Writing 101, so you don’t waste your time making rookie mistakes
Are you looking for a low-cost business idea with high-profit potential? Look no further than freelance writing! With minimal upfront investment and the flexibility to work from home (or anywhere!), freelance writing can be a lucrative business opportunity.
All you need to get started as a freelance writer is a passion for writing and a computer with internet access. You can offer a variety of services such as blog posts, articles, website content, email newsletters, and copywriting.
The best part is, as a freelance writer, you have the potential to earn a significant income. Entrepreneur interviewed freelancer writer Zulie Rane, who makes over six figures a year as a freelance writer.3 With the right client base and a solid marketing strategy, you can make a really high profit.
Freelance writing is one hobby you can make money with, and it's also one of the better ways to make money fast.
One fast way to earn money freelance writing is by signing up with Fiverr.
Once you're ready to take your freelance writing to the next level, invest in a course like Freelance Writing 101, which will show you how to make a living as a writer, market yourself, and give you feedback on your writing and promotion strategies.
So, if you have a way with words and a desire to turn your writing skills into a profitable venture, consider freelance writing as your low-cost business idea. Start earning with every word you write!
Tips For Getting Started as a Freelance Writer:
- Strong Writing Skills: The ability to convey ideas effectively is the foundation of a successful freelance writing career.
- Specialize in a Topic or Industry: You'll stand out from the crowd by specializing in a specific niche, such as technology, health and wellness, travel, or the luxury fuzzy slippers market.
Note: Today, I learned that niche is pronounced “nitch” if you’re American like me, or “neesh” if you’re all fancy and French. Now I’m feeling fancy, so I’m going to daintily raise my pinky while gnawing on my delicious bbq ribs. I’m sorry. Barb–EH-cuuuuuuuue.
Establishing yourself as an expert in a particular field will attract clients looking for specialized content.
- Build a Portfolio: Create a portfolio of your best work to showcase your writing skills. Start by writing samples in your chosen niche, and if you don't have any published work, consider creating your own blog or guest posting on other websites.
- Network and Market Yourself: Connect with potential clients through social media platforms like LinkedIn and Twitter. Engage in relevant online communities and forums to make connections and showcase your expertise. Additionally, create a professional website to highlight your services and showcase your portfolio.
- Set Reasonable Rates: When starting out, consider charging lower rates to attract clients and build a customer base. As you gain experience and improve your skills, you can gradually increase your rates.
Blogging
Profit potential: Millions of dollars per year. I have friends who have sold their blogs for many millions of dollars, and that was after years of profiting millions of dollars. Earning 6 figures a year blogging is definitely possible.
Cost: You can get started immediately for $0, but I suggest getting email software from ConvertKit and a website from Weebly or Squarespace or a Wordpress site hosted on SiteGround.
Blogging as a low cost business idea with high profit potential is close to my heart, much like barbecue ribs. Or am I talking about heartburn? Either way, blogging is one of the ways I got started on my entrepreneurship journey, and it's brought me incredible opportunities.
Blogging is an online venture, requiring just a few initial investments, such as purchasing a domain and hosting, that can lead to sustainable success.
Blogging is a creative and engaging way to share your thoughts, expertise, and passion with the world. All you need is a knack for writing and a topic that excites you. Whether it's fashion, tech, or travel, find what makes your angle different and establish yourself as an expert.
I’m here blogging on Touchdown Money about how to make money online so you can gain more freedom in your life. My unique experience is that I was a public school teacher, plus I worked for multiple bloggers who built million-dollar businesses FROM SCRATCH. I learned all their tricks. Now, I use my teaching skills to teach others about online business.
But I keep hearing the fear, will AI kill blogging? No. AI will kill boring, generic blogging. But you’re not generic! Let people feel your personality and talk about your topic from your authentic personal experiences.
How exactly does blogging bring in the money and profits? Well, there are several ways to monetize your blog. You can use blogging platforms like HubSpot, Weebly, and Duda to set up your blog, first. You can then run display ads on your site or offer sponsored content opportunities to brands willing to pay for exposure.
Need some real-life inspiration? Blogging experts Create And Go interviewed bloggers in their community and found how much you can make can vary, with bloggers earning $100 to $25,000 per sponsored post, for example. Some of the top bloggers, like recipe blogger Pinch Of Yum, earn upwards of $100,000 a month.
Check out our articles on how to make money online for beginners to get started, then follow up with our article on how to make 10k a month for more inspiration.
Tips For Getting Started as a Blogger:
- Choose a Profitable Niche: To make the big money from your blog, tap into hot topics people are crazy about. Consider blog topics like food, personal finance, lifestyle, parenting, interior design, fitness, travel. But then have a specific angle.
