They say that you have to spend money to earn money but that can be quite a challenge if you’re just starting out. Instead of taking loans you might never be able to pay off, why don’t you consider some other, much more affordable online options?
We rounded up several great low-cost startup online business ideas that you can utilize to kickstart your web career. Obviously, not every idea is for everyone, so make sure you go through our list and find the one that really speaks to you. Let’s get started.
Data entry is a strong, easy business venture because, ultimately, it just requires some basic computer knowledge and the time and ability to actually enter data. That’s it!
A simple way to capitalize on this need is to create a small business that offers various data entry services to big companies (then watch the offers fly in). The best part about creating a data entry startup is that nearly all companies need some data entry work done — from business contacts to revenue tracking — allowing you to cast a wide net to capture clients.
According to Glassdoor website, the average base pay for data entry specialists is $31,135 a year, which is not bad considering the possibilities of working from home with room for growth and little-to-no initial startup costs.
Virtual Assistance Service
Virtual assistance is an unexpected career path, but is booming in the digital age — particularly with startups. And with 43 percent of employed Americans working remotely at least part of the time, an in-office administrator becomes less important than the best administrator.
As the name suggests, virtual assistance allows you to provide a helping hand to clients by completing diverse tasks such as communicating with other clients, setting up appointments, and even copywriting remotely. Ultimately, the most important aspect of virtual assistance is ensuring that you are there for your clients when they need you and listen closely to their needs.
Unlike data entry, virtual assistance is a bit more demanding and diverse, and not everyone can handle the pressure of multiple tasks in a freelance-like setting. The VA Handbook details particular qualities that create a successful virtual assistant, including reliability, strong communication skills, effective time management, and resourcefulness. Do any of those sound like you? Virtual assistance might be right up your alley!
Social Media Managing
Seventy-nine percent of Internet users in the United States regularly check Facebook, with Instagram, Pinterest and Twitter snatching up a large portion of web surfers as well. This emphasis on social media marketing has changed the way in which companies appeal to their consumers.
Companies are investing in social networks — and the great thing about a digital world is that you can conduct business from anywhere, and at low cost! Starting a social media management service that offers a variety of copywriting, strategy and analysis is a service that big companies and small mom-and-pop shops alike can’t resist. Plus, this industry is set to expand even further, meaning there’s a strong potential to grown into a small firm or social media marketing agency instead of a one-man show, if that’s what you want.
Pro tip: Make sure you have a firm grasp of how all of the social media networks’ algorithms work. They are the key to getting any brand’s content (paid or organic) to the top of people’s newsfeeds AND encouraging readers to click on them. The good news? There are plenty of platforms like Buzzsumo and Sprout Social to identify competitors and hone your strategy.
In 2015, YouTube’s branded content videos saw 40 billion all-time views — a record that hasn’t slowed down. Plus, 87 percent of marketers plan to incorporate YouTube videos into their marketing plans.
So, it comes as no surprise that countless companies are willing to pay for honest, simple video reviews of their products. Shawn Cannel from Think Media TV detailed three ways you can get paid specifically on YouTube for your reviews: Through YouTube ads, affiliate marketing, and sponsorships.
If this is the path you choose, the third option is the one you should aim for — especially if you’re just starting up. Websites like Famebit will send you their products for free in order to get a video review from you and the better you are at it, the better products you’ll get in the future and the faster you can expand your “client base.”
These are just a couple of low startup business ideas to get your wheels turning and moving you in the right direction. All in all, the most important thing to realize is that you really don’t have to spend a lot of (or any) money to start your first online business. You just need to follow your gut and utilize your skills the best way you can.