Use These Low-Cost Business Ideas To Make Big Returns (2024) - Shopify (2024)

The most successful companies start with a good business idea, and for merchants with limited access to capital, the best business ideas often involve a minimal initial investment and low startup costs.

Successful small business ideas are those you can launch without worrying about large upfront and overhead costs. Here are some of the most popular low-cost business ideas with high profit potential.

Low-cost business ideas with high profit potential

  • Launch an online store
  • Offer online tutoring services
  • Participate in affiliate marketing
  • Launch a marketing consulting business
  • Sell branded merchandise
  • Become a personal trainer
  • Produce online courses
  • Start a dog-walking or pet-sitting business
  • Perform social media management services
  • Become an event planner
  • Create a car wash business
  • Start a photography business
  • Offer freelance writing services

There are plenty of low-cost business ideas you can explore. Here are some of the most popular low-cost small business ideas that have the potential to earn high profit margins:

Launch an online store

Start an online business using an ecommerce platform like Shopify, which gives small business owners the power to create and manage their own online store. Ecommerce platforms typically offer customizable themes, secure payment gateways, and comprehensive reports about inventory and customer behavior.

Start by writing out a list of online business ideas that suit your strengths as an entrepreneur. Create a product or service that fills a need in the marketplace, and write a detailed business plan for your new company. Determine your target audience, define your brand, and develop marketing materials. With time and dedication, you can turn a minimal initial investment into a thriving online business.

Offer online tutoring services

Another low-cost business idea to consider is providing tutoring services in your area of expertise. You can focus on teaching subjects like English, math, and science, or more specialized skills like computer programming or video editing.

Consider starting a test prep business that prepares clients for standardized tests like the ACT or SAT. Entrepreneurs with a solid understanding of a particular subject matter can earn money by sharing that knowledge with others.

Set your hourly rate and earn revenue by building a list of clients. Online platforms like Wyzant and Preply can connect you with paying students for a small percentage of your fee.

Participate in affiliate marketing

Another low-cost business idea that can generate income is an affiliate marketing business. Affiliate marketing is promoting another company’s product, service, or brand using an affiliate link that earns you money every time someone clicks on it. Affiliate links leverage your network to encourage actions like buying a product, signing up for a newsletter, starting a free trial, or downloading an app.

Start affiliate marketing by joining an affiliate program that connects you with companies willing to pay for affiliate partners. Explore the Shopify App Store for affiliate marketing apps. Although affiliate marketing can be an inconsistent source of income, you can earn more money by leveraging a solid social media following.

Get paid by brands you love with Shopify Collabs

Shopify Collabs makes it easy to find brands that match your vibe, build affiliate relationships, get paid for what you sell, and track everything in one place.

Learn about Shopify Collabs

Launch a marketing consulting business

If you have a knack for understanding and developing digital marketing strategies, consider starting a consulting business to make money from your skills. You could focus your consulting business on various marketing strategies, including search engine optimization, email marketing, and social media marketing.

Start by offering your services to local businesses in your area, and build a solid résumé and reputation over time. Launch your own website that features your résumé and allows potential clients to contact you directly.

Sell branded merchandise

Sell merchandise like t-shirts, water bottles, USB drives, and other items that feature your unique brand. This is a good option for graphic designers, social media influencers, and artists who have a preexisting audience and a clear brand vision.

For example, on an episode of Shopify Masters, entrepreneur Gourmet Délice speaks about how important selling merchandise through Shopify has been for Bonsound, the record label he co-founded. “There are only 24 hours in a day, and if your mind is only on the business side, then it's tough to create,” Gourmet says. Selling merch on Shopify has helped bands supplement the money they bring in from shows, and record sales with minimal time and startup costs.

To start selling merchandise, design your products and create mockups. Find a print-on-demand service like Printful or Printify that produces items on demand. A print-on-demand model allows you to offer a wide range of products without investing in a large amount of inventory upfront.

Become a personal trainer

If you are passionate about health and wellness, consider starting a personal training business. Personal trainers evaluate their clients’ fitness needs, develop specialized fitness routines, and keep them accountable. Although it can take time to build a solid client base, you can launch a personal trainer service with minimal upfront costs.