For instance, take fitness. You can help people by selling them fitness courses, coaching, fitness products from affiliates, and more. Your angle might be fitness for office workers, or fitness for people with knee injuries, or fitness for sexy retired librarians, or fitness while exercising with your dog.
You can carve out your slice of the pie from these topic areas that have audiences who are willing to pay for products and services to help them. Dammit, I shouldn’t have talked about pie. This is not helping my fitness goals!
- Create Epic Content: Quality content is the key to attracting and retaining readers. Be original, be informative, and be entertaining. Throw in some killer visuals and engaging videos, and you'll have people flocking to your site like moths to a flame.
- Engage with Your Audience: Building a loyal community is vital for success. Interact with your readers through comments, emails, and social media. Show them some love, respond to their questions, and make them feel like a part of your crew.
- Optimize for SEO: Want more traffic? Better get cozy with SEO! Keyword research and earning links to your website will help you rank higher in search engines where new people will find your website.
- Monetize Like a Boss: Now, this is where the magic happens. Once you've built a strong following, it's time to start making some money. Partner up with affiliate programs, run display ads, partner with sponsors, sell your courses, and more.
Run an Online Store
Profit potential: Millions of dollars per year
Cost: You can get started immediately for $0, but I suggest getting email software from ConvertKit and a website from Weebly or Shopify, or a WordPress site hosted on SiteGround.
Are you itching to start your own business but don't want to deal with the cumbersome overhead costs? Look no further than running an online store! Not only does it offer the flexibility of working from anywhere, but it also comes with significantly lower costs compared to traditional brick-and-mortar businesses.
To get started, you'll need a few essentials. First and foremost, an internet connection is a must, followed by hosting for your website (Siteground is a great option) Then, brush up on your skills in graphic design, social media marketing, and content creation.
The beauty of running an online store is the profit potential. With the right strategy and a solid customer base, you can rake in serious cash. In fact, with even fewer resources and just $185, two friends created an AI business planning program and then sold it for $150,000.4
And Ryan Hogue makes nearly $15,000 per month selling t-shirts from his online store.5
If you're selling a product, sign up for a hosting service designed for sales, like Shopify. Shopify will provide you with the backend necessary to price your product, and help you figure out ways to sell it (drop shipping, label printing, etc.)
Check out Printful and Redbubble as a places to sell your designs. Be sure to read “Is Redbubble legit?” too!
Need a little guidance to get started? Check out these excellent business ideas for women, website builders to help you design your site, and the best web hosting services (no cheap providers that go down right in the middle of sales!)
Tips For Getting Started as an Online Store Owner:
- Sell Something People Want: Whether you're selling your homemade soap using oils sourced from Bhutan, or your super rare Magic cards, check out the market using research tools like “DS Amazon Quick View” or see what’s hot in online forums with your potential customers.
- Master Online Skills: Up your game in graphic design, social media marketing, and content creation. These skills will help you create eye-catching visuals, engage with your audience, and create compelling content that sells like crazy. One course I recommend? The Adobe Illustrator Essentials course, which will teach you how to make illustrations, logos, and more. Not only will this course help you build your skills, it will also save you money – no hiring an expensive logo designer!
- Equip Yourself Like a Pro: Get your hands on a good camera, editing software, and a reliable computer. These tools will help you create high-quality product photos and videos that make your online store shine.
- Partner with the Best: Boost your earnings by partnering with top-notch affiliates like Shopify and SiteGround. They'll provide you with the resources and support you need to take your online store to the next level.
Flip Stuff
Profit potential: $100,000+ per year
Cost: You can start with $0
Are you considering starting a flipping business to turn your passion for finding great deals into a profit-pumping machine? If you've got a knack for identifying what people want, then flipping might be an excellent low-cost business idea with high-profit potential for you.
What is flipping? It’s when you buy items at a low cost, whether it's from yard sales, thrift stores, or online marketplaces, and then sell them for a higher price to make a sweet profit. Read more about flipping here: What Flips? But you do need some skills and equipment to get started.
First, you gotta have an eye for value. You need to be able to spot hidden gems and amazing deals that others may overlook.
Plus, having basic negotiation skills can come in handy. I love this book for learning negotiation: Never Split the Difference. Or if you prefer learning by video, join MasterClass and learn from Chris Voss himself.
Next, you'll need equipment to showcase your items in the best light possible. A good camera is a must-have.
Now, let's talk profits. The beauty of flipping is that the sky's the limit when it comes to your earnings potential. Just imagine being able to double or even triple your initial investment by snagging deals and selling them to eager buyers.
Then there’s Sara Chen, who makes $3,000 a month by flipping used furniture on Facebook!6 And it's not just furniture you can flip – it's everything from vintage postcards of Bhutan, Magic cards, vintage clothes, and more. Basically, if it brings someone joy and is in good shape (or you can fix it), it's probably flippable.
