The world of entrepreneurship has always been appealing to many.
However, the COVID-19 pandemic has turned the economy upside down and left so many people out of work, many people are now considering the possibilities of entrepreneurship more seriously.
Maybe you lost your job, and you’re looking to start a new business relatively quickly and inexpensively.
Perhaps the pandemic has shown you that life has a way of changing instantly, and the time for starting a business is now or never.
Luckily, there are a number of low-cost business ideas for solopreneurs that allow you to dip your toes into the world of business ownership while avoiding the competitive world of startup culture.
For example, in the ecommerce world, dropshipping is gaining steam. It’s the practice of selling products to customers without ever handling the product. In other words, you buy the product from a third party and ship it to the customer without keeping it in stock.
Such a business presents relatively few barriers to entry, costing only about $1,000 to start and having the potential to bring in up to $5,000 per month.
Maybe your business could be helping other businesses. There’s a big market for virtual assistants in which you advertise your services and complete small, day-to-day tasks for other business owners. In the era of increased remote work, there could be even greater demand for virtual assistants in the future.
Aside from promoting yourself so that others know you exist, there are almost no startup costs. Additionally, some virtual assistants make up to $2,000 per month.
Life coaches have also become increasingly popular. If you’re the wise one in your friend group or people often come to you with their problems, you could make money helping others find new hobbies and achieve success at work.
With a small investment on a website and advertising, you could make anywhere from $500 to $2,000 per month on life coaching.
Start as a solopreneur
Check out this infographic below for 15 low-cost solopreneur business ideas, as well as their startup costs and potential earnings.
This infographic was created by WikiBuy.