Entrepreneurship is the dream of many Americans, but costs are a legitimate reason many are hesitant to jump into the water.
But what if you could find a way to strike out on your path without a lot of upfront costs required?
The following 3 ideas are businesses you can start with little capital.
1. Content creation company
This covers everything from music to artwork to writing to audio. There is a myriad of ways to go about monetizing the content you create.
The most direct way is to sell advertising. It could start with something as basic as the YouTube ads which make a musician some cash every time a visitor tunes into 1 of their songs. You can host the content you create on your own website and monetize with advertising that compensates you based on the number of page views you get.
If you have or develop a loyal following, a content paywall is another idea. Require a paid subscription to access your most valuable content. There are third-party platforms—notably Patreon—that allow you to set up a subscription service for your content.
Content creation can also be broadened to include business services like graphic design. All businesses need artwork for their website and marketing materials, but not all have enough work to justify a full-time salary with benefits. As a contractor, you can step in and provide them with what they need.
2. Event-based services
Do you have a passion and a gift for something like planning a wedding? Or a big family reunion? Or on the business level, a large-scale conference with multiple speakers?
There’s a place for you in today’s economy as an independent event planner. Businesses might not want to tax their marketing departments any further and instead outsource this work. The couple that wants their dream wedding might find themselves in over their heads in planning it. You can fill this need.
This category also includes services that an event planner will need to work with. For example, a wedding will need a photographer. That business conference will need a catered lunch. If you’re good with a camera or know how to cook for a few hundred people, there’s a place for you here as well.
There is a wide range of low-overhead work assignments that businesses are willing to outsource. One you may not have considered is bookkeeping. You don’t need a formal license to be a bookkeeper and organizations that are running on a shoestring—like most non-profits—might gladly outsource this work.
We also know that while most businesses would love to have an IT expert on staff full-time, that’s not always doable from a financial standpoint. They might not even be practical if they only have a computer issue once every couple of weeks.
But what if you’re the expert and can put together 8-10 clients for who you can provide this service?
Now you’ve got your own business for just the cost of your expertise!