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8 low cost business ideas that can provide you with additional income (Part 1)
Previously, one of our readers have contributed an article on when is the perfect time to start an online business.
With the current economic instability, many are turning towards being financially independent from a job or paid employment.
Many realise that employers will not hesitate to retrench staff to cut costs and many more employees will lose their jobs should the organisations that they work for restructure or merge with other organisations.
We have decided to share some ideas for our readers to venture into; to provide them with an additional income and hopefully, with consistent effort, these ventures will provide them with an income that is lucrative enough to replace the one they received from their paid employment.
1. Dropshipping :
It is an online business model. You set up an online store that provides the bridge between customers and the products that they need that are manufactured in other countries. You are in essence a middleman. This means that you have no inventories or overhead costs (unless you own your own website, which incurs minimal costs)
2. Selling your crafts :
If you have a knack for creating furniture, clothes, jewellery, or artwork or something physically unique, it might be a great time to set up shop on sites like Etsy and earn from your hobby. You can even sell from other social media platforms.
A tried-and-tested way to earn from home is by blogging on your own site or by being a guest blog on other sites. You can blog on almost anything from food to music or more.
6. Media Editing:
Editing audio and or video is one of the most tedious tasks of content creation. Take the burden out of other people’s hands by offering editing services and earn some cash.
7. Video Production:
Or you may take the reins of video creation yourself and be the one creating the various different videos for different companies. Be sure to ask them for their objective!
YouTube has been a money-making machine for a lot of people. Be the next YouTube superstar by promoting yourself and earn through paid ads or through the commission from the products that you sell.
(As with any business ventures, one can only succeed with sustained consistent effort and time)
Remember to share this page with your friends and loved ones.
Written by Abraham A.L.
19 April 2020
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4. Copy Writing:
Writing sales pitches and brochure outlines for companies is a business where a lot have already been made by those who have a flair for writing.
5. Virtual Assistant:
With a lot of offices going out of commission, the demand for virtual freelance work goes up higher than ever.