low risk business plan

14 Low Risk Businesses to Start: Up to $15k a Month Part-Time

When you’re starting a business, it’s only natural to want to keep your risks as low as possible.

Risk in business comes in three categories:

• Failure — that takes an emotional toll and could set you back financially
• Liability — new legal risks resulting from your business
• Startup costs — how much money it takes to get your new business off the ground

But risk is relative. No one ever talks about the risk of staying at a job you hate. What does that do to your mental health and relationships?

The bad news: no business you start will be immune from these risks.

T he good news: there are specific actions you can take to set yourself up for success.

For example, working with mentors, protecting yourself from liability, and keeping your startup costs low are all ways to reduce your risk.

The Lowest Risk Businesses to Start, Statistically

Suggested playlist: affiliate marketing, 2. freelancing, 101 service business ideas, 3. local services, 4. flipping products, 5. reselling furniture returns, 6. consulting, 7. print on demand, 8. digital product sales, 9. tutoring, 10. product licensing, 11. real estate, 12. laundromats, 13. transportation and delivery, 14. vending machines, balancing risk and reward in starting a business, serious about making extra money.

The Bureau of Labor Statistics keeps all kinds of data on business failure rates , so we have actual hard data on which businesses are actually the lowest risk.

Fun fact: The BLS doesn’t mention “failure”. Instead they call it “Survival Rate” — I like that term better!

Here are the businesses with the highest 3- and 10-year survival rates.

All of these fare better than the nationwide average survival rate for all private businesses. Those clock in at 61.2% making it to year 3, and 34.6% making it to year 10. (Based on 2022 data from 2012 startups.)

The downside to this data is it isn’t super detailed. And just because agriculture has a low failure rate doesn’t mean you should go out and start a farm!

(Side note: You can passively own part of a farm with our partner AcreTrader .)

With that in mind, here are some more actionable suggestions on low risk businesses to start.

1. Building a Helpful Website

Websites are super low risk businesses to start, and have great earning potential. All you need is an idea, a domain name ($10-20), and web hosting (as low as $5/month).

Of course there’s a learning curve here like there is with all businesses, but the articles you publish can earn traffic and revenue long after you’re done writing them.

One of my favorite examples is Andrew Fiebert’s GiftLab.co . He publishes curated lists of gift ideas for very specific audiences, and earns affiliate commissions from Amazon and other stores when people buy his recommendations.

The site solves a real problem — coming up with gift ideas — and he reported it having earned over $1.2M in total affiliate commissions in its first 5 years.

• Check out my free guide on how to set up your website quickly and affordably .
• Add my blogging / affiliate marketing playlist below to your podcast app for actionable tips.

Make money online by sharing relevant products and services with your audience. Here's a killer playlist packed with actionable advice from the pros.

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The next low risk business idea to start is freelancing. Simply put, this is where you get paid to solve a problem for someone else — often remotely.

Freelancing usually doesn’t cost any money to start, and you can begin work right away.

What service could you offer?

Take an inventory of your current interests and skills. For example, I’ve been paid to do freelance writing, book editing, and even virtual assistant recruiting . I earned $25-35 an hour, but more specialized skills can command even higher rates.

Once you have a service in mind, you can put it up for sale on sites like Fiverr , or connect with clients in relevant Facebook groups.

• Check out this guide on how to start a freelance business .
• Download my list of 101 service business ideas below for inspiration on the types of freelance business you could start.

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We spend a lot of time on ways to make money online , but there are plenty of opportunities in your hometown as well. Homeowners spend over $13,000 a year on maintenance and improvement projects.

That means you could start a business offering:

• Window washing ($250+ per house)
• Power washing ($250+ per house)
• Pet waste removal ($30-50/hour)
• Car detailing (up to $5k a month)
• Litter pick up ($30-50/hour)
• Interior cleaning ($150+ per job)

All of the above have low startup costs and strong hourly earning power. You may even already have the equipment needed.

For liability protection, I recommend an affordable general liability insurance policy .

Becoming a reseller is a low risk business because you can start with whatever level of initial inventory investment you’re comfortable with. You can even start with items lying around your house!

It’s a game of buy low, sell high. If you love the treasure hunt of finding great deals, this can be a very profitable side hustle.

Resellers typically source inventory from flea markets, garage sales, and thrift stores. I’ve even found profitable inventory on the shelves at Walmart and Home Depot. From there, you can list the items on eBay or Facebook Marketplace .

Several members of Side Hustle Nation earn a full-time living doing just that!

• Check out this list of the best items to flip for a profit .
• Check out this free on-demand workshop on how to start your flipping business .

One specific niche under the flipping umbrella is worth mentioning separately, and that’s reselling furniture returns. This unique low risk side hustle is a great way to make money if you have a truck or larger SUV.

How it works is you join Sharetown as a local “reverse logistics” rep. Sharetown partners with direct-to-consumer mattress and furniture brands to handle their return requests — when the customer decides they don’t want to keep the item.

The company then dispatches you to go pick it up (that’s where the truck comes in) for free. Then you’ll clean it up, photograph it, and list it for resale on sites like Facebook Marketplace.

The Sharetown reps I’ve connected with target $150-250 per flip — and the kicker is you don’t have to pay Sharetown for the inventory until the item sells.

