41 Low Cost Business Ideas with High Profit 2023

Starting a business can be a life-changing decision. It can provide financial independence, allowing you to be your own boss and take control of your financial future. Books like “The 4-Hour Work Week” by Tim Ferriss and “Rich Dad Poor Dad” by Robert Kiyosaki have popularized the idea of working for yourself and building successful businesses. Low-cost business ideas with high profit are numerous and offer entrepreneurs significant benefits.

The benefits of running a business are numerous – from the potential for high profits to the opportunity to create something of value that can positively impact others. With the rise of technology, starting a business is easier than ever. Online businesses give you the time and location freedom to work anywhere worldwide.

Starting a Business

Starting a business can be an exciting and rewarding endeavor, but it also requires careful planning and preparation. Here are some of the critical steps to consider when starting a new business:

Conduct market research
Write a business plan
Choose a business structure
Register your business
Obtain financing
Set up your business
Create a marketing plan
Launch your business

By following these key steps, you can successfully start and launch your own business.

What Do You Need to Start a Successful Business?

I’ve started several successful physical businesses, including a hotel, a restaurant, and an online marketing business. From my experience, the critical skills necessary to start a business are discipline, strong communication, and adaptability. Above all else, having a growth mindset and the strength to persevere through difficulties is critical to running any business.

Now let’s dive into the low-cost business ideas so you can start handing out business cards and achieve financial independence and create a successful business.

Low-Cost Business Ideas with High Profits

Below is our list of low-cost business ideas.

Online Business Ideas

low cost business idea with high profit - online business

Here are the best online business ideas for 2023. An online low-cost business idea can be a great stepping stone to financial freedom and location independence.

1 – Dropshipping

Required skills: Marketing
Startup cost: $0 – $500
Potential revenue: $1,000 – $10,000 per month

Drop shipping can be a very lucrative business. You act as an intermediary between a customer and a manufacturer. There is no inventory or shipping. You choose products to sell, promote them to customers, and when a customer places an order, the supplier ships the product directly to the customer. While this sounds relatively simple, identifying viable products and then marketing them to the right people is an art that takes time to perfect.

2 – Online Tutoring

Required skills: teaching skills, subject matter expertise
Startup cost: $0 – $500
Potential revenue: $1,000 – $5,000 per month

To be a successful online tutor, you must be a good teacher and a subject matter expert in what you plan to teach. You must be comfortable teaching over video and developing lesson plans matching student needs. There are a variety of online platforms available to find students, or you can build a client base and do this privately.

3 – Social Media Marketing

Required skills: social media management, marketing skills
Startup cost: $0 – $500
Potential revenue: $1,000 – $50,000 per month

Help businesses grow their presence on social media platforms like Facebook, Twitter, and Instagram. Manage their accounts and build a loyal following through engaging content and targeted advertising campaigns.

4 – Affiliate Marketing Business

Required skills: SEO, content generation, outreach
Startup cost: $0 – $500
Potential revenue: $1,000 – $10,000 per month

Some of the most profitable sites on the internet are affiliate marketing businesses. While the startup cost can be low, the time commitment needed to get this business off the ground is significant. It may take several years of concerted effort to see substantial profits. However, if you combine affiliate marketing and stack skills like freelance writing or Search Engine Optimization, you can build a client base that will sustain you as you develop your business.

5 – Freelance Writer

Required skills: writing skills, communication skills, SEO
Startup cost: $0 – $500
Potential revenue: $2,000 – $10,000 per month

Content is king, and freelance writers are what make it all possible. If you are a writer with on-page SEO knowledge, you can demand high rates for your work. This business is likely to change with the rise in generative AI content (chatGPT etc.). Rates will drop, but if you can effectively use AI tools, your productivity should increase to compensate.

6 – Digital Marketing Business

Required skills: marketing skills, project management skills
Startup cost: $1,000 – $5,000
Potential revenue: $10,000 – $50,000 per month

Offer digital marketing services to clients, such as SEO, PPC, social media management, etc. Offering a full range of digital marketing services to businesses can be a profitable online business with many potential clients.

7 – Video Editing Business

Required skills: video editing skills, communication skills
Startup cost: $500 – $2,000
Potential revenue: $5,000 – $20,000 per month

Offer video editing services to clients, such as editing YouTube videos, wedding videos, etc.

8 – Online Store

Required skills: marketing skills, product research skills
Startup cost: $500 – $2,000
Potential revenue: $5,000 – $50,000 per month

Create your own online store and sell physical or digital products. Sell products from other companies or use graphic design skills to design and sell your own products. Your success will depend on how well you can direct traffic to your store. If you have a social media following, you can leverage this to get your store up and running faster.

