Unlock Hidden Profits: Top 5 Low-Cost Startup Ideas for 2024
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No matter who you are, there's a good chance you've been daydreaming about your own business. A recent survey found that 42% of Americans have considered starting one.Starting a business requires a lot of time and effort, and many require considerable cash investments. Expenses for the average small business are $40,000 in just the first year.So, what if you have the passion and skills to launch a business, but don't have money for start-up costs? Consider launching a low-cost business. Here are several fast-growing businesses that don't require much start-up cash.1. Selling online coursesI have a MasterClass subscription and love learning new skills from famous instructors. But you don't need to be famous or as accomplished as MasterClass instructors to launch your own course.If you've worked for a few years, you've likely developed skills and insights you can share with others. And it's easier than ever to package your knowledge into an online course others will pay for.You can sign up for a Coursera account for free, create a course on the platform, and list the paid course for free on the site. Coursera makes money by keeping 60% of the cost of the course on its site (you keep the remaining 40%), giving you a new business opportunity with no start-up costs.2. Social media marketingThe Bureau of Labor Statistics says that advertising, promotions, and marketing manager jobs, including social media management, will increase by 6% between 2022 and 2032. I've done this work on the side, writing posts, creating marketing videos, and making digital graphics for a client's LinkedIn account.I've tapped into skills I've developed over the years to pick up extra work, but many people do this as a full-time job, with a median salary of $60,000, according to Glassdoor.You can sign up for a freelancing platform like Fiverr or Upwork if you need help building an initial client list. You won't pay any upfront costs to list gigs or pitch clients, but you'll pay 10% of your freelancer fee to Upwork and 20% to Fiverr.3. Become a shoe designerOne of my parents' friends sells custom-designed shoes, which may, unfortunately, make my parents cooler than me by association. Not only is this a fascinating business, but there's a large market estimated to be worth $10.9 billion by 2030.The start-up costs won't be $0 for this one, so you may need to put painting equipment and website costs onto a business credit card. But if you're artistically gifted, launching a custom shoe business could be a unique way to combine your entrepreneurial and design skills.4. Launch a consulting businessI read a book recently where the author had to pivot from a career he had been in for years because of an intense bout of anxiety. After reflecting on his skills and passion, he switched careers and launched a successful consulting business.The idea here is that some of the training you've received and skills you've developed can likely be used in ways you haven't thought of before and could even help you start your own consulting firm.Some estimates put the low-end start-up costs for a consulting business at $5,000 for necessities like marketing, a website, and licensing. While that's not nothing, it's far less expensive than the first-year start-up cost of $40,000 for the average small business.5. Start a college advisor businessHelping students get into college is a big business, with clients paying an average of about $140 per hour for advice on their admission essays, interviews, and which schools to apply to.There's even an association for these workers called the Independent Educational Consultants Association (IECA), which is a great resource for information on how to get started, how much you can make, and the types of services to offer.While there aren't many start-up costs with this business, building a large enough client base may take time to begin making money. Some estimates show that an independent college advisor who successfully builds out their client will be profitable by their third year.While starting a small business can be expensive, it doesn't have to be. If you've got a desire to launch your own business, but don't have a lot of available cash, consider using your existing skills in a new way to launch one of the low-cost ideas on this list. And if you start designing your own shoes, it might be nice to offer a discount to the person who first gave you the idea. Hint, hint.Alert: highest cash back card we've seen now has 0% intro APR until nearly 2026
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The Ascent does not cover all offers on the market. Editorial content from The Ascent is separate from The Motley Fool editorial content and is created by a different analyst team.The Motley Fool has a disclosure policy.
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