It’s looking like the pandemic is here for a little longer, and since it has taken a toll on so many workplaces, it also appears that this is a time to reassess our finances.
If your job has been compromised, it is high time to look for an additional source of income. Then again, even if you are still earning regularly, it is always a good idea to have a Plan B. This is why we came up with a list of low-cost businesses that you can operate from the comfort — and safety — of your own home.
1. Virtual Assistance
Because many businesses are becoming virtual, it goes without saying that probably one of the most in-demand and lucrative lines of work now is virtual assistance. A virtual assistant offers services to entrepreneurs who want to operate their businesses fully online not only to save on expenses but also to target a wider audience.
You can create a website highlighting your skills, which can range from clerical work like making arrangements and keeping track of schedules to more skilled work like writing, social media marketing, and even graphic designing. If you are already a skilled virtual assistant, you can even create your own agency of virtual assistants.
2. Digital Marketing Agency
Social media advertising is a huge part of business marketing, even way before the pandemic happened, so take advantage of the boom by creating your own digital marketing agency if you are an experienced digital marketer. The responsibilities include coming up with a great social media strategy for a company and growing its audience and clientele.
3. Content Creation
Another low cost business that you can operate from home is content creation. Both blogging and vlogging are great opportunities to earn some extra money once you acquire some audience of your own. By creating high-quality and relatable content, you can earn through advertising, affiliate marketing, and sponsored content.
4. Affiliate Marketing
As mentioned previously, affiliate marketing is another way you can earn money without capital and very minimal operational expenses. If you already have a blog or website, you can earn commissions through product ad placements that visitors can click on to purchase products or services. Of course, in order to earn from affiliate marketing, you have to make sure you have sufficient and regular website traffic.
5. Dropshipping
Dropshipping may sound complicated but it is actually a rather simple and straightforward business model. You can create your own ecommerce website (like Shopify) and advertise products and goods that will be shipped to your customers from your trusted third-party supplier.
As the middleman, you won’t even have to handle the products yourself because the supplier fulfills the transactions on your behalf. Your responsibilities, however, include managing the website, handling the upfront costs, marketing, and customer service. Make sure that you have a sample of each product you’re selling to be able to market them properly.
6. Digital Product Creation
Unlike physical or tangible products, digital products have lower upfront costs because there is no need to manufacture anything. These digital products include photographs, songs, courses, designs, templates, e-books, infographics, and so many more. Just make sure that you are marketing a good and high-quality product that people are willing to pay for.
7. Online Boutique
There is nothing wrong with selling physical products, too! Creating an online boutique is easier than ever through ecommerce websites like Etsy. If you know how to make beautiful products like clothing, jewelry, accessories, decor, and other merchandise, you should start a shop and sell your work online. While there are still fees involved in selling online, they are generally lower than the costs of having a physical shop.
8. Online Tutorials and Courses
Aside from products and services, did you know that you can also earn from simply being good at something? You can offer lessons and courses on a variety of things like parenting, vlogging, and personal finance. You can even offer online tutorials to students for subjects like Math and piano. Mentoring is another option, if you have significant knowledge and experience on high-demand skills like marketing and graphic design.
9. Your Own Book
If writing is your passion, writing your own book is an idea that you should explore. There are so many types of books you can write, such as novels, cookbooks, poetry books, lifestyle books, and DIY. Probably the only golden rule when it comes to writing is that you should write what you know, so the type of book you should write should depend on what you know and love.
It helps a lot to know what particular books sell well in the market, so it pays to do some research before you start working on your book. Once you have your golden idea, prepare to spend a lot of time and effort on writing your book. However, after you publish your book (you can publish online to save on costs), all there is left to do is market and wait for sales, making it a great way to earn passive income.