You may have a great idea for an online business. However, you don’t have much extra money for materials or inventory.
However, take a minute to reconsider. You might find that you have many tools and assets at your disposal. You can use these today to build a successful online business.
Not every great online business idea needs heavy inventory investment or cumbersome debt. Many of the best ideas require very little money. Instead, they use skills you already have or can easily learn.
This article showcases 13 online business ideas that don’t require much startup capital. Low-investment online businesses are ideal for several groups. They work for people supplementing their income, those changing careers, and young professionals struggling to find their footing. Read on to learn more.
13 Great Low-Cost Online Business Ideas
Many readers may be wondering how to start an online business or looking for unique online business opportunities. To give readers some inspiration, we’ve collected 13 great online business ideas that don’t have high start-up costs.
Because the initial investment is so low, would-be entrepreneurs can experiment with different platforms until they find a great idea that they can potentially monetize.
1. Create YouTube Videos
The advent of the camera phone has given almost everyone the ability to create videos and media content. YouTube is the world’s largest video media platform, and self-producing content for YouTube is a fairly inexpensive start for an online business idea.
YouTube videos can be leveraged in a number of different ways. A person could use YouTube content to drive traffic toward a small business website, or eventually generate advertising revenue from related businesses.
A YouTube channel based on fitness, for example, could potentially get ad support from apparel or supplement companies, if the content was high-quality and the number of hits was sufficient.
As an additional perk, being in front of a camera will rapidly improve a person’s public speaking skills. This is a high-value side benefit that a person can pick up for only the cost of their time and a smartphone itself.
2. Write an E-Book or Start a Blog with an Aim on Monetizing It
You may or may not have strong writing skills, but if you’re reading this, then there’s a good chance that you have a laptop with word-processor software on it. Again, at the cost of your own time, you could launch a business by starting a blog or even writing your e-book on a topic you know well.
If you are not a natural writer, this could seem daunting. And if you are naturally more artistic, visual, or media-savvy, platforms such as YouTube or Instagram likely present better forums for your creativity.
But if you have even average writing skills, you can cultivate them by starting a blog on a subject that you have a passion for, such as restaurants or travel.
Eventually, you may even be able to compose your e-book, which you could then use to promote a small business or even sell as the online business itself.
3. Create an Online Course
Much like writing an e-book, a potential entrepreneur could create an online course on a skill such as speaking a foreign language. Video or coaching via Skype would likely be a better platform for this type of online business.
The content of a course is limited to the skillset of the person creating it, as is how a person could potentially monetize it.
For example, someone who speaks fluent Russian could create several basic language courses and put them on a YouTube channel, to charge a fee for more-advanced instruction.
4. Buy an Online Business for Sale
For those with a bit of startup or investment capital to play with, investing in or purchasing a pre-existing online business is a straightforward way to make extra money online, assuming that the business is profitable or well on its way.
Potential investors can look for online business opportunities on websites such as Exchange Marketplace, in which online businesses are regularly bought and sold.
If nothing else, scouting sites such as this might give people an idea of what an online business could potentially be worth after an owner develops it a bit.
5. Investigate Affiliate Marketing
If you aren’t familiar with the term affiliate marketing, you should first know that it’s an interesting way for someone without a lot of startup capital to potentially make money.
Affiliate marketing is based on the concept of revenue sharing, and it works in two distinct ways: if you own a product, you can pay out a portion of profits to have someone else advertise the product for you.
Alternatively, if you’re looking for another passive revenue stream, you can offer to promote or advertise a product and potentially earn a commission from sales on the product.
Amazon, especially, is known for affiliate marketers. If you have nothing but time, this may be an effective way to make a bit of money and jumpstart other online business ideas without investment.
6. Understand and Utilize Facebook Advertising
Facebook has become the world’s largest and most used social media platform. Consequently, Facebook advertising has never been more profitable or had a greater presence.
Thankfully, Facebook advertising is quite simple to learn, and many established companies do not know how to fully take advantage of Facebook ads.
