small business plan with low investment

Learn more about choosing the right structure for your business from the Small Business Administration.

6. Create a business bank account.

Once you have a legally formed business and have been issued an Employer Identification Number (EIN), open a bank account specifically for your business. Having a business bank account is essential for keeping your personal and business finances separate which can help you gain an accurate picture of your business’s cash flow and financial health.

Additionally, keeping your personal and business finances separate makes bookkeeping and tax preparation easier.

Many banks offer business checking and savings accounts. Business checking accounts typically do not have a limit on the number of transactions that can take place, and issue a debit card that can be used for making business purchases. However, these checking accounts do not accrue interest.

Business savings accounts typically earn interest over time but have a limited number of transactions that can occur each month. When you’re just starting out, look for a business bank account that does not have a minimum balance requirement so you are not penalized for having low funds as you work to build your business.

7. Determine if your business idea works well from home.

Ask yourself whether your business idea will work well from home. Some businesses simply aren’t suited to be based from home. If you want to run a dog boarding center but live in an apartment without a backyard, you might want to consider a dog walking business instead.

8. Set up an office.

If your business idea is well-suited for being run from home, it’s still important you have a designated workspace. While a home office might not be possible, consider setting aside a corner in your living room or putting a desk in your bedroom for a space that inspires you and creates the conditions for success.

Need a more professional space? If you conduct client-facing work requiring you to be on video calls, no one wants to see your rumpled sheets in the background. Check out local coworking spaces for memberships that earn you access to conference rooms, desk space, and more.

9. Get to work!

You’ve put in the hard work, but I’ve got bad news — it’s only going to get harder. But most entrepreneurs will agree that the payoff of being your own boss, making your own hours, and working on projects that you’re passionate about will pay dividends for the rest of your life.

What are the types of small businesses?

The types of small business structures are sole proprietorships, partnerships, limited liability companies (LLCs), and corporations.

• Sole Proprietorship — The simplest type of business structure is a sole proprietorship, which is also the easiest to start. As a sole proprietor, you are personally responsible for the business's liabilities and profits, and you have complete control over your business. If you are a solopreneur, you are automatically considered a sole proprietor.
• Partnership — A partnership is a business model involving two or more individuals who agree to share the business‘s profits and liabilities. Each partner contributes to the business and shares the risks and rewards. It’s essential to have a partnership agreement that defines each partner's roles and responsibilities to ensure clarity and prevent potential misunderstandings.
• Limited Liability Company (LLC) — An LLC, or limited liability company, is a common option for small businesses because it protects its owners by separating personal assets from the company's liabilities. To form an LLC, the business owner must file the required paperwork with the state.
• Corporation — A corporation is an independent legal entity distinct from its owners. It provides limited liability protection to its shareholders, who are not held personally accountable for the company's debts. Corporations have formal requirements and often raise capital by issuing stocks or shares.

Which business type is best?

The best business type is a limited liability company (LLC). Operating as an LLC means that your personal assets are separate from your business assets. If your business goes bankrupt, your personal holdings won’t be affected. That said, it’s also one of the costlier types, requiring a fee paid to the state.

The easiest business type to start is a sole proprietorship. The main downside is that there’s no differentiation between you and your business.

It's crucial to seek advice from legal or accounting professionals to determine the best business structure based on your unique needs and objectives. Each structure has advantages, legal requirements, tax implications, and flexibility considerations.

How do I create a business idea?

To create a business idea, determine your skill set, work preferences, startup budget, and available resources. It’s important to strike the right balance between what you can feasibly offer and what you can feasibly afford in the short and long term.

We recommend starting with your skill set so that you can easily determine the niche in which you can effectively compete. For instance, if you have ample experience as a writer, you might consider starting a freelance writing business. But if you know you’d prefer to work with clients face-to-face, you might choose to start a ghostwriting business instead. That’s why it’s so important to take your work preferences into account, as well.

After that, take a look at your budget and determine the type of business you can start based on the resources at your disposal. For instance, you might not be able to afford a physical office or location, so a location-based business will likely not be a good fit. In that case, starting an online business is your best option.

What resources or tools can I use to refine and validate my business ideas during the brainstorming process?

Online market research tools like Google Trends, Keyword Planner, and SEMrush can provide insights into market demand, competition, and keyword trends related to your business niche. Industry reports and market analyses from reputable sources such as IBISWorld, Gartner, Statista, and industry-specific publications can offer valuable data and trends to inform your decision-making. Ensure you know the industry risk before embarking on your small business venture.

→ Download Now: Market Research Kit [Free Download]

Additionally, joining entrepreneurial communities, forums, and social media groups can provide opportunities to seek feedback, network with like-minded people, and gain insights from experienced entrepreneurs. Finally, consider conducting surveys or interviews with potential customers to gather feedback and validate your business concept before investing significant time and resources.

What are some of the most successful small businesses?

Every small business has the potential to be successful and profitable, provided it’s backed by a strong product-market fit and a robust business plan . These two elements are essential. Maybe postnatal services are one of the most successful small businesses to launch, but if you live in an area with declining population or a large elderly population, then that small business idea won’t yield a high return on investment.

Think carefully about the market where you’re launching your business, and you’ll be more than likely to see lasting success.

What are the top growing small businesses?

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30 Low Investment Business Ideas With High-Profit Potential

June 25, 2019 ben shabat.

Before the age of advanced technology in which we live today, if you wanted to start your own small business it would require either years of studying or years of experience (or a generous inheritance).

Fortunately, the past couple of decades have ushered-in an array of amazing innovations in digital technology that have provided prospective owners of small and medium-sized businesses with the ability to not only start a business with a small investment, but to also turn high profits on low investment business ideas.

Business ideas with low investment and high profit are a dime a dozen. But lucky for you, we’ve curated a list of 30 top business ideas that won’t break the bank or dig you into debt. Get your notepad ready, because you’re going to want to jot down at least a few of these low investment business ideas!

What is a “low-investment” business?

You might be thinking, “it’s a business that I can start without spending a lot of money, big deal”. And you would be right – but there’s much more to low investment business ideas than simply not needing to put lots of cash down from the get-go. In order to define what a low investment business is for the purposes of this article, it’s best to begin by defining what a low investment business isn’t . First and foremost, a low investment business is not necessarily going to fall under the most profitable small businesses. Beyond that, there are three major details that set low investment business ideas apart from the rest.

1. Be rent-free

There are plenty of business ideas that have the basic requirement of purchasing a physical location out of which to run the business. When considering low investment businesses though, you can oftentimes dodge the need to purchase or even rent a physical property. Even so, your customers will still want to be able to learn about your business, ‘visit’ the storefront, communicate with you, and so on. While you don’t necessarily have to buy a plot of land or a building, for lots of low investment business ideas you’ll still need to purchase a website domain.

2. Avoid equipment expenses

With more and more digital services and tools being developed and released every day, the need to purchase ‘real’ tools, equipment, or machinery is becoming increasingly limited. Let’s say, for instance, you want to start a business selling customizable apparel such as t-shirts, hoodies, hats, etc.

A few years ago, you would have had to purchase loads of different kinds of tools to get the time-consuming job done – one piece at a time. Today, all anybody with an interest in selling custom apparel has to do is sign up with any of the many online print-on-demand services, such as Gooten . It’s really that easy. You provide the idea, they provide the service, and together you can start a business with a small investment without emptying your wallet on expensive equipment.

One of the biggest perks of low-cost business ideas with high profit is the ability to operate completely on your own. Hiring staff has many implications on how a business runs, from operating costs to decision-making processes. With all of the ways that technology has made it easy to start, run, and scale up a small business , there are fewer demands on a business owner than ever before. In essence, that means there are fewer people needed to get the work done, and more money staying in your bank account.

30 Low Investment & High-Profit Business Ideas

If you’re looking for the best business ideas with low investment and high profit, you’ll want to first consider what a ‘low investment’ is in relation to your budget. For that reason, we’ve split the list of 30 low investment business ideas into two groups according to the cost of what it takes to start the business.

Before diving in, it’s important to note that several of these low-cost small business ideas will require taking courses and obtaining a license. Most (if not all) of them will also require that you obtain a business license. Be sure to investigate your state-specific laws and regulations to find out exactly what type of certification you may need. Get ready – now is when you’ll want to get ready to take some notes!

15 businesses you can start with less than $1,000

1. sell homemade / handcrafted products.

Have you got a handy hobby that fills your free time? Maybe you enjoy woodworking, crocheting, leatherworking, or another pastime. Try turning your homemade or handcrafted goods into a business by making them to-order! If you don’t already have such a hobby, you can easily pick one up such as jewelry making or pottery. The initial investment will be minimal, as you will either already have the materials needed or you can obtain them at a very low cost.

Top tip: Selling homemade products is useful as a part-time gig to bring in extra cash on the side.

2. Personal Trainer

If you enjoy exercising and living a ‘fit’ lifestyle, becoming a personal trainer is one of the best low investment business ideas for you. This is an especially profitable low-cost business idea because you can set your rate however you feel, and the amount of equipment you need to purchase is really up to how creative you are with your regimens and routines (there’s a lot that can be done with suspension straps!).

Top tip: You can even consider approaching your local gym to work there as a part-time trainer, which can help build up your private client list.

3. Dog Walker / Pet-Sitter

Chances are, there are lots of people in your neighborhood who have furry friends. Likewise, chances are that those people are not around all of the time to take care of their pets. That’s where you come in! Whether it’s only dog walking, or a combination of general caretaking, training, and grooming, there’s plenty of profit to be made from this low investment business idea.

Top tip: One of the best parts of working as a dog walker is that you can schedule multiple clawed-clients at a time. Unleash your full profit-making potential with this low-cost business idea.

4. Music Teacher

Do you play an instrument? If you answered yes, then this is one of the top ways for you to start a business with a small investment. You probably already have the equipment and the skills necessary to turn your talent into a low investment business. Lessons can be given at your home or at the client’s home, which allows for maximum flexibility and minimal overhead expenses.

Top tip: Connect with schools or local businesses that may be able to offer free space for you to advertise your services.

5. Cleaning Services

There are plenty of messy and lazy people out there who you can turn into fuel for this low investment business idea. There’s no experience needed, there are plenty of chances to get references and build a regular client list, and you can offer different pricing options. Business ideas with low investment and high profit don’t get much better than this!

Top tip:  Diversify your clients; you can clean homes, offices, daycare centers, etc.

6. Work with a Dropshipper

Instead of buying a ton of inventory, holding onto it until you make a sale, then finding the exact piece, packing it, and shipping it – *deep breath* – dropshipping is a way to reduce the stress of working an online store. You choose what you want to sell, market your business, place orders, and handle customer relations. Other than that, the dropshipper stores all of the products and does the shipping for you.

Top tip: You can start working with a dropshipper with a small investment and then combine it with other business models (more on that below). That combination may take a bit more money to get done, in which case business loans can be the right solution. Become improves the small businesses lending process by improving approval odds and providing SMBs with optimal matches to top loan providers.

7. Sell Print-on-Demand Shirts

This low investment business idea pairs perfectly with dropshipping. If you enjoy creative designing, and other people like your work, you can sell your designs through a print-on-demand business model. Since partnering with a dropshipper means you don’t need to deal with loads of inventory, all you really need is the right software to make your design and the drive to market and sell the merchandise!

Top tip: Find an online service, such as Placeit , which allows you to easily create a t-shirt ‘mockup’ so that you and your customers can preview how the shirt will look before making a purchase.

8. Sell Print-on-Demand Posters

The print-on-demand and dropshipping pair-up can be applied to more than just apparel. People love sprucing up their homes and workplaces, which makes offering a service that provides customizable posters and other printouts a prime business idea with low investment and high profit. With this low-cost business idea, most of your effort will be put into successfully marketing your service. Top tip: While there are plenty of classic prints that people will always ask for (like Pink Floyd’s ‘The Dark Side of the Moon’ album cover), creating original pieces will give your business a personalized touch that customers will value and appreciate.

9. Affiliate Marketing

Are you more of a practical person than you are a creative mind? Don’t sweat it, you don’t need to reinvent the wheel in order to start a business with a small investment. Affiliate marketing is essentially the promotion of another company’s products or services, so all you need to do is find something you believe in and sell it!

Top tip: Affiliate marketing is one of the top low investment business ideas since you can closely track your progress and use that data to prove your worth to your clients (the companies).

10. Grow and Monetize a Social Media Following

There are tons of ways that you can monetize a large social media following, whether it be on Facebook, Instagram, or Twitter. You can, of course, become an affiliate marketer for existing companies whose products or services you feel comfortable endorsing. But you can also advertise for other businesses, advertise the sale of your own product or service, and so on. This is one of the best low investment business ideas to have on the side or in combination with other forms of income. Top tip: Take heed of what your followers like. If you find that there are trends among large numbers of your followers, capitalize on them! The trends will eventually shift though, so be sure to stay in touch with what the latest fads are.

11. Virtual Assistant

There are plenty of potential clients out there who need a hand in running their own business. As a virtual assistant, you can take on multiple clients, make your own schedule, and choose your own pay rate. When it comes to flexible low investment business ideas, being a virtual assistant ranks near the top of the list.

Top tip: Make the most of the tools available online, such as Monday.com , to help streamline your CRM (customer relationship management). You can easily and efficiently schedule assignments, organize projects, and share links, documents, and media with their click-and-drag user interface.

12. Social Media Consultant

Social media (namely Facebook, Instagram, and Twitter – though others as well) has virtually taken over the world in the matter of just more than a decade. How does that translate into a low investment business idea? Other businesses need a social media presence, many of them don’t know how to go about it successfully, and you can be the person to help them.

Top tip: The best part? You don’t need any sort of formal training or certification to qualify. Though some platforms, including Google, do offer courses so that you can be considered a professional by their standard.

13. Event Planner

If you’ve got a knack for organizing events, becoming an event planner is one of the best business ideas with low investment and high profit. There’s very little overhead, meaning you don’t need to rent a storefront, you don’t need to buy equipment, and you don’t even need to hire employees. Word-of-mouth advertising also goes a very long way in this industry, so if you have consistently positive reviews from clients, this low investment business can grow quickly.

Top tip: Reach out to local venues, restaurants, and suppliers and develop personal connections so that you can strike better deals for yourself and your customers.

Need a low investment business idea that allows you to pick your own schedule and pay rate? Consider becoming a tutor! You don’t need to be a college professor, you don’t need to purchase any tools, and you’ll own and operate the business individually. Pick a subject that you’re proficient in and get started with little-to-no cost.

Top tip: Tutoring is typically thought of as something for children, but there are adults who also use tutoring services to learn a second language or get themselves prepared to earn a degree, and so on.

15. Content Creator

If you like to learn about new subjects and relay information in an interesting and engaging way, then this is the low investment business idea for you. There are plenty of businesses that are looking for freelancers to create content for their websites in order to generate leads, so finding clients won’t be a big problem (assuming you’re a good writer!). You can even be a content creator as a part-time gig to make some extra cash on the side.

Top tip: Having an attractive writing style is one thing, but in order to be a successful content creator, your work will need to result in high ranks on search engine result pages. That will require you to sharpen up on your SEO strategy.

15 businesses you can start with less than $10,000

1. moving company.

Not the type of person to sit at a desk all day? If lots of heavy lifting doesn’t bother you, you can start a business with a small investment almost immediately. All it really takes is a moving truck (which you can rent on a per hour or per day basis) and a fair bit of sweat to get the wheels turning. If the business picks up, you can hire a team to get jobs done more quickly or to handle several jobs simultaneously.

Top tip: Purchasing or leasing equipment , including trucks, may be worth considering if you plan on getting serious and expanding the moving business.

Apply for Vehicle Financing

2. Daycare Provider

For parents who want to work from home, starting a daycare facility is one low investment business idea that offers the flexibility needed to balance home life with the need to generate income. The main steps to becoming a daycare provider are obtaining the proper license and child-proofing your home. People are willing to pay top-dollar to ensure their children’s well-being, which makes becoming a daycare provider one of the best business ideas with low investment and high profit.

Top tip: Save yourself some cash by reaching out to local pre-schools or kindergartens to see if there are any supplies (chairs, tables, bookshelves) that they are looking to get rid of.

3. Hairdresser

It takes practice, but hairdressing is one of the best low-cost business ideas with high profit. Whether for men or for women, cutting and styling people’s hair can start off small and bloom into a bustling business in no time. There are state licenses and certifications that you’ll need to obtain, but you can run this low investment business out of your own home quite easily in most cases.

Top tip: Diversify your hairdressing business by selling products, and watch the revenue improve in turn.

4. Makeup Artist

People want to look their best, and as a makeup artist, you can help your clients shine as elegantly or extravagantly as they like. Becoming a makeup artist is one of the top low-cost business ideas with high profit since you can charge rates as you prefer, take on whichever clients you feel like, and set your own schedule. You can even offer special deals for special occasions such as weddings, graduations, dance recitals, and so on.

Top tip: Develop your makeup skills so that you can provide a wide variety of services to attract more clients. Consider including manicures and pedicures, facial treatments, and massages.

5. Pet Groomer

Animal lovers will find this low investment business idea very appealing. It’ll take some time before you can generate lots of clients, especially since pets don’t typically get a trim-up or rinse-down as often as their owners do. But if you demonstrate your ability to handle people’s pets the right way, the clients you do get will likely remain loyal.

Top tip: You can offer a traveling pet grooming service to make your business even more convenient for customers. Many pet groomers also combine their services with pet caretaking.

6. Personal Chef

Offering your services as a personal chef is a fantastic low investment business since, more often than not, you don’t need to purchase any equipment at all. All of the work is generally done at the client’s home (or office, if you’re working for a company), where the supplies are typically provided. There’s no paying rent, utilities, or staff. Although, most of the time the responsibility of picking up the actual ingredients will be left to you.

Top tip: Cater your services to special dietary needs so that you don’t limit your client list. Create special menus for people that eat vegan or vegetarian, gluten-free, or dairy-free.

Apply for Line of Credit

7. Nutritionist

So many people work very long hours and don’t have the time to think about choosing nutritious foods or actually going to buy fresh ingredients. To practice legally, you’ll almost certainly need to get licensed by your state. That said, there are plenty of people nowadays who have restricted diets and are desperate for help in that area of their lives. Turn your healthy-living habits into a low investment business by offering people assistance in becoming healthy themselves.