Before advertising your services, check for any personal training certificates necessary to start a business in your area, and seek out the appropriate insurance for this type of business.

Produce online courses

Another option for starting your own business is to produce and sell online courses. If you have a knowledge base on a particular subject, consider launching an online course business. You can create an online course in various formats, including written, audio, and video. Online course businesses require an initial investment of time and energy to create the necessary material but can become a valuable form of passive income.

Start a dog-walking or pet-sitting business

If you have a natural connection to animals, start your own dog-walking business or pet-sitting business. These low-cost businesses require no upfront investment in supplies or formal training. Start by offering your services to people in your network and grow your business as you gain positive referrals.

Perform social media management services

Start a social media management company focused on helping clients with their social media accounts. Social media marketing is a growing industry, with one report estimating that global social media ad spending will surpass $260 billion by 2028.

If you have a knack for creating social media content, consider contacting local businesses and offering to help with their social media presence.

Become an event planner

Launch an event planning business that specializes in sourcing venues, crafting schedules, coordinating catering services, and arranging entertainment for clients. Event planning can focus on weddings, birthday parties, conferences, or corporate events.

Running an event planning business can be stressful and time-consuming, but if you have a skill for organization, it can become a profitable business without overhead costs or expensive business licenses.

Create a car wash business

Another potentially profitable business idea is a car washing service. Launching a car wash business requires a minimal investment in cleaning equipment and a good lead-generation strategy to attract new customers.

Start a photography business

If you have a knack for taking pictures, turn your hobby into a low-cost business. Launch your own website to feature your portfolio and commission your services to paying clients.

Another option for making money with your photography skills is to license photos to stock photo websites like Shutterstock and Getty Images.

Offer freelance writing services

Another creative business idea that requires no initial startup costs is freelance writing. Freelance writers create content for paying clients who need original material that aligns with their search engine optimization and content strategies.

You can create blogs, emails, advertisem*nts, press releases, website copy, and product descriptions. If you enjoy creative writing, you could also offer ghostwriting services to clients who want to bring their book ideas to life.

Low-cost business ideas with high profit FAQ

What is the cheapest and most profitable business to start?

There are lots of low-cost business ideas that have high profit potential, including affiliate marketing, tutoring services, and launching an online business through an ecommerce platform like Shopify.

What business is the easiest to make money?

There are plenty of business ideas that allow merchants to earn money with minimal upfront investment, including cleaning services, pet sitting, and freelance writing.

What is the best business to start with $1,000?

Examples of business ideas that can be started with as little as $1,000 include photography services, social media management services, and tutoring services.

How do you start a small business?

Start a small business by brainstorming ideas, researching your market, defining your target audience, and honing your product or service. For online businesses, launch an ecommerce store through an integrated and user-friendly platform like Shopify.

Use These Low-Cost Business Ideas To Make Big Returns (2024) - Shopify (2024)

FAQs

Use These Low-Cost Business Ideas To Make Big Returns (2024) - Shopify? ›

Some of the easiest home businesses to start include a dog walking business, an Etsy store and a tutoring business. All three of those businesses have low startup costs and low ongoing costs.

What is the cheapest most profitable business to start? ›

  • 17 low-cost business ideas with high profit potential. ...
  • Creating a print on demand business. ...
  • Selling digital products. ...
  • Freelancing. ...
  • Affiliate marketing. ...
  • Pet sitting and dog walking. ...
  • Tutoring, coaching, and consulting. ...
  • Selling your art.

What is the easiest business to start? ›

Some of the easiest home businesses to start include a dog walking business, an Etsy store and a tutoring business. All three of those businesses have low startup costs and low ongoing costs.

What is the cheapest online business to start? ›

25 best businesses to start with little money
  • Content creation. ...
  • Personal or virtual assistant. ...
  • Event planning services. ...
  • Errand/concierge service. ...
  • Professional reviewer. ...
  • Social media consultant. ...
  • Etsy shop. ...
  • Online courses and tutoring.
Apr 3, 2024

What is the easiest business to start with no money? ›

9 Best Businesses to Start with No Money
  1. Content Creator. Whether you call it an “influencer,” “content creator,” or “social media nerd,” building a business around content can earn you, on average, $80K per year. ...
  2. Podcasting. ...
  3. Freelancing & Consulting. ...
  4. Blogging. ...
  5. Instructing. ...
  6. Coaching. ...
  7. Virtual Assistant. ...
  8. Virtual Event Planning.
Nov 27, 2023

What is the best business to start with $1,000 dollars? ›

These 20 business ideas can be your side hustle or your main gig.
  1. Photographer. Photographers see the world through a different lens than the rest of us. ...
  2. Senior Home Care Aid. ...
  3. Personal Trainer. ...
  4. Author/Writer. ...
  5. Virtual Assistant. ...
  6. Auto Detailer. ...
  7. Consultant. ...
  8. Social Media Manager.

