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10 Low-Cost Business Ideas With High Profit

Businesses require huge investment is the biggest myth of our times. Funding troubles should not deter aspiring entrepreneurs who wish to become their own bosses. Times have changed, and starting a business using only a computer and an Internet connection is now possible.

With the help of technology and remote work, several driven individuals have started unique ventures with minimal investment. These endeavours are not only affordable but also bring excellent returns.

Budding entrepreneurs must expand their horizons and build a network of industry people to identify opportunities that can be tapped. They can also meet seasoned entrepreneurs who wish to sell businesses online that can be acquired for quick growth.

Here is a list of ten low-cost business ideas with high profits. It will help you invest wisely and accomplish your goals effectively.

1. Freelance Graphic Designer

Individuals who know graphic design do not have to work for others. They can easily start freelancing and launch their own business from the comfort of their homes. Every company requires this service in the growing digital landscape, which makes it a recession-proof opportunity.

A freelancing entity can make high profits because they do not have to invest any money except using the designing software, internet and electricity at home. Service-based businesses have become popular after the pandemic and can be acquired from portals that help sell business online using perfect listings.

2. Dropshipping Business

Starting an e-commerce business can be expensive because it requires procurement of stock, leasing storage space, building an e-commerce website, finding a packing team and hiring a shipping company. All these costs can be too much to handle. However, aspiring entrepreneurs can take the easy way out and start dropshipping.

It involves selling products wholesalers’ products on an existing e-commerce portal. The orders are sent directly to the wholesaler who ships the products, and the dropshipping business owner keeps the profits.

3. Food Truck Business

Food businesses have exceptional demand in every city and space. However, setting up a restaurant or cafe needs considerable investment. An affordable alternative to these are food trucks that need a small investment for equipment. They generate an incredible income if positioned in a busy location.

Thus, you can start a food truck business if you have great cooking skills and want to serve delicious delights for a substantial income. Some existing owners also sell business online when they wish to start a new venture or retire. These come with all the equipment and reputation in the market and bring significant income.

4. Social Media Influencer

Australia has 21.2 million social media users, and the number keeps growing each year. With the rise of this digital platform, a new profession has emerged that can help earn huge profits by making unique content. These individuals are known as social media influencers who are making millions through content creation.

For example, Tammy Hembrow is the most famous Australian influencer who creates fitness-based content and has a net worth of $38 million. Anyone can become an influencer by identifying a niche and building a fan base through the distribution of entertaining content.

5. Professional Cleaning Services

Commercial cleaning services are rising in demand across the country because of the shortage of time among urban professionals. Double-income households can afford these services easily. Even aged people need them to maintain their homes and gardens.

The business requires only investment in cleaning equipment and can be expanded by acquiring new clients and staff members. It does not need an office and can be promoted through referrals and word-of-mouth publicity.

6. Digital Marketing Service

Every business needs digital marketing to create a solid online presence and stand out in the crowd. However, small businesses cannot hire big digital marketing agencies. Budding entrepreneurs with digital marketing skills can fill this gap by offering specialised services.

A digital marketing business can be operated from home and does not require any equipment except using a few software and apps. A few clients can help generate substantial income for owners.

7. In-Home Aged Care Service

Australia has a significant aged population. Seniors who live alone or are suffering from movement issues need aged care services at home. This business has massive potential because of the high demand and shortage of caregivers. It can be started from one client and expanded into the entire region by hiring more caregivers.

It is a high-paying service that can bring exceptional profits. Many entities have started franchising this service, which involves managing a team of caregivers and earning a handsome income.

8. Accounting Consultancy

Accounting experts can start their bookkeeping service for small businesses from their home-based office. They must use their network to find clients and offer remote bookkeeping or accounting service that is hard to find for new entrepreneurs.

Every business needs financial management, an essential service in the commercial domain. The business can be gradually expanded to build a large firm and generate huge profits.

9. Online Hobby Classes

Individuals who have a creative hobby can make money from it easily. All they need to do is offer online classes to people who wish to learn the skill or art, such as painting, baking, cooking, dancing, singing, playing an instrument, etc.

It can help you commercialise your hobby and earn using your passion. It will keep you satisfied and offer growth through customer acquisition as you expand your services. You can even open a studio to create a big brand after a few successful years.

10. Pet Care Services

The population of pets grew significantly in Australia during the pandemic. The country has 29 million pets across 5.9 million households. It showcases the need for pet care services. If you are an animal lover and know how to deal with furry friends, you can start a dog-walking or pet-sitting business.

It does not need any investment and can help you earn handsomely. You can also include pet grooming services, which can be offered in a mobile trailer to reduce the cost of leasing a dog wash. Check if anyone plans to sell business online that can be acquired for quick growth.

Wrapping Up

Entrepreneurship is not challenging when you have a plan to succeed. A business can be easily started and developed with minimum funds to generate wealth. You need to have the right attitude and knowledge to manage the growth of the business.