If you have been searching for how to earn extra cash outside a 9-5 job or start up a personal business, check these low-cost business ideas with high profit margins.
Starting a business may require a huge amount of investment to keep the business afloat. However, several businesses require just a little investment to start up.
In this article, we have discussed the best low-cost business ideas with high profit margins. If you are wondering what these businesses are and the profits you will earn by starting one.
We have listed the business ideas with high profit margins in this article. Sit tight, relax, and read this guide to know which business idea is suitable for you.
Now, let us start listing low-cost business ideas with high profit margins.
#1. Blogging
It is easy and possible to start blogging, as it is one of the best online businesses. You can become a blogger and start up with any topic of your choice. In general, you can become a blogger and create content in a specific area.
In today’s society, bloggers are needed in various areas. Online business owners are searching for bloggers.
As a blogger, you can blog about travelling, entertainment, fashion, food, technology, business strategies, etc. All you need to start up as a blogger is a strong internet connection, and a laptop and choose the specific area you want to concentrate.
As a blogger, you will receive payment from Google if your blog ranks first on Google. Blogging is one of the low-cost business ideas with high profit margins.
#2. Social Media Consultant
The world we live in today is evolving. The internet space is a global community and medium for enterprises to advertise, and sell their products.
A social media consultant is an individual that advertises and sells the brand of a company. You can become a social media consultant for a company with your knowledge in marketing, web presence, communication, and branding.
Being a social media consultant, you are assisting businesses in promoting their product, as well as advertising. You will promote the company’s product through Facebook, Twitter, LinkedIn, and Instagram.
Social media consultancy is a profitable business idea for anyone with the right knowledge.
#3. Photography
If you have a passion for photography, you can start up a profitable business. Photography today is not what it used to be decades ago. There has been a transformation in photography over the years.
Today, there is a lucrative online photography business. You can start an online photography business and explore options like travel, weddings or stock photography.
To start a business in photography, you will need a good and active camera. Perhaps you will need software to edit photos, and you can capture portraits and sell them.
On the other hand, you can also start a photography course, as well as start a YouTube channel to expand your business.
#4. Event Management
Events management companies oversee preparations for events such as weddings, conferences, birthdays, functions, and corporate events, among others. This is pretty much a business with high profit margins for anyone with expertise in event management.
You can establish a business in event management when you acquire the right skill. Once you create a working system with the decorators, caterers and anyone involved in the process, you can organise events with ease.
As your business progressively expands, you can employ more staff. Event management is a profitable business you will benefit from.
#5. Grocery Store
Owing a grocery store is a profitable business. A grocery store is essential to any neighbourhood, for foods, drinks, household items, you name it.
Firstly, you need a store and a supplier or wholesaler to start this business. If your grocery store is filled with items needed by the people in the neighbourhood, then be ready to attend to more customers.
In addition, you can sell products online to customers. The Covid-19 pandemic increased online shopping. During the pandemic, people started to order groceries online and it continued since then.
You can expand your business when you open a website for people to shop online.
#6. Content Writing
Next on our list of low-cost business ideas with high profit margins is content writing. Enterprises and business owners are searching for content writers.
Content writers assist companies to create pages for their products, web pages, and blogs, among others. Starting up a business in content writing does not require an investment.
If you have the required writing and reading skills with a good command of the language, you earn cool cash as a content writer. As a content writer, you can have multiple clients and they will pay you for services rendered.
#7. Digital Marketing
There is competition between companies to dominate the internet space. Digital marketing promotes the products and brands of enterprises to customers online.
Through digital marketing, companies communicate with customers via emails, social media, text, web-based advertising, and multimedia messages.
You can set up a digital marketing agency if you are an expert in marketing strategies. This is one of the low-cost business ideas with high profit margins, as you do not need an office to operate.
Once you register your agency and you have a good internet connection, you can start this business.
#8. Dropshipping
Dropshipping involves selling products of dropshipping suppliers through an online retail store. The dropshipping suppliers are responsible to process and ship products ordered by customers.
This means the dropshipping suppliers will ship products requested by customers via your online retail store. The customers make the order in your online store, you contact the dropshipping suppliers, and they process and ship the product.
All you need to start this business is to invest in an online store. Once you have that, you can earn high profits through commissions.
#9. Customized Gifts
Owing a customized gift shop is a low-cost business idea with high profit margins. During anniversaries, festivals, birthdays, and weddings people send gifts to their loved ones.
You can own a customized gift shop and sell gifts to customers who want to surprise their loved ones on a special anniversary. You can start an e-commerce gift shop and save money.
To be more creative in your craft by selling items online and through social media.
#10. Affiliate Marketing
This is among the best low-cost business ideas with high profit margins. Anyone can start affiliate marketing with little investment.
To become an affiliate marketer, you need a website or social media presence. Affiliate marketing is a lucrative business in today’s society. Affiliate marketers earn cool cash by promoting the products of a business owner.
When a product is sold, affiliate marketers earn money through commissions by promoting that product.
Affiliate marketers do not need a website to earn money in their business. The basics in this business are to know a marketing strategy.
Affiliate marketers promote products through Facebook, Twitter, YouTube, and Instagram. You can become an affiliate marketer and start earning commissions for each product sold.