What is the most profitable business to start in 2024? ›

Table of Contents
  • Party Rental Business.
  • Sewing and Alterations Shop.
  • Gently Used Maternity Clothing Shop.
  • Cleaning Service.
  • Virtual Assistant.
  • Social Media Management.
  • Accounting and Bookkeeping.
  • Consulting.
May 3, 2024

What's the best business to start in 2024? ›

15 of the most profitable small businesses to start in 2024
  • Cleaning services.
  • Dog walker.
  • Mobile car wash.
  • Tutoring.
  • Fitness and personal training.
  • Social media expert and influencer.
  • Digital marketing.
  • Food trucks and food stands.

What is the most successful small business to start? ›

Most profitable small businesses
  1. Food trucks. ...
  2. Car wash services. ...
  3. Auto repair. ...
  4. Personal trainers. ...
  5. Newborn and post-pregnancy services. ...
  6. Enrichment activities for children. ...
  7. Mobile apps and entertainment for children. ...
  8. Shared accessories and attire.
Feb 28, 2024

What is the easiest online business to start? ›

We've compiled a list of potentially profitable online businesses that have minimal startup costs and are easy to get up and running quickly.
  1. Small business consulting. ...
  2. SEO consulting. ...
  3. Social media consulting. ...
  4. Niche market e-commerce retail. ...
  5. Web design or web development business. ...
  6. Online blogging. ...
  7. Virtual assisting.
Jan 3, 2024

What is the best online business? ›

Best online business ideas for 2024
  • Start your own clothing line.
  • Launch a dropshipping business.
  • Sell your art online.
  • Become a freelance writer, designer, or developer.
  • Teach an online course.
  • Flip your thrift store finds.
  • Publish your own book.
  • Start a blog or a newsletter.
Mar 14, 2024

How do I start an online business with no money down? ›

  1. Leverage Your Technical and Creative Skills in Web Design. ...
  2. Help Businesses in Your Industry as a Consultant. ...
  3. Get Your Start in Online Retail. ...
  4. Start a Virtual Assistant Service. ...
  5. Use Your Website for Affiliate Marketing. ...
  6. Offer Sitting Services Online. ...
  7. Monetize Your SaaS Idea. ...
  8. Sell Paid Online Courses.

What business idea is most successful? ›

  • Website and app development. It should be no surprise that tech is one of the fastest-growing industries. ...
  • Financial consulting. ...
  • Online business consulting. ...
  • Information security. ...
  • Digital marketing. ...
  • Social media marketing. ...
  • Writer or author. ...
  • Graphic design.
Apr 17, 2024

What business has the lowest success rate? ›

Transportation, construction, and warehousing have the worst failure rates with 30%-40% of these businesses surviving five years, while approximately 50% of all businesses make it to their fifth year.

How to start a business with only $500? ›

By leveraging your skills, interests and experience, you can start a business doing what you love with no money upfront.
  1. Pet Sitter. In 2022, 70% of homes reported owning at least one pet. ...
  2. Dog Walker. ...
  3. Babysitter. ...
  4. Consultant. ...
  5. Tutor. ...
  6. Print-on-Demand Business Owner. ...
  7. Social Media Manager. ...
  8. Freelance Writer/Editor.

What businesses have the highest success rate? ›

Top 10 most successful businesses to start
  • Social media management. ...
  • Cleaning service. ...
  • Business consulting. ...
  • Copywriting. ...
  • Graphic design. ...
  • Real estate brokers. ...
  • Online courses. ...
  • Pet services. For those who love our furry friends, starting a pet service business may sound like a dream job.
Mar 4, 2024

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