For individuals with limited capital but a bucket full of enthusiasm for entrepreneurship, a service-oriented business is the best option. Selling a service will help you overcome the need of investing in manufacturing, managing inventory, handling shipping, and other subsequent costs. Your core focus will be to market your offering and use your skillset for providing value to clients. In this article presented by the Terre Haute Chamber of Commerce, we explore four easy business ideas for you to explore.

Consultancy

A consultant is an expert who works with clients to help them achieve business goals. Leveraging your work experience and skills set, you can become a consultant in the fields of marketing, business development, sales, product design, legal and more. As reported by ZipRecruiter, a consultant on average charges $40/hour, but you can set your own rate depending on the scope of the project. Additionally, you have the freedom to work for multiple clients at once and increase your earning potential.

Online Teaching

One does not need to have a degree in education to become a teacher online. Rather, you require strong control over the subject matter and a good track record in the field of your choosing. For instance, if you plan to become an online guitar tutor online, you’ll need to prove to potential clients that you are an expert at it. This can be done via creating a website that includes music you’ve made, your performances, testimonials, practice videos, and more. As a tutor, you’ll be able to set your own rates and decide the number of students to teach.

Cleaning Service

As reported by Business Wire the professional cleaning service market in the US is expected to grow annually by 6% till 2026. This growth has been spurred by people’s increased importance towards cleanliness since the start of the pandemic. For individuals who don’t mind getting their hands dirty, this can be a lucrative business opportunity fetching $25-$50 an hour. You could further increase your rates and receive concessions from the government by opting to run your business as a green business, by using eco-friendly products and practices.

Freelance Writing

The demand for freelance writers is currently at an all-time high. From small businesses to corporations, everyone needs writers to meet their growing digital marketing needs. As a writer, your responsibilities can include writing blogs, social media captions, landing pages, research papers, reviews, e-books, and more. The key to earning well as a writer is to select a niche and develop a portfolio. Experienced freelance writers can charge upwards of $50/hour. Additionally, all you need for this business is a laptop and a good internet connection.

Starting Your Business

Regardless of the business idea you choose, here are some common steps to follow for launching your business:

• Establish an LLC: A Limited Liability Company is the go-to business entity for new entrepreneurs. You can use a formation service to set up an LLC quickly and easily. An LLC will establish your business as a separate legal entity, providing you protection from business-related disputes and debt. Additionally, you’ll become eligible for paying lower taxes and claim business expenses as tax write-offs.

• Create a Business Plan: This is a crucial document that outlines all important details of your business such as its long and short-term goals, insights about your service, how you plan to sell it, who is your target audience, competitor analysis, and more.

• Make a Budget: Even if your business has low overhead costs, you need to be on top of your income and expenses. Your budget should cover the amount of capital you’re investing, areas where it will be utilized, and projections for 6 months, 1 year, and 3 years. Keep in mind that if you plan on looking for outside lenders, you’ll need to mind your credit score. Exploring your credit report from one of the major credit bureaus can help you discover any errors or inquiries you have.

• Get Organized. Staying organized is key when it comes to both starting and running a business. In order to keep all your documents in one file, as well as merge similar documents together, PDF merger tools are useful, making everything easier to find.

In this article, we went over four easy businesses that you can start with minimum investment and from the comfort of your home. Now it’s time for you to take the leap and start your entrepreneurial journey.

If you need a little extra guidance, join your local Chamber of Commerce to connect with entrepreneurs just like you. You can not only learn from them, but make some meaningful connections too that will go a long way in helping you take your business from idea to reality.