You may think that you would have to spend a small fortune starting a new business and growing it into a profitable venture. While this is the reality when you start some new businesses, there are numerous other business concepts that can be launched on a shoestring budget.
In fact, if you are willing to invest ample time and hard work into these business ideas, you may be able to start benefiting from a solid full-time income within a few short months. Here are seven affordable business ideas to consider.
Consulting
If you have expertise in your current field, you can easily capitalize on that experience and knowledge by starting a consulting service. This is a type of business that can easily be profitable with a one-man operation, or you may expand the size of your consulting company over the years.
You may already have excellent industry contacts that you can reach out to when offering your services. Besides skills and experience in a niche area, the most important factor working in your favor when starting a consulting firm is your ability to effectively network.
Website Development
The Internet is not going anywhere anytime soon, so it makes sense to tap in to the wealth potential through a website development company. You can use existing skills or learn coding languages online, such as through Codeacademy.
A smart idea is to begin by using WordPress designs, and you can expand your skills from there. With knowledge of coding languages, you can add personalized content to websites that you develop to better meet the needs of your clients.
Digital Marketing
Some business owners think that marketing is a task that anyone can accomplish successfully, but marketing effectively actually requires extensive knowledge and experience. If you don’t have expertise in this area, you can teach yourself the ropes or even take an online course to learn basic and more advanced concepts.
You can then help companies develop and implement marketing plans to promote their business online. This can include email marketing, PPC, social media marketing, SEO, etc.
Bookkeeping
A bookkeeping service is another smart business you can launch from the comfort of your home. You may think that you need to have an accounting degree or a CPA license to work as a bookkeeper. However, the only real skill that you need is a solid foundation in math.
It is also helpful if you are familiar with balances sheets, financial reports invoices and more. However, you may be able to learn about these factors as you go. Due.com and Sighted.com are two online resources available that could simplify bookkeeping tasks.
Event Planning
If you have a knack for designing and planning exceptional special events, you may be able to use your skills for event planning. While you may find this to be a fun activity, others find it stressful and time-consuming.
You can use social media and online marketing to get the word out about your event planning services. Once you have a few happy clients, you can also ask for referrals. Some special events include weddings and receptions, anniversary parties, business functions and more.
Cleaning Services
Many people do not have the time necessary to properly clean their home or business. Some simply find the work to be too unpleasant, and they prefer to hire others to do the work for them.
You may need to invest in cleaning supplies and machines initially to get started, but this is a small investment that could have a major return in the years to come. You can also market your services online or even by distributing fliers by hand to residential and business properties. This is a great business model that can easily grow in size as you add more clients and hire employees.
Interior Design
If you have an eye for attractive décor, you can use this skill to produce a profit. Interior design is second-nature to some people, but others can spend years trying to decorate a room without generating beautiful and desirable results.
Clients typically pay for the cost of merchandise, furnishings and more up-front. Therefore, your primary initial investments may be related to marketing. Some may benefit from the investment in special interior design software, but this is not a necessity when you are starting out.
Final Thoughts
Many people have a strong desire to work from home and to be their own boss. However, only some of these individuals have a solid business concept that is worth pursuing and a reasonable plan to start the business on a dime. These are some cost-effective business ideas that you may have skills for. If not, you may easily be able to teach yourself related skills that are necessary to get started with the business concept that you have in mind.