Do you want to start an online business but have no start-up capital?
Maybe you’re still figuring everything out and don’t want to spend a tonne of money on a fleeting idea or dream?
I feel you girl and I’ve got you covered. I’m going to share my top 10 best, low cost online business ideas for millennial women in 2020 with you.
You’ve probably heard every possible online business idea out there from dropshipping to blogging to becoming a virtual assistant… But you’re just not sure if any of them actually work or are worth investing your precious time into?
The question isn’t do they work? The question is, what will work for YOU?
Before starting any online business you have to remember, “All of your customers are partners in your mission” – Shep Hyken
Don’t start any business that attracts customers you wouldn’t even want to work with in the first place.
Imagine having a business partner that was demanding, scheming and downright rude? That would suck!
Millennial women are turning to online business now more than ever for a reason (thanks COVID!) but the ridiculous amount of information on the internet about which type of business to start is overwhelming so here’s my top 10 best, low cost online business ideas:
- Start A Blog
- Affiliate Marketing Business
- Create An Online Course
- Create A Digital Product
- Monetize A Social Channel
- Learn Facebook MArketing
- Offer Copy-writing and editing services
- Dropshipping store
- Virtual Assistant
Don’t worry I’m not going to just leave you with these brilliant low cost start up ideas and expect you to know what to do with them. I’m going to go into a little more depth about each one so you can decide which one is worth pursuing and which one suits YOU.
1. Start a blog
Starting a blog is awesome but you must learn how to ‘monetize it’. No point starting a blog if you don’t know how to create an income from it. There are lots of ways to do this. As a first step I recommend learning how to start a profitable blog from www.full-timenomad.com. I know Rhadika well and she’s the real deal and has a wealth of information about starting a blog from absolute scratch.
2. Start an affiliate marketing business
Affiliate marketing is simply put, selling somebody else’s product/service/membership for a commission. It can be absolutely anything. As long as you are the referrer and that has been tracked you will be paid a commission for referring their new customer. The best online business model by far. Firstly because it’s something you get paid for over and over again while only having done the work once. You can learn more about affiliate marketing and the infinite possibilities of earning low and high-ticket commissions on products you are truly passionate about, have used yourself or recommend highly by subscribing to receive my FREE 4 Day Video Boot-Camp where I explain exactly how to start an affilaite marketing business from scratch. The ultimate lifestyle business.
3. Set up an e-Commerce store
E-commerce refers to the buying and selling of goods or services using the internet. People are selling anything from bath bombs to used clothes online. The world is really your oyster with e-commerce. You can be as creative as you like or stick to selling things you know people are already looking for like household appliances. Shopify is an online platform designed for wantrepreneurs just starting out. You can build your shop front (digitally speaking) in a matter of a few hours. It’s also really cheap! Starting from $29.95USD a month.
4. Create an online course
An online course is a series of videos,worksheets, templates and knowledge from an expert all packaged up into an online course, delivered to a desired audience to achieve a desired outcome.
I’ve attended and absorbed many online courses in my lifetime and by far the best online course coaching program to help you create your own e-course is Danielle Leslies, Course From Scratch, program. You can check it out here. Her energy is contagious!
5. Create a digital product
An example of a digital product could be; an e-book; a course; photo presets – something that will provide value to the people you are trying to serve. Something that can improve the lives of your target audience. To actually create a long-term sustainable business around this model would be significantly harder because you’re relying on one digital product to feed you, cloth you and sustain you but my suggestion is to sell it as a minimum viable product first, to prove your offering in the market place, then when it blows up, because it’s changing people’s lives, then you can start to expand your offering with the goal of building a sustainable business around it.
6. Monetise a social channel (like YouTube)
YouTube is a growing platform that could be your Hollywood dream come to life but better. No big production needed, with just a smartphone you can start creating inspiring videos or tutorials to help people and eventually monetize your YouTube channel. The best online course to get started on YouTube is JumpCut. Check them out here.
7. Learn Facebook advertising
You can become an expert in running paid Facebook advertising campaigns for businesses that need to generate leads online for the business. You’ll need some basic marketing knowledge and copywriting skills but with the help of some amazing teachers you can have a fully functioning and profitable Facebook Ad Agency in 6 to 12 months with $0 start up cost. The only investment you’ll need to make with this business model is the software you’ll need to help service your clients.
8. Offer copy-writing services and editing services
The best place to get work as a copy writer or editor is a website called Upwork. Upwork is full of small to medium-sized businesses looking for freelancers, consultants and specialists to help them with a business project.
Dropshipping is similar to building an e-commerce store, except you don’t need your own product! You can source suppliers from stores, such as Amazon and begin selling an already in-demand product via your own domain and business name. Shopify is also great for this type of business model.
10. Virtual Assistant
This is probably the lowest cost of any start-up business. You’ll have to do your research here as many businesses are hiring virtual assistants for as little as $9 per hour so it will depend on whether or not this is a viable business model for you. Upwork is the best place to get started and to get experience being a virtual assistant.
All these online business ideas are simple to set up and have a really low start-up cost but they are still like any other business. They require a level of effort, skill and investment to maintain profitable income levels. You may need extra training, research and specific tools to get started so what better time than right now (thanks COVID!) to start learning how to build your own profitable online business from scratch.
The opportunities are endless and with an online business you can truly work where, when and how you want. A business that operates 24/7 even if you aren’t physically there.
If you keep working in the traditional system you will continue to stay stuck working for a boss you don’t like or kick yourself every time the holidays come around and you can’t get time off work.
If you start your own online business and learn the skills you need to succeed online today you will create more flexibility, security and adventure in your life!
The only advice I want to give you is to just get started. Don’t wait to be 100% sure about every little detail on your journey. You’ll learn so many things along the way that may influence your decisions moving forward. I started 2 businesses that I loved but slowly burnt me out so, I ended up going down the affiliate marketing route. This took my 2 years to figure out. Start now so you can begin exploring what’s right for YOU.
I hope these 10 low start-up cost online business ideas I’ve shared with you, give you a nudge in the right direction.
If you would like to learn more about the step-by-step online business training I did sign up for my FREE 4 Day Video Boot-Camp. You’ll discover the exact steps I used to start my affiliate marketing business from scratch and learn from the best digital entrepreneurs in the world.