Some people let go of their dream because they think it’s costly to start a business. Living on a regular and fixed monthly payroll, you might find it hard to gather up enough capital to start your business. There are many profitable small businesses with low startup costs are doing well all around the world.
It’s true that starting a business has never been easy but it’s more important to understand that funding is just a fraction of what it takes to start and run a small business. These businesses include both product and service type businesses. Skills reinforced by technology have enabled people to even turn their hobbies into individual low-cost business ideas that do well.
If you are looking to start a business yourself, here are some of the ideas that need effort and dedication more than your money.
Low Cost Business Ideas
These lists include both service and product type business that merely bases on what type of skillset do you have. You can even set up these business ideas with only a startup sum of $1000 or even less. We have divided these businesses into categories to help people be the business owners in a way that suits their skill set, working capacities, and methods.
Service Businesses with Low Startup Costs
1 – Consultancy
People are willing to pay for your expertise if they think that the advice can be implemented into something profitable to them. Consultancy is one of the well-known and vast fields of business with small startup costs that you can ask for. If you are really good at what you do; be it your experience in the field of your work, you can get paid for leading the people in the right way. You can do legal, financial, health, or business consulting. You can also do advisory or consultancy based on your experience or expertise in a particular field. The consulting business has low starting costs in which you need proper office space, and marketing via social media posts to first give out free advice on your field of expertise and then ask people to contact you for further consulting advice for a fee.
2 – Bookkeeping
You might think of it as an accountant job, but the fact is, you only need a little knowledge of accounting. Bookkeeping can be done without a professional certificate of an accountant but only if you are familiar with terms like financial statements, balance sheets, and processing the payrolls of employees in the business. It can also be taken to the next level if you invest your in some training and certifications to upgrade your skill sets. You can even master the software of bookkeeping. It will not only get you paid for accounting book updates but you can also work on a project related to bookkeeping software.
3 – Tutoring
Tutoring is similar to being a teacher, but it is more personal, often one to one student to teacher ratio. It is one of the noblest fields as tutoring is the Sunnah of our Holy Prophet Muhammad (s.a.w.). Tutoring is declared a noble deed many times both in the Holy Quran and Sunnah. Islam teaches us to respect our tutors as our parents. Teachers are not the ones who only teach you academic subjects but the ones who even teach you a single word that you did not already know. You can provide services of teaching people whatever you have mastered over time. You can teach a person from The Holy Quran to modern-day software all just over a phone. If done with pure heart, tutoring brings you a great deal of fortune and barakah.
4 – Customer Service
Customer support has become important owing to its demand by bigger organizations and well-known companies. We are all familiar with the fact that in bigger organizations, the focus is on innovation and leading the way. Such entities don’t want to spend much of their time dealing with service calls of their customers. They tend to hire a third party and provide them with all resources and information to deal with their customer queries. You can set up a customer support center equipped with all criteria for it to be considered by the bigger companies to access their consumers and it’ll bring you good fortune.
5 – Event Planning
Event planning business demands a little more investment than all the above service type businesses but it asks relatively less than many other service type businesses. The basis of this business is to make someone’s special moment more fun for them and they’ll pay you with an open heart. Keeping in mind the exploding trends of destination weddings and other events, the event planning businesses are landing well in the market. The field has become a cash-generating area for many small entrepreneurs who are looking their way up in a minimum starting investment.
Product Businesses with Low Startup Costs
6 – Selling Your Art
Art is a unique skill gifted to a few of us by the Almighty, why not cash it? You can either run a home-based art centre or rent a shop to establish yourself as a small business that not only sells art but all art-related goods. Turn your passion into an opportunity. Islamic calligraphy is a centuries-old tradition, which is even valued by Muslims around as Islamic art. You can even run an art business that can create Islamic art pieces for gifts and decorations.
7 – Home Chefs For Halal Foods
Everyone loves the good taste. If you are really good at cooking then let the world know it. You can set up a home restaurant that supplies halal products to its customers by online services like Foodpanda, Uber Eats, or any similar local service or a chef that teaches small Muslim communities how to cook halal through cooking classes. Start your businesses with an intention of providing halal food to people in your community even though it’s a paid service it is one of the most favorite deeds of Allah (SWT). The business will be guaranteed to bring Barakah and fortune as it is directly related to pleasing Allah..
8 – Food Truck
A food truck is another way to reach more potential customers through your cooking skills. If you can not set up a home restaurant for some reason, a food truck is also a low-cost setup that can help you with your food product sales. Food trucks come with all types of kitchen requirements already set up for you. All you need to do is to get your truck going from the day you purchase it. You can sell your halal food to customers on the go. A food truck is much more manageable and affordable than having to set up a complete restaurant. It gives you the advantage of changing the location of your business to a more lucrative place unlike that of a fixed restaurant.