9 – Amazon Re-Seller

Required skills: product research skills, marketing skills
Startup cost: $500 – $2,000
Potential revenue: $5,000 – $20,000 per month

Buy products in bulk and sell them on Amazon for a profit. You can re-sell products that you find from other retailers or even buy directly from manufacturers. Combine this with drop shipping to avoid the need for inventory, or buy in bulk from Alibaba and sell individually on Amazon. Knowing customer purchase trends, optimizing your Amazon store, and targeted ads are critical to success.

10 – Online Coaching

Required skills: coaching skills, marketing skills
Startup cost: $0 – $500
Potential revenue: $2,000 – $20,000 per month

Coaching services in a specific niche or industry can be profitable. You can offer one-on-one or group coaching and host Zoom meetings or webinars. Develop a solid customer base, and you will find that the business grows independently.

11 – YouTube Channel

Required skills: video editing skills, content creation skills
Startup cost: $0 – $500
Potential revenue: $1,000 – $10,000 per month

Creating a YouTube channel and producing videos on topics of interest can generate revenue through advertising, sponsorships, and affiliate marketing. You can also use your channel to promote products or services.

12 – Copywriting Services

Required skills: writing skills, marketing skills
Startup cost: $0 – $500
Potential revenue: $2,000 – $10,000 per month

If you have a way with words, you can offer copywriting services online to businesses and individuals who need help with their website content, email marketing, and other written materials.

13 – Podcasting

Required skills: content creation skills, marketing skills
Startup cost: $0 – $500
Potential revenue: $1,000 – $10,000 per month

Starting a podcast can be a great way to build an audience and generate income through advertising, sponsorships, and affiliate marketing.

14 – Online Translation Services

Required skills: fluency in at least two languages, translation skills
Startup cost: $0 – $500
Potential revenue: $1,000 – $10,000 per month

Offering online translation services to businesses and individuals who must communicate across language barriers can be profitable. You can provide translation services for documents, websites, and other written materials.

15 – Virtual Bookkeeping Services

Required skills: bookkeeping skills, accounting software knowledge
Startup cost: $0 – $500
Potential revenue: $2,000 – $10,000 per month

Offering virtual bookkeeping services to businesses can be a profitable online consulting business with a growing demand for remote assistance. You can use software such as Quickbooks to help you manage clients’ bookkeeping needs.

16 – E-Book Writing and Publishing

Required skills: writing skills, marketing skills
Startup cost: $0 – $500
Potential revenue: $1,000 – $10,000 per month

Writing and publishing e-books on platforms like Amazon Kindle can be profitable with low overhead costs. You can also use your e-book to generate leads for other products or services.

17 – Online Courses

Required skills:
Startup cost:
Potential revenue:

Creating and selling courses on platforms like Udemy, Skillshare, or Teachable can be profitable. You can create courses on any topic you have expertise in and reach a global audience.

Service-Based Businesses

low cost business idea with high profit -service businesses

Service-based small business ideas with little or no startup cost can be very profitable at home. With a bit of passion, sweat equity, and marketing, you can grow a thriving business.

18 – Work as a Personal Trainer

Required skills: fitness knowledge, interpersonal skills
Startup cost: $0 – $500
Potential revenue: $2,000 – $10,000 per month

Offer personal training services to individuals in your local area. You could provide home-based or gym-based training sessions and charge clients for your services.

19 – Dog Walking Business

Required skills: dog handling skills, interpersonal skills
Startup cost: $0 – $500
Potential revenue: $2,000 – $10,000 per month

Dog walking in your local area can be a great way to make money and get exercise at the same time. A dog-walking or pet-sitting business can be very lucrative if you can find the right type of customer. High-income families with busy schedules are often the best clients.

20 – Car Wash Business

Required skills: car washing skills, customer service skills
Startup cost: $0 – $2,000
Potential revenue: $2,000 – $20,000 per month

Start a mobile car wash business that visits clients’ homes or offices to clean their cars. You can purchase all the necessary equipment for a low startup cost and charge clients for your services.

21 – Event Planning Business

Required skills: organization skills, interpersonal skills
Startup cost: $0 – $500
Potential revenue: $2,000 – $20,000 per month

Offer event planning services to businesses and individuals for weddings, corporate events, birthdays, and other special occasions. You can charge a fee for helping clients plan their events and manage vendors.

22 – Roof Cleaning Business

Required skills: roof cleaning skills, customer service skills
Startup cost: $0 – $2,000
Potential revenue: $2,000 – $20,000 per month

Offer roof cleaning services to residential and commercial customers in your area. You’ll need essential equipment like a pressure washer and safety gear, but you can start with a low startup cost.

