34 Low-Cost Business Ideas With High Profit

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In recent years, more people have started their own businesses. In fact, a report from the Commerce Institute shows that there were about five million new businesses started in 2022. If you’re looking for low-cost business ideas with high-profit potential, you’re in the right place. We’ve compiled a list of 34 opportunities with low startup costs.

Lucrative low-cost businesses to start in 2024

There are many low-cost business ideas that you can start online. We’ve compiled a list of the most profitable options with information on how to begin, startup costs, and earning potential.

1. Sell digital products and downloads

Many Teachable creators earn money by selling digital products and downloads. And if you have something to teach others, you can sell a digital product.

For example, Darnell Brown is a business coach. He’s been using Teachable for years to create digital downloads to help his clients start and grow their businesses.

Tips to get started:

Create digital products like ebooks, podcasts, and how-to guides to sell online.
Use a platform like Teachable to create and sell digital downloads.
After your digital product is ready, promote it on social media, email, and other marketing channels.
Over time, create new products to increase your customer base and make passive income.

Startup costs: With Teachable, creating and selling your digital products is easy and affordable. And you can join at no cost, then select from various pricing plans to fit your needs. Whether you’re selling courses, coaching, or digital downloads the no-code platform means you can start now.

How much money can you make: Earning potential for selling digital downloads depends on your products, audience, and topic. Some creators make up to six figures annually.

Take our quiz

Find out which digital product you should create first.

2. Offer copywriting services

Copywriting is one of the best low-cost business ideas with high potential profit because it’s versatile.

Most companies need copywriters to craft landing pages, social media posts, advertising copy, blogs, video scripts, and more. And they also prefer working with freelance writers because they can save on overhead costs.

Tips to get started:

Learn grammar and search engine optimization (SEO) best practices.
Build writing skills like paying attention to detail and creative thinking.
Decide what content you’ll write. Examples include marketing material, websites, emails, and ads.
Put together a website and portfolio of your copywriting so you can share it with potential clients.
Help clients meet their goals by researching their brand, audience, and marketing trends.

Startup costs: If you have experience copywriting for brands, you can start at no cost. But, if you’re building skills, then a copywriting course usually costs about $300. Creating a portfolio website will cost about $0 to $65 per month.

How much money can you make: Many freelance copywriters charge per word, hour, or project. So your earning potential also depends on the type of content you write.

When it comes to blogs, highly experienced writers charge $100 or more an hour, or anywhere from .25 to $1 per word. If you write 10,000 words per month, you can earn $2,500 to $10,000 monthly.

3. Become a virtual assistant

Because online businesses are booming, the demand for virtual assistants is higher than ever.

Tips to get started:

Consider taking a course to learn virtual assistant skills. Then, create a website to display your services, which usually include:

Managing emails
Handling social media and blogging
Scheduling appointments
Making phone calls

Startup costs: Similar to copywriting, startup costs are low for virtual assistants. You’ll likely spend anywhere from a few hundred to a thousand dollars on courses to learn the necessary skill set and create a website to market your services.

How much money can you make: Your income as a virtual assistant can vary depending on your services and experiences. Many virtual assistants charge up to $100 per hour.

4. Host workshops

Like with many other low-cost business ideas with high-profit potential, if you have the knowledge to share, you can host workshops. Workshops might be in-person or online and last anywhere from an hour to a few days.

Tips to get started:

Workshop hosts must be comfortable speaking to and engaging an audience.
Decide what kind of workshop you’ll host: online or in-person, seminars, or boot camps. Seminars are shorter and best if you plan to organize and host with little or no help. Meanwhile, boot camps are multi-day workshops and usually include various hosts and speakers.
Organize and host a workshop where you’ll teach others how to do something. For example, you might arrange a creative writing workshop if you’re a writer.

Startup costs:

There are various costs to consider when hosting a workshop.

Location or online platform cost – A small space runs anywhere from a few hundred dollars to a thousand, depending on how long you use it. You can also host your workshop online using Teachable, which integrates Zoom. The free version covers a 30-minute workshop and a small class size.
Audio and visual equipment – Microphones run between $30 and $100, while cameras start at about $500.
Printed materials – Print shops usually charge a few cents per page.
Refreshments – Depending on the length of your workshop, you may provide snacks and drinks.

