Starting a business is a daunting task, and making sure you’re getting the most bang for your buck is a primary concern. When you’re looking at low cost start up options to generate some side revenue and eventually full time income, consider these 10 great options.
In many states there are laws that provide the right to entrepreneurs to cook certain types of food for sale from a home kitchen as long as they remain under a certain revenue limit and only produce certain types of low risk typically non-perishable food.
In the state of Texas for instance, you can produce non-perishable items from home such as baked goods that don’t require refrigeration, and granola bars. Your yearly gross revenue is limited to $50,000, when you consider the costs of ingredients and using your own kitchen, there is a lot of room left for profit.
While some might think that “make from home!” is reserved for scam ads on the site of less than reputable websites, the reality of making money from home is closer than most think. Each year approximately half the US workforce does some sort of freelance for supplemental income. Starting a blogging business requires only an Internet connection, a computer, and time. From then on it’s pure profit.
If you feel like you’re a gifted writer and have the discipline to go into business for yourself, then find a niche and seek out gigs. While your income may be taxed quite high, you’ll be making money along with the freedom of eating lunch in your own home and working from wherever you please.
3. Bed and Breakfast
This is a golden oldie, and while safety and security in American culture may be very different today than it was decades ago, using your home to collect rent is still a great return.
If you’re working to pay off a mortgage or simply don’t want rent out your house without supervision, you can open a bed and breakfast. This works all the better if you live in a town or city with frequent tourism. There are even some smaller cities like Austin, TX that whilst not having large year round tourist attractions, do play host to a number of internationally known events.
4. Cell Phone Repair Business
Starting your own cell phone repair business has a huge potential for profit providing you spend little teaching yourself the basics and aren’t keen to open a brick and mortar store immediately. Many cell phone repair beginners choose to start with a mobile business model where in they meet with customers at their work or home.
Cell phone repair is a great spend-as-you go start up, since you can begin by taking on repairs from new clients and ordering the parts as you need them. iPhone digitizer/LCD combos cost around $20-$50 for the iPhone 4/4S/5/5S. After labor charges you can make quite a hefty return.
5. Language Translator
While this idea may be specific and limited to those that speak two or more languages, it cannot be left out of this list. If you speak more than one language, have extra time on your hands, and are not trying to monetize your talents, you are missing out.
Whether its translating copy or performing over the phone translation, there is always a market for skilled individuals who also speak another language. Whatever industry you’re in, try to get more value out of it through the languages you speak.
6. Home Day Care
Starting a home day care may require a hefty supply of patience; it does not require a large supply of cash. This low cost business uses a space you’re already paying for or have already paid for, and combining it with your free mornings to generate income.
While regulations vary from state to state, there are parents in all of them that would prefer to leave their children in private care than a day care center. Parents are looking for a safer personalized touch, and it provides great comfort to speak with the same person every time you drop off your child.
7. Delivery Services & Running Errands
Apps like Uber, Lyft, and Favor are tapping into the every day driver looking to make some extra cash with their pre-existing vehicle and free time. This one is always being debated, as the financially cautious thing to do would be to factor in the devaluation of your car per mile. But once you take away gas expenses, the rest of the money is yours to keep. Whether it is getting something delivered or running errands for others, you control the vehicle and you control when you work.
8. Pet Sitting
As is common knowledge, most pet owners absolutely love their animals. Similar to the concept of starting a home day care, running at an home kennel or pet sitting service gives pet owners the peace of mind that comes with leaving your beloved animal with a fellow animal lover running a private kennel.
This offers more consistency and control than public kennels that may cycle employees and possibly even be overwhelmed at times, for instance during major holidays.
9. Landscaping Services
While this may not be viewed as the most glamorous job, there is no denying that the basic tools for a landscaping service are a minor investment compared to their lifespan and the possible profit that could be generated from caring for peoples lawns and yards.
This is a low cost start to a quick cash and contract-based (preferably) business. It also provides the outlet for scalability should you take on more clients than one person can handle.
10. Bulk Junk Hauling
This story goes around again and again, it’s the perfect business for a team of college students to start. Initial investment for a truck or trailers are low compared to revenue and there are always clients needing their junk hauled away. You also have the option of properly separating all materials for recycling which gives an extra appeal to your junk hauling business.
These are just 10 ideas for great businesses to start for a low cost that can yield a high profit. Use them an inspiration or as a guide on your way to finding what works best for you.