794: 10 Fresh Business Ideas with Low Startup Costs

0:01This episode is supported by What Should I Do With My Money? From Morgan Stanley. Okay, can we just talk about how money is legitimately one of the hardest topics to bring up. Like even when you think you have your stuff together, there's always this really weird awkwardness around it. That's why I am obsessed with this podcast. It actually makes money conversations feel approachable. I recently listened to an episode about affording multiple big life things at once, like a wedding, a house, an IVF, if they were all happening at the same time. And honestly, it hit home. So many people are wondering, can we actually have it all without sacrificing our sanity or our savings?

0:42What I love is that they bring in real experts who help break down these massive costs into actual doable steps. It's like having a money mentor in your ear who gets it. Search for What Should I Do With My Money in your podcast player. We'll also include a link in the show notes. Many thanks to What Should I Do With My Money and Morgan Stanley for their support. You could use a store like Shopify. That's what we use and love. But again, low startup costs, you can get good rewards and you can start to really get valuable insight as to what your audience, even if it's really small, is willing to spend money on.

1:20I'm Jenna Kutcher, your host of the Gold Digger podcast. I escaped the corporate world at the age of 23 with nothing more than a$300 camera from Craigslist and a dream. Now I'm running a seven figure online business that feels even better than it looks all from my house in small town, Minnesota with my family. Here we value time as our currency. We mix the woo and the work, and we are in the pursuit of building businesses that give us the freedom to live lives that we love. I've always loved turning big goals into reality, and I'm here to help you do the same. This isn't just a peek behind the curtain.

1:56Come along with me and my guests as we tear the whole curtain down. Every week we tackle practical, no-fluff marketing strategies and host honest discussions on what works and what doesn't. Join me and my expert guests for actionable insights to help you grow your dream business with confidence. Pull up a seat and get ready to be challenged, inspired, and empowered. This is the Gold Digger Podcast. I think just about everyone and their mother knows the story of Steve Wozniak and Steve Jobs starting Apple Computer Co. from Jobs' parents' garage. But did you know that they're not alone in the list of the billion-dollar companies who started with little to no investment?

2:38Walt Disney, Hewlett-Packard, Mattel, Papa John's, It Cosmetics, Spanx, Kendra Scott, and so many more household names were all founded on a tight budget and a good idea, proving that you don't need investors to start something amazing. You just need creativity, passion, and the willingness to take one step at a time. If you've ever felt the tug to start your own business, but you worried about the startup costs, or you're wanting to expand your business or start a new side hustle, then this episode is for you. I'm about to give you 10 fresh business ideas that are perfect for anyone looking to make a big impact with a small investment.

3:15I even think that some of the best business ideas don't require a ton of money to get off the ground. It is possible to dream big without spending big. And I'm going to prove it to you right now. Let's dive on into 10 businesses you can start with low startup costs. Let's dive on in. More to do is less time and an infinite number of tools to keep track of. Goal diggers, do you ever feel like doing business has never felt harder? Well, the good news is you don't need a miracle to hit your goals. You just need HubSpot. Their all-in-one customer platform can make growing your business so much easier.

3:51Imagine this high quality leads, fast closing deals, wildly happy customers and more benchmark breaking quarters. It's not a miracle. It's HubSpot. Visit HubSpot.com to get started today. That's HubSpot.com. About a year ago, I did an episode. It was episode number 658. And it was 10 small business ideas so you can work from home. And it was one of our top downloaded episodes ever. I think people these days really want to have that freedom and flexibility. And they also want to find a career that gives them both of those things. And so today I wanted to take a little bit different of a spin and talk about businesses that have low startup costs.

4:31So if you are someone who wants to start a side hustle or maybe add an extension onto your current business, you want to make more money, but you don't want to have to put a lot into it to get it off the ground. This episode is for you. I am the queen of bootstrapping. I bootstrapped my entire business with nothing more than a$300 camera from Craigslist and built everything along the way. And so I know that feeling, and I want to share some ideas and stories that might inspire you today. So one of the first businesses that you can start with very little, I would argue, minimal startup costs is a virtual assistant business.