After educating yourself, you could bring a lot of value to companies (and earn income) by offering to upgrade or write Facebook advertisements.
7. Work on Developing an App
For those with tech-savvy skills, developing an app is a great way to work on earning extra income.
While the app development space is becoming increasingly more crowded, if you have a good idea for an app – or better yet, some experience or ability in coding – then app development can be one of the better online business ideas from home offices or remote locations.
8. Gain an Understanding of SEO
SEO – search engine optimization – is critical. Even if the content is exceptional, it’s almost pointless if the content is the 64th-highest-ranked result on Google.
Entrepreneurs focusing on the written word – meaning blogs or e-books – will want to utilize search engine optimization to their advantage to drive traffic to their respective sites or products.
Moreover, once you have a familiarity with SEO, you can then offer to help businesses and sites improve the SEO of their content for a fee. This is another strong work-from-home online business idea.
9. Trade Website Domains
If you have any familiarity with the stock market, then you know about active trading and penny stocks. Website domain names are traded in this speculative way, with investors buying up potentially intriguing domain names and flipping them for quick, tidy profits.
As many small business owners know, a good domain name can mean the difference between thunderous web traffic and a prolonged uphill battle. If you can obtain a strong domain name at minimal cost, there’s a good chance you can sell it later. An eager buyer might pay a significant profit.
Interested in domain trading? Check out sites that host domain name exchanges. This could be your next online business opportunity.
10. Start a Podcast
If you have an area of expertise or interest – or even just the gift of gab – starting a podcast can be a great way to begin building an online business.
Much like YouTube videos, a podcast can be leveraged in a number of different ways. Most often, podcasts generate revenue via advertising and sponsorship.
Podcasting is ideal for beginner entrepreneurs. It requires almost no upfront investment. You can start immediately, though monetization takes time and effort.
11. Create a Niche Website
Stand out online by dominating a small niche. For example, focus on specific exercise training or videography. Then, build a corresponding website. As a result, you’ll separate yourself from competitors and attract dedicated customers.
Successful niche websites follow two rules. Rank high for niche keywords on Google. Stay focused on your specific topic. Resist the urge to add diverse content. Your goal is to become the top expert in one area.
If you can master a given niche, you stand a good chance of monetizing a niche website with affiliate sponsorship.
12. Write Resumes and Cover Letters
Have writing expertise? Meanwhile, you’re searching for business ideas? Therefore, resume writing and cover letter services offer the perfect solution.
However, technical writing offers another option. Specifically, it’s ideal for those with grammar skills but limited creativity.
13. Consider Consulting
Lastly, if you have a particular area of expertise, monetizing your experience or knowledge and working as an online consultant could be a great work-from-home or remote business opportunity.
Don’t let the term “consultant” intimidate you. Consultants simply advise businesses or people on specific topics. Online consulting offers endless ways to add value. Your imagination and expertise are the only limits.
As a consultant, your role is to solve problems for a given business or individual. In exchange, a consultant can charge a fee for their services and time, usually dependent on the level of expertise needed.
The advent of services such as Skype allows for online coaching and personal interaction across the globe. If you own a laptop or even a good smartphone, you could begin offering your services as a consultant almost immediately.
People who think they have potential as an online consultant can learn more about the process before deciding if it’s an online business idea that suits their strengths.
Start Today with These Great Online Business Ideas
The ideas listed above are just a take-off point for potential online business owners.
To recap, here are a few great online business ideas that you could try:
- Beginning a podcast
- Buy a pre-existing online business
- Buying, selling, and trading domain names
- Creating a course, such as a foreign language course
- Creating and monetizing a niche website
- Consulting for businesses, you already understand
- Developing an app
- Investigating Facebook marketing opportunities
- Learning about SEO
- Looking into affiliate advertising options
- Making YouTube videos
- Writing an eBook
- Writing resumes and cover letters for others
Much of the business conducted today has a heavy footprint online, and there are myriad ways in which a clever person can add value to an existing business or begin an online business of their own. Contact us for more!
Which of these online business ideas are you going to try?
Share in the comments below!