Top tip: Use social media marketing to show off your creative recipes and bring in more clients. You can even create informative videos to flex your nutritional knowledge.

8. Massage Therapist

Whether you work out of your home, travel to clients, or aim to open your own storefront, massage therapy is a prime way to start a business with a small investment. Yes, it will require you to take some courses and get registered, but apart from that, the costs are minimal.

Top tip: Provide a unique experience by incorporating audio therapy and aromatherapy into the mix.

9. Senior Care Provider

Older generations require caretakers to keep them company and handle the chores and tasks that the elderly themselves are unable to do on their own. Those responsibilities can range from preparing meals to transportation, cleaning, and so on. This low investment business idea has high returns not only in monetary terms but also on a very human level. Simply put, it feels good to help people, and senior care is a great way to help those in need.

Top tip: Some senior citizen homes hire their own caretakers, but others don’t. At those facilities which don’t offer caretakers, you can advertise your services and perhaps end up with several clients in one senior citizen home.

10. Tour Guide

Living in a location that brings in lots of visitors offers a perfect opportunity to start a business with a small investment. Whether the attractions are natural wonders or man-made crowd-pleasers, it will take less effort to market your business since people are already being drawn your way. What you’ll really need to do is become an expert on whatever the attraction is, and develop your own personalized approach that makes you stand apart from other tour guides working in your area.

Top tip: Establish partnerships with local businesses, such as hotels and restaurants, who will advertise on your behalf while you return the favor. 

11. Photographer

Get your hands on a top-notch camera, learn to use a photo-editing software like Adobe Lightroom , and start snapping away. Turning a photography hobby into a low investment business idea doesn’t mean you absolutely have to offer your services for special events like weddings. You can just as well build your business around taking pictures of animals, plants, or objects that catch the eye.

Top tip: Combine your ‘photog’ skills with the dropshipping business model as a way to avoid the necessity of buying an expensive high-grade photo printer and an inventory of different frames.

Apply for Unsecured Loan

12. Interior Designer

If you get compliments for keeping your home appealing to the eye, consider becoming an interior designer. Decorating and furnishing takes skill, but not a whole lot of money. You can start off by working for friends and colleagues or even team up with local real estate firms to stage the homes they have on the market.

Top tip: You can offer an additional ‘organizer’ service where you help turn people’s cluttered spaces into healthier living areas.

13. Handyman / Handywoman

There is an endless amount of people who need a toilet fixed, a room painted, a floor refinished, and so on. So, whether you decide to offer a broad array of handyman services or to specify in one area, you’ll have plenty of clients out there waiting to pay for your help. And, chances are, if you have handyman skills, you likely have the handyman tools and equipment already. The more difficult part could be generating contractor leads , but fortunately, there are solutions for that obstacle.

Top tip: If you don’t have the equipment needed to turn your handyman skills into a low investment business, consider taking a business loan through Become to cover the costs of acquiring the tools you need.

Apply for Equipment Financing

14. Food Truck

A passion for creative culinary concoctions can be monetized in the form of a food truck. If you’ve had hard luck trying to build a restaurant concept around a special dish that you make, this is a low-cost business idea with high profit that you can use to realize your dreams. The restrictions on operating a food truck can get complicated, so be sure to look up all of the local and state laws that will play into the overall costs of starting this business.

Top tip: Take your food truck to a popular part of the town or city where there’s a rush around lunchtime. That’s the big benefit of operating a food truck: you can bring the food directly to your customers!

15. Landscaper

From simple planting, lawn mowing, and hedge trimming, to extensive and detailed greenery designs, landscaping is a low investment business idea that can quickly grow into a fruitful enterprise. Your clients can be private homeowners, business complexes, the municipality, and so on. And since the grass will always grow back, there’s an endless supply of business to be done.

Top tip: Since plants will grow at pretty much the same rate from one client to the next, try to space apart appointments so that you’ll have a regularly rotating schedule of jobs.

Low-cost businesses with high profit may not put a toll on your wallet, but they’ll certainly test your dedication to turn that dream into reality. You’ll need a vision and a fair bit of determination if you want to start a business with a small investment. With the broad variety of low investment business ideas listed here, though, you don’t need to search any further for inspiration to get started. That said, you shouldn’t be afraid to come up with a unique idea of your own! We hope you find this information useful – please feel free to share with friends, colleagues, and through social media. Good luck!

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5 Low-Cost, High-Profit Business Ideas You Can Start Right Now

Published on June 23, 2024

By: Jordi Lippe-McGraw

• Online tutoring can earn you $2,000 a month with minimal start-up costs.
• Dropshipping offers a 20% to 30% profit margin without managing inventory.
• Virtual assistants can earn $2,400 a month by providing remote business support.

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Starting a business can seem like an overwhelming and costly endeavor, but it doesn't have to be. With a bit of creativity and minimal investment, you can launch a small business venture that brings in significant profits. Here are five low-cost, high-profit business ideas you can start today.

1. Online tutoring

Costs and profits.

• Start-up costs: Less than $500. This includes a reliable internet connection, a computer, and advertising costs. You could even put some of these start-up costs on a business credit card and earn points.
• Potential earnings: Tutors can charge anywhere from $25 to $80 per hour. Assuming you tutor 10 hours a week at $50 per hour, that's $2,000 a month.

Steps to start

• Choose your subject area and target audience.
• Set up a professional website or profile on tutoring platforms like Wyzant or Tutor.com.
• Market your services through social media and local community boards.

2. Dropshipping business

Dropshipping allows you to sell products online without holding any inventory. When a customer makes a purchase, the order is sent to a third-party supplier who ships the product directly to the customer. This small business model is perfect for those who want to start an e-commerce store without the hassle of managing inventory.

• Start-up costs: $200 to $500 for setting up a website and marketing.
• Potential earnings : Depending on your niche, you can make a 15% to 20% profit margin. If your store makes $5,000 in monthly sales, you could net $750 to $1,000 in profit in your business bank account .
• Choose a niche with high demand and low competition.
• Find reliable suppliers through platforms like AliExpress or Oberlo.
• Set up your e-commerce store on Shopify or WooCommerce.
• Market your store through social media ads and SEO.

3. Freelance writing

If you have a knack for words, freelance writing can be a highly profitable business with minimal startup costs. Businesses and websites constantly need content, and many are willing to pay good money for quality writing.

• Start-up costs: Less than $100. You'll need a computer and internet access, along with a basic website or portfolio.
• Potential earnings: Freelance writers can earn anywhere from $0.10 to $1 per word. Writing 20,000 words a month at $0.25 per word is $5,000 a month.
• Create a portfolio showcasing your writing skills.
• Join freelance platforms like Upwork, Freelancer, or Fiverr.
• Network with potential clients through LinkedIn and social media.

4. Pet sitting and dog walking

Pet owners always need reliable care for their furry friends, making pet sitting and dog walking a great low-cost business. This is particularly profitable in urban areas, where pet owners often have busy schedules.

• Start-up costs: Less than $100 for basic marketing materials and insurance.
• Potential earnings: Dog walkers typically charge $15 to $40 per walk, while pet sitting can earn you $45 to $75 per visit. With 10 clients and a walk once a day during weekdays, you can easily make $750 to $2,000 a week.
• Get certified in pet first aid and insurance for your services.
• Advertise your services through flyers, social media, and platforms like Rover or Wag.
• Build a strong reputation through excellent service and client referrals.

5. Virtual assistant

As businesses and entrepreneurs seek to streamline their operations, the demand for virtual assistants (VAs) has surged. VAs handle tasks ranging from scheduling and email management to social media posting and customer service, all from a remote location.

• Start-up costs: $100 to $300 for a professional website and marketing.
• Potential earnings: Virtual assistants can charge between $15 to $50 per hour. With just 20 hours of work per week at $30 per hour, you can earn $2,400 a month.
• Identify your skills and the services you can offer.
• Create a professional website or profile on platforms like Upwork or Fiverr.
• Reach out to potential clients through networking, social media, and job boards.

Starting a low-cost, high-profit business doesn't require a massive investment or a complex business plan. With determination and a bit of creativity, you can turn any of these ideas into a profitable venture. Whether you choose to tutor students, run an e-commerce store, write for clients, care for pets, or become a virtual assistant, the key is to start today and build from there.

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Jordi Lippe-McGraw is a freelance personal finance writer who has appeared in publications such as Forbes, The Wall Street Journal, TODAY, and Saving for College. In addition to personal finance, Jordi has a passion for travel. She's visited all 7 continents and over 55 countries, writing for outlets such as Travel + Leisure and Conde Nast Traveler.

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19 Most Profitable Small Business Ideas Worth Starting in 2024

• by Lightspeed

minute read

This year, you’ll need to be prepared to adapt to shifting customer expectations, global conditions and economic realities. 

Thinking about starting a business this year? Here’s what you need to know.

What’s considered a “small” business?

How many small businesses are there in the united states and canada as of 2024, how can i start a small business, what is a good business to start in 2024, prepare your business for the future of commerce.

Download our free playbook and learn how to sell on different channels, boost loyalty and increase foot traffic with technology.

The SBA defines a small business as any company that either employs fewer than 500 employees or falls beneath a specific annual receipts cap. 

Most small businesses in the U.S. are much smaller—the average small business employs 1 to 19 people .

Recent statistics tell us that there were about 33.2 million small businesses in the United States and over 1.35 million in Canada. That’s a whopping 99.9% and 98.1% respectively of the total number of businesses in each country. 

Small business owners employ 61.6 million people, or almost half of the workforce in the US. In Canada, small businesses employ 5.7 million individuals across the country— just under 47% of the total private labor force.

So you’re ready to be your own boss? Here’s what you need to do.

• Research your small business idea.
• Make sure to research wider economic conditions and outlook and the general health and makeup of businesses in your area.
• Start planning your business. Download a business plan and start filling it out. Be as detailed as possible. The more solid your business plan, the stronger foundation you have to start your small business.
• Secure funding . Start approaching sources of funding, like banks and investors. They’ll want to see your business plan.
• Make sure the legal parts are covered . What certificates do you need? What permits? What laws should you be aware of? Get the right approvals.
• Secure a location, if you need one. You should have scouted potential locations while making your business plan. Now that you have your funding, sign a lease.
• Get your business management software.
• If you’re opening a retail store or charging for services, you’ll need a point of sale system . If you have employees, you’ll need payroll management. No matter what, you’ll need accounting software.  
• Acquire inventory.  Find wholesalers for small businesses from which to source your products and start contacting them. Expos and online supplier directors are great places to start.  
• Build a team. If you’re just starting, you may be able to run your business on your own. But as things progress, you’ll need to bring in part-time or full-time employees. Be sure to research average wages in your area.  
• Build your website. Having an online presence is crucial, even if you’re not planning to sell anything online. Build a site and open your social accounts.

Want more advice?  Check out our in-depth article to starting a small business here.

What small business idea is most profitable?

There isn’t one answer to this question. The most profitable business idea changes depending on the economic environment you’re in. 

In an economic boom, profitable small businesses include luxury goods, travel and real estate.

In a recession, repair and resale retail are more likely to be profitable .

No matter what, for a business to be profitable, the return needs to be higher than the investment. That doesn’t always mean a low investment is guaranteed to pay off—some of the most lucrative businesses require high initial capital. 

However, businesses that require a high initial investment are always a higher risk. If you’re opening your first small business, a low investment business idea is probably going to be safer.

What businesses make a lot of money?

A business in a high-growth industry with low startup costs, less competition and a good long-term outlook is most likely to be profitable. Examples are financial services, personal services (like personal training or pet care), pet and baby supplies and well-positioned retail stores. 

No matter the industry, profitable businesses are well run, in demand and with a cost of goods sold (or COGS) that doesn’t completely overpower revenue. A business without a lot of competition can fail, and a business with a ton of competition can out-compete the others. 

If you want your business to make money, you need data. 

Before you start your business, you need data about the economic climate, the demographics of where you want your business to be based, the outlook and tactics of competitors and the cost of supplies, technology and labor.

Once your business is open, you need your own data. For example, if you open a retail store, you can use tools like Lightspeed’s built-in reports and Advanced Reporting to monitor your sales, trends and margins. With that data in hand, you can make decisions about profitability instead of relying on anecdotes and educated guesses. 

Without data, your small business might run into expensive potholes you never saw coming, and you might make decisions that aren’t in your best interest.

Which business will be most profitable in the future?

Innovation is key to keeping your business profitable in the future.

Again, this is where data is important. The way things have always been done isn’t always the best way. If you’re setting and measuring goals and key performance indicators, you can innovate and stay on top of what your customers need and how they’re evolving.

Consider financial services, for example. Everyone needs financial services, so it’s likely to still be a profitable industry in the future. But as more and more digital natives—people born after the internet took over our daily lives—grow up, how they interact with financial services will change. 

Is your financial services company equipped to serve clients online? It should be.

If you’re focused on the hottest business right now, you may not set yourself up for the long run. Don’t just throw yourself into the latest fads—they won’t always set you up for future profitability if you don’t address them properly. 

Take the retail industry for an example. As concern for the environment grows, fewer shoppers want plastic in their goods. Right now, vegan leather is a huge trend and is growing , which means it may be a good bet at the moment, but a lot of vegan leather is actually plastic . 

To ride the vegan leather wave now and into the future, it’d be best to carry vegan leather made from sources other than plastic. That way, you’re catering to current demand and future-proofing against growing consumer concerns at the same time.  

Which business is most profitable for beginners?

If you’re a first time business owner, you’ll want:

• Reasonable startup costs. Every business has some startup cost, but there’s a difference between funding a small operation and funding a huge, specialized business. Keep in mind that startup costs should be reasonable, but not always as low as possible. Forgoing a physical location might make it harder to get off the ground, and opting for pen-and-paper instead of a cloud point of sale system will just add extra work.  
• Manageable overhead costs. Once a business is established, you’ll need the operating costs to be reasonable.
• Maximized inventory, if applicable. This doesn’t mean a lot of inventory. It means being smart about it—everything you order should be done with a strategy to sell it within six months (give or take, depending on the industry).

Examples of businesses that fit the bill are food trucks, cleaning companies, online stores,  drop shipping and pet services like grooming or walking. 

19 small business ideas you can try

1. home improvement services.

While the housing market has slowed down in recent months , new homeowners often want to fix up their homes, which creates a demand for home improvement services. 

Individuals who have recently purchased a home may lack the necessary skills or knowledge to successfully carry out renovations, leading them to seek out the assistance of a professional. 

Services related to home improvement encompass a wide range of tasks such as interior design, carpentry, contracting, plumbing and landscaping. 

These services typically require specific training and access to specialized equipment and materials, resulting in relatively high startup costs. Additionally, the demand for such businesses may vary depending on the region, with some areas experiencing higher levels of home purchases and renovations than others.

2. Cleaning services

Cleaning services offer essential opportunities to both residential and commercial properties, helping to manage tasks many people do not enjoy or do not have time to complete. These services can function as home-based support one or more times per week, or as a daily resource for commercial operations. 

With a cleaning service, no physical office is required, equipment costs are low and can be billed back to the client and hours of operation are flexible. That’s why enterprising entrepreneurs can find success in this industry.

3. Tutoring services

Starting a tutoring service is a great way to help those struggling with core concepts or gain further mastery in a specific area. Here’s a sample list of the subject areas that your tutoring business could specialize in:

• SAT/ACT prep
• College essay prep
• Sciences (biology, chemistry, physics)
• Foreign languages
• Mathematics
• Computer science

Thanks to Zoom and other remote learning tools, there’s no need to hold lessons in person—all you need is a phone, tablet or computer, making the startup costs for this type of business relatively low. Depending on your location and level of education, your tutoring service could charge anywhere from $40 to $65 an hour.

4. Personal training and fitness instructors

Fitness trends change, but the demand for trainers and good content remains. Today, trainers can connect with clients on platforms like YouTube, TikTok, and Instagram Live. They use social media to find clients and offer personalized workout programs at a price that works for them.

Getting started in personal training can be fairly simple. You can take a formal certification exam. In some cases, just being a self-taught fitness nerd is enough to break into the industry.

5. Delivery services

Food delivery services have grown tremendously.

To ride this wave, you could offer your own local courier service to deliver groceries, medications or run other essential errands. In addition to charging a standard rate, you could charge additional fees for lengthier deliveries, rush orders or delivering heavy or bulky items.

6. Baby supplies

No matter the economic outlook, babies need clothes and supplies, and children need child care. 

You don’t need any formal training to open a retail store or sell online, but you do need the right tools. 

For a baby supply store, that can include loyalty programs to help parents save when they pick you over the competition.

7. Pet store

The pet store industry grew to $261 billion in 2022 , and is on track to hit $350 billion globally by 2027. As more and more people adopt pets ( 66% of American households have pets , which is about 86 million households), more people will need pet supplies. 

Opening and running a pet store is a lot like a baby supply store. Pet owners will appreciate loyalty programs to save when they shop with you, which will help you build a loyal customer base for your new small business.

Tipping can also be a factor when your business does a little bit more than retail. In San Diego, South Bark Dog Wash offers grooming services in addition to pet supplies and training classes. Lisa Vella, the co-owner of South Bark, says that “a lot of people tip us on retail purchases. So with tipping through Lightspeed Payments , tips have gone up about 11% with people tipping on retail purchases, not just grooming.”

8. Digital marketing services

Having an online storefront is crucial… but not everyone knows how to build a website. 

To help small businesses build their brand and digital presence online, you can create your own digital marketing agency. 

A digital marketing agency typically offers services such as writing, social media management, web development and assistance with paid social media advertising.

Running an agency from home is simple and doesn’t require much money to start. You can work alone or hire experts in areas where you need help.

9. App development

Businesses are looking to go digital, and some may even seek to build their own apps to reach customers. 

App developers can help businesses make their visions a reality by building a custom iPhone or Android app. 

App development doesn’t require a formal degree, but prior training and experience building apps are important to have if you’re planning to break into the field. There are coding bootcamps and free online courses that can help you learn the fundamentals and get started.