5:07I will never forget when I hired my first virtual assistant. Her name was Caitlin. I tell the story in my book, but she literally reached out three different times before I finally hired her. I was a solopreneur. I was white knuckling my entire business. I was someone operating from this idea of I've got this. I don't need any help until Caitlin reached out and I was finally able to admit, OMG, I need a lot of help. Caitlin came into my business and I'll never forget the first time I sat down with her, she asked for my Gmail password. Not only was I embarrassed to give it to her because I had no system or structure, but I was also afraid.

5:47I was like, what if she says the wrong thing? Or what if she doesn't do it in the way that I would do it? I had a lot of control issues, which I think a lot of entrepreneurs do. But it was so funny because after one week of having her working for me, responding to my clients happily, taking care of some of the things that I had been marking unread and cleaning up my inbox, I was ready to give her full access to anything she ever needed. It was such a weight off my shoulders. And I realized that any response is better than no response. And at the time I was so overworked and overwhelmed that I couldn't even look at my inbox.

6:19And so it totally cracked open this new stage of business where I am happily asking for help and paying people to help me. And so if you are someone who wants to step in and assist somebody, A virtual assistant job can encompass so many different things. And so for me, Caitlin first started in my inbox and she worked with me for years and years and years. And over time, her role kept changing. She went from being a virtual assistant, checking emails, helping me create courses to kind of being our course liaison. And so it was amazing to see that she was able to kind of climb up the ranks. Her salary significantly changed over the years.

6:58and what started as something that felt small and part-time turned into an amazing full-time position. And so if you're wondering like, okay, well, what is a virtual assistant? Or if you hear people talk about a VA, a virtual assistant is a self-employed worker who provides administrative services to clients, usually remotely and usually from home. Now, VAs can work anywhere from part-time to full-time for companies of all sizes and industries. And what's interesting is, is that Every VA position can look a little bit different depending on your employer and their needs. Some of the common tasks that VAs do include scheduling, email management, research project management, travel planning, graphic design, bookkeeping.

7:40If you're worried like, I don't know how to do all those things, you get to create the VA position of your dream saying, here's what I'm really good at and here's what I would love to do. We've had VAs help with inbox management. We've had people do proofreading. We've had different VAs do research. So like there are so many different zones that you could find yourself in. Now, according to ZipRecruiter, the average salary of a VA in June of 2024 is around$50 ,000 with the top earners making around $65 ,000. So that means the average hourly wage is between$20 to$30 per hour. Now, this might be a really good startup for you if you are proficient with your computer, if you enjoy organization and attention to detail, if you can communicate well and have interpersonal skills, and if you are driven enough to work from home and to kind of be your own boss.

8:31Literally all you need to get started is a computer, an internet connection, and any software that you might need for specific tasks that you plan to do. But a lot of times too, your employers will literally provide you with the tools that you need to do the job that you need to do. My current VA Steph, I think she's been with me for like seven or eight years. She is incredible. If you've ever emailed me, you've heard from Steph. And so this is such a crucial role on a company. And a lot of times entrepreneurs are so good at their craft, but they're terrible at organization and management. And so that's where you get to like step in and save the day.

9:06So if you've never considered being a VA, this is your invitation to do so. Okay. The next job that you can start with a little to no startup costs is getting into like event planning or even wedding planning. So here's a quick story. When I had my mastermind, I had my mastermind for one year and we had three different events and they were multi-day events where we had to coordinate lodging and meals and, you know, some of the activities and all these different things. And I remember talking to my mom about like, okay, here's the vision for the masterminds. Here's what we need to do. And I'm going to hire an event planner.