• Check out my full Sharetown review to learn more.

Similar to freelancing, consulting is another low-risk business to start. The easiest way to get started is what I call “software with a service.”

In this model, you piggyback on the popularity of an existing or up-and-coming software product. Ideally, it will be a tool you already use and love, but new software tools come out all the time.

For example, Paul Minors began creating tutorial content about Asana on YouTube. He’d provide some helpful tips and guidance, and as a result of his videos, companies started to reach out for consulting and training. When we spoke, Paul was earning thousands of dollars a month — working from home.

It doesn’t cost anything to become a consultant, and the liability is very low, making it a very low risk business.

• Check out this inspiring case study of a software consultant earning $225k a year working part-time .
• Start your free 5-day Salesforce Challenge to see if it might be a fit.

Next on this list is print on demand, which is a low risk brand of e-commerce where you don’t have any physical inventory. How it works is you upload digital designs to sites like Redbubble , Merch by Amazon , and Etsy , and when someone orders, they create the product and send it to the customer.

The model is ideal for:

• phone cases

Print on demand sellers often use Canva to create their designs, and earn $1-10 per sale.  At those rates, it’s very much a volume game, but if you like creating fun designs, it can still be a viable business.

Businesses where I can create something once and sell it over and over again definitely appeal to me. In this category, you’ll find low risk businesses like:

• Self-publishing
• Online courses
• and even software

These digital products take time to create, but can generate passive sales for years. For example, I’ve earned over $80,000 in self-publishing author royalties since 2012:

You can check out some of my titles here . Amazon makes it easy to upload your books , and that’s just one type of digital product you can sell.

My friend Rachel earns over $10,000 a month selling printable files on Etsy . These are things like chore charts, meal planners, and budget templates that people can find and buy on Etsy.

Another low risk side hustle is tutoring. You can do this with almost no startup costs and take students in person or remotely.

To start, it might make sense to niche down to a specific subject or test. For example, Matt Fuentes makes up to $1,000 a week tutoring for the SAT and ACT .

Top tutors command rates of $80-100 an hour or more, and the only overhead is their time.

One of the most interesting businesses I’ve come across is product licensing. This is where you sell your ideas for new products to larger companies, in exchange for a percentage of future revenues.

For example, Nate Dallas sold a Pictionary-like card game to Mattel, that ended up being worth over $300,000 in royalties! Not bad for just coming up with the idea and making the pitch!

Again, the only startup costs here are your time and possibly some prototyping or design software. After that, the company handles the manufacturing and marketing — and fronts any product liability.

• Check out some of the resources at InventRight to learn more about how this business works.
• Listen to my interview with InventRight founder, Stephen Key .

Finally, real estate rounds out this list. Rental businesses have a higher-than-average 10-year survival rate according to the BLS .

And it makes sense — everyone needs a place to live! (Plus there’s the old Mark Twain line about buying land : “They’re not making it anymore.”)

Real estate has a higher startup cost than most other businesses on this list, but has some distinct advantages as well:

• You can buy with leverage — meaning you may only need 20-25% down payment
• The tax code favors real estate investors
• Property tends to appreciate over time

My friend Dustin Heiner was able to retire early after building up a portfolio of cash-flowing rental properties . When we spoke, he was earning around $15,000 a month in passive income .

If your local market is too expensive, platforms like Arrived can help you buy fractional ownership in houses for as little as $100.

• Earn quarterly dividends
• Completely hands-off
• Low minimum investment ($100)
• Limited liquidity
• Not super diversified
• Listings can sell out quickly

Laundromats are a recession-proof business — people always need clean clothes.

You can find data to suggest that laundromats have a 95% success rate , but it seems more common to buy an existing facility than to start one from scratch. That way, you already have a built-in customer base and equipment.

Side Hustle Show listener Jono Santamaria did just that. He found a local laundromat for sale , and was able to finance most of the purchase cost.

Then, applying his digital marketing and automation skills, tripled the business in the first 12 months!

Worth checking out: My friend Codie teaches a class on how to buy a profitable small business the smart way .

The trucking shortage has been well-documented, which means there’s opportunity to help fill that demand. The big challenge here is finding drivers if you don’t want to do it yourself.

If you don’t mind time behind the wheel, Amazon and other companies are often hiring local “last mile” delivery drivers .

Lastly, vending machines make a compelling low-risk business. It’s literally a money-making robot!

A quality used machine costs less than $2,000 and in a good location could generate $100+ in profits per week.

At those rates, vending is a nice side hustle , but to scale requires more machines and more locations. As your route grows you can hire help to keep the machines stocked and maintained.

With any new business, you need to find something that aligns with your goals. Just because a business has low risk doesn’t necessarily mean it will get you where you want to go.

It makes sense to answer two questions:

• What is the realistic worst-case scenario if this idea fails?
• What is the realistic best-case scenario if this idea works?

In most businesses — especially these low risk ones — a failure isn’t life-threatening. If you keep your costs low and minimize your liability, you’ll be able to dust off and try something new.

But give some thought to the other side of the equation: what if it works? Would that be a win for you? Does the business have scale? Could it eventually run without you? (If that’s a goal you have.)