10. 3D printing services

There’s rapidly growing demand for 3D printing services. In fact, this market is expected to grow to US$135.4 billion by 2033 . 

This growth is driven by the increasing adoption of 3D printing in various industries like healthcare, automotive, and aerospace for its ability to create complex, customized, and lightweight components. 

But it can also be used for making 3D-printed figurines. Toronto’s Selftraits produces 3D selfies for individuals. That means people can use their tiny selves as cake toppers, to commemorate a special occasion, or anything else.

11. Accounting services

Individuals and businesses alike rely on accounting services every year to file tax returns , and assist with bookkeeping and financial planning. This consistent demand is definitely a plus if you’re looking to start a business and have the right skill set. 

There are very minimal overhead start-up costs for accounting, and the job is easily done from home. 

Accounting requires a lot of education and certifications. Most accountants have a college degree and some have additional licenses. Those with more qualifications can earn more money.

12. Fashion resale

While sales of new apparel rise and fall with economic conditions, the popularity of fashion resale is on the rise. 

With a projected 127% growth by 2026—eight times faster than overall apparel marketing in North America—if you want to open an apparel store, you should be considering fashion resale. 

It’s a good bet in both weaker and stronger economic conditions, thanks to discounts and a desire for sustainable fashion.

To start a fashion resale company, you’ll need a business license, some initial stock and a venue for sales—that could be online, your own brick and mortar or a spot in a marketplace. The financial barrier to entry can vary.

13. Bike store (with repairs)

More and more people are picking up their bikes. Hobbyists and serious cyclists both are driving growth globally . That means if you want to open a retail store, you might consider a bike store.

Think about a bike shop that does repairs. Repairs can help your business during both good and bad times. When the economy is slow, people are less likely to buy new bikes and more likely to fix their old ones. If you offer repairs, customers will come to you for help.

14. Auto parts and repairs

At some point, every car needs a little maintenance. 

You’ll need robust inventory management if you start this small business. With all the possible parts you could carry or order in for your customers, you don’t want anything to go uncounted. Make sure you have a point of sale that can handle that inventory from day one. 

15. Electronics repair

Seeing a pattern?

Repair shops help people hold onto their devices, and electronics repair is no different. 

With growing concerns about the use of rare materials to build electronics, more customers are looking to fix their phones instead of replacing them. 

While there may not be formal certifications needed to open an electronics repair store in your area, you still need to know how to do it (or you need to hire people who do). You might want to take a course in electronics repair before opening this business.

16. Dental offices

Dental health is an important part of overall wellness. 

The dental industry offers room for success for those with the right qualifications. Dentists must earn both a bachelor’s degree and a doctorate in dentistry, and most dental hygienist roles require a minimum of two years of specialized training. Consider, also, the cost of dental equipment. 

Still, dental procedures are also often expensive and can include added costs for fillings, x-rays, extractions, and root canals. Your dental practice could earn substantial profits from common treatments.

17. Candy store

This sweet idea could be your ticket to small business success. 

Candy stores are great for experiential retail . You can hold candy making classes and showcase the candy making process on the shop floor to entice customers. 

As more people want to be entertained when they shop, a candy store could be the answer. 

18. Discount store

Shoppers love a good deal. Across North America, major retailers are investing in discount stores—particularly budget-friendly groceries . 

You have room to be creative in this category. Do you want to open an independent dollar store? A liquidation store? What about discounted used inventory?

Do some research on your area to determine the best fit. Once you’ve got your idea, make a plan for how you’ll acquire inventory. Will you work with wholesalers offering discounted goods, or will you buy damaged and unsold inventory from other retailers?

19. Dropshipping

Finally, there is dropshipping, the ultimate side business and one of the most popular small business ideas.

Dropshipping is the practice of opening an online store and offering products for sale, but never physically stocking the item yourself. You interface with the wholesaler, and the wholesaler ships the product to the customers.

Dropshipping saves on inventory storage costs, as well as shipping fees. You just need an online store to get started.

However, dropshipping is competitive—a lot of people are selling online, and a lot of them could be selling the same things you are. If you want to go this route, make sure you have other unique selling points (or USPs) to ensure customers pick you. Like with baby supplies and pet stores, a strong loyalty program might help. 

Positioning your small business for profit

There are many elements to a successful small business idea: a good plan, powerful POS tools , business savviness and experience. 

While no industry is a guaranteed success, those that are flexible, resilient, in high demand and with good margins are a solid bet. This list of small business ideas is a starting point to get you inspired this year.

If you’re inspired to open a business and you’re looking for a POS that will work with you every step of the way, let’s chat !

Frequently Asked Questions

What type of small business is the most profitable.

Small businesses in consulting, online education, and digital marketing are usually very profitable. They have low costs and can charge high fees for their specialized services.

Which small business generates the most income?

Tech small businesses like software development and IT consulting make a lot of money. They offer valuable services to clients worldwide, bringing in a lot of revenue.

What small business is in high demand?

Small businesses in the health and wellness, home improvement, and eCommerce sectors are currently in high demand.

What is the cheapest, most profitable small business to start?

Businesses that require minimal upfront investment and can be operated from home are affordable and can be profitable. For example, freelance writing, virtual assistant services and dropshipping businesses can be started with a computer and an internet connection.

What is the easiest small business to start?

The easiest small businesses to start are those that require minimal technical skills and capital: pet sitting, house cleaning and personal shopping services are some examples.

What small business industry is expected to boom in 2024?

Ecommerce in specialized markets is expected to boom in 2024. As consumers continue to favor online shopping, small businesses that offer unique products or cater to specific niches are likely to see significant growth.

Editor’s note: Nothing in this blog post should be construed as advice of any kind. Any legal, financial or tax-related content is provided for informational purposes only and is not a substitute for obtaining advice from a qualified legal or accounting professional. Where available, we have indicated the first-hand sources of the information contained in this blog post. While we strive to provide accurate content, we cannot be held responsible for any actions or omissions based on such content. Lightspeed does not undertake to complete further verifications or keep this blog post updated over time.

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Lightspeed is a cloud-based commerce platform powering small and medium-sized businesses in over 100 countries around the world. With smart, scalable and dependable point of sale systems, it's an all-in-one solution that helps restaurants and retailers sell across channels, manage operations, engage with consumers, accept payments and grow their business.

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Home > Business > Business Startup

Launch a Business on a Budget: 10 Small Business Ideas Under $1,000

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Syndicated from The Penny Hoarder

Sometimes we think of starting a business as some major, risky, life-changing expense that will require a huge loan or major funding from investors. 

But that’s simply not the case. 

Sure, if you’re opening up a downtown restaurant or a retail outlet, then you’ll probably need big bucks to get off the ground. 

However, there are many cheap small business ideas that don’t require near that amount of investment. With some small business ideas, you can even get started for less than $1,000. 

This might not be a life-changing business at first, but it could be enough to get your entrepreneurial skills tuned up for a long-term business that grows over time.

• Pressure washing
• Carpet shampooing
• Etsy seller
• Personal trainer
• Travel planner
• Laundry service
• Dog walking
• Professional organizer
• What you need to know

By signing up I agree to the Terms of Use and Privacy Policy .

10 small businesses you can start for $1,000 or less

Keep in mind, you might think you have to go all out and buy brand new everything when you start your own business . But the idea here is to start small and gradually build your business revenue. That’s when you might be able to upgrade your materials and equipment. 

For now, the idea is to use what you already have that fits the job. Then, buy the bare necessities while keeping your costs as low as possible. You can always pursue financing later on.

1. Pressure washing

Launching an ecommerce gig has become popular, but it can be more complicated than digital-only businesses. Because ecommerce involves selling and shipping physical goods, starting an ecommerce business can cost more than the other options we’ve listed—you’ll need money to buy the inventory you’re planning to sell.

One way to get around that is to sell things you already have, like used items on eBay or second-hand clothes on Poshmark . You can use the income from selling your own used items to buy more inventory to sell and expand your business without much cash investment. Once you have goods to sell, you can establish your online storefront on one or multiple sites, such as Amazon , Wix Ecommerce , or Etsy .

But what if you don't want to take on the risk of inventory? In that case, consider dropshipping . This business strategy involves submitting customer orders to a supplier, which in turn processes and ships the order under your brand name. You're relieved of having to store the items yourself, but it isn't all peachy. For one thing , dropshipping has a low bar to entry. This downside means profit margins are tiny as anyone can theoretically offer the same products instantly.

2. Carpet shampooing

One big perk to a carpet shampooing business is that it’s easily mobile. Since you’re working offsite, you really don’t need to invest any overhead in an office space. You simply need space to store your equipment, like a garage or laundry room. 

New carpet extractors aren’t cheap and will run you at least $1,000, but you can also find professional cleaners for around $500 on Amazon . You’ll also need other related tools and cleaning products, so be sure to factor that in as well. 

Similar to the pressure washing business, you’ll need some type of transportation option. Ideally, you’ll already have a truck or SUV with space. If not, you might need to invest in a used option that could raise your starting overhead significantly.

3. Handyman

Most neighborhoods have one — the trusted friend and neighbor you can rely on to help with the leaky faucet, the hole in the drywall and the broken appliance. 

If that’s you, then why not make it a handyman business ? Since most legit handy people already have their own tools, your startup costs here might be next to nothing. Maybe you need to update some specific tools and spend $20 here and there, but most everything you’ll need is in your garage. 

That said, you might want to set aside a monthly budget for new tools or common items that get used up, like caulking, nails and so on.

4. Etsy seller

When it comes to low cost business ideas, selling on Etsy — or another ecommerce platform — tops the list. You can sign up for free and set up your online shop within minutes. 

However, that’s just the online storefront part of this equation. You’ll of course have expenses related to what you actually sell, but that can vary from art, stickers, jewelry, handmade clothes, digital files and so much more. We’ll leave that alone since the related costs have such a wide range. 

Etsy does expect you to know if you’re working on a business or hobby though. Here’s how Etsy explains it: 

“If you’re selling on Etsy without expecting a profit, your shop may qualify as a hobby. If your Etsy shop is something you dedicate time to on a regular basis (and the time you spend is not inconsequential), and your primary purpose for the shop is for income or profit, your shop qualifies as a business.”

In that case, you should look at setting up an LLC just like any other business.

Hobby or business aside, you may want to try dropshipping if you’re buried in inventory for your ecommerce business. A dropshipping company stores your product and fulfills customer orders under your brand name for you.

Top website builders for small businesses

Want to launch your ecommerce empire easily?

5. personal trainer.

The upfront costs to start a personal training business are minimal. In most cases, if you’re interested in this as a small business idea, you’ll likely already have everything you need from a supply standpoint. 

Make a checklist of everything you need — from exercise mats, kettlebells, balance balls, first aid kit, resistance bands and so on — then budget for whatever you don’t already have at home. 

In the United States, you’re not required to be certified as a personal trainer. But from a marketing standpoint, you’ll probably want to get certified. Plus, most gyms won’t hire you or allow you to use their space if you aren’t certified. Personal trainer certification can cost anywhere from $200 to $2,000 depending on the level of training you want. 

If weights and balance balls aren’t necessarily your thing or you’d rather stick to simple cardio like running, then you could always look into being a certified running coach . 

6. Travel planner

Going the traditional travel agent route can be pretty expensive in the beginning. That said, there is a new age of business models that allow you to get started at a much lower cost. 

For example, Thatch has a free mobile app that allows travelers to create their own travel-based businesses. Over the last decade, sharing a travel experience over Instagram or TikTok has resulted in many pop-up business models. 

Thatch has formalized that experience and allows users to curate, share and sell interactive travel guides and planning services. It’s free to get started on Thatch, and the company will take 10% of whatever you earn. 

Trova offers a similar model but is more group-focused. And not only do users plan the trip, they also travel with their group as a host. 

So, yes, you’ll spend more than $1,000 on trips but if you’re going anyway, you’ll only be out the time to gather your thoughts and share your experiences. That itinerary you made for yourself could sell over and over again on Thatch. Hello, passive income!

7. Tour guide

If you live in or near a town that offers sightseeing opportunities, you could start a tour guide business with fairly low overhead costs.

You can easily set up shop from a home, so your main expenses will be ensuring you have transportation, unless you’re strictly doing walking tours — which would, of course, be much cheaper, assuming you live in a metropolitan area fit for a good walking tour. 

If not, used vans can be had for less than $3,000 or maybe you partner with a local bike shop to do bike tours. You’ll also want to make sure people know about your business through some basic marketing, maybe through social media, Airbnb experiences, tour sites or a free website through a hosting company like GoDaddy or SquareSpace . (More on that too.)

If you’d like more help getting started, you can also offer your services through tour guide platforms . Basically, you can apply for free, they might conduct a brief interview or two, then you can be listed as a guide in your area. For every client you serve, they may take a cut — usually around 15% to 20%.

8. Laundry service

Yes, you could actually start your own laundry business . This is a perfect idea if you’re the type of person who uses laundry time as a kind of therapy. 

The easiest way to do this is by using a service like TaskRabbit , Care.com and Laundry Care — which might involve an initial registration fee between $25 to $100.

A laundry business is even more doable if you already own a washer, dryer and some form of transportation. Other than that, you might want to invest in things like laundry bags and hampers, garment covers, bag tags and a hanging scale. 

Your upfront investment on a laundry business will be next to nothing, assuming you already have a washer and dryer and a car if you plan to offer pick up and delivery.

9. Dog walking

Talk about almost non-existent startup costs! A dog walking business will cost you next to nothing. All you really need is the ability to walk and the patience to keep up with Rover — or slow down for the many potty breaks. 

Though dog walking businesses have been around for a long time, it’s taken off in some metropolitan areas like New York City, with some people making more than six figures a year ! In addition, more than 23 million American households got a pet during the pandemic, according to the ASPCA . That’s nearly one in five households, and a lot of pets who need to go for a stroll. 

Starting a dog walking business is easy through online sites like Rover and Wag. You’ll set your rates, pay an initial profile review fee ($35 on Rover and $29.95 on Wag), then Rover or Wag will take a percentage from each walk as well. A search in the Nashville area showed individuals making $15 to $30 per walk. 

Pro tip: You don’t even have to walk a dog to make money off the pet industry. You could rent your yard out as a private dog park on Sniffspot .

10. Professional organizer

If you’re gifted with the talent of organizing, you’ve already completed half the battle in starting an organization business. 

To give your new business some credibility, you may want to consider joining an organization like NAPO — the National Association of Productivity and Organizing Professionals. A provisional membership costs $319 and gives you loads of benefits, including access to many of NAPO’s certification courses. These certifications will only boost your organizational resume. 

After that, you can spread the word about your new businesses. Consider starting with friends and neighbors, so you can have few success stories to tout on your website.

Everything else you need to know to start a small business

If you’re really serious about this low cost business idea, you should set up a limited liability company (LLC) before you do anything. You could also set up a sole proprietorship or corporations, but most experts agree that an LLC is the easiest and best option for solo business owners getting started.

What you need to know about an LLC

The most important aspect of an LLC is the liability protections it offers you as a business owner. Basically your personal assets and net worth are protected from any legal action taken against your business. LLCs also offer more tax protections than a corporation, which are hit with corporate taxes in addition to the owners getting taxed on their dividends. 

You don’t necessarily need a lawyer to start an LLC. Depending on the state where you live, you may be able to register your LLC online. Once you get your business entity started, you also won’t have quite as many restrictions on how you operate your company as you would with a corporation.

Depending on your state, an LLC can run anywhere from $100 to $700 annually . Some states will require annual renewal fees too. 

But that’s not all you’ll need to think about on the legal front.

What about liability insurance?

While an LLC protects you personally, your business could still get sued. General liability insurance can help protect you from lawsuits for injury or property damage. Our top pick? Tivly .

The more risk you take on as a business owner, the more liability protection your business will need. For example, if you transport clients in your tour guide van or get into pressure washing, you may need liability insurance. Selling crafts on Etsy? Probably not.

General liability insurance can cost around $30 to $100 per month, depending on your business.

What about marketing?

You’ve started your business. You’ve got a client or two. But now you need to spread the word. 

The easiest and cheapest way to do this is through social media accounts . Instagram and TikTok are visual mediums that can be very effective when used strategically. You can also build professional connections through LinkedIn . 

To keep costs low, you can use one of the many DIY website builder platforms out there. Options include IONOS , Wix, Bluehost or GoDaddy. These site builders will cost you anywhere from a few bucks to about $25 per month, but you can get the word out about your business without having to invest too much on the front end. 

You can also hire a freelance designer to build your small business website, but you can expect to pay around a couple hundred dollars.

Start your business small and smart

A new business doesn’t have to cost a fortune. Start slow with the bare bones basics, then build up as your business builds. 

You don’t need a brand new van to start a tour guide company, and you don’t need every cleaning product under the sun to get your carpet shampooing business off the ground. 

Keep it simple and smart, build your client base, then watch as that small investment of $1,000 becomes a profitable business idea over time. 

Robert Bruce is a senior staff writer at The Penny Hoarder covering earning, saving and managing money. He has written about personal finance for more than a decade.

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50 Businesses You Can Start With INR 1 Lakh Or Less

Shubham Kumar

According to a survey by Randstad Workmonitor in 2017, 83% of the Indian workforce would like to try entrepreneurship. While there are many who want to start a full time business, there are others who plan to start some part-time business to earn extra income. However, starting a business has many hurdles associated with it, and the major hurdle is the lack of capital. As a matter of fact, there are many businesses which can be started without investing a huge amount of capital. Here is a list of the best business ideas you can start by investing INR 1 lakh or less.