9:40And my mom was like, wait, like I can do that. I'll do that for you. and it was amazing way for my mom to support me but also for us to financially support my parents and so my mom joined my team that year and she planned all of our three-day events for our mastermind and she did such an amazing job and now my mom has a background in nursing so not exactly event planning but she's always been really organized she was able to kind of see the vision she was really cognizant of people's needs and matching them like she just did such an incredible job. And it was so fun because then my mom got to come on the trips with us and be a part of it.

10:14And so if you are someone who loves events and things like that, this could be an amazing way for you to start assisting companies that need help planning events. Or if you went into like the world of wedding planning or things like that. Again, I'm from the wedding world, so I know that world really well. So obviously what it is, is an individual who plans and coordinates events such as weddings, corporate gatherings, parties, and more. Here are some stats that might be interesting. So the events industry is absolutely booming post-pandemic. So think about it. The world was closed for a few years.

10:46All events were put on hold. Now that in-person events are having a big return, there's a huge demand for event planners to plan all of the events. According to Glassdoor, wedding planners make anywhere from$53 ,000 to$96 ,000 per year, especially if you specialize in high-end weddings. So that's a pretty big range there. Now, this is for you if you are a people person, if you have amazing communication skills, if you are a visionary that you can see a plan come to life, you need to be very organized. You need to be a problem solver and a good communicator. And here again, you need a computer, an internet connection, a website host, and a car to get to and from each event.

11:23And I would argue that the events that I have worked with great planners. The entire event runs so differently than when someone is trying to do it themselves. And if you've ever planned an event, even like a child's birthday party, you know that you are the one micromanaging all the details. You're not like fully present and fully engulfed in the experience. And so having someone step in to help with that can totally change the experience, not just for everyone attending, but also for you. And so something to consider and a great way to step in and assist companies that are excited about having events again.

11:58It's time for Black Friday, Dell Technologies' biggest sale of the year. That's right, you'll find huge savings on select Dell PCs like the Dell 16 Plus with Intel Core Ultra processors. And with built-in advanced AI features, it's the PC that helps you do more faster. From smarter multitasking to extended battery life, these PCs get the busy work done so you can focus on what matters most to you. Plus, earn Dell rewards and enjoy many other benefits like free shipping, expert support, price match guarantee, and flexible financing options. They also have the biggest deals on accessories that pair perfectly with your Dell PC, improving the way you work, play, and connect.

12:40Whether you just started holiday shopping or you're finishing up, these PCs and accessories make perfect gifts for everyone on your list. Shop now at dell.com forward slash deals and don't miss out. That's dell.com forward slash deals.

13:00A few months ago, I got my colors done and I learned that your girl is an autumn, which means out with the black and in with the brown. I have been rebuilding a capsule wardrobe lately and my all-time favorite place to shop is Revolve. They add new products daily and you can sort by color and size and even build out wish lists. I recently got these brown Autry sneakers that I am obsessed with and I snagged this suede bag that I couldn't stop eyeing for fall. Plus they have inclusive sizing and constant new arrivals, which means there's always something that can fit your life and your style. Whether it's a weekend away, a big night out or just a little style refresh, your dream wardrobe is just one click away.

13:42Head to revolve.com forward slash gold digger shop my edit and take 15 % off your first order with the code gold digger fast two day shipping easy returns it's literally the only place you need to shop from that's revolve.com forward slash gold digger to shop my favorites and get 15 % off your first order using the code gold digger offer ends December 14th so happy shopping. Okay the next business that has really low startup costs and I have experience in it is drop shipping. So what is drop shipping? Drop shipping is selling products online without having to hold an inventory, meaning you don't have to invest your money in getting an inventory and then hoping it sells out.

14:23Basically, when you make a sale, you purchase the item from a third party, which then ships it directly to the customer. So again, really, really low stakes here. So here's how I did this. Back in the day, I was really burnt out from wedding photography. I picked up some watercolor paint that I'd gotten from my mother-in-law who was an art teacher. And I was just painting to decompress, to kind of heal my burnout. But that painting very quickly turned into a side hustle because I started scanning my paintings and listing them on a website called Society6. Society6 can take your artwork or your creations and literally turn it into like basically anything, a mug, a shower curtain, a rug, a phone case.