The ideal low risk business to start is one with an outsized upside or reward. Todd Tresidder from FinancialMentor.com put it this way:

The way a smart wealth builder works is they always build their plan for the big gain, but then they always guard for small losses. And by tilting with big gains and small losses, what happens is your wealth becomes inevitable. It’s just a question of sample size at that point. And that’s the unique thing about business … you can be wrong 99 times out of 100, and still have all the wealth you need.

And the lowest risk way to start any business is to start it as a side hustle!

• Start Your Free $500 Challenge . My free 5-day email course shows you how to add $500 to your bottom line.
• Join the free Side Hustle Nation Community . The free Facebook group is the best place to connect with other side hustlers and get your questions answered.
• Download The Side Hustle Show . My free podcast shares how to make extra money with actionable weekly episodes.

The award-winning Side Hustle Show is a Top 10 Entrepreneurship podcast with over 1,200 5-star ratings!

Listen in your favorite podcast app or directly in your browser.

Frequently Asked Questions

What are the lowest risk businesses to start?

According to the Bureau of Labor Statistics, agriculture, manufacturing, and utilities are the lowest risk businesses to start. More practically, you might consider low overhead, low liability businesses like freelancing, content creation, or reselling products.

What percentage of small businesses fail?

Overall, 38.8% of new businesses fail within 3 years. Within 10 years, 65.4% will have closed their doors.

How can I minimize risk in starting a business?

You can reduce your risk in entrepreneurship by investing in mentorship, selecting the proper entity for liability purposes, and minimizing your startup costs.

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About the Author

Nick Loper is a side hustle expert who loves helping people earn more money and start businesses they care about. He hosts the award-winning Side Hustle Show, where he's interviewed over 500 successful entrepreneurs, and is the bestselling author of Buy Buttons , The Side Hustle , and $1,000 100 Ways .

His work has been featured in The New York Times, Entrepreneur, Forbes, TIME, Newsweek, Business Insider, MSN, Yahoo Finance, The Los Angeles Times, The San Francisco Chronicle, The Financial Times, Bankrate, Hubspot, Ahrefs, Shopify, Investopedia, VICE, Vox, Mashable, ChooseFI, Bigger Pockets, The Penny Hoarder, GoBankingRates, and more.

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28 Low Risk Business Ideas with High Potential

Back to Business Ideas Categories

Written by: Natalie Fell

Natalie is a business writer with experience in operations, HR, and training & development within the software, healthcare, and financial services sectors.

Edited by: David Lepeska

David has been writing and learning about business, finance and globalization for a quarter-century, starting with a small New York consulting firm in the 1990s.

Published on July 29, 2022

It’s likely to require a lot of hard work, but it is possible to start a low-risk business that has serious potential even with a minimal initial investment. You could get into greeting cards and balloons, event planning, pest control or health and nutrition coaching, or start DJ’ing, running errands or personal shopping.  

Just remember that it won’t be cutting corners, but providing an excellent good or service, driving customers to return and refer your business to friends and colleagues, that will be key to your success. 

Check out our list of low-risk business ideas below to get started.

1. Consulting Firm

A consulting firm often requires minimal startup costs. Most consulting firms operate from home, eliminating the need for expensive office space. The demand for expert advice in various fields like marketing, finance, and management is consistently high. Risks may include difficulty in finding clients initially and the need for continuous skill updates. Focus on building a strong network and maintaining up-to-date knowledge in your field to succeed.

2. Event Planning

Event planning business requires low initial investment and can be run from home. The industry thrives on creativity and organizational skills rather than physical assets. Demand for event planners is steady for weddings, corporate events, and parties. Risks involve dealing with unexpected changes and managing multiple vendors. Success hinges on excellent communication skills, flexibility, and meticulous planning.

3. Virtual Assistant Service

Virtual assistant services are in high demand. Operating from home reduces overhead expenses significantly. Businesses and entrepreneurs need assistance with administrative tasks, creating a stable client base. Potential risks include managing multiple clients and fluctuating workloads. Prioritize time management, reliability, and exceptional organizational skills to excel.

4. Online Courses

Creating and selling online courses involves low financial risk and high potential returns. The initial investment is limited to course creation tools and marketing. Online education is a growing industry with a vast audience seeking skill development. Risks include high competition and the need for continuous content updates. Focus on offering unique, high-quality content and effective marketing strategies for success.

The growing popularity of podcasts provides a broad audience for various niches. It allows you to build audience and potentially monetize through sponsorships and ads. Risks involve maintaining consistent content quality and growing your audience. Concentrate on producing engaging content and promoting your podcast effectively.

6. Multi Service Business

Want to set up a business but not sure what services to offer? Why not set up a multi-service business? You can offer diverse services like cleaning, repairs, and maintenance. Operating costs are manageable, especially if services are home-based. The versatility in services attracts a wider client base. Risks include managing multiple service lines and maintaining consistent quality. Success depends on excellent customer service and reliable operations.

7. Tutoring

Tutoring can be home-based or online, reducing overhead expenses. There is a constant need for educational support in various subjects. Risks include fluctuating demand and competition from other tutors. Focus on providing quality education and personalized learning experiences to attract and retain students.