How much money can you make: If you only host one workshop per month and charge 30 people $250 per workshop, you can make $90,000 per year.

5. Sell online courses

Online courses are an excellent way to share your knowledge with others from the comfort of your home. With platforms like Teachable, it’s easier than ever to get started with an online course business and generate significant profit. Courses are even one of the top five sources of income for bloggers today.

Tips to get started:

Outline what you want to teach. Teachable creators have sold online courses teaching others about various topics, including fitness, houseplant care, and 3D design.
Create a course curriculum and record videos of your lessons.
Prepare your course using Teachable. You can upload your content, design your course with ready-made templates, set up pricing, and manage your course after it’s published.
Scale your business by creating multiple courses over time.

Startup costs: Teachable makes creating and selling courses simple and affordable. Various plans range from $0 to $375 per month.

How much money can you make: It’s possible to earn upwards of $200,000 per year selling online courses. Thousands of Teachable creators earn a comfortable income from online courses. For example, Julia McCoy earned $150,000 from one online course.

6. Design and sell low-content books

You can create low-content books in little time and easily sell them online. Low-content books don’t require much writing on your part. They usually have pages that the person buying fills in, similar to workbooks.

Examples of low-content books include:

Planners
Journals
Log books
Coloring books

Tips to get started:

Choose a niche–a focus for your book. For example, a plant expert might create a gardening journal. Amazon’s search feature offers suggestions based on popular searches, so you can start there.
Create your low-content book(s) with templates or DIY on Canva. Then, use a platform like Teachable to upload and sell your digital content. You can also use Amazon to sell hard copies.
Increase your income by creating more low-content books over time.

Startup costs: You can create content on Canva and join Teachable at no cost. It’s free to sell on Amazon, but you pay for printing and shipping after you sell a book.

How much money you can make: Low-content books usually sell for $4 to $15. If you sell 300 low-content books per month, you can make up to $4,500. That said, 60% of that usually goes to Amazon for printing and shipping.

7. Start a clothes-flipping business

If you enjoy shopping and are looking for a low-cost business idea, try clothes flipping.

Tips to get started:

Buy used clothing items and accessories like jewelry and shoes for a low price at thrift stores, flea markets, yard sales, and online.
Wash and spruce up your items before reselling them at a higher price.
Sell your items on sites like Poshmark and eBay. You can also create an online shop using a website platform like Shopify, but it’s best to already have an audience to direct to your site.

Startup costs: You can begin clothes flipping at no cost by starting with items you already have. And once you start earning money, you can buy new-to-you items to grow your inventory and increase sales.

How much money can you make: Your earning potential depends on where you find and sell your items and how much time you put into it. The casual thrifters make around $300 per month on average.

More devoted thrifters earn as much as $70,000 to $100,000 dollars per year. This couple earned $12,000 to $15,000 monthly as full-time clothes flippers and sellers.

8. Help students as an online tutor

Do you enjoy teaching and have a subject you’re passionate about? If so, you might want to start an online tutoring business that costs little to nothing to start.

Tips to get started:

First, determine what topic you’ll teach. Choose something you’re an expert in. For example, a musician might teach music.
Pick a platform to teach on. There are some tutoring marketplaces, but they’ll take a large percentage of your earnings. Another option is using Teachable and Zoom.
Create lessons. Some tutoring marketplaces have lesson guidelines, so review the details before committing to one.

Startup costs: If you already have a computer, you should only need noise-canceling headphones and a microphone to get started. This means you can start with less than $100.

How much money can you make: Online tutors can earn $35-$150 per hour. If you tutor for one hour each week, you’ll earn $1,400 to $6,000 monthly.

9. Become a personal trainer

If you’re passionate about fitness and looking for low-cost business ideas with high profit potential, consider becoming a personal trainer.

Tips to get started:

Choose a specialty such as strength training, weight loss, or senior fitness.
Create exercise plans based on your focus.
Start finding clients by sharing your personal training services with your local gym and your network.

Startup costs: This is one of the easiest and most affordable businesses to start because the only investment you’ll need is a personal training certification for less than $100.

