Starting your own business can sometimes seem unattainable. Maybe you already have a business idea but are struggling to source the capital and get your idea off the ground, but not all business ideas are created equally.
While some require a lot of funding and effort, others can be set up with a few resources you might already have access to.
In this guide, we’ll explore some of the best small business ideas that require little funding to help you find your next venture and turn your bright ideas into a source of income.
A dropshipping business
It's not the newest business idea around. In fact, dropshipping as a concept has been around since the 1960s. This is the premise: run a store but without your own stock. When someone makes an order from an online store, the supplier ships the product out directly to the customer.
The customer pays for the product, the shipping, labeling, and handling and you collect the markup. The risk is minimal when done right and this type of online business is easily scalable.
The beauty of this idea comes from its adaptability. Your dropship store can sell anything, from furniture to clothes to phone cases.
Cost to get started: $100+ per month: for the e-commerce platform, domain and web hosting, SSL certificate, dropshipping plugin, payment, and gateway fees.
A handyman business
A handyman is someone who takes care of the basic chores around the house. Think hanging picture frames, and TV mounts, putting together furniture, replacing light fixtures, etc. This business idea doesn’t require finishing a trade school or years of experience.
All it takes is the right set of tools and some experience with the most common tasks around the house and you have the basics covered. However, depending on your local jurisdiction, you may have to apply for a license to get started. You will also need to register an official business to comply with the law.
Cost to get started: $50-300 for establishing an LLC, $50-500 for permits, $500-2,000 annually for insurance, the cost for tools (from $1,000 to $5,000+), $5,000+ for a vehicle and branding and optionally, a budget for a website and marketing activities
Pet-sitting business
Pet-sitting is great if you love animals and enjoy spending time outdoors plus the investments are pretty low.
The most important thing is to have a free schedule, and ideally, a yard where you can keep the pets you sit over time. In recent years, there have been a number of pet-sitting apps such as Rover or Petbacker that allow you to advertise pet-sitting services in exchange for a certain fee.
While slightly more costly, it saves you from the troubles of creating a website or printing out flyers to promote yourself.
Not to be confused with a dog walking business, pet sitting can include many other types of services (and pets).
The cost to get started: $50-300 for business registration, $0-100 for licensing and permits (depending on your area), $200-600 per year for insurance
A consulting business
Many small businesses start as consulting service companies. If you're already successful in your main career and don't feel like changing your line of work, simply go from a full-time job to a small business that does consulting.
The great thing about business consulting is that within it, you can explore many small business ideas. For example, you can consult on anything from bookkeeping, climate control, interior decoration, acquisitions and mergers, and environmental protection. The sky is the limit.
The cost to get started: $50-300 to register a business, $0-200 for licensing and permits, $500-1,500 for insurance per year
A property management business
A property manager is someone who does just that: manages properties for others who own them and rents them out to tenants. This person connects tenants with contractors, repairmen, and any personnel that work on the property.
The best way to get started is to try it out part-time before setting up your own business entity. It's optional to have a license (in most areas) and no particular educational background is required or preferred.
The cost to get started: $50-300 to register, $500+ annually for basic insurance
An event planning business
If you love planning events and parties for yourself, why not do it for others and make some money along the way? To become a pro in this line of work, you may need a degree in event planning or hospitality management, but it's not a must to grow your business.
Like most small business ideas, having the right experience and the connections to get the first clients goes a long way. As for the tools of the trade, you can get by with a simple laptop with the right event planning software, but many small businesses get by with simple Excel spreadsheets.
The cost to get started: $50-300 to register a business, up to $100/month for event planning software, $500 and up for office setup
A landscaping business
Landscapers can usually ask for $40+ per hour and this small business idea does not require specific education or years of training. The downside is the initial investment as you'll have to spend quite a bit of money on equipment such as lawnmowers, hedge trimmers, and similar. Also, you'll need a reliable work vehicle to get around.
You’ll also need to set yourself up as a business and get good insurance to protect both yourself and your clients and make sure everything is above board.
The cost to get started: $50-300 for registering a business, $100-500 for licensing and permits, $500-2,000 per year for insurance, and $500-50,000 for equipment, depending on what you need and whether you buy new or used
Graphic design services
Graphic design services are always in high demand and it is one of the easiest businesses to start if you have a creative flair and a penchant for translating client ideas into reality. Back in the day, this was hardly a lucrative business idea because it required a degree in design and thousands of dollars spent on hardware and software.
Thanks to freely available tools such as Photoshop and the even easier Canva, anyone can run their own small business in the design sphere. The overhead costs are little to none and with countless courses online, you can learn how to design your own social media banners, online advertising materials, website landing pages, etc.
The cost to get started: $50-300 for registration, $100+ annually for design software, $1,000+ for a decent work laptop
Online tutoring
Tutoring doesn't typically require a degree, but it helps when you have one in the field you want to tutor in. It's always in high demand, especially if you can help students who are stuck with a problem at school or university.
While there are platforms where you can market your services (and pay a certain percentage to the platform), you don't have to go far to find students and customers. Try advertising locally through Facebook groups and communities, with flyers and basic social media ads.
The cost to get started: $50-300 for registration
Delivery service
Your new business venture may not even require you to set up your own company or get any kind of specialized training. Delivery services for companies such as Uber, Lyft, Doordash is one of the cheapest business ideas out there.
They provide the tasks and you set your own hours letting you make as much profit as you want. There are some requirements like having a clean criminal record and a valid driver's license. While it’s not like owning your own business, but it can be a great way to bridge the gap between jobs.
The cost to get started: around $500 per month for insurance, car lease and maintenance, gas costs
Print-on-demand store
The best way to create a profitable business is to have a service that you can scale. Print-on-demand offers just that, the business idea is simple: create a custom design and when someone orders a t-shirt with your design the store creates it and gives you a commission.
It's a few dollars per shift, but for most business owners, this can easily translate to hundreds and thousands of dollars depending on demand. Once again, you don't need high-tech tools or even the knowledge of design, as there are tools that can help with this.
The cost to get started: $50-300 to get registered, a fee for every sale for the POD platform, $10-100 per month for design software
A video production business
The amount of video content the average person consumes is increasing year on year. And just like a graphic design business, it does not require a college degree or any specialist skills
Online editing tools such as Veed.io, Clipchamp, Canva, and more let you create magic with videos with just basic knowledge of online tech tools. Before you know it, you can create videos for social media, digital marketing campaigns, local networking events, and much more.
The cost to get started: $50+ for registration, $100+ per month for video editing software
A house cleaning service
Much like other domestic services, the list of potential clients for this business is practically endless. While there may be many other businesses offering this in your area, there are a few ways you can stand out like better small business marketing and specialized services such as pressure washing, etc.
It may not be the most profitable small business idea, considering how many hours you may need to devote to it to make it work. However, it can be a great entry into the business world because it does not require specific education. And as for the work experience? Everyone has done some cleaning in their lives.
The cost to get started: $50+ for registration, $100-1,000 for the basic cleaning equipment
Which business idea will you choose?
A good small business idea doesn’t have to be unique. In fact, some of the best business ideas can arise by learning from others and doing it in a way that solves pain points for your clients. The great news is that so many creative small business ideas don't require specialized training, education, or previous work experience.
Small business owners should, however, have a solid foundation of tools to run their business. And if you're dealing with clients, you need a reliable CRM. Something that is easy to use and does not require hours of learning to grasp the basics.