8. IT Consulting

Businesses constantly seek IT solutions, ensuring a steady client base. Minimal startup costs are required as services can be offered remotely. Risks involve keeping up with rapidly changing technology (AI) and maintaining cybersecurity. Prioritize continuous learning and offering innovative solutions to stay competitive.

9. Dropshipping

Dropshipping requires no inventory investment and minimal startup costs. Products are shipped directly from suppliers to customers, reducing financial risk. The e-commerce industry continues to grow, providing ample opportunities. Risks include reliance on suppliers and intense competition. Success hinges on selecting reliable suppliers, effective marketing, and excellent customer service.

10. Babysitting

You can start a babysitting business with no significant startup costs. Plus, the demand for childcare has been consistent. Parents always need reliable and trustworthy babysitters. It can be started with basic qualifications and minimal investment. Risks include liability and ensuring child safety. Focus on building a strong reputation through reliability, safety, and excellent childcare skills to succeed.

Your can start a blog with minimal financial investment – you would need hosting, website and a laptop. You can write about your passions, build an audience, and monetize through ads, sponsorships, and affiliate marketing. Risks involve inconsistent income, algorithm updates and the need for regular content creation. Success depends on choosing a niche, providing valuable content, and effectively promoting your blog to grow your audience.

12. Non-medical Home Care

Non-medical home care meets a growing demand for elderly and disabled care. Services like companionship, meal preparation, and housekeeping can be offered from home. Risks include liability issues and ensuring quality care. Focus on hiring compassionate caregivers, maintaining high service standards, and complying with local regulations to build trust and success.

13. Sneaker Reselling

Sneaker reselling is a market with high demand. You can start small, purchasing limited edition or high-demand sneakers and selling them at a profit. Risks involve market fluctuations and counterfeit products. Success relies on understanding market trends, authenticating products, and building a strong online presence for sales.

14. Freelance

Freelancing is a low-risk venture with minimal startup costs and the flexibility to work from anywhere. There is a high demand for freelance services in writing, design, programming, and more. Risks include income instability and finding clients. To succeed, focus on building a strong portfolio, networking, and consistently delivering high-quality work to secure repeat clients and referrals.

15. Handyman Business

There’s a constant and high demand for repair and maintenance services. It can be home-based, reducing overhead expenses. Risks include liability and the need for a broad skill set. Success depends on reliability, versatility, and providing excellent customer service to build a loyal client base and positive word-of-mouth.

16. Greeting Card Business

Starting a greeting card business is low-risk with minimal investment in materials. Handmade or custom cards can cater to a niche market. Risks include seasonal demand and competition. Focus on creating unique, high-quality designs and marketing your products effectively through online platforms and local markets to attract customers.

17. Photography

To start a photography business, you need to invest in the necessary equipment and editing software. The demand for professional photography in events, portraits, and commercial projects remains high. Risks include fluctuating demand and maintaining equipment. Success relies on honing your skills, building a strong portfolio, and effectively marketing your services to attract clients and secure bookings.

18. Resume Writing

Considering the consistent demand for job-seeking assistance, a resume writing business is one of the low-risk ventures. Services can be offered online, reducing overhead expenses. Risks involve varying client needs and competition. To succeed, focus on creating tailored, professional resumes, staying updated on industry trends, and providing excellent customer service to build a solid reputation.

19. Errand Running

An errand running business has low startup costs and steady demand, especially from busy professionals and the elderly. Services can include grocery shopping, deliveries, and other personal tasks. Risks involve time management and liability. Success depends on reliability, efficiency, and building trust with clients to secure repeat business and referrals.

20. Dog Walking

Pet services is expected to have the highest growth of any segment of the pet industry . Dog walking business requires basic supplies and can be easily managed from home. Risks include liability and handling multiple dogs. To succeed, focus on reliability, building a strong rapport with clients, and ensuring the safety and happiness of the pets in your care.

21. Chocolate Business

There is a steady demand for artisanal and high-quality chocolates. Risks involve competition and maintaining product quality. Success relies on sourcing high-quality ingredients, creating unique products, and effective marketing to attract and retain customers.

22. Professional Organizing Service

There’s a constant and high demand for decluttering and organizing homes and offices. This business can be run from home, minimizing overhead expenses. Risks include managing client expectations and varying project sizes. Success hinges on strong organizational skills, effective communication, and personalized service to build a solid client base and positive word-of-mouth.

23. Gift Basket

Starting a gift basket business requires minimal investment in materials. Customizable and themed gift baskets cater to various occasions and corporate clients. Risks include seasonal fluctuations and competition. Focus on creating unique, high-quality baskets and marketing them effectively through online platforms and local markets to attract customers.

24. Health Coaching

Considering the growing demand for personalized wellness guidance, health coaching is one of the businesses that require minimal investment. Services can be offered online, reducing overhead expenses. Risks involve maintaining certifications and liability. To succeed, focus on continuous education, building a strong client relationship, and offering tailored wellness plans to help clients achieve their health goals.

25. Copywriting

With the high demand for content creation in marketing, advertising, and publishing, you can start a copywriting business with minimal investment. This business can be operated from anywhere, providing flexibility. Risks include finding clients and fluctuating workloads. Success depends on developing strong writing skills, building a robust portfolio, and effectively marketing your services to attract and retain clients.