You may also like: 62 Business Ideas with Low Investment and High returns

Businesses You Can Start with INR 1,00,000 or Less

Cab Fleet Home Automation Services T-Shirt Printing Investment Business Stationery Store Startup Canteens Custom Gifts Professional Cameras on Rent Xerox and Printing Juice Shop Food Corner Game Parlour Used Car Dealership Driving School Beauty Salon Affiliate Marketing Blogging Writing Services Homework Help Services and Tutoring Web Designing Business Graphic Designer Interior Designer Home Decorator Fashion Designer Starting an Online Store Bookstore Fashion Store Babysitting Craft Store Bakery Online Advertising Dancing and Music School Sell Handmade Products Consulting Business Real Estate Agency Travel Agent Web Maintenance Service Event Management Business Amazon Seller YouTuber Podcasting E-Book Writing Laundry Shop Tailoring Home Cleaning or Corporate Cleaning Services Home Maintenance and Repair Services Catering Business Grocery Shop Mobile Repair Shop Paper Bag, Cloth Bag, or Jute Bag Making

You can buy a used car or a couple of bikes under INR 1 lakh, register them with Ola , Uber, Rapido, and other on-demand cab services. You then need to hire some people to drive the cab for you. Even after the necessary deductions like paying the driver's salary along with the maintenance expenditures, you'll still end up with a good profit.

Home Automation Services

Speech recognition devices like Amazon Alexa and Google Home have become common in today's households. With some knowledge of electronics and coding, you can help people pair their home appliances with speech recognition devices. This would allow them to control the appliances by giving commands to the speech device. One needs to purchase electronic equipment and hire a few talented guys to take care of the programming and configuration aspect.

T-Shirt Printing

There's a constant need for custom designed uniform with logos and pictures. As a result, T-Shirt Printing is a lucrative business one can pursue. You can help customers by printing their required designs and logos on T-shirts. For that, you'll have to invest in a good T-shirt printing machine . There are many affordable machines in the market, some starting from as low as INR 50,000 . If it sounds expensive, one may rent the machine from someone on a monthly basis or longer and once the business turns profitable, the venture owner could buy his or her own machine. With the constant emergence and growth of social media influencers, this business is in high demand at the moment. And there's no dearth of offline opportunities as well. Many T-Shirt startups are already excelling in this industry.

Investment Business

If you have knowledge about trading and investing, you can provide the service of handling people's money and generating profits for them through the share market. But to take off with this idea, one needs to demonstrate the knack for making successful predictions and trades in the market because people believe only when they see. Moreover, it requires immense trust to hand over one's hard earned money to someone else. So start by investing money for relatives and friends, turn them into success stories, and then aim for the big fish! You can start your own investment company in the future with this business idea.

Also read: Best Fintech Startups in India

Stationery Store Startup

You can open a stationery store and cater to new startups and offices since they require a lot of stationery related items like pen, paper, markers, etc. Offer them the best quality stationery products at reasonable prices. You can also partner with schools and coaching centers to establish your presence. Subsequently, students will come only to you for stationery needs. Connectivity with your main store means shortage of supplies can be taken care of immediately. You will need to build an effective transport network for connectivity between the main warehouse/store and your franchises to meet urgent delivery request. A home delivery facility will attract more customers. This business idea can be easily launched with INR 1 lakh and be scaled as a formidable startup if implemented with the best practices.

Canteens are no less than a necessity in public places such as parks. Even hospitals and office spaces are known for the crowd they bring. You can lease a space in such locations and start a canteen there. Start with limited options like tea, coffee, and biscuits. If there's a growth in your customer base, you can then increase the options offered. Once the entire business is in motion with windfall profits, you can then think of expanding the canteen chain.

Custom Gifts

According to Asianage, the gifting industry in India is expected to reach $84 billion by the year 2024. The industry is worth north of $65 million at present. The millennials have contributed significantly to the rise in gifting culture. Starting a personalized gifting business can prove to be a profitable business. All you need is creativity and innovation which are reflected in awe-inspiring photo frames, custom coffee mugs, etc. Test your initiative on your acquaintances and see what they think of custom gifting as a customer. You can also distribute samples embellished with your information for promotion and publicity. Closing a deal with corporate offices, especially during the festive season, is also a good idea for marketing.

Also read: Corporate Gifting Ideas for Diwali

Professional Cameras on Rent

Social Media platforms like Instagram and Facebook have ushered in a new era, one where everyone's crazy about selfies and videos. By the time you'd be done reading the previous sentence, hundreds of thousands of pictures must have been uploaded online. People are desperate for good quality images and videos. They need excellent cameras for that. You can buy a high-end camera that ranges between Rs. 50,000 to 80,000 and rent it to people on an hourly basis. If you can invest in a good quality drone with integrated camera and provide the instructions on its usage, nothing like it. You can easily command more than Rs. 1000 per hour as people are willing to pay astronomical amounts for those precious drone clicks!. If you are interested, you can also start doing professional photography.

Xerox and Printing

Although everything's online now, requirements like photocopying and scanning will never fade. You can buy a xerox machine and start a business near a coaching center, college, or offices. It is a highly scalable business idea if done right.

Also read: How to make money online

With the millennial (and everyone in general) moving towards a healthier lifestyle, juice shops are the place to go after that intensive workout. Be it fruit juice or protein shake, juice shops are a favorite for many. Starting a juice shop business near a jogging park, fitness center, or in a commercially bustling area offers a good chance to make money. If you cannot find any such place, you can always start with a movable setup like using your car and parking it near a jogger's area every morning. All you need to start this business is a good juicer, fruits, and necessary permission for your venture. All of the inventories can be bought for less than 50,000 rupees. You can use the other INR 50,000 from your INR 1,00,000 investment to market your shop. You may have to seek police consent and those of the concerned authorities. Target residential societies, if possible. As more and more people throng to your shop, you'll get an idea and insight into their preferences and thereby come up with even better offerings. It is one of the most promising business ideas you can start with INR 1,00,000.

Food Corner

Some eat to live while others live to eat. All in all, a Food Corner has all the ingredients of a profitable business . Aim for affordable meals so that people from all walks of life have something to consume at your joint. Since we're talking about businesses under INR 1,00,000, start with a stall type of setup. Talk to the southern meals and MOMO vendors you find on the roads to understand how they work. This is the one of the best businesses you can start with INR 1,00,000 or even less as food will never go out of trend.

Also read: How to market a restaurant

Game Parlour

The gaming industry is witnessing a boom. The current value of the gaming industry in India is $850 million and it is growing at a rate of 14.3% every year. If you think people in your locality are into mobile or PC gaming, you can buy a few high-end mobile phones and PCs and set up a game parlor . Many people want to play high performance mobile games but don't have compatible phones. There's tremendous opportunity in mobile lending. Apart from the money you make from the games, you can sell snacks in the parlor for some extra cash.

Used Car Dealership

There are many people who prefer to buy used cars in good condition. They buy a used car, drive it for a year or two, sell it, and buy another used car. You can start a used car dealership and find customers easily. All you need is a used car, have it repaired and find a buyer. If you can add some value to the car through modification, people will be ready to buy it for a higher price . Start your business by scouting for a used car that can be purchased and enhanced in 1 lac budget. Many people like to buy used cars and enhance it in a short period of time.

Driving School

Driving school continues to remain in the market. It is still a good business that mints money as the number of driving licenses issued every year grows exponentially. For a driving school, you need a good marketing plan as you cannot target specific people. You will have to use traditional channels of advertising like newspapers and pamphlets. Social media marketing can also assist in acquiring customers.

Beauty Salon

For someone who is interested in doing hairstyles, makeup or grooming people, starting a salon can be a nice business. A shop in a good locality is needed, besides many also start it at home. Much heavy investment is not needed, and also one can earn good amount of profit in this business

The above mentioned are some of the best business ideas that can be started by investing around INR 1,00,000. But if you feel that 1 lakh is not what you can invest right now, there are still other businesses you to start that requires very less investment. Let's have a look at some such business ideas

Also Read : 10 Small Business Ideas that You can Start from Home

Best Businesses to Start with Less Investment

Affiliate marketing.

Affiliate marketing is an easy to start yet profitable business that you can start, without any major investment. What you have to do is to simply promote other business's products and services online and earn commission. You don't even need to have your own website to start affiliate marketing. Just choose the products you would like to promote and register yourself as an affiliate of the company whose products you would like to promote. Once authorized to become an affiliate, you receive affiliate links for various products the company is selling. You can now paste these links on your website or promote them through your social media accounts, YouTube channel, in online groups or communities, or through email, and start earning commission whenever someone clicks on your link to visit the company's website and makes any purchase.

If you love writing, blogging is an interesting and profitable business that you can start with minimal investment. All you need to spend is on a domain and a good hosting plan. So just with an investment of INR 5000-6000 you are all set for a blogging business. Blogging lets you make money in many ways. You can sign up with Google AdSense to show ads on your website, do affiliate marketing, write sponsored posts, sell e-books and much more through blogging.

Writing Services

Another good service for those who have amazing writing skills is starting a business providing writing services. Writing service providers create various content for the clients ranging from resume writing, article writing, short story writing, copy writing, technical writing, editing and much more. You can start by offering a limited services, and once scaled up, you can hire people and broaden the spectrum of your services.

Homework Help Services and Tutoring

There are many students who would pay to get some help for their homework. You can start online homework and assignment consultation services. Students can call you to seek help regarding their assignments and you can charge them on an hourly or per assignment basis. You can target hostels and colleges for this business. This is an awesome business idea if you are excellent in studies and requires very little money to begin with. The only investment will be in the form of internet and your device. Tutoring is also a good way to make some money with almost no investment.

Web Designing Business

If you have relevant knowledge, you can start designing websites for various businesses. In today's digital world, every business big or small needs a digital presence to grow. By starting a web designing business, you can tap into this trend.

Graphic Designer

Are you a graphic designing expert? Well this can indeed be a great business option. Graphic designing has a huge scope. From creating logo's for companies, to designing brochures and marketing materials, making graphical content for social media to designing packages, there is lot you can offer to your clients and earn a good amount of money.

Also Read : How to Become an Expert Graphic Designer

Interior Designer

Interior designing is another great business option. With required skills and preferably the required certifications, you can easily start an interior designing business. Start by designing interior for your family, friends and acquaintances, and build a good portfolio that you can show attract clients. If your work is good enough, this business will surely take you places.

Home Decorator

Being a home decorator is a good business for those who loves to decorate beautiful homes. A home decorator is one who decorates the interiors with beautiful furniture, accessories etc. While you need certification to become an interior designer, no certification is needed for being an interior decorator. All you need to be an interior decorator is creativity.

Fashion Designer

If you have a knack for fashion designing, fashion designing business is something you can start without much investment. Find a niche segment and decide for whom you want to design clothes. Start by offering a few products, and promote your business to your acquaintances well as through social media. Also it is good to have your own website where you can showcase your design.

Starting an Online Store

Starting an online store is yet another good business idea. Just choose the products you want to deal in and decide whether you would like to go for drop-shipping or stocking the products you want to sell. As regards creating the e-commerce site, there are many platforms like Zepo, Shopify, and FreKart that will help you in this regard.

Starting a book shop is an affordable and nice business. One can opt to sell used books also, as they can be procured at a low cost. While there are many these days who prefer to order books online, and others who read e-books, there is still that category of readers who like to hold a book in the hands and read it, rather than reading it on a screen. So if you can rent a space near educational institutes or in a popular market area, your bookstore will surely earn profit. Coffee shop bookstore is also a cool place that people like to visit. So if you have enough space and required skills, you can also start a coffee shop alongside your bookstore to attract more customers.

Fashion Store

If you love to look stylish and fashionable and has a god fashion sense, you may consider opening a fashion store. To start with find a niche for yourself and start dealing in your niche. For example you can begin with a kids fashion store, and expand later to other niche as well, with increase in budget. You can also consider establishing your online presence and sell your clothes online.

Babysitting

Babysitting is also a business that requires very less investment. If there is space, you can start this business at your home itself. You just need to invest in some good toys, books, etc. to keep the kids busy. Also healthy food should be made available.

Craft Store

Opening a craft store is a viable business option. You can either create your own piece of art for selling in the shop or procure art and craft items in bulk and sell the same at retail rates. Craft items have a good profit margin when bought in bulk.

If baking is your passion, a bakery is a good business you can start. To keep the investments on the lower side you can opt to start a home bakery or a cloud kitchen. In home bakery and cloud kitchens, you just need to cook and deliver the food items, without any hassle of making sitting arrangements. Thus your rent is saved.

Online Advertising

Online advertising is what many businesses opt for these days, as online advertising is a great way to reach a wide audience. As such starting your own online advertising business is surely a profitable option. As an online advertising company you can provide services such as website designing, SEO services, PPC advertising, Social media marketing, content marketing and e-mail marketing.

Dancing and Music School

If you are a trained singer or dancer, music and dance classes can be a good business you can start. When started in a very small scale at home, you do not require any registration or licensing. Once you feel confident enough, you can scale up your business.

Sell Handmade Products

Handmade products are in demand these days. So you can make and sell handmade soaps, incense sticks, candles, etc. to make profit. The Government of India offers affordable training courses where you can learn to make these goods. You can sell them online, and as you scale up you can tie up with spas, salons, hotels, etc. for selling the products.

Other than this, you can also consider selling home made jams, pickles, chocolates, etc. Homemade stuff can be also be sold through sites like Etsy.com.

Consulting Business

Consulting services can be offered in various fields such as accounting, auditing, insurance, career, taxes, business and more. You just need to spot your area of expertise and start your consultancy accordingly. Try to get initial customers from your acquaintances and give them the best services so that you can benefit from word of mouth publicity.

Real Estate Agency

If you have interest and knowledge about real estate, you can become a real estate agent. You can choose from dealing in residential properties, commercial properties, or plot investments to start with. Get the required licensing, gather the required information and knowledge about the property you are dealing in, and promote yourself well so that you can reach out to your target customers.

Travel Agent

With the boom in the travel and tourism industry in India, starting a travel agency is a great business idea. You can choose to deal in anything: air ticket booking, hotel booking, selling travel packages, or all of them.

Web Maintenance Service

With every business going online, there is a rising need for web maintenance services. Website maintenance is required to keep a website error-free, up-to-date user friendly, and safe. In current times, web maintenance service can be a profitable business to start.

Event Management Business

Do you feel that you have what it takes to organize an event successfully? If yes, an event management company is something you should start. With the boom in the event management segment in India and worldwide, event management surely is the right place to be in. To start with, you can mange events for family and friends to get the exposure, and also do some thorough research on managing successful events. Being a first timer, you may find it overwhelming to provide all the event management related services. So you may start by offering one or two services like visitor management services, flower decorations, press and publicity services, etc. to big event management companies. Once you are confident enough, you can take the plunge to start your own full-fledged event management company.

Amazon Seller

Becoming an Amazon seller is a lucrative and profitable initiative. Currently there are over 5 lakh sellers registered with Amazon India. The best part about being a seller with Amazon is that you can reach out to a wide customer base not only within Indian but globally; Amazon takes care of everything from delivering the products to the customers to transferring money to your account.

Not just money, YouTube can actually turn you into a celebrity. If you choose to be a YouTuber, you can make money through various streams. You can earn money by becoming a YouTube partner, by selling your merchandise through your YouTube Channel, or by creating sponsored content. There are options where your fans can pay you directly. If you are a viral content creator, you can even make money by letting media houses use your content and get paid in return.

Looking at its popularity, podcasting can be a good business too. There are many ways in which a podcaster makes money. There are businesses who sponsor podcasts and that means a good source of revenue. Podcasters also earn from donations and crowdfunding by selling their own products and services, or through affiliate marketing.

Also Read : Everything you Need to Know About Podcasting

E-Book Writing

With all the craze around e-books, being an e-book writer can also prove to a profitable business. Before diving into writing an e-book, you need to find your area of expertise and interest, and write something which will create value for your readers. Once written, it's important to extensively promote your e-book to the relevant audience to generate more sales. You can sell your e-book through your own website, on Amazon's Kindle Direct Publishing (KDP) platform, or through other publishers.

Also Read : All You Should Know about E-books

Laundry Shop

Services that make the household chores easy are gaining popularity fast. Laundry service is one such life saver for the millennials. A well-managed laundry business is something you can start and earn profit from. You would need a staff to take care of washing, ironing, etc. Regarding marketing, targeting young people, working professionals, and tying up with co-living space providers can help significantly.

Tailoring is one of those businesses which can be started with low investment. Depending on your budget and skills, you can start tailoring at a small level from your home with a sewing machine and once budget and experience permits, you can launch a boutique. Upon expansion, you may buy a pico machine, interlock machine, embroidery machine, etc. and diversify your specialities in tailoring.

Home Cleaning or Corporate Cleaning Services

Cleaning is an essential service that individuals, organizations, and others cannot live without. With the uptick in the number of corporate offices, co-working spaces, co-living areas, and serviced apartments, the demand for home cleaning and corporate cleaning facilities has surged. Hence, starting a business in this domain is certainly a good idea.

Home Maintenance and Repair Services

There is lot to do when it comes to home repair and maintenance. From electrical work to painting, plumbing, carpentry or roofing, many chores needs to be taken care of. Considering the huge demand, a home maintenance and repairing business can surely turn out to be a profitable one if executed right.

Catering Business

If cooking and feeding people makes you happy, then the catering business is for you. All you need to invest in is cooking utensils, ingredients that will be required for cooking, and some helpers. Once your setup is in place, you can start taking orders and supply food for parties, functions, and other events.

Grocery Shop

A grocery shop does not require much investment. The most important factor you need to keep in mind is that the shop should be in a good location. Try to provide the variety of goods that people demand, be open to home delivery facility, and watch as you gain loyal customers.

Mobile Repair Shop

As reported by market research firm techARC, India had 502.2 million smartphone users in 2019, and the number is ever increasing. Given the scenario, a mobile repair shop can undoubtedly be a profitable business you may consider. Besides repairing, you can also sell accessories and provide mobile recharge facilities in your shop.

Paper Bag, Cloth Bag, or Jute Bag Making

With the buzz around the danger of using plastic, manufacturing cloth bags, jute bags, and paper bags is an eco-friendly way of making money. With proper marketing and the fabrication of reliable bags, you will end up with a pretty solid business.

These business ideas might seem small as they only need an investment of INR 1 lakh or less. But the sky's the limit when it comes to profits. Once you establish your foot with these initiatives, you can easily scale your business to the next level. Focus on marketing and correctly executing your business model. You may not see overnight results, so hold your horses and be patient. Are you aware of some other business ideas that can be started with a low monetary investment? Do comment.

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Use These Low-Cost Business Ideas To Make Big Returns

If you’re looking to start a business that doesn’t depend on expensive overhead, you have a range of options. Learn how to start a low-cost, high-potential business.

