Nearly nine out of ten millionaires are self-made entrepreneurs, highlighting just how powerful business ownership can be as a wealth-building tool. If you’re dreaming of working for yourself or earning extra income on the side, the good news is you don’t need deep pockets to begin. With under $500, you can kickstart a venture that aligns with your interests, talents, and the resources you already have.

This guide explores 20 low-cost business ideas you can start on a shoestring budget, along with smart tips to help you prepare for the journey ahead. And if you’re just beginning your entrepreneurial path, check out this helpful guide on how to start a business with no money from KwoteAdvisor.

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1. Resell Products Online

Turn everyday items into profit by reselling on platforms like eBay, Etsy, or Poshmark. Start with items around your home or source inventory from clearance racks and thrift shops.

2. Teach What You Know

If you have a skill—from cooking to coding—consider launching online classes or coaching sessions. All you need is a stable internet connection and a webcam.

3. Start a Dropshipping Store

Skip the inventory and partner with suppliers who ship directly to customers. All you need is an online storefront and a marketing strategy.

4. Manage Social Media

Help small businesses grow their online presence by managing their social media accounts. If you understand platforms like TikTok and Instagram, you can offer content creation, strategy, or influencer outreach services.

5. Write or Edit for Clients

Writers and editors are always in demand. Whether it’s for blog posts, newsletters, or website content, you can build a freelance business with just your skills and a laptop.

6. Promote Products with Affiliate Marketing

Use your blog, YouTube channel, or social media following to recommend products and earn a commission when followers make purchases through your links.

7. Develop AI Chatbots

If you have coding experience, offer businesses tailored chatbot solutions using platforms like ChatGPT. This is a growing niche for customer service and automation.

8. Launch a Lawn Care Service

With basic equipment like a mower and leaf blower, you can serve your neighborhood and grow from there. Flyers, word-of-mouth, and Facebook can help get you started.

9. Rent Out a Spare Room

Have extra space at home? Listing a room on Airbnb can generate income with little upfront cost. Clean, furnish, and list your room to begin earning.

10. Offer Repair Services

Whether it’s fixing electronics or handling home repairs, a few tools and your know-how can turn into a profitable business.

11. Care for Pets

Turn your love for animals into income with dog walking or pet sitting. Your startup costs are minimal, and demand is steady.

12. Work as a Virtual Assistant

Offer administrative support to businesses remotely. Services might include inbox management, scheduling, or customer communication.

13. Run Errands or Deliveries

Provide convenience by offering delivery or errand-running services to people in your community. Your biggest startup expense is gas.

14. Tutor Students

If you’re great at math, music, writing, or another subject, consider tutoring. You can teach locally or online through Zoom or other platforms.

15. Become a Consultant

Leverage your professional experience to help businesses solve problems or improve operations. A strong LinkedIn profile and a website are helpful.

16. Help Organize Spaces

Offer decluttering and organization services. With a few before-and-after photos, satisfied clients will help spread the word.

17. Translate Documents

If you’re bilingual, offer translation services for businesses, legal offices, or medical providers.

18. Become a Mobile Notary

Certify documents on the go by becoming a mobile notary. Requirements vary by state, but startup fees are generally low.

19. Sell NFT Art or Digital Assets

Creative entrepreneurs can design and sell digital artwork or collectibles via blockchain marketplaces like OpenSea or Rarible.

20. Provide Cleaning or Laundry Services

Home and office cleaning services have low startup costs and high demand. Add laundry services with basic equipment for an extra revenue stream.

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Key Things to Know Before Launching Your Business

Validate Your Idea

Make sure your idea has a real market and solves a need. It doesn’t need to be revolutionary, but it should be something you’re excited about and capable of doing.

Study the Market

Research your competitors, your potential customers, and industry trends. Focus on underserved niches instead of chasing oversaturated trends.

Understand the Four P’s

Familiarize yourself with product, price, placement, and promotion. These are the building blocks of a solid business plan.

Learn the Lingo

From ROI to SEO, learn the common terms and tools so you can confidently speak the language of business.

Be Strategic, Not Reckless

Launching with minimal capital doesn’t mean skipping strategy. Take time to understand your market, test your offering, and fine-tune your pricing and promotion.

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Thanks to today’s technology and low startup costs, launching your own business is more achievable than ever. Whether you’re looking for financial independence or just an extra source of income, these 20 ideas prove that big dreams can start with small budgets.