Only around 50% of small businesses make it past the five-year mark. This type of risk scares many people away from the idea of turning an entrepreneurial idea into something bigger.
However, if one of your goals in life is to start your own business, there are ways to take it slow. By opting for low cost business opportunities, you can ease yourself in without risking too much.
This is a great way to turn a passion into income. It’ll also allow you to learn about owning a business at your own pace. Let’s look at five affordable business ideas.
1. Private Yoga Instructor
Yoga is very popular, which means instructors are always in demand. If you already enjoy yoga, take things to the next level and become a private instructor.
You’ll first need to go through yoga teacher training and become certified. This is affordable and you can complete it in six months or less.
Start by offering classes out of your home or rent studio space. With enough hard work, you’ll be able to open your own studio.
2. Event Planning
If you pride yourself on your organizational skills and love entertaining, starting an event planning business may be right for you. Start out on your own and grow your client base.
The great thing about event planning is you can do much of the work from home. All you need is a computer and a smartphone.
This is a perfect business opportunity if you love networking and marketing. Once you start building strong relationships with vendors, you’ll be able to streamline the event planning process.
3. Graphic Design
If you’re an artist, think about using your skills as a way to make a good income. Starting a graphic design business will allow you to use your artist prowess to help other organizations grow.
You’ll need to invest in programs like Adobe Illustrator and Photoshop. Taking some formal classes is a good idea too.
After that, start working as a freelancer and build a portfolio. Eventually, you can think about partnering up with another designer and take on more clients.
4. Photography Service
Have you always been able to take great photos? If so, there are plenty of business opportunities as a professional photographer.
To get started, all you’ll need to invest in is good equipment and a website. Don’t shy away from doing some free jobs as a way to build up your portfolio.
Then, start advertising your services and charging competitive rates. Remember to use social media to get your name out there.
5. Massage Therapy
If you like making people feel good, become a massage therapist and start working privately. To do this, you’ll need to get licensed in your state.
After that, your expenses will include a massage table, oils, and other minor supplies. You can start making a good income as a private masseuse and expand once your client base is big enough.
Consider These Low Cost Business Opportunities
If you don’t want to jump into the deep end by taking out a huge business loan, start small. It’s fine to begin on your own and grow when the time is right.
Consider the low cost business opportunities discussed above and follow your dream.
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