Last year was financially tough for a lot of people, which made almost everyone realize the importance of having multiple sources of income. This consequently led many people to start or consider starting their own small businesses because they can be managed well as side hustles and are a great way to reinforce earnings. This is why if you have had something in your mind to pursue as a side business for long, now is the time to take the plunge because besides realizing your plans, it would also help strengthen your financial position in these uncertain times.
If you are an aspiring entrepreneur but have been stuck in the spiral of settling on an idea that would be as profitable as it’d be achievable, this blog can help you out. Below are some low-investment or no-investment small business ideas that can work best in 2021 and, if handled well, have the potential to grow into something big as well.
1. Home-Based Food Business
If you are passionate about and skilled in cooking/baking, you can start doing it on-demand and earn good money for it, even during Covid. It can even serve as a humble start if you have future plans of opening up a restaurant.
2. Real Estate Work
All one needs for this kind of zero-investment work is good communication skills and good contacts. You will connect sellers of different properties with interested buyers and once a deal is finalized between two parties you’ll get a profit for working as a mediator.
3. Online tutoring/Courses
The need for online tutors or courses has considerably increased lately. This is one of the easiest ways to earn money which also spans a wide array of niches. You can either teach certain subjects if you have a knack for teaching or if you are not interested in academics you can conduct courses or sessions on other skills like designing, DIY, arts and crafts, etc.
4. Content Creation
There is always a huge demand for freelance graphic designers, web developers, videographers, editors, copywriters, translators, and content writers. If you have an interest and are deft in any or all of these areas you can set up your own website or social media accounts and market your work on freelance sites as well. Once this kind of work gains momentum, there is no looking back.
5. Online Apparel Business
If you have always had an interest in fashion and styling, why not monetize it? You can either set up an online store of your own self-designed clothes, or you can resell clothes bought from different retailers in your shop keeping a percentage of the profit.
6. Event Management
This kind of work requires excellent management, organization, communication, and problem-solving skills, along with a good aesthetic sense. If you have it all you may want to consider starting this work as the demand for event managers is on a rise these days.
7. Online Handmade Crafts/ Customized Products Shop
These kinds of products are unique and always in trend. People love buying aesthetic hand-made crafts and customized merchandise for themselves or for their loved ones. However, the key here is to stand-out and maintain individuality as a lot of people are beginning to start this work lately.
8. Adventure Tourism
Travelling is always in season. If you are a travel enthusiast, you can organize local tours for small groups, and offer your services as a travel guide. In the case of international travels, you can partner up with other agencies and work as a consultant, or you can gradually set up your own travel agency as well.
9. Online Book Stores
There can never be enough bookstores and libraries anywhere. If you are passionate about books yourself, you can start online stores where not only books are sold but lent as well.
From wedding events to birthday parties to corporate events, photographers are always hired. If you are skilled in photography and videography you can set up social media accounts to display your work and build clientele. You can begin by covering some events voluntarily as well.
These are a few small business ideas to help you identify your niche. You’d notice a lot of the ideas mention online work and require low investment, that is because during Covid it would be risky to start a large scale business unless you choose a niche that has the maximum probability of success.