26. Dog Training

Dog training services can be offered at clients’ homes or in local parks, reducing overhead. Risks include liability and varying dog temperaments. Success relies on gaining certifications, understanding dog behavior, and providing consistent, positive training methods to build a reputable business.

27. Nutrition Business

With the increasing demand for dietary advice and meal planning, nutrition business can provide financial security and long-term success. Services can be provided online or in person, offering flexibility. Risks involve maintaining certifications and liability. To succeed, focus on continuous education, personalized nutrition plans, and building a strong client relationship to help clients achieve their dietary goals.

28. Personal Shopper

Personal shopping has grown in popularity over the past few years due to high demand for shopping assistance from busy individuals and those seeking style advice. Services can be offered online or in person, reducing overhead expenses. Risks include managing client expectations and varying demand. Success depends on understanding client preferences, providing personalized service, and staying updated on fashion trends to build a loyal client base.

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• Consulting Firm
• Event Planning
• Virtual Assistant Service
• Online Courses
• Multi Service Business
• IT Consulting
• Dropshipping
• Babysitting
• Non-medical Home Care
• Sneaker Reselling
• Handyman Business
• Greeting Card Business
• Photography
• Resume Writing
• Errand Running
• Dog Walking
• Chocolate Business
• Professional Organizing Service
• Gift Basket
• Health Coaching
• Copywriting
• Dog Training
• Nutrition Business
• Personal Shopper

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7 Low-Risk Businesses You Can Start Tomorrow "You don't find customers for your products. You find products for your customers," Seth Grodin has written. So, what's your product?

By Sujan Patel Edited by Dan Bova Oct 23, 2017

Opinions expressed by Entrepreneur contributors are their own.

Say you want to start a business: You're not alone. Many people dream of being their own boss, calling the shots and becoming an entrepreneur. But there are no guarantees in business, and no matter how good your idea is or how hard you work at it, there's still a chance you could fail.

Related: 12 Low-Cost Business Ideas for Introverts

In fact, 50 percent of small businesses fail within their first four years, according to an oft-cited statistic from the Bureau of Labor Statistics. There are, however, a few things you can do to make the risk a little, well, less risky.

It starts with the type of business you choose. Some businesses are riskier, require more money and labor to get off the ground and thus mean you'll have more to lose.

If you want to ensure the security of your future and the future of your potential business, consider starting one of these seven lower-risk businesses.

1. Consulting

When you're trying to think of a good business idea, start with what you already know. You can take the skills you already have and use them to advise clients, as a consultant.

Plus, you probably already have some industry contacts who could be potential clients. It makes the most sense to start there.

As financial advisor Ramit Sethi wrote on his blog , "When you are coming up with business ideas, silence the inner critic that says you can't teach something unless you are credentialed or the world's greatest expert on the subject. All you have to be is good enough to help people achieve their goals."

Related: 75 Ideas for Businesses You Can Launch for Cheap or Free

Whether your focus is website design, marketing, sales or IT, consulting is an easy business option because you can run it completely out of your own home, with pretty much no startup cost. You can even start your business on the side and continue your full-time job until you earn enough to cover your regular salary.

2. Tutoring

Tutoring is another way to use the skills you already have to help others reach their goals. With tutoring, you'll guide students in an academic subject you already have knowledge in.

It's easy to get started by working out of your own home. You can then market your tutoring services online or through a site like Tutor.com to get the word out. As you grow, you might consider bringing others on board to join you.

3. Virtual assistant

Are you sensing a theme here? The lowest-risk business ideas are the ones you can start from your home. And according to SmallBizTrends, 69 percent of U.S. entrepreneurs start their businesses at home. That way, you can save money and grow your business steadily without worrying about the capital you've invested.

As a virtual assistant, you can offer basic tasks like putting together reports, managing a schedule and coordinating errands. All you need to get started is a phone, computer and an internet connection. As with tutoring, eventually you can hire more employees to grow your business and take on more work.

As motivational speaker Marie Forleo wrote on Twitter , "Starting small doesn't mean thinking small."

4. Direct sales

You've probably been to a Tupperware party before, or at least known someone who has. But did you ever consider hosting one yourself? Direct sales companies like Tupperware, Avon and Mary Kay hire sales representatives to sell their merchandise and market their products.

With this model, as a sales representative, you have the potential to earn as much money as you want, depending on how much effort you put in. This type of business offers a lot of flexibility since you can work on your own time; you can even work part-time.

There is also a low cost to get started. According to The Penny Hoarder , Mary Kay costs $100 to start, Tupperware costs $99, and Avon, just $10 to 20. The company will provide the tools you need to get started; you then need to focus just on building your customer base.

5. Drop-shipping

Think you're a whiz at marketing and sales? You'll need to be to get your business up and running. Consider starting a drop-shipping business. You'll market and manage an ecommerce store , while a third party will be responsible for product development and fulfillment.

With a service like Oberlo , starting a drop-shipping business is simple. You don't have to worry about getting products to your customers. All you have to focus on is spreading the word about your products to your customers.

6. Service business

The businesses with the best chances of success tend to be service-based businesses, not product-based businesses. With a service-based business, such as lawn care service or dog-walking, your focus is generally local instead of national, which means there is less competition.

