Passion and skills are the foundation of any great business idea. But to really make your mark, you need to find an intersection of the two.
Because when you combine your skills with something that you are genuinely passionate about, that’s when you can create something truly great.
Unfortunately, many entrepreneurs chase the latest trends in hope of catching a wave that will take them fame and fortune.
However, this is not a good approach to starting a business, especially if you want your business to achieve long term success.
For instance, I think we all remember when CBD products started becoming popular. It seemed like everyone and their mother was opening a CBD business.
Unfortunately, it wasn’t long before the market became oversaturated and the CBD shops started shutting down.
But the good thing is that there are still plenty of business opportunities available to anyone who is willing to put in the time and effort.
And in the digital age, many of the best business opportunities are online and don’t require a huge investment.
That’s why many of the small business ideas in this article are low-cost online businesses which are ideal for someone who is just starting out.
So, whether you’re looking for a side hustle to make some extra cash or interested in building a multi-million dollar business, this article is for you.
Table of Contents
1. Online Course/Coaching
Whether you have a passion for something or are an expert in your field, there’s no better way to turn that into cash than through creating a digital course or online coaching.
And with the rise of social media and video sharing sites like YouTube it has never been easier!
You can set up a Facebook page to connect with your audience and you can even start a podcast where you can reach out to people and share your stories.
There are several course creation platforms on the market that you can choose from, however there are only two that I highly recommend and that is Thinkific and Teachable.
Both Teachable and Thinkific offer a number of tools that can help you get started with online coaching.
You simply need to register on these sites, upload some content for your students/customers in order to inspire them – then start giving feedback!
Try Thinkific FREE for one month.
2. Ecommerce
With the pandemic accelerating the growth of ecommerce by 4-6 years, retailers are growing their online presence faster than ever before.
And with ecommerce, there are several different business models to choose from. For example, if you’re looking for a hands-off approach, Amazon FBA might be right for you.
With Amazon FBA, you essentially ship your products to Amazon and they handle the rest – from fulfillment to customer service. The downside is that you have less control over your brand and margins are slim.
Dropshipping is another popular option, especially for entrepreneurs just starting out. With dropshipping, you partner with a supplier who handles fulfillment and shipping.
The biggest advantage of dropshipping is that it’s relatively low-risk and low-cost. But the downside is that it can be difficult to scale and you may have less control over quality.
If you’re looking for more control and higher margins, manufacturing your own products may be the way to go. Of course, this approach requires more time and investment upfront. But if done well, it can scale into a multi-million dollar business.
Each has its own set of pros and cons, so it’s important to do your research before deciding which route is right for you.
But one thing is for sure – ecommerce is here to stay, and those who don’t embrace it will be left behind.
Want to learn more about dropshipping?
Here is my complete guide to dropshipping for beginners.
3. Podcasting
Starting a podcast can be a great way to build your brand and grow your business. Not only are podcasts becoming increasingly popular, but they’re also relatively easy and inexpensive to produce.
All you need is a good microphone and a quiet place to record. Once you’ve got those things, you can start planning and recording your episodes.
And if your podcast becomes popular, you could make some serious cash. For example, top podcaster Joe Rogan signed a deal with Spotify in 2020 for an estimated $100 million.
When it comes to choosing a topic for your podcast, it’s important to pick something that you’re passionate about.
That way, you’ll be more likely to stick with it and produce high-quality content. If you’re not sure where to start, try brainstorming some ideas with friends or colleagues.
Once you’ve settled on a topic, the next step is to start reaching out to potential guests. Guests can help to add variety and fresh perspectives to your show, and they can also help promote your podcast to their own audiences.
Once you’ve got a few episodes under your belt, it’s time to start promoting your podcast through social media and other channels.
The more people you can reach, the better your chance of success. With a little effort, starting a successful podcast can be a great way to grow your business.
4. Print on Demand
If you’re interested in starting an ecommerce business, but don’t want to deal with the hassle of shipping and inventory, the print-on-demand business model is a great option.
There are a number of websites, such as Printful, that will handle all the logistics for you, from printing to shipping. All you need to do is create a design and upload it to the site.
Then, when someone orders one of your products, the print-on-demand company will take care of everything else. This way you’ll be able to focus on promoting your products and growing your business.
Plus, selling custom printed products is a great way to build a strong brand because customers will remember your products, and they’ll associate your brand with quality and style.
So if you’re looking for an ecommerce option that’s easy to set up and run, selling custom products using print-on-demand sites like Printful is definitely worth considering.
5. Graphic Design
Graphic design is one of the most in-demand fields today, as companies are always on the lookout for talented designers to help them with their brand image.
Whether you are a seasoned professional or just starting out, there are plenty of exciting opportunities available in this field.
From designing marketing material like banners and flyers, to creating eye-catching logos and posters, there’s no shortage of design work to be done.
Additionally, nowadays companies rely heavily on online platforms like landing pages and websites to reach their audiences; as a result, graphic designers also play an essential role in developing and maintaining these digital platforms.
Some of the most popular software tools for graphic designers are Adobe Photoshop, Adobe Illustrator and Sketch.
And if you don’t have any prior graphic design experience there are plenty of free and paid online courses available on sites like YouTube and Udemy.
