Being your own boss and running a small business is the most American’s dream. If you are planning to start a low-cost small business, here’s a valuable list for you on top 20 low-cost small business ideas to start in the USA.
Low-cost small businesses are privately owned businesses that have fewer employees and less annual revenue than a regular-sized business. Small businesses are very flexible. The small business owners have the freedom to set their own work hours. Also, you have the opportunity to build equity that can provide financial security.
In this article, we’ve listed top service-based, retail, innovative technology related and online small business ideas. So, continue your reading to find the best one for you.
Top 5 Service-Based Small Business Ideas
1. Consulting Business
As a consultant, you can leverage your industry experience to help other businesses solve problems or make better decisions. The startup costs are minimal, typically just marketing and business cards. The key is identifying an area you have expertise in, whether it’s marketing, IT, HR, or another field.
2. Personal Training
Helping people achieve their health and fitness goals is rewarding work. As a personal trainer, you develop customized workout plans for your clients based on their abilities and objectives. While you’ll need proper certifications, the costs to get started are reasonable. You can train clients at their location or rent space at a local gym.
Also Read: Tips and Strategies for Starting a New Small Business 2024.
3. Pet Sitting/Dog Walking
If you’re an animal lover, consider starting a pet sitting or dog walking business. You go to your client’s homes to walk, feed, and play with their pets while they’re away. It’s a flexible job that allows you to set your own hours.
4. Virtual Assistant
As a virtual assistant, you provide administrative support remotely to individuals or businesses. The tasks of a virtual assistant can include email management, data entry, research, scheduling, and more. It’s an in-demand career with global opportunities. The key requirements are strong organizational and communication skills, as well as proficiency with office software and online tools.
5. Resume/Cover Letter Writing
With a background in HR, writing, or career coaching, you can start a business helping clients develop effective resumes and cover letters. You work one-on-one with people to get details about their career goals and experience, then craft customized documents to help them land interviews.
Top 5 Retail Small Business Ideas
1. Online Store
If you’re looking for a low-cost small business idea that lets you tap into the power of the internet, consider starting an online store. You can sell just about anything- from handcrafted goods and vintage clothing to tech accessories and organic skincare products. All you need is a product, high-quality photos, and a Shopify store to get started.
2. Food Truck
The food truck craze isn’t slowing down anytime soon. If you have experience cooking or baking, a food truck is a great opportunity. You get to be your own boss and share your tasty treats with your community. The startup costs are lower than a traditional restaurant, so it’s perfect for aspiring entrepreneurs.
3. Teaching Service
If you have expertise in a particular subject area or skill, consider starting a tutoring service. You can tutor students online or in person. This is an easy business to start part-time and scale up as your client base grows.
Also Read: Essential Tips for Succeeding in Business Management 2024.
4. Retail Consulting
For those with retail experience, retail consulting can be a lucrative small business idea. You can help brick and mortar retailers improve their customer experience, increase sales, optimize their real estate portfolio, or build an ecommerce strategy. The earning potential for retail consultants is quite high.
5. Selling Mobile Phone Accessories
Starting a business selling phone accessories is a great idea. More and more people are getting mobile phones, so the demand for accessories is growing fast. With over 5 billion people using phones worldwide, starting a phone accessories business could make you a lot of money.
Top 5 Online Small Business Ideas You Can Start Today
Starting an online business is an attractive option for many aspiring entrepreneurs today. The low overhead and flexibility to work from anywhere in the world is appealing. Here are five online small business ideas you can launch today:
1. Virtual Manager
As a virtual manager, you can provide administrative support remotely to individuals or businesses. Tasks may include emailing, data entry, social media management, and more. This role is ideal for those with strong organizational and communication skills. With some experience, virtual manager’s can make $25-50 per hour.
2. Online Tutor
If you have expertise in a particular subject area, consider working as an online tutor. You can use services like Chegg, TakeLessons, and Wyzant to find students and charge $20-100 per hour. This is a great option for teachers, college students, and subject matter experts.
3. Website Designer
With some technical skills, you can build websites for small businesses and entrepreneurs. Learn platforms like WordPress, Wix, or Shopify and charge $500-5,000 per site. Promote your services on Upwork, Fiverr, or by building a portfolio of work to show local companies.
4. Drop-shipping
Starting a drop-shipping business is smart because you don’t need to keep inventory. You just sell products online, and the supplier ships them directly to customers. It’s a low-risk way to start a business and can be very profitable.
5. Affiliate Marketing
Affiliate marketing is a cool way to earn money online. You promote other people’s products, and when someone buys through your link, you get a commission. It’s a flexible and low-cost business idea with the potential for high earnings.
5 Innovative Technology-Related Small Business Ideas
If you have a knack for technology, there are many innovative small business ideas you can explore. Here are a few options to consider:
App Development
With over 5 million apps between the Google Play and Apple app stores, the demand for new mobile apps is huge. Learn to code and build your own apps to sell or develop custom apps for clients. The startup costs are low, and the potential to scale is massive. Many successful app developers started as solo entrepreneurs or small teams.
Selling Online Video Courses
Creating and selling online video courses is an excellent business idea. You can teach anything from learning a new language to mastering a hobby. Use a platform like Udemy or Teachable to build and distribute your courses. While competition is growing, quality content and effective marketing can set you apart.
Digital Marketing Agency
If you understand search engine optimization, social media marketing, and other digital strategies, starting a digital marketing agency could be a great fit. Help local businesses improve their online visibility by offering services like SEO consulting, social media management, pay-per-click advertising, and more. With low startup costs and a demand for these skills, this type of agency has strong potential.
4. Virtual Reality Experience Center
Opening a Virtual Reality (VR) Experience Center is a cool business idea. People pay to try out VR games and experiences. It’s becoming popular, and it could be a fun and profitable venture.
5. Drone Photography and Videography
Starting a drone photography and videography business is a great idea because it allows you to capture stunning aerial shots and videos. With drones becoming more popular, there’s a growing demand for aerial imagery for various purposes like real estate, events, and marketing. It’s a creative and potentially lucrative venture that offers unique perspectives to clients.
Bottom Line
After reading this post, you now have 20 excellent low-cost small business ideas to launch in the United States. From freelancing to food trucks, there are options for every interest and budget. The most important next step is to choose the business that aligns with your skills and passions. Do your research, make a plan, and take the leap.
