You probably read the title of this article, and rolled your eyes because it can’t possibly be possible to start a business for under $500, but I’m here to prove you wrong.
Starting a business doesn’t always need to involve you seeking out financial assistance, investors, and draining your personal savings.
Here are eight businesses you can start with a minimal amount of money in the bank.
1. Freelance business services
With 34% of the workforce in the United States consisting of freelancers, we’ve already seen a steady increase in self-employed individuals taking their skills and experience to start freelance service businesses. The cost to start up a freelance business can be minimal, a good website that advertises your services can be all you need since you have the ability to work from anywhere.
Using your experience and knowledge you have gained throughout years of school, teaching other kids and students can be a cost efficient business option. Likely you can tutor students in their own homes or a local library, and they’ll already have their own school supplies and textbooks.
Many people are already taking photos, so why not hone in on your skills, build a portfolio and offer your professional photography services to other people. Even if you don’t have the money to buy all the photography equipment you need, many camera shops provide rentals.
4. Nanny services
Love kids? How about turning that passion into a business by becoming a nanny. Use all that babysitting experience you received growing up and turn it into a career. The best part? The cost to become a nanny to children can be as minimal as just advertising your services.
5. Dog walking
Who doesn’t love furry friends? To be a dog walker, you don’t need much other than a pair of good walking shoes and a love for dogs. Advertise your services to friends or family that have pets, and begin to ask around to people in your neighbourhood that have busy lifestyles and may benefit from your services.
Unless the cleaning supplies come with the house, all you’ll really need to start your own housecleaning business is some supplies and a house or two to clean. Target your services to busy families, or even small businesses that may need help keeping up with their cleaning each day.
7. Professional training
A great option if you have experience or an educational background in a particular field that others may be interested in learning more about. Offer to come into businesses to teach and train staff. For example, if you have a background in marketing, maybe you’ll offer your services to small businesses to help improve employees marketing skillset.
8. Virtual assistant
A virtual assistant usually provides administrative support to other businesses or people through a remote office. This means that you can work anywhere from your bed to a beach in Bali. So many professionals and businesses just don’t have time for those mundane tasks that still need to be done, so offering them the relief can be just what they’re looking for.
When many people think of starting a business, they think of the mountains of money it’s going to take in order to make it happen, but the truth is, there are options out there that won’t drain your personal savings. The best part is, all of these above businesses can be great side hustles too for those with full-time careers looking for an extra income, or to try out something new.
About the Author
Lauren Marinigh is a Toronto-based online marketing and content development professional, who is completely addicted to traveling, puppies, and GIFs.