28 Low Cost Business Ideas You Can Start in 2022
28 Low Cost Business Ideas You Can Start in 2022
Want to start you own business?
If you plan to start a new business in 2022 or perhaps you want to make extra income, then check out these 28 low cost business ideas.
We all have our own reasons why we want to start an online or offline business, or be a freelancer or to have side hustles. And perhaps the main reason is simply because we want to make money online, earn extra income or create a new income source.
Following is the list of business ideas that you can consider – and we have separated them into four different categories:
This will depend on your existing skills and experience where you can sell your service as a consultant in your area of expertise.
- Bookkeeping and Accounting
- Image Consulting
- Digital / Online Marketing
- Social Media Management
- Beauty Services
(Later on, you can also build a membership program for your service, providing you with a recurring income source).
- Build an Online store
- Writing services – content and copywriting, translation or transcription
- Design & Sell Print-on-demand T-shirts, posters, greeting cards and prints
- Affiliate Marketing
- Provide digital service – based on your skills and experience
- Web design
- Graphic design
- Advertising or Marketing
(Later on, you can also build a small agency to provide these digital services)
- Pet care or grooming business
- Home care business
- Babysitting service
- Cleaning & lawn care business
- Home organising service
- Real Estate Management
- Handyman service
- Furniture refurbisher
- Thrift Store flipper
- Concierge Service
- Virtual event planner
- Real Estate Management
- Write or Launch your own book
- Create digital products or online courses
- Sell handcrafted and homemade goods
Bookkeeping & Accounting:
A good bookkeeper is essential for any business. If you already know or have past work experience as a bookkeeper or an accountant – this is a lucrative business to start.
The demand for Image Consultants is at an all-time high, thanks to emerging digital platforms and an ever-increasing desire to look and feel our best.
Individuals from all industries are looking for Image Consultants, trainers, and coaches to help them advance in their careers and lives. Companies also engage Image Consultants to help improve their employees’ image and soft skills in order to increase workplace productivity.
Social Media Management
This is a small part of Digital Marketing – but if you know how to manage social media, then you can certainly offer this service to many small business owners or offer your freelance service to other marketing agencies.
If you already have the training or work background as a hair stylist or beauty consultant, then this would be your next step – to start your own beauty salon.
For some consultants who are experts in their own field, they’ve built a membership program. This online membership is where they offer additional value, information or benefits to their members for a recurring monthly fee.
How To Choose Your Business Ideas
When choosing a business idea, you would need to consider these two criteria:
1. Low-capital opportunities:
Make sure that the business idea of your choice does not require a high start-up cost.
2. What you already have – Knowledge and skills:
Your final choice would also depend heavily on your existing knowledge and skills (to minimise learning period)
3. Tools and equipment:
It’s also good if you already have the tools or equipment that you can use for your new business (and reduce start-up cost). For example, if you already love sewing (and already have a sewing machine), you can provide a tailoring service. Or if you are a graphic designer, you can always provide freelance service for the same.
Also keep in mind that not all businesses will generate profits immediately – for example, landscaping businesses may turn a profit relatively quickly, whereas others such as a blog, may need time to gain traction.
Check to see if there are any existing marketplaces for your product. Consider Etsy for craftspeople, Rover for dog walkers, and Upwork for freelancers. Just keep in mind that the convenience of tapping into an existing customer base will come at a cost.
Income and lifestyle objectives
Do you want a full-time job or just some extra cash? Do you prefer to work during certain hours or seasons? Building a business takes time and effort, so make sure you choose a path that fits your goals.
Do you have an audience?
If you don’t have any, then you would need time to build one (or money for paid ads to build your audience a little faster). The most important thing is – to know who your customer is, and to have what your customer needs to solve the problem that they have.
Validate your business idea:
To ensure that there are enough people willing to pay for your products or services to make it worthwhile.
These days, it’s so much easier to start a business without getting bogged down in sourcing products, renting space, and managing inventory, thanks to a combination of technology, third-party suppliers, and the ability to quickly test ideas online.
Remember, whatever you decide to do, it is important to test ideas before investing in them. Start on a part-time or freelance basis until you are confident that you can build and grow your business successfully.
Top 5 Criteria When Choosing A Good ‘Work-From-Home’ Business Idea
Before deciding on the your final business idea, make sure that you also consider the following factors. Keeping a close eye on these five important criteria can help your choose a business that you can start and build successfully.
Low Startup Cost:
Even if you think you have enough money to start a business, it’s crucial to keep your startup cost as low as possible. Research and spend your money only on the essentials (necessary tools, materials, equipment or softwares) to get your business started – and avoid unnecessary frills. Remember that you need time to build your business first before you start seeing any income or profits.
It’s important to keep your startup cost as low as possible. Starting a viable work-from-home business should not be expensive to start. With limited storage space, it’s impossible to stockpile raw materials and inventory. You may need to purchase software or obtain licensing for certain small business ideas, but financial challenges should be few and far between.
Computer-based, online work:
These days, many business ideas would require us to use a computer with an internet connection. As a business owner, we need to sharpen our computer skills to enable us to be more productive and efficient.
Digital before Physical - Minimal to No inventory
If you decide to sell products, consider selling digital products before physical ones. When providing digital services, you don’t need to bother with inventory stocking, storage and shipping hassles.
Flexible Work Schedule:
We certainly don’t want to be tied down to a 9-to-5 schedule. As your own boss, you decide what work hours that suit your lifestyle and personal commitments.
Be your own boss, be independent. Find a business that you can manage without having to rely on a big team. A small business in which you answer to only a few clients and one or two colleagues (if any) allows you to be more independent.
How To Start A Small Business - Step By Step Process
Before starting any business, we need to know who our target audience is, what is the problem they have and what we can do to solve that problem. Most new entrepreneurs make the mistake of looking for a product first and find the audience second.
While the barriers to starting a business are low, the majority of people who start an online business fail for obvious reasons, such as overestimating profits or trying to be too many things to customers from the start.
Starting a business takes time and effort – but with the right tools and guidelines, your business will be up and running in no time. Although your specific business journey will be unique to you, we identified a few steps that entrepreneurs can take to start their business.
- Choose a business idea and find your niche.
- Analyze the current market.
- Create a business plan.
- Assess your finances and raise money as needed.
- Determine your legal business structure.
- Register your business with the government and IRS.
- Choose the appropriate business insurance policies.
- Hire employees and build your team (as needed).
- Choose your vendors (as needed).
- Market and advertise your business.
Read more: Step-by-Step Process To Start Your Business