Having a smaller budget doesn’t necessarily mean that you cannot start a business. Despite what you may think, small businesses have the same survival rates in both a good and bad economy.
Survival rates, according to the Small Business Association, show that two-thirds of small businesses with employees survive two years in business. Additionally, half of these small businesses survive for at least five years. Thereafter, the rates of volatility remain relatively constant. Interestingly, these survival rates don’t vary much across various industries, whether they are manufacturers, retail, food services, or hotels.
Additionally, most micro-businesses (those with less than 10 employees) start with a very low budget. Whatever business idea you decide suits you best, and no matter your budget, it is important to calculate your startup expenses before launching.
Choosing a Business Idea for a Smaller Budget
Countless small business ideas don’t require a large capital investment. The Really Useful Information Company (TRUiC) has researched ideas and chosen some of the best, making it easier for you to find one with its business guides and tools.
Finding the right business idea for a smaller budget depends on whether you want to work from home, start an online shop, open a brick-and-mortar store, or just make some extra money with a side hustle.
Depending on your skills and personality, one of these smaller budget business ideas could be just right for you:
Personal Training or Nutrition Consultant
If you are a certified fitness or wellness fanatic who can help others, you don’t require a lot of money to start earning. There is no need to open a gym or work at a corporate gym, start your business by offering your services as a personal trainer. There are several ways to do this: either by finding clients wanting one-on-one exercise sessions in their homes or at work, or by finding groups of clients to train in local parks or community centers.
As a certified physical trainer or health coach, you can also create a personalized exercise and nutrition service for people wanting to meet their health goals.
Becoming a personal trainer or nutrition consultant requires a small capital outlay. This includes the price of your exercising equipment, licensing fees, a website, liability insurance, and advertising.
Tutoring and Cultural Enrichment
Teachers, musicians, artists, and performers can all easily start a business based on offering their services teaching others any of these skills.
Generally, teaching any of the cultural activities like drama, music, and art requires a space where you can present your lessons from. If you don’t have one at home, you will need to find one to rent. With music lessons, you can also teach your students at their homes.
Home tutoring businesses offer former teachers a wonderful opportunity to help kids who need extra help with their schoolwork. These lessons require a quiet space in your home or the homes of the children.
This is the ideal business for someone with marketing skills and knowledge of social media platforms. Businesses have an endless need for someone to help them organize and run their advertising campaigns, digital marketing campaigns, and social media marketing efforts. If you are good at writing, you can also offer a content marketing service. Marketers can also help businesses plan events, launch products, and so on.
Start your marketing business by defining the services you will provide and which business you will cater to. You don’t need to rent an office for this type of business but will need a dedicated space to work from. Besides your computer, you will need some spare time to keep up with marketing trends. You also need to ensure that you always have the latest software required.
Career Coaching and Business Consulting
These two businesses require qualifications and experience. Most career coaches and business consultants are highly skilled and knowledgeable in their field, and this is the ideal business idea if you fall into this category. Whether you are enhancing the professional value of a client or helping with project management in a business, these professions have the potential to bring in a solid income.
Online stores are a great low-cost business idea if you have a product you want to sell. It is easy to set up your own ecommerce store, and depending on the products you want to sell, you can even decide to become a seller on eBay, Etsy, or Amazon.
These are just a small example of business ideas for smaller budgets. There is no limit to the number of ideas. In the end, the business you decide on depends on your skills or willingness to learn something new.