Many of us dream of starting our own business. How great would it be to be your own boss, work to your own schedule, and make money from your passion?
The problem? Money.
How can anyone start a business on a shoestring budget? Don’t you need investors and thousands of pounds just to get off the ground?
Not always. There are lots of great low-cost business ideas out there that you can start with little to no money. Here are some of them.
Freelancing
Whether you’re an SEO expert, a great blogger, a graphic designer, or you’re organised enough to be the best virtual assistant ever, you could be freelancing your talents to make money.
Most freelancing gigs only require a laptop and an internet connection. So long as you have those, you can get started right away. Scour online job boards, set up a website and LinkedIn profile, and do some online research to find out how other freelancers are doing it.
Start-up costs: None. Freelancing is free to get into, though you may eventually want to spend some money on web hosting for your website. Some freelance roles, like accounting, marketing, or graphic design, may require you to invest in certain software.
Online courses
If you want to start a business with just £200 and you have a wealth of knowledge to share with the world, why not create online courses? Many are willing to pay for online courses on topics ranging from creative writing to coding. If you can create an online course that others are willing to buy, you could generate passive income all year round.
Startup costs: You’ll need a laptop and internet connection to create and upload your course. You may want to invest in tech that will make any videos or recordings you upload better quality, such as a microphone, a high-quality camera, and lighting or a tripod.
You’ll also need to decide how you’ll host your online course. Platforms like Teachable and Thinkific let you have complete control over your course and have a monthly fee but you’ll be in charge of marketing your course and managing it. Course marketplace platforms like Coursera and Udemy will do a lot of the legwork for you but will take a chunk out of your earnings. This list of the best online course platforms is a great breakdown of prices and features across different platforms.
Tutoring and training
If creating your own online course sounds too time-consuming for you, providing tutoring or training, either online or in-person, is a low-cost business idea that can provide a steady income. Whether it’s music tuition, tutoring local kids, or providing virtual personal training, anything you can teach others can be turned into a business for little to no money.
Start-up costs: If you already have connections that could get your customers, starting a tutoring or training business could be completely free. You may need a laptop and internet for online tutoring or training or a car if you need to travel to reach your clients.
You may need to spend money on advertising to get your first clients or join a tutoring agency that can assign clients to you for a commission. Some training jobs, such as fitness training, may require some equipment of your own but if you already love fitness you’ll already have these.