How much money can you make: On average, private personal trainers earn up to $70,000 annually. But, running a personal training business can be more lucrative. If you start doing 10 personal training sessions a week at $150 each, you’ll make $1,500 monthly.

10. Illustrate books

Becoming a freelance illustrator is one of the best jobs for artists and costs little to start. While many illustrators attend art school, this is optional.

Tips to get started:

Consider what you like to draw. Many illustrators focus on children’s books, but you can also be a product, editorial, or comic book illustrator.
Once you know more about what kind of illustrations you want to do, you’ll need to gather the necessary art supplies.
Create a website to host your services and portfolio.

Startup costs: Art supplies and tools like Adobe Illustrator will cost anywhere from $200 to $500. A website costs less than $100 monthly.

How much money can you make: Beginner illustrators typically charge $25 to $100 per hour. However, most experienced illustrators charge per project. Ultimately, you should price your services based on how complex each project is and how much time and effort it takes to complete.

You can also package several illustrations into a bundle price. Some illustrators charge anywhere from $500 to $5,000, so don’t be afraid to negotiate higher prices.

11. Offer social media management

Do you enjoy social media, connecting with others, and getting creative? As influencing and social media marketing are rising, so is the demand for social media managers. A recent report shows the market will grow from $17.5 billion in 2022 to $51.8 billion in 2027.

Tips to get started:

Learn about SEO, copywriting, and social media trends.
Consider what services you’ll offer. Social media management services may include creating strategies and content, publishing posts, and managing engagement.
Create a portfolio with sample posts and a media kit. Then, reach out to brands and pitch your services.

Startup costs: Social media managers need a website to share their services and portfolio, which usually costs $0 to $65 monthly.

How much money can you make: Social media managers charge $25 to $250 per hour, depending on experience and services. Like many other online businesses, you can increase your earnings by generating passive income through digital products. Specifically, you might create social media templates that brands can buy.

12. Edit photos

Photo editing is as important as ever, with a high need for visuals to promote businesses, services, and products. While a photography business requires startup money for cameras, lighting, and other equipment, photo editing doesn’t.

Tips to get started:

Create a website with a portfolio to show work samples.
Work with clients to edit and retouch their existing photos.
Help brands review and select images.

Startup costs: A website costs less than $100 monthly, and the popular Adobe Lightroom for editing starts at $9.99 monthly.

How much money can you make: Photo editors can make $40 to more than $100 per hour. On the low end, you can earn $1,600 monthly. On the high end, $4,000 monthly.

13. Help with event planning

Event planning is an excellent low-cost business idea with high profit potential for those with organizational, multi-tasking, and planning skills.

Tips to get started:

Set goals for your business and research successful event planning companies. Then use this to create a business plan.
Learn about event planning services–organizing meetings, choosing venues, working with vendors, planning event logistics, and coordinating payments.

Startup costs: Event planning startup costs usually only include a website ($0 to $65 monthly). But, you might also hire a professional photographer or videographer to record content from events for your marketing.

How much money can you make: Earning potential depends on what kind of events you plan and where. Private event planners charge between $50 and $150 hourly. You can also earn a commission from event vendors.

14. Develop websites

Website developers create and maintain websites to help companies meet their goals, and they’re in high demand.

Tips to get started:

Take an online course to learn how to become a website developer.
Create a website to showcase services and testimonials.
Most website developers work as freelancers and find clients on freelance platforms. You can also pitch companies via email or LinkedIn.

Startup costs: Web design courses usually cost $100 to $1,000, while a website costs less than $100 monthly.

How much money can you make: The average cost to build a website for a small business ranges from $5,000 to $20,000. However, more complex web development projects cost more.

In your first few years of running a web development business, you can earn $80,000 to $250,000 or more.

15. Plan vacations

If you like traveling and are good at planning, why not earn money by becoming a travel planner?

Tips to get started:

Find clients by sharing your services with people you know and through word of mouth.
Help clients plan their next vacation by putting together an itinerary.
Research and book flights, accommodations, and activities.

Startup costs: Around $0 to 65 monthly for website costs.

How much money can you make: Although travel planners that work for an agency don’t earn a high salary, you have more opportunities running your own business.

