No one can dispute the fact that money is the fuel that propels businesses.
In logical light of this, most aspiring entrepreneurs think they need sizeable sums of money to start their ventures. To them, capital (money) is the first barrier holding them back. So, becoming an employee is seen as a better option than becoming an entrepreneur.
The focus of this article is to address such an assertion and provide alternative ways of becoming an entrepreneur without draining the bank account. But before then, let’s look at one apparent reason why today is the best time to start that business.
The unexpected impact of COVID-19 has proven to everyone that being an employee is no longer a safe option. According to https://www.statista.com/, as of April 2020, the national unemployment level stood at about 23.08 million unemployed persons in the United States of America.
Well, thanks to COVID-19.
It’s, therefore prudent to say that there is nothing fancy about being an employee. Whether you are an aspiring entrepreneur or an employee, I want to share with you 7 businesses, you can start right away as a side hustle with less capital:
- Graphic Consulting Business
- Website Consulting Business
- Vlogging Business
- Virtual Assistant Business
- Social Media Consulting Business
- Pet Business
- Tutoring Consulting Business
1. Graphic Consulting Business:
The Graphic designing business might be a suitable fit for you if you are creative and imaginative, and have a fascinating eye for colors, texture, and nature. With an expected market size of $15 billion, this is an industry worth exploring.
Branding has become an intoxicating wine in the corporate world–every business wants to have an eternal taste. With companies vying to distinguish themselves from the crowd and outwitting each other, you will never lack clients.
You’ll meet the branding needs of these insatiable companies by offering to design their creative assets for them. These include:
- Business cards
- T-shirts, etc.
To start on a good footing, you need a good computer installed with Adobe Photoshop and Illustrator. You don’t have the skill, right? Don’t worry, as you can learn and gain this essential skillset from the internet–www. cousera.com, www.lynda.com, and www.youtube.com.
To make extra money, you can enter logo contests or use the logo maker at https://www.logomyway.com/ to earn from $200 to $1000 per logo contest you enter.
According to payscale.com, graphic designers in the United States earn on average $45,144 annually, which translates into $17.47 per hour.
2. Website Consulting Business:
This is the information age–we have gone digital and seasoned entrepreneurs know the impact. Businesses that cannot embrace the new world are doomed forever.
The positive impacts of the internet and other technologies have made websites to become an indispensable infrastructure to have. This has created a tremendous business opportunity for website designers.
Having the right skills and training will position you as a professional website designer in this emerging industry with unlimited potential. Gone are the days when you need complicated coding skills to become a website designer.
Today, with a WordPress mastering skill, you can design any websites for the corporate world. Fortunately, this vital skill can be learned for free. Your startup cost is equal to the time you invest in your learning.
According to payscale.com, website designers in the United States earn on average $50,029 annually, which translates into $19.94 per hour.
With an expected market size of $38 billion, this is an industry that shouldn’t be ignored.
3. Vlogging Business:
Are you passionate about videos?
And do you want to share what you know with the rest of the world?
If so, you can call yourself a vlogger by starting a Vlogging Business. Vlogging is a fancy term for blogging using videos instead of words.
You can share your knowledge on any topic such as–cooking, traveling, entrepreneurship, fashion, sport, farming, and business. The lists are endless.
YouTube and Vimeo are two of the largest platforms you can host and share your videos with your target audience.
To start, you need a computer, a good camera, and a video sharing platform. To earn money, you must monetize your videos with:
- Sponsored Ads
- Google AdSense
- Selling digital products
- Paid membership for content
- Affiliate links, etc.
Three vlogging millionaires are Logan Paul (American), Jake Paul (American), and Felix Kjellberg (Swedish).
You can also follow in their footsteps.
4. Virtual Assistant Business:
Are you one of those who fancy work from home opportunities?
Fortunately for you, there is a growing demand in the industry. The impact of COVID-19 has made the demand to be astronomical. You don’t need any money to venture into this profitable business.
As a virtual assistant, you will work as an independent contractor from a remote location by performing the following services on behalf of businesses:
- Answering calls
- Entering data
- Scheduling appointments
- Calendar management
- Creating basic reports
- Responding to emails, etc.
To find jobs, you can register and bid for projects on Upwork, Freelancer, Guru, and People Per Hour, to list a few.
Most Virtual Assistants earn from $5 to $100 per hour depending on skillset, experience, and the company working with.
In most cases, your time is your startup capital.
5. Social Media Consulting Business:
Are you a social butterfly?
Do you spend much time messaging, posting, and sharing texts, images, and videos with your loved ones?
Are you aware that you can get paid to do the same things for businesses across the globe?
Initially, Facebook, Twitter, Instagram, etc. were created for social interactions but have turned into serious marketing platforms for businesses.
The power of these platforms to help companies reach their target audiences and to make money has made businesses not to ignore them.
Since most businesses do not have an in-house Social Media Manager to manage their social media channels, they will outsource from any part of the world–and this is where you come in to help them while getting paid.
To maximize your chances of landing a job in this industry, you can take a certification course from these same media giants to show to your potential clients.
6. Pet Business:
Turn your love of animals into a constant stream of income.
Americans love their pets–dogs, cats, horses, etc. And they spend colossal amounts of money trying to make them happy and gorgeous.
According to the American Pet Product Association, in 2019, $95.7 billion was spent on pets in the United States, and it is estimated to grow to $99 billion in 2020. This is a huge and promising industry for aspiring entrepreneurs to explore.
There are unique areas you can focus on. This includes but not limited to:
- Pet food and treats
- Pet supplies
- Pet accessories
- Veterinary services
- Training, etc.
Wouldn’t it be a brilliant idea to tap into this expansive industry?
Your guess is as good as mine!
7. Tutoring Consulting Business:
Are you looking for ways to profit from your knowledge, experience, love for children, and the desire to impact your community?
If yes, then tutoring might be the business for you. It’s a profitable business you can start with little investment. Here you will offer private teaching to children and adults at their homes.
Your flair and passion for teaching, knowledge, and experience in specific subjects are excellent resources you can profit from. You can focus on teaching one of the following subjects:
- English language
- Accounting, etc.
Matt Fuentes, the author of “The Ultimate Guide to Becoming an ACT Tutor: All the information you need to run a successful ACT tutoring business” is a living testimony that this business works.
He earns between $3000 – $4000 a month preparing students for the ACT, a US college entrance examination.
In conclusion, I want to say that what is holding most aspiring entrepreneurs back is not lack of money but a lack of motivation to start small.
Every aspiring entrepreneur must know that the capital requirement of a business is determined by its needs. For instance, the higher the capital expenditure involved, the larger the investment.
There are businesses that can be started with $100. And there are businesses that cannot be started with $10,000 startup capital. As stated earlier, your business needs are determined by the capital requirement.
It’s therefore advisable to start small with the resources available and gradually expand from there.