No matter what industry you're looking to break into, though, it's best to do as much research as you can to understand the market. In a post for The Balance , business writer Susan Ward wrote, "When you're starting a business, you need to become an expert on your industry, products and services if you're not already."

7. Senior care

On his blog , Seth Godin wrote:"You don't find customers for your products. You find products for your customers."

One of the best audiences to target today is seniors. Baby boomers are growing older, and there are 81.3 million of them, according to CNN. And what do they want? Research from AARP finds that 90 percent of seniors want to live independently by staying in their own homes as they age.

Related: The Risk-Averse Entrepreneur's Guide to Startup Success

This presents a huge business opportunity for you. These are potential customers with a need. Now, you just need a product. A senior home care business would be a perfect way to serve this audience. By knowing the customers' needs, you'll be able to provide the service they desire.

Do you have a brilliant business idea ready to launch? Share your ideas in the comments below:

Entrepreneur and Marketer, Co-founder of Web Profits

In his 14-plus years as a marketer and entrepreneur, Sujan Patel has helped hundreds of companies boost online traffic and sales and strengthen their online brand reputation. Patel is the co-founder of Web Profits and Mailshake.

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19 Low-Risk Business Ideas to Start (2024)

Are you looking for low-risk business ideas to start in 2024? You’ve come to the right place.

The truth is that starting your own business can be scary. In fact, over 55% of people in a Global Entrepreneurship Monitor report say they would not start a business because of the fear of failure.

That’s why, in this post, we’ll look at 19 low-risk business ideas that can give you a solid foundation for a new small business. We’ll explore opportunities that typically require lower startup costs and can provide steady income.

Let’s get started!

Table of Content

• Virtual Assistant (VA)
• Content Writing & Editing
• Social Media Management
• Online Tutoring & Coaching
• Data Entry & Web Research
• Web Design and Development
• Dropshipping
• Bookkeeping & Accounting Services
• Pet Sitting & Dog Walking
• Travel Consulting
• Print-on-Demand (POD)
• Affiliate Marketing
• Graphic Design
• Event Planning
• Start a YouTube Channel
• Video Production and Editing
• VR Content Creation

Frequently Asked Questions

Ready to start your own low-risk business, low-risk business ideas you can use right away.

No business comes without risk. The business ideas we’ve listed, however, offer relatively low risk.

The key thing here is to pick one of the low-risk business ideas that fits your skills, interests, and lifestyle. With proper planning and execution, you can start these businesses without getting exposed to excessive financial risk.

Here are some low-risk business ideas for you to start your entrepreneurial journey in 2024.

1. Virtual Assistant (VA)

Becoming a virtual assistant is one of the best low-risk business ideas that require little investment.

As a VA, you can offer a range of clerical and administrative services to your clients. These include appointment scheduling, email management, data entry, and customer service support.

Developing a specialized skillset that sets you apart is key to being a successful virtual assistant. You can become an expert in areas like project management or travel booking, for example.

To get started as a VA, you can create a professional website to showcase your services and qualifications.

Take advantage of your network to find clients. You can also join virtual assistant directories or online marketplaces, like Fiver and Upwork, to expand your reach.

Here are some examples of virtual assistants on Upwork that you can get inspiration from when creating a profile.

Use time management tools and improve your communication skills. You’ll need to be able to juggle multiple clients and tasks at the same time.

You also need to invest in the right productivity tools and software. This helps you streamline your operations so you can provide high-quality services to clients.

2. Content Writing & Editing

This is one of the versatile low-risk business ideas as you can start doing this from the comfort of your home.

As a content creator, you can provide services like blog post writing, website copywriting, and social media content creation. You can even be a ghostwriter for individuals and businesses.

For this business idea to work, you need to develop a solid portfolio and build a niche expertise. You also need to promote your services effectively.

Here’s the portfolio of Alice Driver, an award-winning and widely-published journalist.

Image via Alice Driver

Start by identifying what you enjoy writing about and who your target audience is.

Show your work on a professional portfolio website and leverage freelance marketplaces and platforms like LinkedIn. You can also use industry-specific forums to connect with potential clients.

Continuously improve your writing skills and stay up-to-date with content trends. You should also be ready to adapt your services to meet clients’ changing needs.

Consider offering editing and proofreading services to expand your offerings. This way, you can provide comprehensive content solutions for clients.

Back to the TOC →

3. Social Media Management

This is one of the most sought-after low-risk business ideas. In fact, the social media management market was valued at $23.50 billion in 2023, presenting a huge opportunity for people looking for great business ideas.

As a social media manager, you can help businesses develop and execute effective strategies to boost their presence on various platforms. You can also create engaging content and manage businesses’ online presence across platforms like X, Instagram, and Facebook.

Here’s an example of a social media manager’s portfolio:

Image via Nisreen Galloway

Stay updated with the latest trends, algorithms, and best practices to be a successful social media manager.

Develop a good understanding of analytics and content optimization. This helps you achieve your clients’ social media goals—be it customer engagement, lead generation, or brand awareness.

You should also consider specializing in a specific niche or industry. This allows you to differentiate your services and position yourself as an expert in that niche or industry.

Leverage your own social media presence to demonstrate your skills and attract potential clients. Take advantage of platforms like LinkedIn and industry-specific online communities to network and find new opportunities.

