Low-cost business ideas you can launch in 2020
Market research, months of preparation, and thousands of dollars are no longer needed if you are looking into pursuing a low-cost business idea to launch this year.
Due to the COVID-19 pandemic, consumption habits have changed and people strive to conserve cash in light of layoffs and pay cuts.
However, some services will always be essential and can be provided from remote locations that require little time and resources to launch.
Here are some ways you can go about starting a profitable business almost immediately:
Blogging
Whether you would like to start your own blog on WordPress or develop a whole website using a builder like Wix, you can do so in a matter of minutes. For this low-cost business idea, you would just need to purchase a domain name and host.
If you are an experienced writer, there are also many companies looking to pay freelancers to write for their blogs.
It could begin as a side hustle and eventually lead to a full-fledged business.
Online retailing
E-commerce sites such as Etsy make it easy for business owners to sell their products. All that is needed is an account and product information.
The Fulfillment by Amazon programme also allows sellers to market through their platform.
In exchange for fulfillment and monthly storage fees, they handle other areas including storage, packing, shipping, returns, and customer service.
Sellers are just responsible for shipping their products to the fulfillment center.
For those looking to make some money selling pre-loved goods, eBay is still the top platform for e-commerce, while Craigslist leads in classified advertisements.
Meal Kit Delivery
Busy people who do not have enough time to shop for groceries and prepare a week’s worth of healthy meals, often look into purchasing a meal kit plan online.
According to Statista, the meal kit industry in the U.S. is expected to reach US$11.6b in sales by 2022.
Preparing meal kits can be a low-cost business idea if suppliers look into purchasing ingredients in bulk from local markets and farms.
Airbnb Experiences
Airbnb has become a source of income for many homeowners and property investors and now with Experiences, anyone can offer their services without the requirement of accommodation.
A tour of your city – If you know the ins and outs of your city, and love meeting new people, offering your services as a local tour guide might be a great way to earn. All that is required is knowledge, enthusiasm, information about different cultures, and excellent communication skills.
A cooking class – You do not have to be a world-class chef to host a cooking class in your home. Perfecting a couple of dishes is enough. Tourists enjoy learning about what goes into preparing local food, and class hosts have yet to be short on customers.
Shopping tours – An easy and inexpensive tour to run, guides will only have to identify what their customers are looking for and plan accordingly.
Errand-Running/Assisting Services
Senior citizens and busy individuals are always in the market for some assistance. Tasks could include shopping, cooking, or driving. Some clients might even require more professional assistance such as email correspondence, filing, or bookkeeping.
Employers use websites such as Gigwalk or TaskRabbit to advertise roles that need to be filled.
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