The most successful companies start with a good business idea , and for merchants with limited access to capital, the best business ideas often involve a minimal initial investment and low startup costs.

Successful small business ideas are those you can launch without worrying about large upfront and overhead costs . Here are some of the most popular low-cost business ideas with high profit potential.

Low-cost business ideas with high profit potential

Launch an online store, offer online tutoring services, participate in affiliate marketing, launch a marketing consulting business, sell branded merchandise, become a personal trainer, produce online courses, start a dog-walking or pet-sitting business, perform social media management services, become an event planner, create a car wash business, start a photography business, offer freelance writing services.

There are plenty of low-cost business ideas you can explore. Here are some of the most popular low-cost small business ideas that have the potential to earn high profit margins :

Start an online business using an ecommerce platform like Shopify , which gives small business owners the power to create and manage their own online store. Ecommerce platforms typically offer customizable themes, secure payment gateways, and comprehensive reports about inventory and customer behavior.

Start by writing out a list of online business ideas that suit your strengths as an entrepreneur. Create a product or service that fills a need in the marketplace, and write a detailed business plan for your new company. Determine your target audience , define your brand, and develop marketing materials. With time and dedication, you can turn a minimal initial investment into a thriving online business.

Another low-cost business idea to consider is providing tutoring services in your area of expertise. You can focus on teaching subjects like English, math, and science, or more specialized skills like computer programming or video editing.

Consider starting a test prep business that prepares clients for standardized tests like the ACT or SAT. Entrepreneurs with a solid understanding of a particular subject matter can earn money by sharing that knowledge with others.

Set your hourly rate and earn revenue by building a list of clients. Online platforms like Wyzant and Preply can connect you with paying students for a small percentage of your fee.

Another low-cost business idea that can generate income is an affiliate marketing business. Affiliate marketing is promoting another company’s product, service, or brand using an affiliate link that earns you money every time someone clicks on it. Affiliate links leverage your network to encourage actions like buying a product, signing up for a newsletter, starting a free trial, or downloading an app.

Start affiliate marketing by joining an affiliate program that connects you with companies willing to pay for affiliate partners. Explore the Shopify App Store for affiliate marketing apps . Although affiliate marketing can be an inconsistent source of income, you can earn more money by leveraging a solid social media following.

Get paid by brands you love with Shopify Collabs

Shopify Collabs makes it easy to find brands that match your vibe, build affiliate relationships, get paid for what you sell, and track everything in one place.

If you have a knack for understanding and developing digital marketing strategies , consider starting a consulting business to make money from your skills. You could focus your consulting business on various marketing strategies, including search engine optimization , email marketing , and social media marketing .

Start by offering your services to local businesses in your area, and build a solid résumé and reputation over time. Launch your own website that features your résumé and allows potential clients to contact you directly.

Sell merchandise like t-shirts, water bottles, USB drives, and other items that feature your unique brand. This is a good option for graphic designers, social media influencers, and artists who have a preexisting audience and a clear brand vision.

For example, on an episode of Shopify Masters , entrepreneur Gourmet Délice speaks about how important selling merchandise through Shopify has been for Bonsound , the record label he co-founded. “There are only 24 hours in a day, and if your mind is only on the business side, then it's tough to create,” Gourmet says. Selling merch on Shopify has helped bands supplement the money they bring in from shows, and record sales with minimal time and startup costs.

To start selling merchandise, design your products and create mockups . Find a print-on-demand service like Printful or Printify that produces items on demand. A print-on-demand model allows you to offer a wide range of products without investing in a large amount of inventory upfront.

If you are passionate about health and wellness, consider starting a personal training business. Personal trainers evaluate their clients’ fitness needs, develop specialized fitness routines, and keep them accountable. Although it can take time to build a solid client base, you can launch a personal trainer service with minimal upfront costs.

Before advertising your services, check for any personal training certificates necessary to start a business in your area, and seek out the appropriate insurance for this type of business.

Another option for starting your own business is to produce and sell online courses. If you have a knowledge base on a particular subject, consider launching an online course business. You can create an online course in various formats, including written, audio, and video. Online course businesses require an initial investment of time and energy to create the necessary material but can become a valuable form of passive income.

If you have a natural connection to animals, start your own dog-walking business or pet-sitting business. These low-cost businesses require no upfront investment in supplies or formal training. Start by offering your services to people in your network and grow your business as you gain positive referrals.

Start a social media management company focused on helping clients with their social media accounts. Social media marketing is a growing industry, with one report estimating that global social media ad spending will surpass $260 billion by 2028.

If you have a knack for creating social media content, consider contacting local businesses and offering to help with their social media presence.

Launch an event planning business that specializes in sourcing venues, crafting schedules, coordinating catering services, and arranging entertainment for clients. Event planning can focus on weddings, birthday parties, conferences, or corporate events.

Running an event planning business can be stressful and time-consuming, but if you have a skill for organization, it can become a profitable business without overhead costs or expensive business licenses.

Another potentially profitable business idea is a car washing service. Launching a car wash business requires a minimal investment in cleaning equipment and a good lead-generation strategy to attract new customers.

If you have a knack for taking pictures, turn your hobby into a low-cost business. Launch your own website to feature your portfolio and commission your services to paying clients.

Another option for making money with your photography skills is to license photos to stock photo websites like Shutterstock and Getty Images .

Another creative business idea that requires no initial startup costs is freelance writing. Freelance writers create content for paying clients who need original material that aligns with their search engine optimization and content strategies.

You can create blogs, emails, advertisements, press releases, website copy, and product descriptions. If you enjoy creative writing, you could also offer ghostwriting services to clients who want to bring their book ideas to life.

Low-cost business ideas with high profit FAQ

What is the cheapest and most profitable business to start.

There are lots of low-cost business ideas that have high profit potential, including affiliate marketing, tutoring services, and launching an online business through an ecommerce platform like Shopify .

What business is the easiest to make money?

There are plenty of business ideas that allow merchants to earn money with minimal upfront investment, including cleaning services, pet sitting, and freelance writing.

What is the best business to start with $1,000?

Examples of business ideas that can be started with as little as $1,000 include photography services, social media management services, and tutoring services.

How do you start a small business?

Start a small business by brainstorming ideas, researching your market, defining your target audience, and honing your product or service. For online businesses, launch an ecommerce store through an integrated and user-friendly platform like Shopify .

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56 Small Business Ideas To Make Money in 2024

The entrepreneurial landscape brims with potential and vibrancy. No longer do you need massive capital or a brick-and-mortar store to kick off a business. Today, with just a sprinkle of creativity and a dose of determination, you can launch a new venture.

If you’ve landed on this page, you’re probably searching for a good business idea —an idea that’s light on the pocket but heavy on returns, promising both a fulfilling journey and potential profit. Below, we’ll explore 56 small business ideas tailored just for the budding entrepreneur of today.

56 small business ideas to pursue in 2024

1. dropshipping.

Are you looking to sell products online but lack the funds for inventory and storage? Consider dropshipping. Dropshipping is an ecommerce business model where you don’t manage any physical products.

All you need to do is establish an online store and partner with suppliers. These suppliers will handle the storage, packaging, and shipping of orders to your customers. Get started by creating your online store via Shopify and using a dropshipping app to source products.

2. Print on demand

If you’re searching for promising online business ideas, print on demand (POD) is worth considering. In this model, you design items like phone cases, mugs, or t-shirts, but you don’t handle the manufacturing or fulfillment. Your suppliers take care of printing, packaging, and shipping, and you pay only after a sale—meaning no initial costs.

Ready to kickstart your POD journey? Get started by creating a Shopify store and integrating a POD app, such as Printify .

3. Translation

Multilingual individuals are always in demand. If you’re proficient in two or more languages, consider launching a small business to capitalize on these skills. Begin by seeking clients on platforms like Upwork and Flexjobs to establish your portfolio. As your client base grows and you collaborate with more companies, consider expanding by hiring other translators with expertise in different languages.

4. Data entry

If you are proficient with spreadsheets or skilled in organizing systems and processes, running a data entry business could be a perfect fit for you. Since every business relies on data, data entry clerks are vital for compiling, storing, and managing large amounts of information.

Get started by reaching out to local companies to offer your expertise. You can also join freelance platforms such as Upwork and Fiverr to find clients.

5. Website flipping

Website flipping is gaining traction, especially among recent graduates and individuals working from home. The concept is simple: Acquire an existing website, refine its design and content, and then sell it at a markup.

You can find websites in need of a revamp on platforms like Flippa . Once finished, focus on enhancing the site’s design, content, and SEO. You can then list it for sale on the same platform to potentially make a profit.

6. Affiliate marketing

Affiliate marketing involves promoting products or services through affiliate links. When someone clicks on your link and makes a purchase, you earn a commission.

Before joining an affiliate marketing program , consider various factors to find the best fit for your needs. Evaluate the commission rates, payment terms, and cookie duration offered by each program. Taking these things into account will help you choose the most suitable program to maximize your earning potential.

7. Home-based catering

If you have a knack for cooking and view it as a creative outlet, launching your own business in home-based catering could be a fulfilling venture. Your initial investment will vary. For instance, if you focus on smaller events you can manage yourself, costs may be more modest.

To kick things off, most home-based caterers set up a website , get involved in local food markets, or join platforms that let culinary experts earn from their skills.

8. Financial organization service

Launch a service that guides entrepreneurs in separating their personal and business finances. First, assist them in setting up distinct bank accounts and adopting software to monitor business expenses. Then, explain the tax and legal upsides to keeping finances apart. With your guidance, they’ll learn to maintain financial order effortlessly.

9. Dog walking

It can be difficult to keep up with a furry friend, particularly high-energy breeds with limited outdoor access. As a professional dog walker, you’ll be helping pet owners in the community keep their dogs happy, healthy, and well exercised.

You can establish a presence for your dog walking business on a number of platforms, including Wag! , Rover , and Care.com . Offer promotions for new clients and build a positive reputation by requesting reviews from those you’ve worked with in the past.

10. Virtual assistant

One of the most successful business ideas is offering virtual assistant services. Everyone from large enterprises to solopreneurs needs help with the day-to-day management of their business. You can use your excellent organizational skills to take some weight off their shoulders. 

Land your first few clients by responding to listings on platforms like FreeUp , PeoplePerHour , or Virtual Assistant Jobs . This is a proven business model, as people are always looking for efficient virtual assistants. 

11. Voiceover services

Voiceover artists provide professional narration for a variety of projects, such as podcast intros/outros, explainer videos, and audiobooks. Begin by refining your voice and recording skills through online tutorials and practice sessions. Develop a portfolio demonstrating your versatility across different genres and styles. Then, promote your services on freelancing platforms or by creating a website to attract potential clients.

Coding has long been a monetizable skill across industries. You can acquire foundational knowledge through courses, but true mastery comes from practical experience. Consider building a website to showcase your abilities, reach out to brands you admire for potential collaborations, and develop a portfolio featuring your work in website and app development.

13. Online reselling

Online reselling involves buying products cheaply from manufacturers or wholesalers and then selling them at a higher price to make a profit. To kick things off, focus on items you’re familiar with or that are in demand. Use platforms like eBay , Amazon , or Etsy to reach buyers. Quick tip: Take great photos and write clear descriptions to boost your sales.

14. Personal shopping

Do you have a knack for identifying fashion trends? If friends and family often seek your clothing advice, consider turning that talent into a personal shopping business.

Personal shoppers select clothing for clients who lack the time or inclination to shop. This involves assessing the client’s current wardrobe, browsing various online boutiques, and choosing items that fit their style. The variety of products in online stores means you don’t always have to shop in-person.

15. Car detailing

Contrary to popular belief, you can turn car detailing from a hobby into a thriving small business . Clients typically pay anywhere from $50 to $400 per vehicle, so with a consistent client base, you stand to earn a substantial profit.

Your marketing strategy holds the key to your success in the car detailing business. Create a website or utilize social media platforms to promote your services, and always encourage happy clients to leave reviews. Consider offering introductory discounts or package deals to entice new customers.

16. Boat cleaning

Here’s a unique idea that might interest you: boat cleaning. This service focuses on boats docked for off-season storage or those in need of repairs. Start by offering your services to individual boat owners with vessels parked at their homes.. You can also partner with marinas to provide your services as an added value to their customers.

17. Online tutoring

If you’re an expert in art, math, or another subject, consider starting your own small business in online tutoring. A bachelor’s degree in the subject you plan to teach is usually a must. Sites like Skooli and Tutor.com are great places to connect with students in need.

It’s beneficial to teach topics you’re passionate about and knowledgeable in, ensuring you provide real value. And with tools like Zoom, conducting online sessions is a breeze. Online tutoring not only taps into your expertise but also stands out as one of the more accessible small businesses to kick off.

18. Greeting cards

Greeting cards are always in style. So, if you have a good eye for design or just love showcasing your artwork on physical items, consider making greeting cards to sell online.

Before you start looking for clients, you need to have a handful of designs ready to go. Tools like Photoshop and Canva make it easy to create custom card designs. Additionally, you’ll need to stock up on supplies required to create greeting cards (ink, paper, etc.). 

19. Content writing

Almost every company with a web presence needs help creating content for product pages, blogs , etc. As such, starting a content writing or copywriting company could be one of the most profitable business ideas for you. Popular websites for finding those first few customers include Remote.co , Problogger , and BloggingPro . 

You can also join content writing groups on Facebook to get more exposure for your business. To make a good impression on clients, consider offering keyword optimization or custom graphics as part of your services. 

20. Newsletter

A newsletter lets you talk straight to an audience that’s already interested. If you’ve got internet savvy and know things others want to learn, think about launching a newsletter . You just need an email service and a plan to get subscribers. Then, you can earn by selling spots to sponsors, or by selling your own products or services right through the newsletter. Or, if you gather enough subscribers, start charging for your newsletter.

21. Makeup artist

If making people look their best with makeup is what you love, starting a makeup artist business could be your calling. Focus on weddings, photoshoots, and special events. You have the choice to cater to local clients or travel for a broader clientele. To get started, advertise on local Facebook groups, and don’t forget to launch a website and distribute flyers.

22. Online dating consultant

For those passionate about matchmaking, offering online dating consulting services can be a great business idea. This type of service involves assisting clients with all aspects of their online dating journey, from creating attractive profiles to providing personalized guidance for finding compatible matches. Offer it to some friends first and leverage their success stories to promote your business to other singles.

23. Homemade products

If you’re skilled in making unique crafts like soap, drinks, or baked goods, consider turning it into a business. You can sell your creations at local farmers markets or online platforms like Etsy to reach a wide audience.

To really make your mark, think about adding a personal touch to your products. For example, you could offer custom flavors for drinks or personalized labels for soaps and baked goods.

24. WordPress support

A lot of websites out there are hosted on WordPress, and almost every WordPress website owner requires support in some form. So, if you’re familiar with the ins and outs of this platform, you’ll have several opportunities to make money. 

Clients may contact you to fix their CSS, find and address security holes, and more. While you can use platforms like PeoplePerHour and Upwork to get your first clients, we recommend creating a custom website and listing your services there. That way, you’ll be able to avoid high commissions and build high-quality relationships with your clients.

25. Career coaching

With rising unemployment and a saturated job market, there’s no shortage of people needing help finding jobs. If you have a talent for helping your friends and family find suitable employment, you can probably help others too. 

Consider starting a career coaching business where you help people figure out what the best career is for them, and teach them how to nail an interview, what traits define a good candidate, and more. You can look for clients in Facebook groups or on platforms like Coach.me . 

26. Email marketing

Are you good at writing emails? Have you cracked the code for crafting subject lines that people can’t help but click? If so, you can step into entrepreneurship and make money by launching an email marketing business.

You can find companies that need help with their email strategy on platforms like PeoplePerHour and Upwork , as well as via cold outreach. Once you show your expertise in engaging recipients, clients will see the value in your services and many may agree to the price you quote them. Major brownie points if you can help grow their email list.

27. Contract cleaning

Not everyone has the time or skills to clean on a regular basis. By becoming a professional cleaner, you can assist home and business owners with scrubbing, dusting, vacuuming, and more, all while enjoying flexibility in your working hours due to the ongoing demand for cleaning services.

Startup costs for household cleaning businesses are extremely low. Cleaning supplies and materials usually cost less than $100, though you might also consider investing in specialty equipment like steam vacuums or carpet cleaners. Setting up a website or social media page can be an effective and low-cost way to promote your services.

28. Meals to go

There’s a growing demand from those who struggle to find the time to cook nutritious and healthy meals. This trend offers a perfect opportunity to start your own local meals-to-go business.

Contrary to popular belief, you don’t need to invest heavily in a large commercial kitchen. A shared rental kitchen can efficiently cater to a meals-to-go business. These spaces come equipped with essential supplies and can be rented by the month, day, or hour. You can find shared-use licensed commissary kitchens on websites like The Kitchen Door .

29. Landscaping services

Are you passionate about gardening and yard work? Starting a landscaping business could be the perfect avenue to transform your hobby into a profitable venture. Landscaping services encompass a wide range of jobs, from mowing lawns to planting flowers and shrubs. Depending on your local climate, the demand for these services may vary seasonally.

To secure your initial clients, you might consider going door to door in your community or utilizing platforms like TaskEasy . Websites such as HomeAdvisor can also connect you with potential clients in your area.

30. Charity business

Have you ever dreamed of making a difference through your business? Now’s your chance. Infuse your company with a mission and allocate profits to a cause you care about. Partner with nonprofits or directly contribute to social good while staying transparent about your efforts.

You can also utilize tools like the Give & Grow Donations Shopify app to seamlessly incorporate your mission into your business and engage customers in supporting meaningful causes at checkout.

31. Website testing

Did you know many digital brands hire real individuals to provide feedback on their websites? These external insights help them pinpoint and rectify problems that internal developers might have overlooked. You can leverage this demand by assembling a team of freelancers and establishing your own website testing company.

For each project you undertake, your team would be provided with a set of questions to guide them as they navigate a client’s website. They’d then share their impressions on the site’s user experience and potential improvements through video feedback.

You can find work through websites like UserTesting , Ferpection , and TryMyUI . 