You need to also continuously refine your strategies to adapt to changing social media trends and best practices.

4. Online Tutoring & Coaching

You can leverage technology to provide online courses or personalized tutoring to people looking to improve their skills. This includes both professional and academic development.

To get started, look for areas you’re proficient in and identify who your target audience is. This can range from tutoring students in maths or languages to coaching people in areas like personal finance or entrepreneurship.

Create a professional online presence, whether it’s through a personal website or by using tools like Skype or Zoom. This helps you showcase your qualifications and offer your services.

Here’s an example of a professional business coaching website.

Image via Samantha Siffring

You also need effective marketing and client acquisition strategies. Use online directories, social media, and referrals from former clients to build credibility and your client base.

Be responsive to your client’s needs and continuously improve your coaching or tutoring techniques. Offer competitive pricing and flexible schedules to stand out from others in the market.

If done right, this is one of the most lucrative low-risk business ideas, one that can help you earn a steady income.

5. Data Entry & Web Research

With this low-risk business idea, you can offer services like:

• Transcription
• Data formatting
• Database management
• Online research

These services are useful for small businesses and enterprises alike.

Ensure that you have great attention to detail and excellent typing skills. Get a reliable computer, high-speed internet, and any necessary software to help streamline your workflow.

You can specialize in a specific industry or data type to differentiate your services. Then, leverage your network, freelance platforms, and online marketplaces to find your first few clients.

Always maintain open communication, deliver high-quality work, and meet deadlines consistently. This helps you build a solid reputation and get repeat business.

As you grow your client base, explore opportunities to expand your services. You can also hire additional team members to scale your business efficiently.

6. Web Design and Development

You can leverage your technical and creative skills to start a web design business where you build professional websites for clients. There is a wide range of opportunities in this field, whether you specialize in website creation, ecommerce solutions, or website app development.

To succeed in web design and development, you need to develop a strong understanding of:

• Web design principles
• User experience (UX) best practices
• Latest web development technologies

Stay up-to-date with industry trends and be ready to offer services like:

• Custom web design
• Content management system (CMS) implementation
• Search engine optimization
• Ongoing website maintenance and support

Build an online presence by creating a portfolio website showcasing your work and services. Here’s a good example by Adrian Z:

Image via Adrian Z

Prioritize effective project management and clear communication. You should also be able to translate technical concepts into user-friendly solutions.

7. Dropshipping

This is another one of the popular low-risk business ideas. It involves selling products without a physical inventory.

With dropshipping, you can partner with suppliers who store, package, and ship products directly to your customers. You need to focus on marketing, customer acquisition, and order fulfillment.

To get started, research and identify profitable product niches that fit your target market and interests. Carefully select a reliable supplier and create a clear communication channel and order processing protocols.

You can build an ecommerce platform to showcase your product offerings. It can be an online store or you can integrate with marketplaces like eBay and Amazon to ensure seamless transactions.

To be successful at dropshipping, you need effective marketing and customer acquisition strategies. Use social media, search engine optimization, and targeted advertising to drive traffic and potential customers to your online store.

Another thing you can do is form an LLC for your dropshipping business using platforms like Inc Authority and ZenBusiness . This way, you can have a business structure that reduces your personal liability.

You also need to continuously optimize your product selection, pricing, and customer experience. This helps you stay relevant and competitive.

8. Bookkeeping & Accounting Services

Providing booking and accounting services is one of the best low-risk business ideas if you’re into financial management. You can provide a range of services including:

• Accounts payable and receivable
• Payroll processing
• Tax preparation and filing
• Financial reporting
• Advisory services

The first step is to ensure that you have a strong understanding of accounting principles. You also need to be familiar with bookkeeping software like Bench , Xero, and QuickBooks. Maintaining client confidentiality and data security is also crucial.

Get any necessary certifications or licenses needed in your local jurisdiction. This helps boost your credibility and professional standing.

Build a comprehensive service offering and pricing structure that fits your target market’s needs. You should also use your professional network, industry events, and online directories to connect with potential clients.

Additionally, you can create a profile on freelance platforms to get clients. Here are some profiles on Fiver for inspiration:

Image via Fiver

You need effective communication and attention to detail and must be able to provide timely and accurate financial information to your clients. This ensures that you’re building a successful bookkeeping and accounting service business.

9. Pet Sitting & Dog Walking

People love their pets and don’t mind spending money on them. The global pet care market size was valued at $246.66 billion in 2023, and you can capitalize on that as a low-risk business.

First, get any necessary license or permit required in your area. Create a professional website or online profile to show your experience and services. You can even add customer reviews to build your credibility.

Make sure you get the necessary equipment and resources to provide a safe environment for the pets in your care.

Use platforms like Nextdoor, Wag, or Rover to reach potential clients and promote your business.

Consider offering discounts or bundled packages to attract clients. Ensure you provide regular updates and go the extra mile to keep the pets safe.

As your business grows, you can consider expanding your services. You can offer pet grooming or training and even hire more pet care professionals to scale your business.

10. Travel Consulting

Becoming a travel consultant is a low-risk online business idea that lets you leverage your passion for travel. You can combine that with your expertise in planning unique, personalized experiences.