You can get started on Ebay (great for seeing what the market looks like, too). Learn how in Is it worth selling on eBay? And if you want to take your flipping to the next level, sign up for a class like The Flipping Team, which will help you determine what to flip, its value, and more.
Flipping is so popular, it even makes my list of how to double 10k quickly!
Tips For Getting Started as a Flipper:
- Find Your Niche: Start by focusing on a particular category or type of item to flip. Whether it's toys, vintage clothing, or collectibles, choosing a niche will help you become an expert and know where to find the best deals.
- Research, Research, Research: Dive deep into the market to understand the prices of items in your chosen niche. This will help you determine the potential profit margins and set reasonable selling prices.
- Build Your Network: Connect with other flippers, sellers, and enthusiasts in your niche. Join online communities, forums, and social media groups to learn from their experiences, exchange tips, and even find potential leads for flips.
- Develop Your Eye: Train yourself to spot hidden treasures and valuable items that others might overlook. Visit thrift stores, yard sales, and flea markets regularly to sharpen your instincts and stay ahead of the game.
- Start Small: Begin with low-cost items to minimize risks and gain experience. As you build your confidence and profits, you can gradually increase your investment and take on bigger flips.
Common Questions About Low-Cost Business Ideas With High Profit
What Is the Cheapest Most Profitable Business to Start?
The cheapest, most profitable business to start is freelance writing. You don't need anything more than access to a computer and good internet. Simply sign up for a connection service like Fiverr to help you find clients, and then start writing! I recommend this course: Freelance Writing 101.
What Is a Good Business to Start With $1000?
Flipping stuff is a good business to start with $1000, as $1000 should get you plenty of things to start flipping, like vintage clothes, toys, and even furniture. Check out What Flips to learn more.
Love to travel? Have a phone with a nice camera? Here's how to make money as a travel photographer.
What Kind of Business Can I Start With $500?
If you're looking for low-cost business ideas with high profit potential, $500 is a good start to building that business. You can start your own online store with $500, investing in a platform like Shopify to build a sales website and getting professional photos of the items you're selling.
What Is the Best Business to Make Money Fast?
If you want to make money fast, the best thing to do is freelancing on Fiverr.
Offer your skills as one of these:
- writer
- video editor
- voice over artist (you read scripts for videos)
- coder
- virtual assistant
- graphic designer
Build up clients, a portfolio, earn positive reviews, then raise your prices.
Low Cost Business Ideas With High Profit in USA?
Want to start a low cost business with high profit in the United States? One of your best options is flipping products! Flipping stuff, especially within your city, can be lucrative. Get started with something you know about, like vintage clothes, shoes, games, then source those items from your city. Fix them up or dust them off, and sell them at a higher price to collectors. Learn more in Is it worth selling on eBay?
Low Cost Business Ideas With High Profit From Home?
If you're looking for a low cost business idea with high profit that you can do from home, you're in luck. Some of the best low cost business ideas are absolutely doable from home, including:
- Freelance writing, proofreading, video editing, graphic design, voice over artist on Fiverr AND Upwork
- Blogging (use Siteground for web hosting or use Squarespace)
- Upload videos teaching one of your skills or hobbies with Teachable
- Affiliate marketing
Cheap Business to Start Under 10k?
One of the best cheap businesses to start for under 10k is teaching something you’re good at. Check out Skool or Teachable for help profiting from teaching your online course.
Do you knit bespoke scarves for baby squirrels? That's a real skill people would pay to learn! Maybe. Or better, teach people how to cook your best dish, or dance, or stay fit, or dress more fashionably, or how to do great on an interview, or how to find cheap travel deals.
Courses can be passive income because you can record it once, then sell it for years to thousands of customers.
Profitable Home Business Ideas?
There are so many profitable home business ideas, including:
- Blogging – pair your blogging with affiliate marketing for a good investment! (host your blog on Siteground
- Freelance writing (check out this course: Freelance Writing 101)
- Teach something online with Skool
- Affiliate marketing
Low-Cost Business Ideas With High Profit Reddit?
On Reddit, people have plenty of tips for low cost business ideas with high profit, including starting a blog about something you're passionate about.
Selling your skills via a platform like Fiverr is another popular suggestion from Redditors, with people suggesting web development or graphic design as particularly lucrative.
Related:
- How to Make More Money
- How to Make Money on Pinterest
- What Flips
- Is it worth selling on eBay?
- Is Redbubble legit?
Sources:
1 – https://blog.hubspot.com/sales/entrepreurship-stats
6 – https://www.thepennyhoarder.com/make-money/side-gigs/flipping-furniture/
