With the loss of jobs, almost everyone finally getting a taste of working from home, and bank accounts feeling a little low, you might be considering starting a side hustle to help bring in some extra cash. But with the business world in turmoil, is it really a good idea?
Yes! Now is an awesome time to start a business for a ton of reasons, but the most important one being that you happen to be at home right now. We aren’t going to have the vacation-filled summer that we’re used to, there won’t be a ton of heading out of town or going out—so, because you have the time right now, it’s actually the best time to do it.
But Aren’t People Spending Less?
Surprisingly, they’re not. Don’t get me wrong, people aren’t rushing out (or to their computer) to buy everything they see but they are still spending. In fact, some industries like fashion, at-home entertainment, household items (including furniture), and delivery services/subscription boxes are still killing it.
While you don’t want to drop a bunch of cash for a new travel startup, there are still a ton of industries that are still making a ton of cash. And there’s absolutely no reason that you can’t get in on that right now.
What If I Don’t Have A Ton For Start-Up Costs?
You might be surprised to find out that there are a ton of things that you can do with a small start-up budget. I roll my eyes at people who start businesses for absolutely nothing because they clearly aren’t taking into account things like good accounting systems, marketing tools, website costs, and other things that you need to take into consideration—especially right now. But you can still start a business for pretty low costs.
Looking for something more specific? Here are some low-cost start-ups:
- Consulting: you really only need a website, a way to invoice people (look at Wave Accounting which you can use for free), and the courage to start hitting people up.
- Dropshipping: You can start a store for an affordable monthly fee through a service like Shopify and because you don’t require any product on hand, it’s relatively low cost.
- Blogging / Affiliate Marketing: With the exception of the actual cost of buying your domain and hosting your website, blogging and using affiliate links is next to no cost.
How Do I Keep My Business Costs Low?
When it comes to keeping your business costs low there are a few things you can do:
- Start small, the bigger you think the more money you end up spending
- Plan to upgrade, you don’t need to start at the best instead build an upgrading plan
- Keep your business as simple as possible, the more complex, the more money
Looking For More Insights?
- 4 Examples Of Effective Delegation In Business
- Why Task Prioritization Is Important To Get Things Done
- Business Startup Checklist To Avoid Costly Mistakes
Tae started out as a journalist before following the money into the corporate world. But it turns out that the grass isn’t always greener and now you can find her spending most of her time writing about all the things she loves. Namely, money, travel and business with a hefty dose of self-deprecating humor. She is a podcast fanatic, blogging aficionado and loves to find new ways to turn passions into cold hard cash!