23 – Carpet Cleaning Business

Required skills: carpet cleaning skills, customer service skills
Startup cost: $0 – $2,000
Potential revenue: $2,000 – $20,000 per month

Offer professional carpet cleaning services to residential and commercial customers. You can start with a low startup cost since you only need essential equipment like a steam cleaner and cleaning solutions.

24 – Photography business

Required skills: photography skills, marketing, customer service
Startup cost: $0 – $2,000
Potential revenue: $2,000 – $20,000 per month

If you have a passion for photography and the necessary equipment and skills to capture beautiful images, you can start your own photography business. You can offer services like weddings, portraits, event photography, and more.

25 – Videography Business

Required skills: videography skills, marketing, customer service
Startup cost: $0 – $2,000
Potential revenue: $2,000 – $20,000 per month

Offer professional video services such as wedding videos or corporate videos. You’ll need equipment like cameras and editing software, but the startup cost is relatively low. You can create promotional videos for businesses or nonprofits.

26 – interior design Business

Required skills: interior design, marketing, customer service
Startup cost: $0 – $2,000
Potential revenue: $2,000 – $20,000 per month

Offer interior design services to residential and commercial customers. You can start with a low startup cost since all you need are essential tools like fabric swatches and paint samples. You can help clients create beautiful, functional spaces that reflect their personalities and lifestyles. You can make a good living as an interior designer with some creativity.

27 – Tour Guide Business

Required skills: local knowledge, interpersonal skills, customer service
Startup cost: $0 – $2,000
Potential revenue: $2,000 – $10,000 per month

If you know your local area well and love to show people around, consider starting a tour guide business. You can offer guided tours of popular attractions and other sites of interest. You’ll need marketing and customer service skills to be successful in this business. The startup cost is low since you only need the knowledge and a website or brochure.

28 – Professional Organizing Business

Required skills: organizational skills, interpersonal skills
Startup cost: $0 – $2,000
Potential revenue: $2,000 – $10,000 per month

If you have excellent organizational skills and enjoy helping people get their homes and offices tidy and organized, consider starting a professional organizing business. You can offer services like decluttering and reorganizing residential and commercial spaces.

29 – Lawn Maintenance Business

Required skills: lawn care, customer service
Startup cost: $0 – $2,000
Potential revenue: $2,000 – $10,000 per month

While not flashy, a lawn maintenance services business can make excellent profits. It’s hard work that most homeowners either don’t want to do or don’t have the time to do. Find working professionals living in nice neighborhoods, and they will gladly give you business. Combine this with a snow removal business in the winter for all-year revenue.

29 – Home Cleaning Service

Required skills: attention to detail, communication skills
Startup cost: $500 – $1,000
Potential revenue: $2,000 – $6,000 per month

Offer home cleaning and organizing services to clients in your area. You’ll need basic cleaning supplies, like a vacuum and mop, and some organizational skills to succeed in this business. With the right marketing plan, you can start making a profit quickly.

Product-Based Businesses

low cost business idea with high profit -product businesses

Starting a physical products business can be a great way to earn money, but the startup costs for many of these businesses can be higher due to the need for inventory. If you can produce and re-sell a digital product repeatedly, you have a very profitable low-cost business idea.

30 – Sell Art prints:

Required skills: graphic design, marketing
Startup cost: 0 – $500
Potential revenue: $1,000 – $10,000 per month

Create art prints and sell them online or through local retail stores. You’ll need basic graphic design skills to create your designs and marketing skills to promote them.

32 – Sell Photography Prints

Required skills: photography, graphic design, marketing
Startup cost: 0 – $500
Potential revenue: $1,000 – $10,000 per month

Offer photography prints to customers online or in local stores. You’ll need basic photography and graphic design skills to create your prints and marketing skills to promote them. The startup cost is low if you already have a camera and printer.

33 – Plant Nursery

Required skills: gardening, packaging, marketing
Startup cost: 0 – $500
Potential revenue: $2,000 – $5,000 per month

A plant nursery is a great profitable business idea if you have a green thumb. You can grow plants and flowers or buy them in bulk from suppliers. You’ll need basic gardening skills and packaging skills to get started.

34 – Upcycled Furniture

Required skills: woodworking, painting, marketing
Startup cost: 0 – $500
Potential revenue: $2,000 – 10,000 per month

You can buy old furniture, upcycle it with a fresh coat of paint or some DIY modifications, and sell it online or in local stores. You’ll need woodworking skills and some marketing know-how to get started.

Real Estate/ Rental Businesses

low cost business idea with high profit -real estate businesses

There are many successful small business ideas in the real estate industry.