If you charge $30 to $100 hourly and work at least 10 hours a week, you’ll earn $1,200 to $4,000 monthly. You can also increase your earning potential by creating passive income with a blog, travel guides, and more.

16. Become a blogger

Learning how to start a blog and make money is how many creators begin their business journey.

Tips to get started:

Choose a niche–a focus for your blog. The most profitable blog niches are food, personal finance, lifestyle or parenting, and travel.
Make your blog profitable with ads, online courses, affiliate marketing, and more.
Consistently publish blog posts about topics your audience wants to read about.

Startup costs: To start a blog, you need a website. This costs $0 to $65 monthly.

How much money can you make: With so many ways to monetize a blog, a blogger’s earning potential is high. For example, Lauren McManus and her business partner have two blogs and make six figures per month.

Bloggers in the most profitable niches earn between $5,000 to $9,000 monthly.

17. Help others by coaching

If you enjoy helping others, consider becoming a life coach. The life coaching industry brought in $1.5 billion in 2022, with an expected annual growth rate of 4.85%.

Tips to get started:

Choose what type of coaching you want to do. Options include relationship, career, nutrition, and finance coaching.
Consider getting a life coaching certificate.
Create a website to display your services and start finding clients.

Startup costs: Coaching programs start at about $1,000.

How much money you can make: Freelance life coaches usually charge $75 to $250 per hour.

18. Sell graphic designs

Graphic design is one of the top low-cost business ideas for creatives. There’s ample opportunity for graphic designers because every industry has design needs.

Tips to get started:

Combine your art skills with technology to create graphic designs.
Build a portfolio of your graphic design projects.
Pitch your services to people who might need a graphic designer. You can also use freelance platforms to find clients.

Startup costs: You can make designs using software like Adobe Creative Cloud, which is about $60 per month.

How much money you can make: Graphic designers can charge up to $200 per hour, but usually set rates by the project. For example, you might charge $500-$1,500 for a logo and upwards of $2,500 to $10,000 for a full brand identity package.

19. Upcycle furniture

Another low-cost business idea for creatives is upcycling furniture. Once a popular side hustle, people now find it a lucrative full-time job.

Tips to get started:

Gather used furniture from yard sales, thrift stores, and flea markets.
Clean and refresh pieces before selling them.
Sell your furniture on platforms like OfferUp and Facebook Marketplace. You can also create a website or social media page to list your items.

Startup costs: You can start at no cost by cleaning up and selling items you already have. When you start making money, buy used items and materials for flipping.

How much money you can make: Furniture flippers often make up to $500 per piece. If you upcycle and sell 10 pieces of furniture per month, you can earn $5,000.

20. Become a fashion consultant

Are you passionate about fashion? If so, you could be a fashion consultant and offer clients style advice.

Tips to get started:

Define your niche. Fashion consultants often style wardrobes, wedding attire, or jewelry.
Connect with potential clients by networking in your community and on social media.

Startup costs: A fashion consultant can start by creating a website for under $100.

How much money you can make: Fashion consultants usually charge an hourly fee of up to $100 or a daily rate of about $1,000.

21. Walk dogs

The dog walking industry has grown in recent years and has an expected growth rate of 11.52% from 2022 to 2030. Dog lovers who enjoy staying active can start their own dog walking business.

Tips to get started:

Perform market research to identify your services and rates. Dog walkers often offer home and dog park visits, short and longer walks, and overnight pet sitting.
Find clients through networking, word of mouth, and dog-walking apps like Rover.

Startup costs: You can start walking dogs for people you know at no cost.

How much money you can make: Dog walkers usually charge up to $50 per hour.

22. Offer data entry services

If you’re tech-savvy and organized, you could offer data entry services and update online records for companies.

Tips to get started:

Learn data entry skills using a platform like Skillshare.
Create a website for your services and testimonials.
Network and use freelancing platforms to find clients.

Startup costs: You can learn data entry skills for free or take a course starting at a few hundred dollars.

How much money you can make: Freelance data entry clerks charge up to $50 per hour.

23. Become an influencer or digital content creator

Influencers or digital content creators are experts on a specific topic and share their content to earn money.