9 – Home-Based Boutique
The modest fashion industry is gaining traction, with over USD222 billion spend globally, and is expected to increase at a steady rate of 2.4% per year, according to the State of the Global Islamic Economy Report.Use your talent to design fashionably appealing designs in an Islamic way, you are more than welcome to set up either a professional boutique or home-based boutique which sells Islamic-style clothes. You can set a business that delivers home-designed high-end clothes. Depending on your budget you can start the business at a small scale which later can be expanded to reach out even to international customers using websites like Amazon or other local online platforms.
10 – Tuck Shop or Convenience Stores
A tuck shop or a convenience store is a type of grocery store but with only snacks and drinks which customers can grab and go. You’ve seen such shops in many schools, universities or gas station premises. Tuck shops demand less investment and they can be highly profitable if opened in a strategic location. Look for the spots that are in need of a tuck shop. It can be a local school, a local park, or a highway that stays busy most of the time. Tuck shops attract a lot of customers as they are the only ones around having an easy snack at reasonable prices and they get a lot of customers due to their locations on the highway, in a park, or even on school premises.
Freelance Businesses with Low Startup Costs
11 – Digital Marketing
Brands around you know that a smartphone in your hands is an efficient way to introduce their product to you and with the right type of strategy they can even compel you to buy their product on an instant basis all through your social media accounts. One of the most used digital marketing services that you must have encountered are social media marketing, affiliate marketing, and email marketing. Digital marketing is efficient in making products more desirable to potential customers. You don’t need to have a professional certificate to be a digital marketer to create such social media content. You can easily learn it yourself by digital courses from free resources on the internet and offer your service as a freelance digital marketer. If you put a good effort into landing your clients with your own digital marketing. You can even start and charge a fee on teaching sessions once you’ve spent enough time to understand and master the art.
12 – Writing
Freelance writing services are also a great business idea to cash your writer skills. It includes paid blog writing, article writing, product description, email writing, copywriting for affiliate marketing, and many other ways that you can use your talents. The only investment such a business demands is a computer and working internet connection that lets you reach your customers. You can learn copywriting all by yourself. Once you know all the skills of writing, set yourself up as a professional writer and show off your skill by publishing quality blog. This will help you level up your author skill and win the projects later in your career as a professional copywriter. Despite the fact that it takes a significant time for an emerging writer to learn the technicalities of the content that you are going to create, the career path is worth the effort.
Graphic design services are highly in demand in the digital market. Whether it is logo design, web design, or any other form of designing, companies and individuals are willing to pay a high price for a graphic design that is creative and suits their businesses. If your talent includes creative and innovative designing, the opportunities are just one click away from you. Get yourself a computer, necessary designers software and set yourself as a professional and creative designer who is really good at his job.
14- Virtual Assistant
You can be a virtual accountant to keep track of someone’s accounts or you can be a personal virtual secretary that takes care of some routine work of higher authorities. Virtual staff is being preferred in recent times due to being easy to access and they also cost less money to the companies and organizations. You can also be an assistant to someone who is living across the borders. A working computer with effective and real-time communication is the only talent needed to fill the virtual job post.
15 – Video Editing & Creation
Video is becoming the most used media both for marketing a product and to spread information. With high demand for videos for different purposes comes to a lot of opportunities for small business owners to exploit. Set up a video creation center and editing station that offers quality work for professional purposes. The business only costs come video shooting equipment and a few paid software, once that is set up, it can bring you a long list of business clients that are companies looking for product videos. Once you get the equipment and resources lined up, you can also use these for some other purposes e.g. wedding photography.
There are lots of opportunities for starting your own business. The evolution of human civilization has enabled us to make our way to an era where the ideas generated in a home can become an inspiring business model for millions and billions to come. If you are dreaming about having an independent small business then you must know that money investment is part of the long checklist that you need to look at. It’s time that one must realize that you don’t need much money if you land your skill and talent at the right time to the right customer base.
It is recommended for students who want to start earning to support education and lifestyle. A great business to start is to convert your hobbies into professional products or services. Even if you don’t have a professional degree in a particular field, you can get a certificate of technical skills and offer you business service on the internet. Whatever you do, just remember to start it with the intention of helping people with all your dedication. It not only pleases Allah but also gives you plenty of motivation that keeps you going through thick and thin.
Ali Haider Shah is a business graduate with specialization in market research. He holds 4 years of experience in business writing where he served renowned online publications like “Digital Diplomacy”. Currently working as a business writer and a market researcher.