15:08And so I started selling my watercolor prints on Society6. I didn't have to have any inventory. All I had to do is create the art once and upload it. And then basically they took care of the rest. And very quickly, I was able to earn enough money to pay our entire home mortgage. Like it started as like, oh, here's a couple extra hundred dollars a month into like, this is an actual thing that is helping fund our lives. And so it can be an amazing way. And the cool thing is, is that when you make a new piece and you upload it, the greatest risk is just your time, right? You're not really risking, you know, am I going to invest in a thousand pieces of inventory and then nobody actually wants it.

15:46Now I'm sitting on inventory and I need to get it out and I've already invested a lot of money. And so it's really just a trading time for money type game, but like there's not a lot of risk involved. Get this. Did you know that according to a case study by Analyzeify, drop shipping accounts for 23 % of all online sales in the e-commerce industry. Plus drop shippers typically earn 20 to 30 % profit from each sale. So successful drop shipping companies can make $50 to$5 ,000 in daily profits. So you could either be the drop shipper or you could create something and sell something and have it drop shipped.

16:22There's like two sides of the coin for you. So this might be a really good fit for you. If you'd like to stay on top of trends, if you're a first-time entrepreneur because of the low risk factor, or if you're interested in things like SEO or social media marketing. Dropshipping can also be a great addition to your existing business because once you get it set up and running, it's very low maintenance to keep it going. All you need to get started is a computer, an internet connection, and a website host. Now, one of our most downloaded episodes of 2023 was Chelsea and Steven Diaz of the Rainmaker family.

16:55In their episode, episode number 733, they teach you how to drop ship. That episode is called This Family is Making Thousands in Passive Income. Here's How. The link for this episode will be in the show notes along with where you can learn more about their step-by-step process. Again, that's jennacutcher.com slash rainmakerfamily if you want to learn more about how they do it or go back to episode 733. We talk about drop shipping and we even talk about some ideas that I had from that conversation. Okay, number four is one of my favorites, of course, online courses or coaching. So I have been obsessed with online courses for about a decade.

17:33And I actually started mentoring first one on one with other photographers in Wisconsin, and then eventually ended up creating online courses. I can't believe that I've been teaching online courses for almost a decade. But basically, if you don't know about the online course world, I'd be shocked, but it's a popular business model that has really low startup costs where you can create an offer or have coaching services in areas like fitness, nutrition, mental wellbeing, business, marketing. I mean, I would argue there are online courses for everything. I would know because I've taken some very interesting ones.

18:06There's sourdough bread courses, gardening courses, sleep training courses, weight loss courses, like basically anything out there. There's probably an online course for it, which tells us that the online course world is a place where you could totally offer your skills and expertise. Coaches charge on average$244 per hour, which is a 9 % increase since 2019. So as you can see, this industry is only going up. Now, this is a great fit for you if you have a specific skill set or you are super knowledgeable in a particular area that you want to teach others in. You don't have to be this perfect expert.

18:43You just need to be one step ahead of your client. Over the years, I have recorded tons of episodes about how to add online courses into your existing offers. I'm going to link up a bunch of them in the show notes. Some of my recent faves are episode 702, what no one tells you about online courses, and episode 705, exposing all the reasons why you haven't created a digital course yet with my friend, Amy Porterfield, who is the queen of online courses, but maybe you haven't thought about how you have a special skillset or a transferable knowledge base that could be shared about in an online course.

19:20One thing that I would recommend considering is doing one-on-one coaching to kind of get your feet wet and to figure out the system and the structure of how you would want to teach it to a more mass audience, mass meaning anywhere from five to 10 to thousands. And so that one-on-one coaching can be a great way to really understand what your system and strategy is, what questions people have, and how you would guide them to their greatest answers and results. Okay. Number five is personal services. Okay. So what do I mean by personal services? So personal service workers help people who are unable to perform certain tasks or are outsourcing certain tasks.