Tips to get started:

Create content in your niche—travel, beauty, wellness, or something else.
Choose a platform to get started. Many influencers use YouTube, TikTok, or Instagram. Over time, you might use multiple platforms.
Decide how you’ll earn money. Sponsorships, paid aids, and selling merch are common ways to earn money as an influencer.
Build a media kit and pitch brands directly to earn sponsorships.

Startup costs: Most influencers don’t pay anything to start.

How much money you can make: Earning potential varies based on different income sources. That said, some influencers report earning a few thousand dollars per post. So, if you share five branded posts per month, you could make $15,000.

24. Edit videos

With many companies relying on video for marketing, video editing jobs are booming. This is the ideal low-cost business idea because it requires little equipment or startup costs.

Tips to get started:

Practice editing videos and create a portfolio.
Decide what kind of videos you want to edit. While ad videos are common, you can also edit documentaries and music videos.
Connect with potential clients and share your work samples and services via your website.

Startup costs: You can create a website with your portfolio and services for less than $100.

How much money you can make: Video editors usually earn $50 to $150 per hour.

25. Become a yoga instructor

The global yoga industry was $105.9 billion in 2022 and expects to hit $177.6 billion by 2028. If becoming a yoga instructor is on your bucket list, now’s a perfect time.

Tips to get started:

Decide what style of yoga you want to teach. Common ones include yin, vinyasa, ashtanga, and children’s yoga.
Attend a yoga teacher training program.
Find a studio to teach at or create your own yoga courses using Teachable, which is how Zabie Yamasaki earns money as a yoga instructor.

Startup costs: Yoga teacher training programs usually cost a few thousand dollars. Most of them offer payment plans.

How much money you can make: Yoga instructors usually charge about $20 per class. If you teach 10 classes to 10 students each, you can earn $2,000 per week.

26. Design print

Another lucrative business idea for creatives is designing print. Print designers use digital software to create visuals for physical items, including

Brochures
Business cards
Labels
Merchandise

Tips to get started:

Create spec pieces and become familiar with Adobe and other print design software.
Add your portfolio and offers to a website.
Pitch your services to people who need a print designer. You can also use freelance platforms to find clients.

Startup costs: Adobe Creative Cloud costs about $100 per month. A website costs $0 to $65 to start.

How much money you can make: Print designer rates are similar to graphic designers. You can earn anywhere from $25 to $150 per hour, but it depends on the project.

27. Perform SEO audits

Search engine optimization (SEO) helps companies increase traffic to their sites and get more potential customers to view their products and services. It can be a lucrative way to make money online, especially if you’re familiar with technical SEO.

Tips to get started:

Consider taking a course to learn how to perform SEO audits.
Create a website to display your packages and testimonials.
Connect with your target audience and pitch your services.

Startup costs: There are no costs to get started. You can find various free SEO courses you can take and get your first clients on platforms like Upwork.

How much money you can make: If you know technical SEO, you can charge $1,500 to $5,000 for a basic SEO audit. You can earn $2,000 to $5,000 monthly.

28. Write songs

Being a songwriter is one of the best low-cost business ideas with high profit potential for musicians.

Tips to get started:

Consider taking a songwriting course.
Practice writing songs. Use this to create your portfolio.
Join the International Songwriters Association and freelance platforms and pitch your songs.

Startup costs: You can take songwriting courses for free and create a portfolio for free.

How much money you can make: As a new songwriter, you can charge up to $500 per song and increase this as you gain experience.

29. Sell stock photography

If you have a camera and take good photos, selling stock photography is an easy, low-cost business opportunity.

Tips to get started:

Join Shutterstock and other stock photo websites.
Create a profile and upload your photos.
Consider starting a blog to scale your business and sell pictures on your website.

Startup costs: You can join stock photo sites for free.

How much money you can make: You can usually earn up to $40 for one image.

30. Offer IT support

With an expected growth of 10.36% by 2027, the IT support industry offers excellent earning potential.

Tips to get started:

Consider taking a course to learn the necessary skills.
Make a website for your business.
Work with clients to troubleshoot technical issues and offer support.

Startup costs: IT support courses usually cost $0 to $1,000. You can start your website for free.

How much money you can make: Freelance IT support providers charge an average of $100 per hour.