For each project you undertake, your team would be provided with a set of questions to guide them as they navigate a client’s website. They’d then share their impressions on the site’s user experience and potential improvements through video feedback. You can find work through websites like UserTesting , FerpectiFerpectionon , and TryMyUI . 

Do you have experience in generating backlinks and improving the search engine visibility of a website? If yes, then there’s an opportunity for you to cash in on your skill set. 

Site owners worldwide require the services of SEO experts, so opening a business in this field could turn out to be one of your best decisions. To attract clients, target a niche audience, leverage past experiences, and highlight your success stories. With monthly retainers of $500 to $1,000, selling SEO services is one of the best business ideas to make money in 2024.

33. App development

App development is one of the best profitable small business ideas, since so many companies require an app. The cost of starting this venture has also drastically gone down due to the growth of tools and affordable developers.

Today, you can use software like OmniGraffle or Sketch to create the wireframes and mockups before you decide to publish the app. There’s also the opportunity to earn passive income by creating apps for the general audience.

34. Virtual dance studio

The upsides to a virtual dance studio are pretty obvious: You don’t need to rent a big space, and it’s convenient to record, publish, and share the choreography at your own discretion. It’s even possible to give dance classes from home, making it one of the best home-based business ideas .

To start a virtual dance studio, you’ll need to invest in video conferencing software, such as Zoom . You’ll also need high-speed internet to ensure there are no lags or buffering during the livestream. Make sure to arrange enough classes per month so that your students learn their routines fast.

If you have a passion for creating your own unique choreography, you may also find opportunities to partner with dance schools to give their students access to your content on a membership basis. 

35. Stock photography

If you have the ability to capture great candid moments or recently did a portrait shoot of a relative, you can become a stock photographer by registering a sole proprietorship under your name. 

Most stock photography websites pay you a royalty for every download on their platform. Another option is to launch your own photography website and sell images directly to people, which is only viable if you have the resources to invest in marketing. 

36. Instagram consulting

If you know the secrets to Instagram engagement , consider starting an Instagram consulting business. Clients will pay you for crafting engaging captions, responding to comments, creating attractive bios, and more.

You can monetize these services by charging a specific rate per hour or by project. This is the ideal business model for digital nomads , as all tasks can be managed from a laptop or smartphone.

37. Video production

The initial investment for this venture includes a basic lighting set, wireless microphones, one to two cameras (and lenses), and editing software such as Adobe Premiere or Final Cut Pro . Consider sourcing second-hand equipment to cut down on startup costs.

You can offer to produce video content for companies’ YouTube channels, manage graduation and wedding videography, and more. While there’s no restriction to the types of projects you can do, specializing in a niche makes it easy to stand out in a busy marketplace. 

38. Software education

Are there people in your circle struggling with computer software? If so, starting a software education venture could be lucrative. Your students might range from entrepreneurs enhancing their IT capabilities to small business owners mastering tools like Excel and PowerPoint. As the primary expert, you can spearhead most of the training sessions.

As enrollment grows, consider bringing onboard freelance software experts to cover specialized topics. While renting a space for physical classes is an option, virtual classes could reduce costs and broaden your reach.

39. College preparation

The business of assisting high school students in securing college admissions is thriving. As IBISWorld notes, the testing and educational support industry’s market size was a staggering $17.9 billion in 2023

Initiate your venture by choosing a specific aspect of college prep, like ACT tutoring or admission essay coaching. Once your niche is clear, register your business and start reaching out to students.

40. Niche staffing agency

Nearly every industry has open jobs, and employers are keen to hire the best people for their companies. Your task as a niche staffing agency is to match employees to employers in your sector of choice. 

Figure out what type of roles you’ll be staffing (Junior? Mid-level? C-level?) so you can identify the right candidates for the position. Additionally, consider the employment terms that your agency will share with potential candidates. You can be a temporary, temporary-to-permanent, or long-term staffing agency based on the needs of the market.

41. Digital event planning

One of the best small business ideas is to open up a digital event planning company. In this business, you’ll plan, organize, and report on digital events like webinars and online summits for different companies. 

Money can be made by charging an hourly fee for your service, selling sponsorships, etc. If you ever dreamed of planning a wedding or exhibition, but never quite had the time to organize anything, you can still channel your inner facilitator by planning digital events for people and businesses.

42. Personal training

Being a personal trainer transcends simple exercise instruction. Personal trainers craft tailored plans, providing both motivation and consistent accountability. Clients invest not just in workouts, but in the comprehensive expertise a personal trainer offers.

This expertise isn’t confined to gym walls. The surge of virtual training sessions allows personal trainers to tap into a global clientele. For those deeply passionate about fitness, establishing a personal training business stands at the intersection of profit and passion.

43. Child care

If you love working with children and can obtain the necessary licenses, starting a child care business might be a great opportunity for you. The increasing need for child care services and the lack of enough providers create an ideal situation for launching a new business. To differentiate your venture, consider offering personalized care options or engaging activity programs tailored to children’s ages and interests.

44. Home enhancement

Got an eye for aesthetics and space management? Consider getting into home enhancement, where you transform everyday spaces into showpiece properties. Initially, you can magnify the appeal of homes using the owner’s existing items, keeping startup costs low. As you gain momentum, many professionals in this field curate their own collection of versatile furnishings.

45. Tour guide business

Another small business idea is starting a tour guide business. Sure, there’s a lot of competition out there. But you can differentiate yourself by offering unique experiences. Consider crafting specialized tours that cater to niche interests, such as historical walking tours of your town’s most haunted spots, or curated food tours that showcase the city’s culinary delights.

46. Life coaching

Life coaches guide individuals through career shifts and help them create lives they adore. If you’re skilled at decision-making, communicate well, and like steering people toward their dream lives, this might be your calling. Get a qualification first. Then, grab clients through social media and local ads, and, eventually, word-of-mouth will do its magic.

47. Furniture upcycling/restoration

Furniture upcycling has become popular as people look to refresh their living spaces. If you’ve developed skills in restoring furniture and enjoy giving a new lease on life to well-loved pieces, think about starting a business in furniture restoration or upcycling. Search for hidden gems in local charity shops or reclamation centers to refurbish and sell, or offer your services to update people’s existing furniture.

48. Board game customization

Personalized board games are becoming popular as people look for unique, custom-made entertainment options. This business caters to everyone: single players, families, and companies who want special games. To start, think about if you want to make the games yourself or hire a specialist to do it. If you decide to make them, look at YouTube videos and online guides to learn how.

49. Massage therapy

Massage therapists offer a service many seek for relief and relaxation. Here’s how you can run your massage business:

• Go to clients’ houses to provide massages.
• Open a center where clients can visit you.
• Team up with a chiropractor, salon, or acupuncturist and work together.

First, you need to get certified. After that, you can start adding more services, like beauty treatments or relaxation therapies.

50. Personal storage help

Dealing with excess belongings is something a lot of people struggle with. They sometimes even end up needing extra space to store their stuff. As a personal storage helper, you step in to sort this out. You help decide what to keep, what to donate, and what to store. This job revolves around being organized and assisting people in decluttering their spaces.

51. Coffee shop

Turn your coffee enthusiasm into your own coffee shop. You can either join a franchise or start from scratch. Once your shop is up and running, make it a go-to place by organizing events, offering deals, and becoming a vital part of the community.

52. Food store

If you’re an expert in a certain type of food—or simply have a deep love for a specific product—consider opening a dedicated food store. With a clear business plan, transform your passion into a niche hub for cheese, wine, craft beers, or specialty olive oils, drawing in those with similar tastes.

53. Food truck

Starting a food truck is more affordable than opening a restaurant, since all you need is a vehicle and cooking gear. To do well, pick a certain type of food or cuisine because space is tight. If buying a truck is too costly, consider leasing one through a company such as the Food Truck Group. This way, you can start small and, if things go well, possibly open a restaurant later.

54. Vending machines

Vending machines provide convenient access to a variety of products without the need for human interaction. They cater to individuals seeking quick purchases in high-traffic locations like hospitals, schools, and community centers. To start this business, research and secure agreements with property owners for strategic machine placement.

55. Eco-friendly refill shop

As people become more eco-conscious, refill stations for everyday products like laundry detergent and cooking oil are gaining traction. These businesses appeal by helping customers reduce plastic waste and promoting sustainability. To get started, create a functional setup with clearly labeled bulk dispensers for various products.

56. Interior design

Many people can buy furniture and décor but don’t know how to pull a room together. That’s where you come in. Start by decorating friends’ homes to match their vision with your flair. Great interior design mixes client dreams with your know-how. Document your work, share it online, and watch your fanbase grow.

Start a small business today

There you have it—a list of 56 small business ideas that will make you money in 2024. To give yourself the best chance of success, focus on one idea at a time until you find one that aligns with your abilities. 

Thousands of entrepreneurs have implemented these business ideas to make money, so you can be sure that you’re putting your time and effort into something viable and proven. Whether you’re a college student, a work-at-home parent, or simply someone looking to start a business , remember there are plenty of opportunities to earn a sizable income. 

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12 Best Small Business Ideas With Low Investment in 2024

Table of contents

We are living in an entrepreneurial age. Today, more and more people are turning their passions into profitable businesses. But let's face it: launching a dream venture can be daunting, especially with financial constraints.

That's where this guide comes in. This blog unveils a list of the 12 Best Small Business Ideas with Low Investment in 2024. Whether you excel at creative crafts, possess a talent for organization, or have a knack for social media, there's an opportunity waiting for you.  

Dive in, explore your options, and discover the path to becoming your own boss!

What is a Small Business?

A small business is characterized by its revenue and the number of employees. Typically owned by an individual, small companies do not publicly trade their stock. Owners must personally guarantee any current or future financing. These businesses are cost-effective, require minimal initial investment, and use existing skills and resources.

What Factor Makes a Good Small Business Idea?

An excellent small business idea is driven by market demand. It should solve a specific problem or meet a particular target audience's needs. Furthermore, it should leverage an owner's skills and resources, have potential growth, and be financially viable with minimal initial investment.

1. Less Investment

If you want to enter an enterprise business and sell your skills without taking risks, choose a budget-friendly approach for your start-up. Start-ups have to play their cards, staying in a safe zone. Taking risks in the initial start-up phase can pull down the business. So, while choosing the best business idea, you must select the ideas with minimal investment.

2. Effortless Inventory & Supply Management

A successful small business idea must support effortless inventory management and streamlined supply chains. When a business has limited financial resources, managing inventory can be challenging since overstocking eats up capital and space, while outstocking leads to a loss of sales.

3. Consider a Cross-Platform Idea

In today’s digital world, an online management system is essential for small businesses. Most companies use social media platforms to advertise their businesses or products. Almost 77% of small businesses use social media to connect with their customers, and 41% of small businesses depend on social media as a revenue driver . Therefore, choosing a small business idea compatible with both online and offline markets is crucial when starting a small business with low investment.

4. Minimal Human Resources

Low labor costs are critical for small business startups. Nowadays, businesses are more focused on adapting to new technologies than investing in human resources. Utilizing technical resources offers numerous benefits, including error-free results and time efficiency. This approach ensures a flawless workforce and significantly reduces labor costs. Selecting a business idea that demands minimal human resources boosts productivity and simplifies management.

12 Best Small Business Ideas with Low Investment

1. cloud kitchen.

Cloud Kitchen is one of the best low-investment small business ideas. With the rising demand for food delivery services, starting a cloud kitchen as a business can be beneficial. It doesn’t require big spaces like restaurants and hotels. Also, you can focus on your niche cuisine and build your customer base through social media. This approach is tentatively budget-friendly and risk-free.

2. Content Creation

There's always a place for trendsetters and creatives in today's world of never-ending trends and competition. Content creation is a promising idea in the creative field that requires only a small budget. You can start your business with a mobile phone and internet access.

3. Personal Photography

People nowadays value visuals more than anything else. With the immense popularity of social media platforms like Facebook and Instagram, more people are eager to capture their precious moments and share their joy with their circles. Many are now hiring personal photographers for events like birthdays and are willing to pay a reasonable fee. Starting a business as an individual photographer is a fantastic way to earn a good income with minimal investment.

4. Event Planning Services

There is a constant high demand for skilled professionals who can manage budgets while creating impressive setups. This field encompasses a variety of opportunities, from corporate events and weddings to parties and more. Successful event planners must be organized, creative, and effective communicators to execute every detail perfectly. Event planning and coordination services promise substantial earnings and offer creativity and personal satisfaction in a dynamic industry.

5. Professional Reviewer

Many companies seek professional reviewers for honest feedback on their products and services, valuing critiques that highlight areas for improvement. Reviewers are often well-compensated and get to try new and innovative products, such as books, mobile devices, and cutting-edge technology. This role can also grant access to exclusive events and early releases and help build a reputable profile in the review community.

6. Affiliate Marketing

Affiliate marketing is an ideal low-budget business idea due to its minimal initial costs. You don't need to invest in inventory or production since you promote other companies' products. Starting is affordable with free platforms like WordPress for blogging and social media for promotion. Most affiliate programs are free to join, and you can drive traffic using organic SEO and social media marketing. With dedication and strategic planning, affiliate marketing allows you to build a profitable business with limited financial investment.

7. Start a Landscaping Business

Landscape is one of the best small business ideas with minimal initial investment. Landscaping businesses involve outdoor services like maintaining gardens, designs, and the art and craft of growing plants to create beauty within the landscape. Essential tools and gardening supplies are affordable, and you can start with services like lawn care and maintenance. Free marketing on social media and boards or word-of-mouth referrals can help you grow your business.

Starting a bakery business will be fruitful if you have a passion for baking and a talent for creating delicious treats. There is always a market for fresh, homemade baked items. You can start a bakery business with a small investment. All you need to buy is a baking tray, oven, spatula, and measuring cups; otherwise, everything you need while baking is readily available in an average kitchen. The bakery business relies on the skills of the baker and the quality of ingredients, so it doesn’t need extravagant efforts and investment to start a bakery business.

9. Start a Podcast

Listening to podcasts has become a popular trend for people's entertainment. It is also a popular medium for sharing information, storytelling, and motivational speeches with worldwide audiences. With the minimal equipment and technical knowledge, you can start your podcast channels. Targeting the audience and delivering high-quality content according to their interests helps grow your podcast business. Doing so can grow your podcast audience and potentially turn it into a profitable business.

10. Tour Guide

If you’re passionate about traveling, consider becoming a tour guide. It mainly involves excellent communication skills and a deep understanding of your destinations. As a tour guide, you'll lead groups of tourists to historical sites, cultural landmarks, and natural wonders, offering exciting facts and insights about the area's history. Training and time are the only investments required to start as a tour guide.

11. Social Media Influencer

Platforms like Instagram, YouTube, TikTok, and Twitter have enabled many to become social media influencers. This rapidly growing business requires minimal investment: a mobile phone, a social media account, an internet connection, and engaging high-quality content. Social media influencers can leverage their online presence to start businesses, promote products, and connect with brands. The key to success is consistently creating content that resonates with and engages your audience.

12. Resume Writer

Resume writing is a business that you can start with a low investment. Writing a resume requires skills. If you are good at writing, can do proper research, and include all the significant points to make an appropriate resume, you can start your resume writing business. Most qualified personnel get rejected by companies due to their poor CVs. In such a case, if you provide a standard resume, you can generate much income from your resume-writing business.

8 Factors to Consider Before Starting a Business

There are many more factors to be considered before starting a business. Here are some core factors that are highlighted below:

Proper Business plan

Before starting a business, you must have a visual representation of your plan. A business plan can only achieve its goals if it is clear. So first, you must set a goal for your business and make a plan for achieving that goal. Also, have a clear vision for your business financial projections and make a plan accordingly.

Market knowledge and update

Market knowledge and updates are crucial factors before starting a business. You must know what types of customers you target, what your customers need, and how to relate the market trend to your product. Acquiring market knowledge helps to know about the competitor's strategy and helps to troubleshoot business issues by learning from the competitor.

Business Structure

The structure of the business must be determined before starting the company. It can be a sole proprietorship, partnership, or corporation. The owner must be well aware of the tax implications and know about the permits and licenses required to run the business.

Proper funding is the crucial factor that should be considered before starting a business. A proper financial management should be done for the development of your business.  You must have the proper plan for financing your business and also must be aware about the risk that may arise while starting the business.

Team building

Now the most responsible factor while starting a business is to build a team. It is also said that one bad hire can destroy your company. So, you must be extra attentive while building your team. Before building a team, you must have to do some research and at least know what your company needs. You have to carefully choose your team member and also should be familiar with their strength and weaknesses.

Location is also an essential factor that should be considered before starting a business. You must build your company where you can target your genuine clients and establish your market easily. For instance, establishing a Gucci bag shop in France will be more effective than in Somalia. Your business outcomes must justify the needs and requirements of the clients. So, you must carefully choose the location before starting a business.

Top-notch products with poor marketing skills can also hamper business. If you want to elevate the standard of your company, then having a proper marketing skill is mandatory. You must have to plan to reach your target market and be well-known about your marketing budget. In the digital era, most businesses are utilizing social media platforms along with TV ads & blogs to promote their businesses.

Business Phone system

Excellent products with outstanding customer experiences are the icing on the cake for businesses. A reliable business ensures that it delivers quality services and handles client inquiries efficiently. This is where a robust business phone system comes into play, addressing any potential communication challenges that might arise. Therefore, selecting the right business phone number is a critical step in establishing your business.  

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Starting a business doesn’t always require a considerable investment. You could start with low investments with several ideas, like Cloud Kitchen, content creation, etc. It's all about finding what you are good at and making it work. With dedication and discipline, you can turn small investments into successful businesses. To start a successful business, they must equally focus on customer experience.

Frequently Asked Questions

Which business is best for beginners.

Service businesses like social media management, graphic design, web development & design, are considered the best for beginners because most service-related small companies have high incomes and low investments. Also, they are less demanding and can be managed easily compared to other businesses.

Which business is considered to be the fastest-growing business?

Digital marketing is the most significant and fastest-growing business because it allows the businesses to connect with the larger audience and also can be run with limited budget.

What are the critical factors for success in a low-investment small business?

Success factors include a clear business plan, understanding your target market, effective marketing strategies, and consistently delivering high-quality products or services.

