Whether you are a young person who’s just graduated from college or are in an established 9-to-5 career thinking about quitting the rat race, your first experiment with entrepreneurship doesn’t have to involve breaking the bank. So, here we will explore five affordable business ideas for first-time entrepreneurs.
If you haven’t run your own business before, it’s prudent that you adopt a cautious approach and not be too financially invested. Thanks to the internet, there are now many business ideas to make money that doesn’t involve spending a large amount of cash up front. We look at some of these business ideas below.
1. Social Media Consultant
Social media was initially a way for people to connect with friends and family as well as catch up on the latest news. It didn’t take long though for businesses to discover social networking sites were a powerful tool for growing and engaging their customer base. Today, creating social media accounts on Facebook, Twitter, Instagram, and LinkedIn is considered a key step in setting up a new company.
But this is rarely enough. It takes practice, effort, and consistency to garner a significant audience. And not every business or individual will have the time or patience to do so. As a social media consultant, you can help companies grow their followers and increase engagement thus driving sales. All you need is a smartphone and you are good to go.
2. Copywriting and Editing
The Internet is now home to trillions of web pages with millions more added every day. Such a massive sea of information makes it difficult for the average website stand out. Both current and new pages are thus in need of fresh, relevant content to keep visitors interested long enough to be converted into paying customers.
There is, therefore, an ever-present demand for online copywriting and editing services. As a copywriter, you only need a computer and an internet connection. The pay may not be lucrative at first but as you hone your skills, develop a good reputation and know where to find the best jobs, you can significantly grow your income.
3. Blogging
You could write to someone else as a copywriter. But you could also do so on your own behalf through blogging. This would be an especially viable option if you have exceptional knowledge in a particular industry. Blogging allows you to share useful information with the public.
Sign up with an ad program like Google AdSense to monetize traffic. You can also directly sell advertising space on your blog to companies. One disadvantage is that it takes longer to deliver a meaningful income than copywriting. However, if your blog catches on and sees viral growth, the income is not only higher but is also more stable and more passive.
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4. Web Designer
One of the benefits of the ever-growing volume of websites is a constant supply of web design opportunities. If you own a computer, this can be a great way to make some money. You don’t even need to have a background or formal training in IT. Web design is fairly easy to learn and is something you can teach yourself by reading free online tutorials.
In addition, a surprising number of clients won’t require a sophisticated site. In fact, most websites are fairly simple and have less than 10 pages in total. And if part of the project involves something you cannot do (like graphic design tasks), you can always outsource to a third party. Use a project management tool (e.g. https://hygger.io/) to ensure nothing falls through the cracks.
5. Photography
You’ll know you have an eye for good photos of friends, family and coworkers regularly ask you to take the pictures at events. Many people view their passion for photography as a hobby. You can, however, grow it into a decent source of income.
Good equipment is imperative for effective photography. This can make it a harder business to get into than the others listed here. Nevertheless, you don’t have to purchase the most expensive camera since only a tiny fraction of people will demand that level of picture quality. There are decent cameras priced at a couple of hundred dollars that can do the job most times.
These business ideas may have a relatively low barrier to entry. That doesn’t mean they are bereft of difficulty or the probability of failure. But with a fairly low capital requirement, you can focus your energies on getting it to work as opposed to worrying about money. And even if your business ideas fail, you can abandon the business without feeling a great sense of financial loss.
