Top 19 low-cost business ideas in 2024

Best 19 low-cost business ideas

Open an online store

Starting an ecommerce store remains a top online business concept given the ease of setup. Makers, artisans, designers, and inventors often open these shops to sell homemade and custom goods. By leveraging their creative talents to produce unique products, they can build thriving businesses online with minimal financial risk or technical skills required. This accessible model empowers individuals to become self-employed.

How much you can make: $50k+ per year with enough traffic and sales
How much does it cost to start: $500-2,000 to build website and buy inventory
How long does it take to build: 1-3 months

Landscaping

The landscaping industry presents major growth potential, whether by hiring locally or franchising. Minimal investments in equipment and leveraging free social media marketing get this business off the ground. With simple tools and online visibility, solo founders or small teams can provide lawn and garden care services, while building scalable companies in communities that value outdoor spaces.

How much you can make: $40-60k per year
How much does it cost to start: $10-15k for equipment
How long does it take to build: 6-12 months

Dropshipping

Dropshipping meets the demand for ultra-low-cost online businesses. Requiring just an internet connection and less than $500, this retail model ships products directly from wholesalers to customers. With no overhead to stock inventory, as an individual seller, you can focus on digital storefronts and marketing. By leveraging existing supply chains, sole proprietors can launch ecommerce shops on a shoestring budget.

How much you can make: $30-100k+ per year
How much does it cost to start: Under $1,000
How long does it take to build: 1-2 months

Vending business

Operating vending machines presents a reasonably priced business concept with adaptable hours for those seeking to be their own boss or work from their residence. For individuals with more capital to employ, expanding this fledgling enterprise at a faster pace is certainly plausible.

How much you can make: $1-3k per machine per year
How much does it cost to start: $5-10k per machine
How long does it take to build: 1-3 months

Delivery services

In our busy world, many are starved for time. A delivery service meets demand for convenience, running errands like grocery shopping, takeout pickup, and transporting daily necessities. With a truck or van, you can also deliver large items – furniture, appliances. Catering to people’s need for help with daily tasks and bulky items is a promising business opportunity.

How much you can make: $40-60k per year
How much does it cost to start: Less than $5k
How long does it take to build: 1-3 months

Mobile photography

Launching a mobile photography venture requires some initial investment, but far less than a traditional studio. The main costs are camera equipment. If you already own professional gear, overhead is low to build a business around your talents. Capitalizing on the mobility and flexibility of this model allows serving various clients on-location. Convenience and creativity differentiate you from established studios.

How much you can make: $40-100k+ per year
How much does it cost to start: Less than $5k for equipment
How long does it take to build: 6-12 months

Data entry

Operating a business produces heaps of data needing organization, though managers rarely have time for data tasks. This opens opportunities for detail-oriented professionals who can quickly and accurately input information. Data entry lacks glamor, but offers steady income for those nimble with spreadsheets and attentive to specifics, letting business owners focus elsewhere while you handle cricks and sheets.

How much you can make: $20-40k per year full time
How much does it cost to start: $500 for computer and software
How long does it take to build: 1-3 months

Event planning

Event coordinators plan and oversee major celebrations and professional gatherings. Whether a wedding, birthday party or business conference, they manage all details of complex events. For natural networkers who are very organized, creative problem-solvers, building an event planning operation can be a profitable and satisfying venture given the high demand for these services.

How much you can make: $50-150k+ per year full time
How much does it cost to start: Under $2,000 to get certifications and marketing materials
How long does it take to build: 6-12 months

Professional organizer

If you enjoy imposing structure on disorder, a career as a professional organizer could be rewarding. Organizers travel to customers’ residences, so reliable transportation is essential, although a separate office is unnecessary. Constructing a personal website or showcasing accomplishments on YouTube, Instagram or Pinterest can exhibit your capabilities and expand your client base.

How much you can make: $50-100k per year full time
How much does it cost to start: Less than $1,000 for supplies and marketing
How long does it take to build: 3-6 months

Personal chef

Aspiring restaurateurs and professional cooks can launch their own culinary business with little initial investment by becoming personal chef. Personal chefs prepare meals in clients’ home kitchens using the clients’ food and equipment, eliminating major overhead costs associated with opening a food truck or brick-and-mortar restaurant. This flexible and affordable business model allows food industry veterans to be their own boss.