How can I market my small business on a tight budget?

Utilize social media, create engaging content, leverage word-of-mouth referrals, and use free or low-cost online marketing tools and platforms.

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14 Best Low Investment Business Ideas

Entrepreneurs face many hurdles when starting their own business from scratch. Any entrepreneur needs capital to succeed, but it's not always easy to get it. But not every business needs to be capital intensive.

Do you want to start a business? Are you afraid you don’t have enough money to get started? Don’t worry! We have some low investment business ideas that you can start with little to no money. 

Custom T-Shirt Business

If you want to start a low-budget business, a print-on-demand t-shirt business can be profitable. You only need to design the t-shirts and collaborate with a supplier to print your designs. If you are not adept at graphic designing, you can hire a freelancer from Upwork or Fiverr, who can do the job for you. Here is how it works

• Find a supplier who can print t-shirts on demand. 
• Find a graphic designer Or design your t-shirts. 
• Create an e-commerce website. 
• Let the supplier know when a customer places an order for a specific design. 
• The supplier will print your design on the product 
• They’ll even package and ship the product to your customers, so you don’t have to worry about logistics. 

Learn more: How to Start A Profitable Online T-Shirt Business in 2022  ‍

How is it a low-budget business idea? You only pay the supplier when you have sold the products. It is a win-win! Print on Demand offers you the scope to not just sell t-shirts but a variety of printed products like phone cases, mugs, etc.

Home Bakery 

Do you love cakes? Can you bake? This business idea is for you if you know how to make the batter. Every locality has a go-to bakery, and you can be set up your shop in your area if you know how to bake. 

It doesn’t require much as you can start baking at home. Take orders from friends and family who have an event. Slowly, through word of mouth and social media, people will come to know about your bakery. 

Once you start getting enough orders, you can rent a place around the corner and create a full-time profitable business out of it. 

Coffee Shop

Coffee shops are a great place to hang out, regardless of whether you’re young or old. If there are little-to-no coffee shops in your area, this is your sign to open one. There are three main things you need to consider and try to achieve when opening a coffee shop :

• Renting a place in a prime location.
• Procure the best coffee beans with the best value for money.
• Buy a coffee maker that suits your needs and budget.

Furthermore, you do not need to spend much on decorations. If you are creative, you can find many interior decoration DIY ideas on the internet and beautify your coffee shop. Finally, once your business starts rolling and becomes highly profitable, you can re-invest the money to scale your coffee shop even further..

E-commerce Store

E-commerce has become an inevitable part of life! Not every e-commerce store can be Amazon, but it is one of the most profitable business ideas. You can follow many e-commerce business models- B2C, C2C, B2B, etc. You can also follow the dropshipping model. 

Dropshipping model is a low-cost business idea that will give you huge profits. All you need is a website and choose the dropshipping products you want to sell . They can be anything from jewelry to everyday household items. More on this later on in the article.

Other than dropshipping, you can also sell your products in the store. Whether you sell t-shirts or jewelry, you can sell in on your website. 

Food Catering Business

One business idea that never gets old is the food business. People always have to eat — making the demand for food ever-present. There’s always food on occasions like birthdays, weddings, anniversaries, etc. This constant demand for food means the food catering business can be highly lucrative.

If you are a good cook or are a professional chef, you should open a catering business. If you’re worried about the mounting costs and on a tight budget, you can always start your business from your kitchen and take small orders. 

Later, when you start getting more orders, you can expand, build your kitchen and hire employees.  If you have always wanted to own a dream restaurant, this can be an excellent business idea you can try out. 

Learn more: 17 Most Profitable Food Business Ideas for 2022

Clothing Line

Did you know Ralph Lauren started his clothing line by selling a few neckties? Anyone with a touch of fashion can open a clothing line. It is one of the business ideas with low investment. You do not need to spend a fortune to start a clothing brand. 

Starting a clothing brand is easier than you think. You can get production done for a low price, then sell through online platforms like Amazon and eBay or via your website. It’s also possible to sell to traditional retailers. 

Dropshipping Business

So what is dropshipping? When you dropship, you sell a product, typically online, but you don’t need to stock or fulfill the order. 

Instead, you only need to contact a wholesale supplier who will provide you with the items. When customers place an order in your online store, the supplier will take care of packaging, shipping, and customer service as well. 

Can you make a fortune in dropshipping? Yes, it is quite possible. Like in any business, you will increase your chances of success with hard work and planning. There are several reasons many entrepreneurs are starting a dropshipping business:

• Requires low investment
• Do not have to manage inventory. (saves the inventory space)
• No shipping and delivery responsibilities. 

All in all, if you want to build a successful business but don’t want to suffer the headache of managing inventory, shipping, and delivery, then starting a dropshipping business is one of the best ways to do it. 

Handcrafted and Homemade Goods

There are talented people with a unique bent of mind. If you are also artsy and loves making DIY things, you should sell homemade goods. Whether candles or bath bombs, you can easily make them at home and sell them at a high margin. Here is how you can start a small business at home by making your products:

• Find an online business idea. Choose a product that you can make and sell .
• Learn how to make the product. There are online courses and Youtube videos to learn it. 
• Decide on product packaging. It should be appealing to the buyers, 
• Build your own website or sell on websites like Etsy .

While it may not be as simple as selling your products in a brick-and-mortar store, you’re already doing something unique with your product. Think about how you could make it easier to get your products online and make money from them.

Whether you make soap, candles, or pottery, you can start an e-commerce business independently. Because you make the products yourself, you have to consider shipping and inventory management, but it’s simple as a side project or with a small batch.

Jewelry Making

Similar to the food business, jewelry making is also a profitable business idea that always works because it’s always in demand. Besides the ever-present need for jewelry, the various types of jewelry people sell result in this kind of business never going out of style. 

Starting a jewelry business can be an excellent idea if you are interested in jewelry making. Here are some steps that can help you out:

• Choose a niche, whether you want to sell fashion or fine jewelry. 
• Take online jewelry making course on Skillshare or Udemy
• Start practicing your art. 
• Select a platform to sell your products. 
• Choose a company name and design a brand logo. 
• Register your business and start selling. 

People are making a living selling it online and at craft fairs. Today, there are plenty of ways to sell your jewelry. You can start by selling it at places like Etsy and eBay . 

Or you can sell it at craft fairs and flea markets. It doesn’t matter how you do it. The point is that you can make money selling handmade jewelry.

Sell a Service

A business does not always sell physical products, you can start a business by selling services. And thanks to technology, selling your skills online has never been easier — enabling you to build a successful business by offering your services. 

For example, you could provide writing services or be an online business consultant. There are plenty of great business ideas that don’t take much investment. 

Content Writing

Are you good with words, fast-thinking, and types at breakneck speeds? Then you can be a content writer. What do you need to start a business as a content writer? Not much, all you need is a laptop and WiFi. You are all set. 

There's a massive demand for copywriters and content writers. If you want to start your own business, you should consider a content writing company. 

Remote.co, Problogger Jobs, Fiverr, Upwork, Freelancer, and BloggingPro are good places to look for new clients. You can also join a Facebook group of content writers to get more business.

How to start a content writing business?

• Build a resume. 
• Start working as an intern. Look for influential companies.
• Build your portfolio. You can use Journoportfolio or any other online tool to create your portfolio. 
• Join Fiverr, Upwork, and Facebook content writing groups to find new clients. 

Once you have built an impressive clientele, you can expand your business by taking on more team members. If you want to fly solo, it's completely alright, but if you wish to scale in the future, you should start an online publishing house.

Cooking Classes

Are you a cooking fanatic? If so, you could quickly start a cooking class in your own home. This new business idea requires very little investment, but it can generate lots of income. 

Whether you are a busy homemaker or a professional chef, you can easily teach your favorite recipes to eager students. All you have to do is buy groceries and advertise your cooking class to get started.

Professional Photography

Do you like capturing moments? Are you talented enough to see the world through your lenses? If you are a shutterbug, then this business idea is for you. 

Thanks to technology, you can make a business out of your intense passion for photography and your considerable skills with a camera. But how to start?

• You can start by registering your business as a sole proprietorship.
• You can sell your photos to websites like Adobe Stock and Shutterstock. 
• Once you’ve listed a few of your photos on these sites, you can begin receiving payments for them.

You can also become a professional photographer and videographer in your locality. For this, you have to build a portfolio, create a social media account, spread the word. Once you start getting gigs, you are on your way to building a successful business. 

Start a YouTube Channel

YouTube is a massive platform and if you want to start a YouTube channel, it’s excellent for building a loyal audience. Furthermore, starting a YouTube channel can be highly profitable because you can monetize your channel.

All you need to do is start a YouTube channel, create your videos, edit and optimize them with the best tools , and publish them. However, most tools will you require you to have some basic video-editing skills to edit your YouTube videos.

If you have next-to-no editing skills, you should try out Offeo , as our 3000+ templates and intuitive interface can help jumpstart your videomaking process. You can create all sorts of content, from product reviews to make-up videos. If you need a guide on making a YouTube video, you can check out our article below.

Learn more: A Guide For Making Your First YouTube Video

To get maximum views on your videos, ensure to upload great content consistently, add a scroll-stopping thumbnail, and finetune your YouTube SEO to make your videos rank higher on YouTube’s search results.

Create Digital Products or Online Courses

What are digital products? According to Roman Pichler, “A product is an entity that creates specific value for a group of people, the customers, and users, and for the organization that develops and provides it.”

Digital products can be podcasts, resumes, video templates, online courses, or e-books. Digital products are also a solid business idea. Unlike others on this list, they aren’t tangible. It means you don’t have to worry about manufacturing and shipping costs. So, your profit margins can remain high. 

How do you know what to create in digital? You need to focus on what people need and is willing enough to pay for it.

FAQs: Low Investment Business Ideas

What are the most successful small businesses.

The most successful small businesses in 2022 are Auto repair service, Amazon seller, Business consultant, Blogging, and Accounting services. 

What business should I start with low investment?

Low-cost business ideas include Dropshipping, Cooking classes, Bakery, Physical trainer, Tutoring, Freelance Content Writing, and Ecommerce business. You can start any of the business ideas we’ve mentioned above with little to no investment. 

You can also start a Youtube channel or become an Influencer. However, you need to be patient enough to reap the benefits of your business. 

What businesses are in demand?

E-commerce websites and dropshipping are the businesses in demand. Anyone with a laptop and internet can start this business. Besides e-commerce, Business consultancy is also in demand. Companies, small businesses especially, are looking for freelance business consultants who can guide them. 

What business can I start with $5000?

If you are looking for low investment business ideas, freelance writing, auto-repair service, catering business, bakery, and jewelry making are worth a shot. 

The trick is to choose a business idea that doesn’t require much raw materials and space to work in. For example, you can work in your room to make pieces of jewelry and, start creating bread or cake for your bakery from your kitchen, and so on. 

What business makes the most money?

Business consultancies, marketing copywriting, social media management, and personal wellness are some of  the most profitable small businesses.

If you've ever wanted to start a business but couldn't find the time or money for inventory, there's good news. You can begin with an inventory-free business model or choose a low investment business idea. 

We hope the low investment business ideas we’ve mentioned in this article can help you build your business. With technology, starting a business is easier than ever. You don’t even have to leave your home to do so!

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What Are Some Good Small Business Ideas For Aspiring Entrepreneurs?

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Starting a small business can be a fulfilling and lucrative journey, often driven by a desire for greater independence and control over your career. Many start their own businesses to turn their passions into an income stream, seeking the satisfaction of creating something unique and personal. Many are motivated by the potential for higher income, flexible working hours, and the ability to directly impact their community. The challenge of building and growing a business appeals to those with an entrepreneurial spirit, offering opportunities for continuous learning and innovation.

With the right idea and execution, you can turn your passion into a profitable venture . Service businesses with low overhead tend to be easier businesses to start, as they typically require less initial capital compared to product-based businesses. Product businesses often need a substantial cash outlay for inventory, manufacturing, and storage.

Service businesses can operate with minimal investment. This allows entrepreneurs to focus more on delivering high-quality services and building a client base. Examples include freelance consulting, personal training, pet care, and home cleaning services. By leveraging your skills and expertise, you can establish a successful service business that meets market demands without the financial burden of large upfront costs.

Here are some great small business ideas that cater to various interests and market demands:

1. E-commerce Store

The rise of online shopping presents a significant opportunity for entrepreneurs. You can sell products ranging from handmade crafts to unique vintage finds. Platforms like Shopify and Etsy make it easy to set up and manage your online store.

Best High-Yield Savings Accounts Of 2024

Best 5% interest savings accounts of 2024.

2. Freelance Services

If you have a skill that can be offered remotely, freelancing can be a great option. Whether it's writing, graphic design, web development, or digital marketing, platforms like Upwork and Fiverr can connect you with clients worldwide.

3. Personal Fitness Trainer

With the growing emphasis on health and wellness, becoming a personal fitness trainer can be a rewarding business. You can offer one-on-one sessions, group classes, or even online coaching. Certification and building a strong online presence can help you attract clients.

4. Pet Services

The pet industry is booming. Pet owners are always looking for reliable services and supplies. Pet grooming, pet sitting, and dog walking are excellent small business ideas. You can start small and expand as you build a loyal customer base.

5. Home Cleaning Services

Busy households and businesses often require cleaning services. Starting a home cleaning business can be profitable, especially if you offer specialized services like eco-friendly cleaning or move-in/move-out cleaning.

6. Food Truck

For those with a passion for cooking, a food truck offers a flexible and relatively low-cost entry into the food industry. You can cater to various events, festivals, and busy city areas. Unique, high-quality offerings can set your food truck apart from the competition.

7. Tutoring and Educational Services

If you excel in a particular subject or skill, offering tutoring services can be a lucrative business. With the demand for personalized education rising, you can provide in-person or online tutoring. Specializing in test preparation or language instruction can also attract a niche market.

8. Subscription Box Service

Subscription boxes are becoming increasingly popular. You can curate products around a specific theme, such as beauty, fitness, snacks, or even books. A well-thought-out subscription box can create a steady stream of recurring revenue.

9. Social Media Management

Many small businesses struggle with maintaining a strong social media presence. If you're savvy with social platforms and digital marketing, offering social media management services can be a profitable venture. Helping businesses grow their online audience and engagement can build long-term client relationships.

10. Handmade Crafts and Art

For creative individuals, selling handmade crafts and art can be both fulfilling and profitable. Websites like Etsy provide a platform to reach a global audience. Unique, high-quality items often find a dedicated customer base.

The bottom line is that starting a small business requires passion, dedication, and a willingness to learn and adapt. By choosing the right idea and executing it well, you can build a successful and rewarding business. Be sure to watch your profit line and cash flow closely, as maintaining financial health is crucial for sustainability and growth. Regularly reviewing your finances, managing expenses, and planning for future investments will help ensure your business remains profitable. With perseverance and careful financial management, your small business can thrive and provide long-term satisfaction and success.

Melissa Houston, CPA is the author of Cash Confident: An Entrepreneur’s Guide to Creating a Profitable Business and the founder of She Means Profit . As a Business Strategist for small business owners, Melissa helps women making mid-career shifts, to launch their dream businesses, and I also guide established business owners to grow their businesses to more profitably.

The opinions expressed in this article are not intended to replace any professional or expert accounting and/or tax advice whatsoever.

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• Best Online Advisor for Low Fees 
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Best Online Financial Advisors 2024: Find the Right Fit for Your Needs

Paid non-client promotion: Affiliate links for the products on this page are from partners that compensate us (see our advertiser disclosure with our list of partners for more details). However, our opinions are our own. See how we rate investing products to write unbiased product reviews.

What Are Online Financial Advisors?

A financial advisor is a catch-all term that includes financial planners and investment advisors. Most online advisors offer investment management — whether it's carried out by a human or a sophisticated computer algorithm — and financial planning services or tools.

Types of Online Advisors

The main types of online financial advisors are: 

• Robo-Advisors: Automated investment platforms (aka robo-advisors) use algorithms to generate a custom investment portfolio based on an individual's risk tolerance, goals, and time horizon. Robo-advisors typically offer low-cost ETFs as a cost-effective way to instantly diversify an investor's asset allocation and mitigate risk. 
• Human Advisors (Virtual): Financial advisors that offer personalized financial planning and investment advice online through virtual meetings, email, and other virtual communication channels. 
• Hybrid Models: Some online brokerages offer hybrid financial advice, combining automated investment advice and management through a robo-advisor and one-on-one consultation from a human advisor. 

Benefits of Using Online Financial Advisors

Online financial advisors allow you to ditch the in-person hassle and access expert financial guidance from your phone or home computer. Online financial advisors leverage investment technology and generally low-cost compared to traditional in-person consultants.  

Not only does it make investing more affordable for many individuals, but clients can more easily adjust and monitor their investments on their own time. Robo-advisor and hybrid online advisors typically offer online dashboards and tools for convenient managing and monitoring. 

Compare the Top Online Financial Advisors 2024

For this list, we didn't consider online advisors that match clients and advisors for comprehensive financial  planning services, such as Zoe Financial or Facet Wealth . Instead, we focused on tech-driven firms where you can access an automated and personalized portfolio and consult a professional for advice when needed.

Here are our top picks for the best online financial advisors as picked by Business Insider editors in 2024.

SoFi Automated: Best Online Advisor for Low Fees 

SoFi Automated Investing supports individual investment accounts, joint accounts, traditional IRAs, Roth IRAs, SEP IRAs, and 401(k) rollovers.

• Check mark icon A check mark. It indicates a confirmation of your intended interaction. No account minimum or management fees to invest
• Check mark icon A check mark. It indicates a confirmation of your intended interaction. Goal planning and automatic portfolio rebalancing
• Check mark icon A check mark. It indicates a confirmation of your intended interaction. Range of other account options across SoFi website
• Check mark icon A check mark. It indicates a confirmation of your intended interaction. SoFi offers complimentary CFP access across all accounts
• con icon Two crossed lines that form an 'X'. No tax-loss harvesting
• con icon Two crossed lines that form an 'X'. No socially responsible portfolio options

SoFi Invest is one of the best investment apps and the best investment apps for beginners. It's a great platform for US investors who are looking for an intuitive online trading experience, an open active or automated investing account, and assets like cryptocurrencies.