35 – Real estate photography/videography services

Required skills: photography/videography, marketing
Startup cost: 0 – $500
Potential revenue: $1,000 – $5,000 per month

Real estate professionals need high-quality photos and videos to show off their listings. Offer your services by taking professional photographs or videos of homes for sale. You’ll need photography and videography skills and marketing know-how to succeed in this business.

36 – Home staging services

Required skills: design, communication
Startup cost: 0 – $500
Potential revenue: $2,000 – $10,000 per month

Home staging is a great way to help people sell their homes faster. Offer your services by assisting clients to furnish and decorate their homes, making them more attractive to potential buyers. You’ll need design and communication skills to be successful in this business. The startup cost is low since you only need the know-how and can rent the furniture and supplies needed for staging.

37 – Property Maintenance Services

Required skills: Handyman, customer service
Startup cost: 0 – $500
Potential revenue: $1,000 – $5,000 per month

Property maintenance services are a great way to earn money while helping people maintain their homes. Offer your services by doing minor repairs, painting, and basic maintenance tasks. You’ll need handyman skills and customer service know-how to succeed.

38 – Property Management

Required skills: management, customer service
Startup cost: 0 – $1,000
Potential revenue: $5,000 – $15,000 per month

Property management is a great way to earn money by helping people manage their rental properties. Offer your services by managing rental properties for clients and handling tasks like tenant screening, rent collection, maintenance, and repairs. You’ll need management and customer service skills to be successful in this business.

39 – Real estate investment coaching and consulting

Required skills: financial knowledge, real estate investing
Startup cost: 0 – $500
Potential revenue: $2,000 – $10,000 per month

Real estate investment coaching and consulting is a great way to help people start real estate investing. Offer your services by assisting clients in creating investment plans and providing advice on maximizing profits from their investments. You’ll need financial and real estate investing know-how to succeed in this business.

40 – Rental application and tenant screening services

Required skills: customer service, legal knowledge
Startup cost: 0 – $500
Potential revenue: $2,000 – $10,000 per month

Rental application and tenant screening services are a great way to help landlords rent out their properties quickly and safely. Offer your services by assisting clients in screening potential tenants and providing rental application processing services. You’ll need customer service and legal knowledge to be successful.

41 – Property inspection services

Required skills: contract, home inspection
Startup cost: 0 – $500
Potential revenue: $2,000 – $10,000 per month

Property inspection services are a great way to help people buy and sell real estate. Offer your services by conducting home inspections for buyers and sellers to ensure their property is safe and up to code. You’ll need a contract and home inspection skills to be successful in this business.

FAQ

What is the Cheapest and Most Profitable Business to Start?

Starting a digital marketing agency can be one of the cheapest and most profitable business ideas. You can offer SEO, social media management, content creation, and web design with minimal initial investment. As your client base grows, so does your profit margin.

What Small Businesses Have a High-Profit Margin?

Small businesses with high-profit margins include affiliate marketing websites, online courses or tutoring platforms, software as a service (SaaS) products, and dropshipping stores on eCommerce platforms like Shopify or Amazon FBA. These are low-cost business ideas with significant earning potential.

What Small Business Has the Highest Success Rate?

A franchise-based model often has higher success rates due to established brand recognition and proven systems. However, for non-franchise options, Inc’s list highlights accounting/bookkeeping services as having some of the highest net profit margins among small businesses.

What Business Can You Start with $10,000?

There are a variety of businesses you can start with $10,000. Examples include starting an eCommerce store, digital marketing agency, home inspection business, blogging or content writing, or property management services.

What are the most successful small businesses?

The most successful small businesses come in all shapes and sizes. Some popular choices include consulting services, web design, SEO-focused digital marketing, dropshipping, eCommerce stores, software development, and online tutoring. Consider what your unique skillset is that you can use to develop a profitable business.

Conclusion

Starting a low-cost, high-profit business can be a great way to earn income while pursuing your passion. While there are certainly challenges that come with starting a business, the rewards can be immense. The benefits of running your own business include flexibility, autonomy, and the ability to create something that makes a difference in the world.

Of course, starting a business has its challenges. As an entrepreneur, you may face financial uncertainty, long hours, and a steep learning curve. However, it’s important to remember that going through these challenges helps you grow. You will learn from your mistakes, develop new skills, and gain invaluable experience to help you succeed in future ventures.

Business success goes hand in hand with a growth mindset. This means embracing challenges, seeking new opportunities, and being willing to learn and adapt. With the right attitude and a commitment to continuous learning and improvement, anyone can start and run a successful business. So if you’re ready to leap into entrepreneurship, remember that the journey may be challenging, but the rewards are worth it. Good luck on your entrepreneurial journey!