31. Provide childcare services

If you’re looking for an in-person job and like working with children, childcare offers excellent opportunities.

Tips to get started:

Identify your services and the number and age of children you’ll work with.
Get CPR and first-aid certified.
Gain experience by offering services to people you know.

Startup costs: You can take a CPR and first-aid class for less than $100.

How much money you can make: Earning potential depends on your experience and where you live. Many freelance childcare providers charge up to $40 per hour.

32. Develop apps

App development is one of the fastest-growing industries, offering ample job opportunities.

Tips to get started:

Learn about coding and programming.
Choose a platform–Android or iOS.
Practice your skills and turn an idea into an app. Use this as a work sample.
Join freelancing platforms to find clients.

Startup costs: If you take a course, it’ll cost up to $100.

How much money you can make: Most app developers charge $5,000 to $10,000 per project.

33. Become a beauty consultant

Beauty consulting is a great low-cost business idea with high profit potential for skin, hair, or nail experts.

Tips to get started:

Do market research to help you choose a focus area and your services.
Work with people you know to gain experience and build a portfolio.
Find clients through word of mouth and freelance platforms.

Startup costs: Supplies to start can cost up to $500. You can create a portfolio at no cost.

How much money you can make: Beauty consultants can earn up to $50 per hour.

34. Offer content editing and proofreading

Because all industries produce written content, there’s always a need for editors and proofreaders.

Tips to get started:

Decide what type of content you want to edit and proofread.
Consider taking a course to learn editing and proofreading skills.
Create a website for your services and portfolio.
Pitch your services to potential clients. You can also use freelance platforms.

Startup costs: There are many free online courses. A website costs $0 to $65 per month.

How much money you can make: You can charge up to $100 per hour.

How to select a low-cost business idea with high profit

With so many low-cost business ideas with high profit potential, there are several ways you can choose the best option:

Consider your current skill set
Determine your goals
Evaluate your budget
Check demand
Identify your niche market and ideal client

Consider your current skill set

If you choose a job you already have the skill set for, you’ll save on startup costs and time. Make a list of your skills and interests to help you pick your business idea.

Determine your goals

To start a business that aligns with your personal and career goals, use these questions to guide you:

What kind of work do you enjoy?
How many hours do you want to work per week or month?
Do you want most of your work to be online or in-person?
How much would you like to earn?
Do you want to work alone or have a collaborative job?

After you answer these questions, consider jobs that allow you to meet these goals.

Evaluate your budget

Startup costs for the businesses on this list vary based on these factors:

Necessary training
Equipment
Website and other software

Determine what your budget is to get started. Here are some high-profit job ideas based on various budgets.

Budget of $100:

Sell digital products and downloads
Start a clothes or furniture flipping business
Design and sell low-content books
Offer social media management
Edit photos
Help with event planning
Plan vacations
Become a blogger or influencer
Become a fashion consultant
Walk dogs
Perform SEO audits
Write songs
Sell stock photography
Provide childcare services
Develop apps
Offer content editing and proofreading

Budget of $500:

Become a virtual assistant
Sell online courses
Help students as an online tutor
Offer copywriting services
Illustrate books
Develop websites
Sell graphic or print design
Offer data entry services
Become a beauty consultant

Budget of $1,000+:

Host workshops
Help others by coaching
Become a yoga instructor
Manage ecommerce stores
Offer IT support

Check demand

Once you narrow down business ideas, check their demand to ensure there’s earning potential.

Use social media and other online communities for market research. You can also do keyword research at no cost using Semrush Keyword Magic Tool to see what industries people are searching for.

Identify your target audience

Consider who you want to work with by thinking about your target audience.

What problem does your ideal client or customer have?
What results do they want?
How can you offer results?
What’s your target audience’s budget?
What product(s) or service(s) can you offer your ideal client or customer?

Start a profitable business without spending a fortune

With so many low-cost business ideas with high profit potential, there are many ways to earn money without a significant investment.

Thousands of Teachable creators have started lucrative businesses for little to nothing. Start today with a free Teachable account.

If Teachable is of interest and you'd like more information, please do make contact or take a look in more detail here.

Credit: Original article published here.