So if you have a passion for design and are looking for a business that will allow you to flex your creative muscle and offer limitless opportunities, consider graphic design.
6. Instagram Influencer
In the past, people looked to celebrities for product recommendations. If a celebrity was spotted using a particular item, it would often sell out soon after.
However, with the rise of social media, that has all changed. Nowadays, people are just as likely to follow a niche influencer on Instagram as they are a Hollywood star.
And for good reason – niche influencers are seen as more relatable and trustworthy than celebrities.
They also have a much clearer understanding of their audience’s needs and desires. As a result, their recommendations carry a lot of weight.
What are the steps to becoming a successful Instagram influencer?
The first thing you need to do is choose your niche. What are you passionate about? What can you create a lot of content about?
It can be anything from beauty and makeup, to health and fitness. Once you’ve selected your niche, it’s time to start creating content.
When building a following on Instagram, it’s important to post content that is both interesting and relevant to your target audience.
One way to do this is to share helpful tips and advice related to your industry. This will not only give your followers valuable information, but it will also help to position you as an expert in your field.
Additionally, be sure to engage with other users on the platform. By commenting on their posts and joining in on conversations, you’ll build up a community of like-minded individuals who are more likely to support and promote your brand.
Once you’ve built up a large following, brands will start to reach out to you and offer to pay you to promote their products to your audience. This is referred to as “sponsored content” and this is how many of the top Instagram influencers make most of their income.
In fact, some Instagram influencers are paid $5k-$10k per post! But they have millions of followers and treat Instagram as a full-time business.
If you can build up a loyal following and establish trust and authority in your niche, you’ll be well on your way to becoming a successful Instagram influencer. Good luck!
7. Affiliate Marketing
There are many ways to make passive money online, but one of the most popular is affiliate marketing.
With affiliate marketing, brands allow bloggers and influencers to promote their products in exchange for commissions.
When a product is sold through an affiliate link, the affiliate earns a small percentage of the sale.
While some affiliates build entire businesses around promoting products, others use affiliate marketing as a way to supplement their income.
In either case, it can be a great way to earn passive money online. There are a few things to keep in mind before getting started with affiliate marketing, though.
First, you need to find products that you’re passionate about and that are relevant to your audience.
To get started, you can sign up to affiliate networks, such as Rakuten, ShareASale, and Clickbank. These networks will give you access to thousands of products and brands that are willing to pay affiliates for referred sales.
Second, you need to build up a solid platform (a website or blog) with good traffic before you can start promoting products.
And third, you need to be patient – it takes time to build up a solid base of supporters who are willing to buy through your links.
But if you’re willing to put in the work, affiliate marketing can be a great way to make passive money online.
To see the best high paying affiliate programs of this year, check out my affiliate program guide.
8. Social Media Manager
Are you a social media whiz? Do you have a knack for getting people to engage with content? If so, you could be well suited for starting your own social media consulting business.
In today’s digital age, billions of people are active on social media platforms like Facebook, Instagram, and Twitter.
This presents a big opportunity for businesses and organizations who want to reach out and connect with their target audiences.
But it can be tough to navigate the ever-changing landscape of social media. That’s where you come in!
As a social media consultant, you can help businesses create and execute strategies that will get them results.
You’ll need to be up-to-date on the latest trends and developments in social media, and you’ll need to have a good understanding of how the various ad networks operate.
But if you’re passionate about social media and helping businesses grow, then starting your own social media consulting business could be the perfect career move for you.
9. Web Development
If you’re interested in a career in web development, now is a great time to get started. The demand for skilled web developers is higher than ever, as more and more businesses launch websites.
And the good news is, you don’t need any formal training to get started – you can learn everything you need to know by reading tutorials and articles online, or by taking some coding courses.
The best way to learn web development is by doing it, so why not start by developing websites for your friends and family?
This will give you a chance to practice your skills and build up a portfolio of work to show potential employers. Plus, it’s a great way to make some extra money on the side!
Additionally, there are plenty of e-learning platforms like Udemy and Skillshare where you can learn everything you need to know about web development to get started.
So what are you waiting for? Start learning today and you could be working as a professional web developer in no time.
10. Virtual Assistant
As more and more businesses turn to virtual assistants to help run their operations, the demand for VAs has grown significantly.
Whether they are employed by corporations or working independently as freelancers, VAs help companies streamline their workflows, manage their schedules, and tackle a range of administrative tasks.
And thanks to online learning platforms like Udemy, it’s never been easier to get started on a career as a virtual assistant.
With just a few basic skills in areas like project management, time management, communication, and organization, you can gain access to an in-demand career that offers limitless opportunities for professional growth and financial success.
So if you’re looking for a fast-growing field with endless earning potential and room for advancement, becoming a virtual assistant might just be your perfect fit!
Wrapping Up
If you’re thinking of starting a small business, there are a number of great options to choose from.
For example, starting a blog or a dropshipping business can be a great way to get started without spending too much money.
Additionally, starting a consulting firm is another option that can help you earn a good income while keeping your startup costs low.
Ultimately, it’s up to you to decide which option is best for you, but all of the options mentioned above can help you earn a decent income with a low startup cost.
Whatever you decide to do, just make sure you put in the work and stay focused on your goals and you’ll be successful.
