10 Small Business Ideas for the Entrepreneur with Limited Capital

How can small business owners launch their businesses with limited capital? This question has been asked by thousands of entrepreneurs all over the world, many of whom have already succeeded in their ventures. If you’re considering starting your own business, consider these 10 small business ideas that make a great entry point into the world of entrepreneurship with limited capital.

1) Event Planning

Event planning is a small business idea that makes money through collecting fees from clients and coordinating logistics. If you like hosting parties and coordinating, event planning is a great way to get started in business while building up relationships. There are many online resources available to help you start an event planning business from home—all you need is some upfront capital, which can be saved through your party-hosting gig. You may want to look into renting an office space and hiring staff, however; these things don’t scale easily on your own.

2) Online courses

Small Business Ideas for the Entrepreneur with Limited Capital

Online courses are a great way to make money from your passion. Many professionals in high-demand fields like programming, copywriting, and software development have created online courses that can bring in some extra cash each month. If you have a hobby (or even better, expertise) to match up with an online course idea, it's worth giving it a shot as an alternative source of income. You can sell them on sites like Udemy or Teachable. Also, if you're looking to save money on a purchase, do check out our coupons page on RetailMeNot! Your business shouldn't be dependent on advertising alone anyway; use every tool at your disposal to drive people toward your product or service.

3) Personal brand management

When it comes to small business advertising ideas, people rarely think of personal brand management. Personal branding is all about your career and how you connect yourself to a community of people who want to hear from you. Though many small businesses use social media as a promotional tool, that’s actually better suited for personal branding efforts than selling products or services. Try creating content to attract potential customers, like webinars about topics your target audience is interested in or whitepapers answering questions they have but don’t know who to ask. The more you can help prospects do their research without feeling like they’re doing it alone, the more likely they are to connect with your business.

4) Data science consulting

Big businesses are gathering more and more data, but most don’t have the in-house expertise to analyze it. That’s where a data science consulting business comes in. Highlight your quantitative or analytical skillset, and develop a proposal for how you could use data to help a specific business make informed decisions about its products or services. If you already know someone who works at that company, even better!

5) Event management software

Small Business Ideas for the Entrepreneur with Limited Capital

Managing events has never been easy. From trying to find a venue, booking guest speakers, and ensuring that everything runs smoothly on the day, running an event can be quite a challenging task. Thankfully, there’s some software out there that makes things easier. Two great examples are Eventbrite (which helps you organize and promote your event) and Updater (which helps keep attendees updated as things progress). This type of software offers small business owners an excellent way to get into events management without investing large amounts of capital upfront.

6) Bookkeeping services

Hiring a bookkeeper to take care of your taxes and other financial tasks is one of those easy small business ideas that can make a big difference. Not only does it give you more time to focus on growing your business, but bookkeeping services typically cost much less than getting an accountant. If you’re looking for a low-cost way to build credibility and attract new customers, look no further. A bookkeeping service can be whatever you want it to be—from being in charge of your monthly ledgers to handling your payroll. Check out more bookshelf business ideas here!

7) Niche retail store

You don’t need to invest much capital to start a retail store. You can open an online storefront, set up a physical shopfront, or sell from your home, depending on your level of investment and confidence. Of course, there are plenty of other small business ideas that cost little but can be hard work—such as a taxi business or food delivery service. But if you’re looking for an entry point into small business ownership, try niche retailing and scale up as you grow your customer base.

8) Toy sales online

Small Business Ideas for the Entrepreneur with Limited Capital

Buying in bulk online is another great way to reduce costs since many online retailers have fixed prices that can take a big bite out of profits. If you plan to sell toys, find a wholesaler and buy goods in bulk. You might be able to secure shipping discounts as well. You can sell these items for a bit less than they would cost at retail, yet still, make a decent profit after you factor in discounts from your wholesale order and lower shipping costs. To save on processing fees and commissions when selling online, consider using an automated service like Oberlo from Appsbroker which will handle all aspects of your dropshipping orders without any hassles on your part.

9) Life coaching

Small Business Ideas for the Entrepreneur with Limited Capital

According to one estimate, life coaching was a $2.5 billion industry in 2016, and it’s expected to reach more than $3.6 billion by 2022. That’s because we all need some guidance in areas like health, wealth, and relationships; but finding an affordable coach isn’t easy. Even though they may not have formal training, many professional coaches offer their services online—for less than what you might pay for a video game. Still not convinced? A life coach can be an unbiased guide to help you plan your budget or career moves; a sounding board for your relationship issues or when you want someone who will listen without judgment as you work through anxiety or depression.

10) Virtual assistant service

Virtual assistants help people run their businesses, freeing up time to do what they’re really good at. If you’re a small business owner looking to spend more time developing your skills or just have more free time, a virtual assistant can be a great investment. Virtual assistants are essentially just that—assistants who work from home. Depending on your needs, there are in-house and remote virtual assistants. In-house virtual assistants tend to do administrative tasks such as proofreading, filing, and running errands.