Hard times bring out the creative and innovative side of humanity. In fact, companies like Trader Joe’s, Microsoft, and Uber were actually started during previous periods of recession. The most recent economic downturn and high unemployment rate has a lot of people dreaming up ways to either generate more money, or solve for the challenges born out of 2020. 

But given that times are indeed tough, starting a new business especially one that requires capital or a large investment on your part might be a struggle in this particular moment in time. However, that doesn’t mean you can’t start a business!

Here are seven low-investment business ideas to get your creative juices flowing:

Dropshipping

Dropshipping has become an extremely popular type of business in recent years due to the low investment required by owners. Essentially, a dropshipping business sells a product and then passes that order on to a third-party supplier, who then fulfills and ships the order. 

Print on Demand

Print on demand businesses are low cost and low risk because there is no inventory and products aren’t bought in bulk. According to Shopify, “Print on demand is a process where you work with a supplier to customize white-label products (like baseball hats or tote bags) with your own designs to sell them on a pre-order basis under your own brand.”

Writing

If you are a good writer and have a computer, you can start a writing business. Writing can be broad and vague. Many writers select a niche, or type of content to specialize in. For example, you could solely write blogs or you could offer eBooks, web content, product descriptions, and more. This business idea is super low-cost, and the more experienced you are ???? the more money you will make!

Homemade Goods

Perhaps you are a crafty person who is always doing DIY projects and making homemade Christmas ornaments or decor. Whatever your craft, turn it into a business! Forbes would say you are a “passionpreneur”, someone who has taken a hobby and transformed it into a viable business venture.

Social Media Manager

A lot of companies don’t have the time or resources to focus on creating and implementing a strong social media strategy. The increase in virtual business and remote work is making social media a vital aspect of any company’s marketing engine. If you are knowledgeable about various social media platforms and know how to engage an audience, this might be the right idea for you. 

Sell a Service

Maybe you aren’t the best writer and that is okay. There are plenty of services you can sell: photography, design, landscaping, cleaning, personal training…the list goes on! Monetizing what you are good at or have expertise in is not only low cost to start up, but easily scalable as your business continues to grow. 

Tutor

Parents are scrambling for solutions right now. Most schools are still utilizing some form of distance learning, leaving parents to juggle full-time jobs and teach their children. In addition, distance learning is not the best learning environment for every student. Offering tutoring lessons to families and students in need of some extra assistance is a great business idea right now.