• Promotion: None at this time.
• Consider it if: You're new to investing and want to leave the trading decisions to professionals.

SoFi Automated Investing offers individual and joint taxable brokerage accounts , traditional IRA, Roth IRA, and SEP IRA.

SoFi stands out for its lack of advisory fees, free one-on-one consultations with CFPs, portfolio diversity, and goal-planning features. SoFi builds a personalized investment portfolio based on your risk tolerance, goals, and time horizon. Additional SoFi membership perks include loan discounts and career counseling. 

What to look out for: SoFi doesn't have tax-loss harvesting features and limited portfolio diversity. 

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Betterment: Best Online Advisor for Diversified Investing

Betterment offers individual or joint accounts, IRAs, trust accounts, and cash reserve or checking accounts.

$0 to open, $10 to start investing ($100,000 for premium plan)

$4 per month (or 0.25%/year) for digital plan; 0.40%/ year for premium plan; 1%/year for crypto portfolios

• Check mark icon A check mark. It indicates a confirmation of your intended interaction. No minimum for standard investing account
• Check mark icon A check mark. It indicates a confirmation of your intended interaction. Goal-based planning, tax-loss harvesting, charitable giving, and socially responsible investing available
• Check mark icon A check mark. It indicates a confirmation of your intended interaction. Access to certified financial planners
• Check mark icon A check mark. It indicates a confirmation of your intended interaction. Mobile app with external account syncing options
• con icon Two crossed lines that form an 'X'. You'll have to pay to consult a human advisor, unless you have the premium plan
• con icon Two crossed lines that form an 'X'. $4 monthly fee (or 0.25% annual fee)

Betterment is best for hands-off investors who want to take advantage of professionally built, personalized ETF and cryptocurrency portfolios. The platform offers CFP access, so it could suit those in search of additional guidance from human advisors.

• App store rating: 4.7 iOS/4.5 Android
• Consider it if: You want access to robo-advice with multiple service levels.

Betterment Investing offers individual and joint taxable brokerage, traditional IRA, Roth IRA, SEP IRA, inherited IRA, and trust.

What stands out:  Betterment is a robust trading platform offering premium plans with unlimited access to CFPs through phone or email. Investors can use the platform's goal-setting feature, ESG investing, automatic rebalancing, and easy-to-use financial dashboard. 

What to look out for:  Accounts with a $100,000 balance can upgrade to get advisor access, but the annual fee increases from 0.25% (an industry low) to 0.40%

Betterment review

Wealthfront: Best Online Advisor for 529 Plans

Fund your first taxable investment account with at least $500 in the first 30 days of account opening and earn a $50 bonus.

$1 ($500 for automated investing)

$0 for stock trades. 0.25% for automated investing (0.06% to 0.13% for fund fees)

• Check mark icon A check mark. It indicates a confirmation of your intended interaction. Low annual fee for investment accounts; crypto trust investments available
• Check mark icon A check mark. It indicates a confirmation of your intended interaction. Tax-loss harvesting, portfolio lines of credit, 529 college savings plans available
• Check mark icon A check mark. It indicates a confirmation of your intended interaction. Cash account
• Check mark icon A check mark. It indicates a confirmation of your intended interaction. Mobile app and investing and retirement tools
• con icon Two crossed lines that form an 'X'. You need at least $100,000 to utilize additional investment strategies
• con icon Two crossed lines that form an 'X'. No human advisor access

Wealthfront is one of the best robo-advisor options if you're in search of low-cost automated portfolio management, and one of the best socially responsible investing apps for features like tax-loss harvesting, US direct indexing, and crypto trusts.

• Consider it if: You're balancing several goals and want to streamline your finances.
• Promotion: Fund your first taxable investment account with at least $500 in the first 30 days of account opening and earn a $50 bonus.

Wealthfront Investing offers individual and joint taxable brokerage, traditional IRA, Roth IRA, SEP IRA, trust, and 529 savings plan .

Wealthfront is one of the best online financial advisors for college education savings and cryptocurrency trusts. You can borrow up to 30% of your investment balance at a low interest rate with a portfolio line of credit. Wealthfront also offers personalized recommendations with smart financial planning software. 

What to look out for:  On-staff financial advisors don't offer personalized advice

Wealthfront review

Ellevest: Best Online Advisor for Financial Planning and Personal Development

Ellevest offers two investing portfolios to fit your needs.

$1 - $240 (varies by portfolio)

$54 - $97 annually; $5 or $9/month

• Check mark icon A check mark. It indicates a confirmation of your intended interaction. Personalized, automated investment advice with a $0 minimum requirement
• Check mark icon A check mark. It indicates a confirmation of your intended interaction. Monthly plans include discounted access to certified financial planners
• Check mark icon A check mark. It indicates a confirmation of your intended interaction. Automated IRA accounts and 401(k)/403(b) rollovers available
• Check mark icon A check mark. It indicates a confirmation of your intended interaction. Private wealth management for individuals, families, and institutions who have at least $1 million to invest
• con icon Two crossed lines that form an 'X'. No active trading opportunities available; money is mainly invested in stock ETFs and bond ETFs
• con icon Two crossed lines that form an 'X'. You can only open individual investment accounts and retirement accounts; joint accounts or custodial accounts not available

Ellevest is one of the best robo-advisors for goal-focused investing. It could be a good fit if you want automated investing and retirement accounts.

• Consider it if: You're looking for a one-stop shop for financial planning.

Ellevest offers individual taxable brokerage, traditional IRA, Roth IRA, and SEP IRA (all held at Folio Investments).

Ellevest is a comprehensive financial advisor and trading platform built around women's unique needs and challenges. Investors get access to an extensive library of content and advisor-led workshops. Additionally, Ellevest offers a socially responsible investment portfolio and monthly progress reports. 

What to look out for:  Financial coaching costs extra (but members get 30%- 50% off). Access to retirement account management requires an upgrade.

Ellevest review

Ameriprise Financial Investments: Best Online Advisor for Retirement Saving

Ameriprise Financial Services has been operating for 130 years Ameriprise Financial Services is licensed in all 50 states but only has 10 physical locations throughout the US; it's currently headquartered in Minneapolis, Minnesota

Varies by account

$500 annual advisory fee, 2% AUM

• Check mark icon A check mark. It indicates a confirmation of your intended interaction. Access to personal finance research and investment tools
• Check mark icon A check mark. It indicates a confirmation of your intended interaction. Fiduciary financial advisor access
• Check mark icon A check mark. It indicates a confirmation of your intended interaction. Various account and investment options
• con icon Two crossed lines that form an 'X'. High account minimums
• con icon Two crossed lines that form an 'X'. Difficult to navigate website
• con icon Two crossed lines that form an 'X'. Complex fee structure

Ameriprise Financial Services is a brokerage and financial advisory firm best for experienced, passive investors interested in using the site's financial planning services, wealth management tools, and fiduciary advisor access.

Ameriprise Financial Investments offers three managed account options that can be opened as an individual brokerage account, traditional IRAs, Roth IRAs, Simple IRAs, SEP IRAs, 401(k)s, 403(b)s, 529 plans, and Coverdell education savings accounts (CESA). 

Ameriprise Financial Investments is one of the largest registered investment advisors in the US and is best for experienced investors looking for advanced charting and investing features. You'll get access to fiduciary financial advisors for consultations or account management. 

What to look out for: Ameriprise 's managed account fees are high, and it has a complex fee structure. 

Ameriprise Financial Services review

How Much Do Online Financial Advisors Cost?

Financial advisors providing financial advice often charge by the hour, typically between $100 to $300. Advisors creating a comprehensive financial plan tend to charge a flat rate between $1,000 and $3,000. 

If you hire an advisor to manage your investment portfolio, you'll be charged a percentage of your account balance, typically between 1% and 3% annually. In comparison, that's much higher than the fees that the best robo-advisors charge; you get the added benefit of building a relationship with a trusted source who can adjust your strategy as needed, provide personal recommendations, and answer questions when they arise.

How to Choose the Best Online Financial Advisors

The best online financial advisor for you depends on your goals, risk tolerance, investments, and time horizon. If you're a new investor interested in passive investing, an online robo-advisor is likely a good place to start. On the other hand, if you're looking for professional insight and a customized financial plan, you're better off with access to a human advisor through phone or video calls. 

You can also meet with an expert in person for financial guidance. So if you prefer to meet face-to-face, here are some tools to find some in your area:

• This is a database of all CERTIFIED FINANCIAL PLANNER™ professionals who are authorized to use their CFP® marks by the CFP® Board and are accepting new clients.
• Using the advanced search function, you can choose from over 40 focus areas you're looking to get help with and include your current amount of investable assets.
• Click here to visit the CFP Board website .
• This database helps connect young professionals — those in generations X and Y (millennials) — with individual advisors.
• Every advisor holds the CFP® certification, is a fiduciary , does not require a minimum net worth to take on new clients, and does not earn commissions.
• Click here to visit XY Planning Network .
• This platform maintains a database of fee-only financial advisors, not specifically CFP® certificates, who commit to a fiduciary oath once a year. 
• You can filter by location to see a list of advisory firms in your area.
• Click here to visit the National Association of Personal Financial Advisors website .

Online financial advisors are generally trustworthy. The best advisors follow the fiduciary rule, meaning they operate in their clients' best interest and are fee-only. This means client fees are their only compensation, and they don't earn a commission when they invest in certain funds or buy financial products.

Not everyone needs a robo-advisor, but beginners or passive investors looking for a hands-off approach to stock trading may prefer how cost-effective and convenient robo-advisors are. Affordable financial advisors can be hard to come by, so robo-advisors are a great alternative for many people. However, a financial advisor may be better if you need specific advice on your finances or investment strategy or if you're too overwhelmed or confused by your money to plan for retirement or invest in the stock market. 

The cost of an online financial advisor varies from platform to platform and advisor to advisor. The cost largely depends on the services, licensing, account balance, and complexity. Robo-advisors typically charge lower fees than human advisors. 

Why You Should Trust Us: Our Methodology

We Reviewed the best online financial advisors using Business Insider's methodology for rating investment platforms . We compared a long list of Registered Investment advisors (RIAs), considering fees, investment selection, access, ethics, and customer service. The best online advisors have top marks in all five categories. Investment platforms are given a rating between 0 and 5.

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Best Free Checking Accounts of 2024

Chanelle Bessette is a personal finance writer at NerdWallet covering banking. She previously worked at Fortune, Forbes and the Reno Gazette-Journal. Her expertise has appeared in The New York Times, Vox and Apartment Therapy.

Sara Clarke is a Banking editor at NerdWallet. She has been an editor and project manager in newsrooms for two decades, most recently at U.S. News & World Report. She managed projects such as the U.S. News education rankings and the Best States rankings. Sara has appeared on SiriusXM Business Radio and iHeartMedia’s WHO Newsradio and has been quoted in The Salt Lake Tribune, The St. Paul (Minnesota) Pioneer Press and other outlets. She is based near Washington, D.C.

Many or all of the products featured here are from our partners who compensate us. This influences which products we write about and where and how the product appears on a page. However, this does not influence our evaluations. Our opinions are our own. Here is a list of our partners and here's how we make money .

The best free checking accounts do more than keep money in people’s wallets by having no monthly fees. They also typically offer other free services or pay interest.

Why trust NerdWallet

Strict editorial guidelines to ensure fairness and accuracy in our coverage to help you choose the financial accounts that work best for you. See our criteria for evaluating banks and credit unions .

More than 90 financial institutions surveyed by our team of experts.

More than 50 data points considered for each bank, credit union and banking technology firm (or neobank).

Here’s a list of our favorites based on research into dozens of institutions. We scoped out accounts based on interest rate, ATM network, rewards and other factors.

» Looking for a place to stash your savings? See NerdWallet's picks for best savings accounts

Best free checking accounts

• SoFi Checking and Savings

Why we like it: SoFi’s online Checking and Savings account offers competitive interest rates on both checking and savings, and customers have access to a large, free ATM network.

No overdraft fees.

No monthly fees.

Large, free, nationwide ATM network.

Early direct deposit.

Checking account pays interest once requirements are met.

No branch access.

Fees for cash deposits.

• Chime Checking Account

Why we like it: Chime’s customers have access to a broad no-fee ATM network as well as a strong overdraft program. They can also receive their paychecks up to two days early with direct deposit.

No minimum opening deposits.

"SpotMe® on Debit is an optional, no fee overdraft service attached to your Chime Checking Account. To qualify for the SpotMe on Debit service, you must receive $200 or more in qualifying direct deposits to your Chime Checking Account each month and have activated your physical Chime Visa® Debit Card or secured Chime Credit Builder Visa® Credit Card.

Qualifying members will be allowed to overdraw their Chime Checking Account for up to $20 on debit card purchases and cash withdrawals initially but may later be eligible for a higher limit of up to $200 or more based on Chime Account history, direct deposit frequency and amount, spending activity and other risk-based factors. The SpotMe on Debit limit will be displayed within the Chime mobile app and is subject to change at any time, at Chime's sole discretion. Although Chime does not charge any overdraft fees for SpotMe on Debit, there may be out-of-network or third-party fees associated with ATM transactions. SpotMe on Debit will not cover any non-debit card transactions, including ACH transfers, Pay Anyone transfers, or Chime Checkbook transactions. SpotMe on Debit Terms and Conditions: https://www.chime.com/policies."

Chime also says: "Once the retailer accepts your cash, the funds will be transferred to your selected Chime Account. Barcode and debit card cash deposits land in the Checking Account. Credit Builder card cash deposits first go through your Card Account and then land in your Secured Account. Cash deposit fees may apply if using a retailer other than Walgreens and Duane Reade."

• Ally Bank Spending Account

Why we like it: Ally offers interest on its free checking account as well as nationwide ATM fee reimbursements of up to $10 a month.

Checking account pays interest.

No cash deposit.

• Alliant Credit Union High-Rate Checking

High-Rate Checking

Why we like it: Alliant High-Rate Checking customers earn interest and have access to more than 80,000 fee-free ATMs in addition to a $20 monthly fee rebate for out-of-network ATMs.

Anyone can become a member.

Why we like it: Customers who are over 18 and make at least $500 in monthly direct deposits can qualify for One’s generous overdraft protection policy, which can cover up to $200 in overdrafts.

• Navy Federal Credit Union Free EveryDay Checking

Why we like it : Customers at Navy Federal Credit Union have access to more than 30,000 shared Co-op Network ATMs and 350 branches worldwide. They also have multiple options when it comes to overdraft coverage.

No monthly fees on Free Everyday Checking account.

24/7 customer service by phone.

Branches available worldwide.

Limited branch access.

Limited membership.

Our Nerds say:

“When shopping for a checking account, it’s great to find one that has no monthly fees, but you should also think about the other features you might want and need. For example, you might want to earn interest or cash back , or you might need a bank that’s part of a large, free ATM network or that offers ATM fee reimbursements.

"Also, you might want to look for a bank that has a generous overdraft policy . Some banks will even spot you up to a certain amount of money if you overdraft.”

- Chanelle Bessette, NerdWallet banking writer

Checking accounts help you manage the transactions you need to make on a regular basis, such as paying bills, receiving your paycheck and depositing or withdrawing cash. They usually come with a debit card and the ability to write checks.

The fee on your checking account can add up quickly over time. Free checking accounts give customers access to all the perks of a checking account without the burden of paying a monthly maintenance fee.

The best checking accounts have no fees and ideally earn interest, give cash back or offer a bonus. You should also make sure that the bank offers good customer service and is convenient for your lifestyle. Some accounts also offer early access to direct deposits .

The best checking accounts have no fees and ideally earn interest, give cash back or offer a bonus. You should also make sure that the bank offers good customer service and is convenient for your lifestyle. Some accounts also offer

early access to direct deposits

Methodology

We took a close look at over 90 financial institutions and financial service providers, including the largest U.S. banks based on assets, internet search traffic and other factors; the nation’s largest credit unions, based on assets and membership; and other notable and/or emerging players in the industry. We rated them on criteria including annual percentage yields, minimum balances, fees, digital experience and more.

Financial institutions and providers surveyed are: Affirm , All America Bank , Alliant Credit Union , Ally Bank , Amalgamated Bank , America First Credit Union , American Express National Bank , Andrews Federal Credit Union , Associated Bank , Axos Bank , Bank of America , Bank5 Connect , Bank7 , Barclays , Bask Bank , Bethpage Federal Credit Union , BMO , BMO Alto , Boeing Employees Credit Union , Bread Savings , BrioDirect , Capital One , Carver Federal Savings Bank , Charles Schwab Bank , Chase , Chime , CIBC U.S. , CIT Bank , Citibank , Citizens , Citizens Bank , City First Bank , Climate First Bank , Commerce Bank , Community First Credit Union of Florida , ConnectOne Bank , Connexus Credit Union , Consumers Credit Union , Current , Delta Community Credit Union , Discover® Bank , E*TRADE , EverBank (formerly TIAA Bank) , Fifth Third Bank , First Foundation , First National Bank , First Tech Federal Credit Union , Flagstar Bank , FNBO Direct , Global Credit Union , GO2bank , Golden 1 Credit Union , Greenwood , Hope Credit Union , Huntington Bank , Industrial Bank , Ivy Bank , KeyBank , Lake Michigan Credit Union , LendingClub Bank , Liberty Bank , Live Oak Bank , M&T Bank , Marcus by Goldman Sachs , Navy Federal Credit Union , NBKC , One , OneUnited Bank , Pentagon Federal Credit Union , PNC , Popular Direct , Quontic Bank , Regions Bank , Revolut , Salem Five Direct , Sallie Mae Bank , Santander Bank , SchoolsFirst Federal Credit Union , Security Service Federal Credit Union , Securityplus Federal Credit Union , Self-Help Credit Union , Service Credit Union , SoFi , State Employees’ Credit Union of North Carolina , Suncoast Credit Union , Synchrony Bank , TAB Bank , TD Bank , Truist Bank , U.S. Bank , UFB Direct , Upgrade , USAA Bank , Varo , Vio Bank , Wells Fargo and Zynlo Bank .

How we rate banks and credit unions

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