One of the great things about businesses today is that it’s pretty easy and affordable to start one online. Given the amount of eyeballs on the internet, it makes sense that if you’re looking for a low-cost business to start, maybe one that doesn’t require a loan, then the place to start that business is online.
Here are three low-cost businesses you can start right now that offer the potential for big returns.
1. Offer AI-powered virtual assistant services
A virtual assistant (VA) is an online assistant that helps people and businesses by handling tasks that can be fairly easily outsourced, things like:
- Administrative duties
- Email management
- Social media posting
- Scheduling
VAs are in high demand. The industry is expected to grow 4.4% annually to more than $25 billion by next year. A VA business is a good idea because there is a big need for those services. But an even better idea is an AI-powered VA business.
What is that, you ask?
Well, as you know, AI (artificial intelligence) is all the rage, what with ChatGPT, Microsoft CoPilot, and all the rest. But since this technology is so new, and can do so much, most business people don’t have much expertise in it. If you can offer proficiency in the use of AI tools like Synthesia.io or Copy.ai, you can set yourself apart. By mastering those, you can offer a range of tasks that many VAs cannot, such as video creation, customer support, marketing, and data analysis.
Why a Business Credit Card Could Transform Your Small Business
These business credit cards that offer a convenient and efficient way to separate personal and business expenses, simplifying accounting and tax reporting.
Additionally, business cards can provide valuable perks such as rewards points, cashback, and expense tracking tools, enhancing financial management and the potential to help save money in the long run.
Ink Business Unlimited® Credit Card |
Earn $900 bonus cash back Earn $900 bonus cash back after you spend $6,000 on purchases in the first 3 months from account opening. |
Earn unlimited 1.5% cash back on every purchase Earn unlimited 1.5% cash back on every purchase made for your business |
Purchases: 0% Intro APR on Purchases, 12 months Balance Transfers: N/A
Regular: |
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Ink Business Cash® Credit Card |
Earn up to $750 bonus cash back Earn $350 when you spend $3,000 on purchases in the first three months and an additional $400 when you spend $6,000 on purchases in the first six months after account opening. |
Earn 5% cash back in select business categories Earn 5% cash back on the first $25,000 spent in combined purchases at office supply stores and on internet, cable and phone services each account anniversary year. Earn 2% cash back on the first $25,000 spent in combined purchases at gas stations and restaurants each account anniversary year. Earn 1% cash back on all other card purchases with no limit to the amount you can earn. |
Purchases: 0% Intro APR on Purchases, 12 months Balance Transfers: N/A
Regular: |
Your startup costs for this business would be minimal, requiring only a computer, internet connection, and subscriptions to various AI tools.
2. Start a TikTok shop
TikTok has had explosive growth in the last few years, providing an opportunity for you to sell products directly to TikTok viewers. Indeed, by starting a shop on TikTok, you would be tapping into the fastest growing social media platform. Even better: You don’t even have to sell your own products — tons of people simply sell affiliate products on the site.
To start, you need to have at least 1,000 followers on the app and a TikTok business account. Then, it’s simply a matter of identifying great products that would resonate with your desired audience. Create engaging short videos that highlight your products, link back to your store, and you’re (literally!) in business.
3. Become an online coach
If you have expertise in a particular field — be it business, yoga, counseling, investing, health, or any other — you can leverage that expertise by becoming an online coach.
Coaching has become quite popular as it offers a quick and affordable way to learn a skill or achieve a goal. Another benefit is that coaching can be conducted online via video calls, thereby allowing you to reach clients globally without the need for a physical office. You could also offer one-on-one sessions, group coaching, or even create digital courses.
To get started, choose a needed niche and target audience. Then, you can build your authority and attract clients by, for example, sharing valuable content on social media or offering free webinars. As you gain more clients, consider developing additional profit centers such as ebooks and workshops.
Any of these low-cost business ideas can be a goldmine. Not only are they in high demand, but they also offer flexibility and scalability. Each also requires minimal investment and can be started from home. So, what are you waiting for? Easy, cheap, and fun — these are three great businesses to start.