Starting a new business is an exciting journey but also one that will entail important costs. Here are four low-cost business ideas with lower-than-average costs that can be quickly set up and for which the main resources will be the entrepreneur’s creativity, his already existing skills as well as a good marketing plan.
- Accounting services
Entrepreneurs who have a financial or accounting background can start their own business with few costs and can provide their services by working from the comfort of their own home (thus minimizing the costs associated with buying or renting an office). A small accounting and tax business in Hong Kong can be a profitable idea as the city is home to many companies that are in need of specialized bookkeeping and tax filing services.
- Food truck
Countries that are tourist magnets can often be a good place to start a food business. Opening a food truck in Thailand can be a good idea for a business startup and investors can look towards multiplying the number of trucks or even opening a restaurant if they decide to expand the business. The initial costs will be low and will include those needed to register a Thai legal entity and also those to buy a van and equip it for food preparation purposes. Supplies and gas costs should also be included.
- Developer
Included here are ideas like application developers and website developers. IT savvy individuals who are planning on launching their own business can do so with lower costs because the bulk of the activity will be based on their skills. Starting this business will imply the costs needed to register a company. Entrepreneurs can start a company in Singapore as the city is a growing business and tech hub and different business opportunities can be accessed here.
- Translation services
This is another example of a business with almost no start-up costs. Individuals who are proficient in two or more languages can offer their services to a wide range of clients and will only need to set up a type of company suited for small businesses or even a sole trader (although in this case, they will bear all of the liability for the business).
These business ideas and many others can be used by entrepreneurs according to their specific set of skills. Launching a business with few costs is a challenge but one that can be successfully overcome with dedication and sustained work.
Disclaimer: This content does not necessarily represent the views of IWB.