How much you can make: $40-100k+ per year
How much does it cost to start: Less than $2,000
How long does it take to build: 6-12 months

Translation service

Individuals fluent in multiple languages can pursue translation as a promising business venture requiring little upfront investment. Some of the most lucrative language pairs with English include Arabic, French, German, Japanese, Mandarin Chinese, and Spanish. Expanding one’s repertoire to 3 or more tongues can further boost a translator’s earning potential and demand. By leveraging their linguistic abilities, bilinguals and polyglots alike can tap into the sizable translation services market.

How much you can make: $40-80k per year full time
How much does it cost to start: Under $500
How long does it take to build: 3-6 months

College planning

For those with a genuine interest in helping others realize their potential, college admissions consulting allows you to guide high school students through the higher education search. Advisors get to know clients personally to determine the best college fit, meet with families, review academic records, coordinate campus visits, and develop strategies for successfully navigating the selective admissions process. This rewarding venture enables you to make a difference in young people’s lives.

How much you can make: $75-200k+ per year full time
How much does it cost to start: Less than $1,500 for certifications and marketing
How long does it take to build: 6-12 months

Music lessons

Musicians with professional-level talent, whether teaching marching bands or playing the first chair in an orchestra, often share their expertise by offering private music lessons. These independent instructors work one-on-one with students, tailoring lesson plans and assignments to the individual’s skills and goals. By selecting pieces that stretch their students’ capacities, they help cultivate musical mastery in the next generation.

How much you can make: $30-60k per year with enough students
How much does it cost to start: Under $1,000
How long does it take to build: 3-6 months

Graphic design

Gifted graphic artists with a knack for appealing design and composition can thrive as independent contractors. Their work entails bringing clients’ visions to life, teaming up with other creative professionals, and strategically highlighting brands’ strengths to resonate with key audiences. Each new project allows them to flex their artistic chops while making smart commercial decisions.

How much you can make: $50k-$150k per year full time
How much does it cost to start: Less than $1,000
How long does it take to build: 6-12 months to build portfolio and get clients

Soap making

To succeed in this affordable venture, you must have passion for crafting goods by hand along with sharp sales abilities and commercial know-how. Like any small-scale maker, most of your efforts will focus on digital promotion, operating social media storefronts, manufacturing your wares, and getting them into your buyers’ hands. The keys are merging creativity with managerial competence and customer focus.

How much you can make: $30k-$60k per year
How much does it cost to start: Under $2,000 for ingredients and equipment
How long does it take to build: 6-12 months

Professional organizing

To succeed as a professional organizer, you must design innovative organizational systems tailored to client’s needs and teach them to adopt these new habits. By consulting individually with customers, you can assist them in better managing their time, implementing improved schemes to tidy up their homes, or streamlining important business documents for accessibility. Regardless of the specific organizational obstacles faced, an adept professional organizer develops solutions that enable clients to find order amidst chaos.

How much you can make: $50k-$100k per year
How much does it cost to start: Less than $1,000 for supplies
How long does it take to build: 3-6 months

Wedding planning

Wedding planning takes the romantic’s heart and turns passion into profit. As a wedding planner, you’ll aid blissful pairs in setting practical spending plans, finding ideal ceremony and reception venues, choosing menus, booking entertainment, creating beautiful invites, and more to ensure their special day dreams come true.

How much you can make: $50k-$250k per year
How much does it cost to start: Under $2,000
How long does it take to build: 6-12 months

Mobile bike repair service

Provide bicycle repair and maintenance by going directly to riders throughout the city, aiming to serve the active yet busy metropolitan bikers who prioritize ease and efficiency. Target clients include urban commuters and recreational cyclists seeking hassle-free upkeep of their wheels.

How much you can make: $40k-$100k per year profit
How much does it cost to start: $10,000 for van, tools and supplies
How long does it take to build: 6-12 months to acquire customers

Virtual interior design consultancy

Provide interior design consultations and services online, assisting clients in envisioning and planning their spaces through digital platforms and tools. This allows greater accessibility and affordability by avoiding expenses associated with a physical office and onsite visits. Leverage technology to offer specialized design expertise and meet client needs remotely.

How much you can make: $50k-$150k per year full time
How much does it cost to start: less than $1,000
How long does it take to build: 6-12 months

Conclusion

In a world where the initial investment can often be a towering barrier, the allure of low-cost business ideas ventures stands out as a beacon for aspiring entrepreneurs.  Whether you’re driven by a passion for innovation or the desire to carve out your niche, we’ve curated a selection of accessible business ideas that marry minimal startup costs with maximum potential.