Unveiling Hidden Gems: Low-Cost Business Ideas That Are Too Good to Ignore

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Don’t assume you must dump a ton of money into a new small business. Read on for a few ideas that come with lower upfront costs. [[{“value”:”

Starting your own business comes with many hurdles, and for many people, the costs involved could be a big stumbling block. According to research by CB Insights, the biggest reason startups fail is that they ran out of money (or failed to raise new money) — this was a reason for 38% of new business failures.

With this in mind, let’s look at a few business ideas with lower upfront costs — getting to leave more cash in your checking account could take a load off your mind when you’re just getting started as your own boss.

Home or office cleaning

OK, it might not be the most glamorous option for starting your own business, but it’s satisfying work (maybe I just enjoy doing chores?), and there’s always a need for it. Plus, hiring yourself out as a cleaner for houses and office spaces comes with very little in the way of upfront costs.

You’ll need to buy cleaning supplies and tools (and hey, joining Costco could come in handy here, to help you source cleaning solutions in bulk for less), of course. And you’ll need to market your services — social media can go a long way, as can testimonials and reviews from satisfied customers. Consider offering a lower rate for your services for friends and family and see what kind of buzz you can generate.

Outdoor maintenance

Love being outside? Consider starting a lawn care and outdoor maintenance business. I’m a new homeowner, and after I closed on my mortgage, I went in search of someone to mow my lawn every week, because I have no interest in doing it myself. Based on the number of lawn care company vehicles I routinely see in my new neighborhood, many of my neighbors feel the same way.

You’ll need the equipment for this, such as a mower, weed whacker, and edger. You can even turn this into a four-season business if you live somewhere with all four seasons and you’re willing to put more money into start-up costs — you can buy a snow blade for your pickup truck for around $2,000. And if you’ve got a green thumb and an eye for it, you could offer landscape design services, too.

Don’t forget to market your business — social media works well here, but I found my lawn-mowing service thanks to an outdoor sign I saw when driving around my city. So if you know someone with land you can use (or you own land in a prominent spot), consider this move.

Digital content creation

This is a broad category of business, encompassing writing and editing (which is what I do), graphic design, video production, and more. But if you have these in-demand skills, you might be able to hire yourself out to generate content for fellow businesses. Freelance and fully digital opportunities abound on Indeed, LinkedIn, and FlexJobs.

Your upfront costs here are likely minimal, depending on whether you have a computer and software (if needed) suitable for this kind of work.

When I was launching my freelance career, I knew my puny personal laptop wouldn’t be right for the kind of daily work I’d be doing. So I sourced a refurbished desktop computer from the manufacturer and managed to save myself several hundred dollars in the process. I recommend going this route for computers and related equipment, if you can.

Repair services

Handyperson skills are incredibly valuable to people of all kinds, especially homeowners who don’t have a landlord to call if something breaks. If I need to make a minor repair to something in my home, I can certainly Google and possibly find a YouTube video showing me how to do it, but I never have any confidence that I won’t make the problem worse.

If you already know how to do things like install a ceiling fan, hook up a refrigerator water line, or unclog a kitchen sink, you probably have many of the tools you’ll need to get your business off the ground. If you don’t, spend some time on Craigslist, Facebook Marketplace, or even driving around to weekend yard or estate sales. You might be able to scoop up tools for cheaper than buying them new.

Don’t forget those marketing costs for this one, too — no one can hire you if they don’t know you exist. Testimonials from satisfied clients and social media advertising can be good routes, as can having sturdy yard signs made that you can ask homeowners to put on their lawns if you’ve recently completed a job there.

Starting your own business doesn’t have to come with a business loan to purchase expensive equipment or buy a building. Lean on the skills and interests you already have, and try one of these business ideas on for size to keep your costs low.

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The Ascent does not cover all offers on the market. Editorial content from The Ascent is separate from The Motley Fool editorial content and is created by a different analyst team.Suzanne Frey, an executive at Alphabet, is a member of The Motley Fool’s board of directors. The Motley Fool has positions in and recommends Alphabet and Costco Wholesale. The Motley Fool has a disclosure policy.

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