You may want to earn some additional money whether the economy is sluggish, inflation is high, or a recession is deep. It may surprise you to learn that some of the greatest companies to start with minimal capital are really rather simple to launch.
You may start a side business for less than $1,000 that would help you pay for additional expenses or pricing increases.
1. Accounting Services
Since being a bookkeeper technically just requires a high school degree, anybody may start this modest company. To get a credential and understand what to perform as a bookkeeper, you may enroll in programs at your neighborhood community college or take online courses.
You will need to work a little bit to promote yourself on websites like Upwork, social media, or even more conventional means like placing an ad in your local newspaper if you want to get contract work as a bookkeeper. Depending on your area and level of expertise, you may typically charge $20 to $60 per hour.
What you need: professional liability insurance, a business license for a limited liability corporation (LLC), accounting software, and a professional website
The estimated initial cost is $300; recurring expenses are $75 each month.
2. The Tutoring Company
Working as a tutor in whatever area you are an expert in is another fantastic option that doesn’t need a college degree, but it certainly helps. You may work with kids who are having difficulty in certain subjects as long as you have a high school diploma. It is up to you and the student (and their parents) where you work; you may teach at your home, at their home, or in a library.
Consider utilizing social media to spread the word that you’re accessible; join Nextdoor and Facebook groups to establish connections with local families. Make a website with a calendar so parents or students may schedule a meeting with you. Tutoring typically costs between $20 to $100, however this varies.
You’ll need a home office, an LLC business license, and a website.
The approximate cost is $250, with recurring expenses of $30 each month.
3. Consulting Firm
A consultant is an expert in their subject, much like a teacher. The main distinction is that, as a consultant, you are probably going to be engaged by a company or professional to assist in guiding them. Consultants usually possess a college degree and a great deal of expertise, or experience equivalent to a degree.
Your greatest chance of getting consulting contracts will be via networking. Attend local professional networking events, use professional social media sites like LinkedIn, and maintain contact with past coworkers. You should update your personal website with your consulting business’s contact details. Depending on your field of expertise, consultant fees might range greatly, thus your hourly cost could be $100 or $500.
Professional business cards, a website, and an LLC business license are necessary.
The approximate cost is $500, with recurring expenses of $30 each month.
4. Service of Delivery
Working for a delivery service like Uber, Lyft, Grubhub, or DoorDash might assist if you’re wanting to earn additional money after work or in between jobs. Although creating an LLC for your side business is not required, it might be worthwhile to do so in order to limit your personal responsibility. Additionally, there are other monthly expenses (fuel, insurance, and maintenance) that you may deduct from your taxes.
The good news is that you just need a car, time, a cell phone, and a spotless driving record to work for a ride-sharing or food delivery business. You don’t even need to spend money on your own promotion. According to Uber, you might earn around $400 a week by driving 20 hours.
What you need: a vehicle, a driver’s license, a cell phone, auto insurance, and a spotless driving record
The estimated monthly cost is $500 (assuming typical expenditures for auto maintenance, insurance, and a cell phone).
5. Internet-Based Shop
Many individuals just have one product when they first launch their internet business. To succeed as an internet vendor, you don’t need any specific training or technological expertise, but it is a good idea to have some marketing and sales experience. Finding a product or goods to offer, a catchy name for your company, and a website are the first steps.
Obtaining a domain name, creating a website, and promoting your goods are all necessary. If you’re successful, it may take the place of your full-time employment, but it’s certainly one of the most complicated enterprises to establish. Remember that operating an online business has several recurring expenses, such as maintaining your website, running digital advertisements, email marketing, and transaction fees.
You’ll need an e-commerce website, goods to sell, a domain name, a company license, a payment processor, a sales tax ID, and a professional email account.
The approximate cost is $500, with recurring expenses of $50 each month.
6. Cleaning Services for Pools
Houses with pools are typical in warm climes, and they need maintenance all year round. Although you should be able to educate yourself on this, you will need to have some understanding of pool chemicals and how to maintain a clean pool. To determine how much of a chemical is required for various pool sizes, you will at the very least need some arithmetic abilities.
Equipment, chemicals, and a truck to move them from pool to pool are necessary when starting a pool cleaning business. You may use Facebook groups like Nextdoor to go hyperlocal, or you can advertise on websites like Angi and Thumbtack. Pool companies often charge between $80 and $150 a month, which covers weekly pool maintenance.
You’ll need chemicals, pool equipment, small business insurance, an LLC, software for invoicing, and a car.
The approximate cost is $750, with continuous expenses of $100 each month.
7. Services for Graphic Design
You may launch your own home-based graphic design company if you possess some creative digital skills. Finding customers will be your task, but you may accomplish it by using platforms like Upwork or Fiverr. As an alternative, you can depend on word-of-mouth and networking, so try social media or prepare some polished business cards to distribute when the subject comes up.
To showcase your design abilities, you should make a portfolio website in addition to using graphic design tools like Adobe Photoshop or Canva. If you choose one of the top website builders with the features you want, you may make a personal website or a commercial website to offer services, and both are reasonably priced. The hourly wage for graphic design may be about $25.
A website, graphic design tools, business cards, and a business license are necessary.
The approximate cost is $250, with recurring expenses of $30 each month.
8. The Pet Sitting Company
Make a side income by turning your passion for animals into a company. You may welcome dogs, cats, birds, and other creatures that need care into your house, and many people sometimes require pet sitting services. Certain specific training, such animal CPR and how to provide medication to certain pet species, could be required.
To protect yourself and pet-proof your house, make sure you get pet sitter insurance. Posting posters around your area or signing up for a website like Care.com or Rover.com are two methods to get your name out there. By the way, if you rent, you probably can’t do this as a side hustle.
You’ll need a house with a yard, insurance for pet sitters, fliers, and a website.
The approximate cost is $350, with recurring expenses of $60 each month.
9. Administration of Real Estate
You may enter the field of property management in one of two ways: either create your own property management company or look for part-time employment. It doesn’t have to be a company where you own the property you manage; you may undertake the work yourself or serve as a go-between for contractors and residents.
Do your homework before entering this field since, although no degree is necessary, certain jurisdictions demand a license in order to operate as a property manager. You might offer your services to homeowners who are utilizing sites like Airbnb or VRBO or who want to rent out their homes.
You’ll need a business license, a website, business cards, and potentially a license.
The approximate cost is $700, with recurring expenses of $30 each month.
10. Individual Exercise Instructor
You might make your talent for physical fitness and nutrition your job or side business. To assist them get in shape, people often search for personal trainers, and you don’t necessary need a college degree to work in this field. Possessing a degree in sport science or a fitness certificate—there are many available—can be beneficial.
This is a low-cost company to establish, particularly when considering continuing expenses. To safeguard your assets, you should definitely think about forming an LLC and obtaining business insurance for personal trainers. The path you choose will determine how much you spend on marketing. To spread the word and begin earning $20 or more per hour, use digital advertisements, email marketing, social media, and content marketing.
Certifications, the creation of an LLC, a website, email marketing software, and personal trainer insurance are necessary.
The approximate cost is $850, with recurring expenses of $60 each month.
Disclaimer: This article is for informational purposes only and does not guarantee any specific financial results. The startup costs, potential earnings, and business requirements mentioned here are estimates and may vary depending on your location, market conditions, and individual circumstances. Before starting any business, it is recommended to do your own research and seek professional advice if needed.