#11. Social Media Influencer
Billions of people access social media on daily basis, and for some people, it is a medium for earning. The world is a global community today because of the impact of social media.
Through social media (Instagram, Twitter, Facebook, and LinkedIn) many people earn a living. Social media influencers earn a good amount of money for themselves.
On average, a social media influencer can make up to $2,700 in a month from an Instagram account. Those regarded as micro-influencers (with about 1,000 to 10,000 followers) earn up to $1,420 in a month.
The mega influencers (with more than 1 million followers) earn up to $15,356 in a month.
#12. Freelance Writing
You can establish a freelance writing business with little investment. Freelance writing is one of the best low-cost business ideas with high profit margins.
The top earners in this business hit six figures annually. All you have to do to establish a freelance writing business is to own a website.
You will also need perfect writing skills, and you will need to possess the ability to research topics.
#13. Child Minder/Nanny
If you are good with kids and you know how to make them feel happy, then you can start a childminding or nannying business. Parents who are busy with work are searching for childminders or nannies.
Since you are great with kids, you can start this business. All you need is to acquire specific licenses, put things in place, and you are good to go.
#14. Travel Agency
Next on the list of low-cost business ideas with high profit margins is the travel agency. You can establish a travel agency and provide services to tourists.
However, you will need to work with hotels and local tour guides to ensure your clients are comfortable and safe. What you will also need in this business are good communication skills.
You will need to promote your business in the best way possible. You will need a website to promote your travel agency business, as well as different social media handles.
#15. Web Designing
Businesses operating online need web designers to stay in the competition of marketing. Business owners want their products and services to attract the right customers. Web designers are needed to create and maintain the website of an enterprise.
Starting a web designing company does not require a huge investment. With the perfect skill, strong internet connection, and a computer, you can establish a web designing company.
#16 Real Estate Agent
If you understand the residential real estate market, you can establish a real estate agency. You need to surround yourself with an active and reliable team of people who understands how things are done.
You won’t spend much to start this business initially, but you need to spend to establish the agency.
#17. Selling on eBay
To sell on eBay is among the low-cost business ideas with high profit margins. You can start selling on eBay with no or little investment.
Firstly, you can start selling items that you have no use for on eBay. After you sell your items, you can reinvest your money if you choose to.
#18. Online Tutoring
Online tutoring is an opportunity for anyone with the best knowledge to earn money. If you are good in a specific subject, you can tutor students online and earn cool cash.
You can tutor students through Skype or Zoom from the comfort of your home. You can earn $35 to $55 an hour based on the academic level you are tutoring.
#19. Publish and Sell an E-Book on Amazon
Self-publishing an e-book on amazon is easy for beginners to learn. You can earn money when you write an e-book on any topic and self-publish it on amazon.
#20 YouTube Channel
YouTubers make a lot of money based on the followers they have. A Youtuber with 10 million subscribers earns a huge amount of money.
You can start a YouTube channel with innovative and creative content that will attract thousands to your channel.
All you need to set up a YouTube channel is a functional camera with good video quality, a good internet connection, a mic, etc.
#21. Fitness Trainer
To stay active and fit is the lifestyle of thousands of individuals. The gym is where most people spend more time on weekends getting fit.
If you have the required experience, you can become a fitness trainer at a gym or a personal trainer for an individual. It doesn’t cost much to become a fitness trainer.
#22. Bookkeeping and Accounting Service
This is one of the low-cost business ideas with high profit margins you can start with ease. Anyone can start bookkeeping and accounting with low investment.
You will need to acquire adequate training to succeed in this business.
#23. App Developing Service
If you have the software skill and experience, you can establish an app development business. To start up an application development business, you have to invest much.
#24. Pharmacy
When prescriptions are given by doctors, pharmacists provide the prescribed drugs to patients. Every neighbourhood needs a pharmacy where people can get prescribed drugs and medical supplies.
If you earned a degree in pharmacy, you should set up a pharmacy in a neighbourhood where it is scarce.
#25. Editing and Proofreading Business
In general, you do not need a qualification to be a proofreader. What you need as a proofreader is to possess excellent attention to detail and good English language.
#26. Upcycling Furniture
Upcycling furniture is one of the perfect low-cost business ideas with high profit margins. You can purchase a piece of furniture for a low price or sometimes get them for free and resell it to make a profit.
#27. House Sitting
Starting a house-sitting business comes with little or no cost.
House sitting involves taking care of people’s homes when they are away on vacations or trips. You can start a house-sitting business and expand your business by creating a website to get more clients.
#28. Pet Sitting
Pet sitting involves walking pet animals of individuals for money. To start a pet sitting business, you don’t have to spend much money.
You can advertise your pet sitting business in your locality.
#29. Pressure Washing Business
Anyone can start a pressure washing business with little investment. To start a pressure washing business, you will need to purchase a pressure washing machine and protective gear.
#30. Tour Guide
The last on our list of low-cost business ideas with high profit margins is the tour guide.
You can establish a tour guide business and advertise your services through social media (Facebook, Twitter, Instagram, etc.)
Conclusion
A profitable business can be established with little or no investment. The internet space provides several opportunities for thousands to earn a living.
The list of low-cost business ideas with high profit margins is designed to show businesses that require little investment.
