The 3 Most Cost-Effective Business Types to Start

I’ve been an independent contractor for over 10 years, so I know how important it is to keep costs low when starting a business. As a freelancer, I’m lucky that my work costs are minimal. Many companies are in the same boat. Depending on what kind of business you are starting, starting a new business and saving money has never been easier.

Here are three of the most cost-effective businesses to start and how much you can earn from each.

1. Content creation

Startup cost: $0

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Average Salary: $116,615

Let me start with what I know best. This is content creation. I left my full-time job 12 years ago, and freelance writing has been my main source of income ever since. This job might allow you to write and edit articles and blog posts, create marketing materials, or update website content.

It wasn’t always easy, but one of the things that made it less nerve-wracking when I started was that it was very affordable. Every four or five years, I buy a new computer and pay for a software service or two to help me check my grammar and organize my work.

However, if you own a computer, you can start working on content creation with little to no startup costs. Finding freelance content work on sites like Fiverr is free, but you’ll pay commissions when you complete the work and get paid.

Startup cost: $0

Average Salary: $64,845

This job is in the same vein as content creation, but comes with more responsibilities. I’ve done this myself, and I can attest that starting a business can be inexpensive.

One difference is that social media managers often create marketing plans and calendars for the content they create. They may also be paid to evaluate a company’s current social media strategy and suggest changes. I recently worked with a company that asked me to look at their current postings, create online materials for their events, and produce a promotional video for a conference they were hosting.

Since you don’t need any special software to become a social media manager, startup costs can be as low as $0. But if you have a few clients, you might want to pay for social media management software like Hootsuite, which starts at $1,188 per year.

3. Swelling

Initial cost: $1,347

Average Salary: $50,573

Accounting is a particularly useful career because it is currently in high demand. You don’t even need to be a certified public accountant. Many bookkeepers are good with numbers and skilled at using accounting software.

There are more than 33 million small businesses in the U.S., and many may rely on the help of freelance bookkeepers to keep track of their finances. If you want to excel in the field or hone your skills, you can take a bookkeeping course. The National Association of Certified Public Bookkeepers has online classes to get certified and become a certified bookkeeper for $1,347.

Consider improving your skills before starting a new business.

If you’re interested in starting a new business but aren’t sure where to start, building new skills can be a good first step. Platforms like MasterClass and Skillshare can introduce you to new skills and build on existing ones.

These skill improvements pay dividends even if you don’t use them to start a new business. Workers who improve their skills earn an average of 8.6% more, according to Gallup data.

There are many other low-cost businesses you can start that aren’t on this list. However, the high-demand small businesses discussed here can be launched relatively quickly and with virtually no out-of-pocket costs. If you’re looking for a career change or want to start a side hustle, this is a great combination.

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