19:56This could be because they're too busy. Maybe they're ill. This includes chef, trainer, caregiver, organizer, dog walker, house cleaner, interior decorator, house sitter. There are so many different personal services that you could offer where you live. Let me tell you a quick story. One of my favorite personal services ever. And if somebody in the Duluth, Minnesota area wants to take this idea, I will be your first customer. So when we used to spend a lot of time on the island of Maui, we were a part of a CrossFit community and there was one woman, Allie, who was in the CrossFit community. And every week she would take orders and bake people like really healthy, paleo, amazing food, and then bring it into the gym.

20:38And then she started offering these personal services. And so when we would get to the island, Allie would go grocery shopping for us, bring the groceries back to our condo, cook and prepare five different meals for the week, leave instructions for how to prepare them, like put this in the oven at 400 degrees for 20 minutes. And then she would clean our entire kitchen. So she would use all of our own utensils, all of our own Tupperware. Like she didn't have to have anything. She just needed her time and her talent in creating the food. And she would have different recipes every week. It was honestly the best thing we ever did.

21:16And if you've ever gone out to eat on Maui, you know how expensive it is. And so it ended up saving us so much money, but it also saved us so much time and it helped us eat healthier while we were on the island. It was the most genius business idea ever because she literally, we just paid her for our groceries and then paid her for her time. And it was worth every penny. I would do anything to find somebody in Duluth, Minnesota that does this because this was like the best example of someone who is literally starting their business, using their skillset, creating healthy meals for us, saving us so much time and energy.

21:48It was just, it was worth it all around. And I just absolutely loved it. So according to the U.S. Bureau of Labor Statistics, overall employment in personal care and service occupations is projected to grow faster than the average for all occupations from 2022 to 2032. Like this is the area where people need help. And what's so cool is, is that for personal services, people are making well over minimum wage. For example, caregivers make on average$16 per hour. House cleaners make on average$17 per hour. So this is your zone of genius. This could be a great supplemental income or full-time work.

22:27Think about what you can do for someone else or something that you love doing. Closet organizing, food prep, dog walking, house sitting, like there's so many different ways. So this job might be for you. Obviously, if you like working with people in person, and if you have an interest or a skill set in one of these areas. And based on what you need to get started, this depends on obviously which service you offer. You might need supplies, like a house cleaner will need cleaning supplies. A chef might need kitchen utensils, for example, and a car to get to and from your client's house. But think through this.

23:01I think a lot of people, especially busy entrepreneurs that are in a place where they can outsource, there are so many different areas where people need help outsourcing and you could totally fill that gap for someone. Number six, low startup costs, great return, affiliate marketing. Okay. I am obsessed with affiliate marketing. Affiliate marketing is when you promote other companies' products and earn a commission on sales generated through your referral links. I have been an affiliate marketer for years and years and years, and I can confidently say that strategic brand partnerships make up a significant part of our income.

23:37It is the best because I am basically just getting paid to share what I love. I don't have to create the products. I don't have to do customer service. I don't have to deliver them. I don't have to handle any of that. And I get to share things and people that I love with you. It's like literally the best. So when I read this stat, my mind was absolutely blown. But 81 % of brands use affiliate marketing to boost brand awareness and to drive sales. 81%. There are so many opportunities out there for you to naturally share the things you use and love and make money doing that. According to a study done by Authority Hacker, affiliate programs are the most important client acquisition method for 40 % of US firms.

24:20So there is a good chance that your favorite companies are looking for brand ambassadors or affiliates and you could step in. And guess what? It is very little risk. I will argue you should be a paying customer before you become an affiliate to really show that you love this company and you love these products, but take a look around your house today. What products, what things are you using and loving that you would like to recommend? Those brands likely have an affiliate program that you can benefit from. This is a perfect fit for you. If you enjoy sharing products you love with friends and family, if you enjoy testing out different products, if you have a loyal following, it doesn't have to be a big following.