Starting a business is often a pricey
ordeal, but no- to low-cost ideas exist for aspiring entrepreneurs with unique
and marketable talent. Take inventory of the skills you already possess,
recommends Holly Reisem Hanna, founder of career blog The Work at Home Woman.
List your past jobs, education, training, passions, skills and talents to help
identify vocational patterns and interests that can guide you toward your new
business venture.
“In this exercise, you want to
go deep,” she says, “so include what you liked and didn’t like about past jobs,
training and schooling.”
Need more small business ideas
to get the wheels turning? Consider these classic business ideas you can start
with no immediate costs.
Consulting and teaching
Your best assets are the
knowledge and skills you already have. So whether you’re a math whiz, grammar
guru or musical wunderkind, consider selling your well-honed expertise. While
you may eventually want to spend a few dollars to get the word out about your
services – beyond, say, your social media contacts — you already have the tools
you need to get started, which will help keep overhead low.
Manual work
Everyday home maintenance and
repairs have a habit of piling up, so if you’re naturally handy around the
house, consider positioning yourself as a master of manual labor. Start by
specializing in a niche area, like building your expertise in painting or
landscaping to help build credibility among clients and not overextend
yourself.
Freelancing
More and more companies are
looking to freelancers, or independent contractors, to lower their in-house
costs, giving creative types – writers, photographers, designers — an opportunity
to share their talents with multiple clients.
Pet services
Americans shell out big bucks
when it comes to their pets. According to the American Pet Products
Association, pet owners spent $66.8 billion on their animals in 2016, with $5.8
billion of that going toward services like grooming and boarding. If pets are
your passion, you can start a dog-walking or pet-sitting business for little to
no money. Later on, you might take it a step further and become a trainer,
though you’ll want to invest in a certification to give your business
credibility.
Personal training
Cashing in on the fitness craze
is a great idea for the athletically blessed, and there are no required costs
for starting out. You can start by working out with clients in public spaces
like parks and focusing on body-resistance exercises. Take your hustle to the
next level by investing in some gear, like resistance bands or weights, to keep
your clients progressing—and coming back to you for more. While there are no
state or federal laws regulating who can and cannot declare themselves a
personal trainer, a potential cost (and a worthwhile one, at that) is getting
certified by an industry organization like the American Council on Exercise.
You’ll also want to consider liability insurance to cover any client injuries
that may happen while you’re training them.
But entrepreneur beware
Hanna recommends avoiding work
in highly regulated industries, like health care, because the guidelines can be
hard to navigate. Even outside of tricky industries, there are common pitfalls
to avoid when pursuing your side job:
Don’t jeopardize your main
hustle. You may need to maintain full-time employment to generate income while
your business is getting off the ground. It’s crucial you don’t allocate your
best self to your side hustle and phone it in on your regular job. It’s also
good to double-check your contract – you don’t want to start a new business
only to realize you signed a non-compete clause with your full-time employer.
Look into licensing and certificates.
Keeping overhead costs low is important, but there are some corners you don’t
want to cut. Even if you’re building a business off of your existing skills,
like cutting hair or baking, for example, make sure you follow regulatory
guidelines for your industry. If you plan to run your business from your home,
check your home insurance policy for what incidents are covered and which ones
aren’t, and buy riders accordingly for added protection.
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