As a travel consultant, you can help clients create custom itineraries and book flights and accommodation. You can also provide insider tips and recommendations to improve their travel experiences.

To get started, develop a niche expertise in a particular destination, travel planning service, or travel segment. You also need to have a comprehensive knowledge of travel destinations, trends, and industry best practices.

You should build partnerships with travel service providers, like airlines, hotels, and tour operators. This gets you access to exclusive deals and discounts that you can offer to your clients.

Create a user-friendly website where clients can access your services and see your expertise. Here’s an example:

Image via Roam Travel Company

Use social media, online travel forums, and industry events to connect with potential clients and demonstrate your unique value proposition.

Focus on delivering excellent customer service, paying attention to detail, and tailoring travel experience to individual clients’ preferences.

11. Print-on-Demand (POD)

Print-on-demand stores are one of the best low-risk business ideas. You can sell custom-designed products without any upfront investment and with low startup costs.

All you have to do is partner with POD platforms. This allows you to offer a wide range of products with your unique designs, including, but not limited to:

• Phone cases

You need to understand design principles and get familiar with graphic design software like Canva or Adobe Illustrator. Get to know your target audience and build a unique brand identity that fits their interests and preferences.

Use online marketplaces like Printify or Printful to set up your POD storefronts and start selling custom-designed products. Here’s an example of a POD store on Etsy.

Image via Etsy

These platforms help you outsource manufacturing and order fulfillment. You can also build your online store and use a mock product generator so customers can preview products before buying.

The important thing here is to curate the right products. Use social media, targeted advertising, and partner with influencers to drive traffic to your online store. This helps you easily convert them into potential customers.

Always analyze your sales data and customer feedback to refine your product line and marketing strategies. You can even expand your offering as your business grows.

12. Affiliate Marketing

This is another one of the low-risk business ideas that require practically no startup costs. All you need is a successful blog or a strong social media presence and you can enroll in affiliate programs of relevant brands in your niche.

With affiliate marketing , you need to enroll in a brand’s affiliate program and promote its product or service. You earn a commission on every sale that comes through you.

The brand gives you a unique affiliate link that you can promote on your website or social media profiles. The more people click on your links and buy from your partner brands, the more income you get.

Though it sounds simple, you still need a large enough audience to make money online as an affiliate marketer. The more followers you have, the more people see and click on your affiliate link.

You also need to create engaging content, like product reviews, that resonates with your audience, and add your affiliate link to the content.

Take advantage of social media, search engine optimization, and email marketing to drive traffic to your content.

You should also continuously monitor the performance of your content. This way, you can see what’s working and what isn’t to ensure a profitable affiliate marketing business.

13. Graphic Design

This is one of the best low-cost business ideas that you can try if you’re a creative person. As a graphic designer, you can offer services like:

• Logo design
• Web graphics
• Social media content
• Creating marketing materials for businesses

You need to build a strong portfolio though. Use this to showcase your design skills and aesthetics.

As a graphic designer, you also need to invest in industry-standard design software like Adobe Creative Cloud. You should also continually expand your design knowledge and techniques.

Develop a unique style that sets you apart from other graphic designers. You should also tailor your services to your client’s specific needs and preferences.

Leverage online platforms like Behance to showcase your work and connect with potential clients and other graphic designers.

Here’s an example of a graphic designer’s profile on Behance.

Image via Behance

You can even network with local businesses and participate in design events. Ensure you also use your professional and personal network to get new clients.

To be a successful graphic designer, you need to prioritize effective communication and timely project delivery. You should also be willing to collaborate closely with clients.

14. Event Planning

If you have great organizational skills with a creative flair, then you can become an event planner. You can help private individuals and businesses plan successful events, from corporate functions to wedding parties, and even charity galas.

First, ensure you know enough about things like:

• Vendor coordination
• Event design

One important thing you need to do is build a network of trusted vendors. This includes florists, caterers, and event venues.

You also need a professional online presence. That’s why you should create a portfolio of previous works. You can also use your personal and professional networks to get your first clients.

Another thing you need is the ability to navigate unexpected challenges quickly. You should also look out for trends. Look at how other events are and get inspiration from them.

15. Start a YouTube Channel

YouTube has over 2 billion users, and you can take advantage of that. You can use your creativity, knowledge, or unique personality to build an audience on YouTube. Then, you can monetize your content to earn money.

You can decide to create educational content, movie reviews, or even specialized tutorials. The first thing you need to do is to find a specific niche or topic that aligns with your expertise or interest.

For example, this YouTuber plays and reviews video games and has amassed a massive follower base:

Image via YouTube

After that, you need a content strategy that focuses on providing valuable video content to your target audience.

You should also invest in high-quality equipment, like a good camera, microphone, and lighting. This way, your videos look professional and visually appealing.

Don’t forget to create content consistently and optimize and promote your videos. Use relevant titles, descriptions, and tags to ensure your audience finds your videos easily.

You also need to engage with your audience either through comments or your connected social media pages.

YouTube also comes with monetization features that can help you generate income from your content. You have access to tools like AdSense, channel subscriptions, and super chats.

As your YouTube channels grow, you can collaborate with other creators and offer sponsorships. You can even come up with your own branded merchandise.

16. Podcasting

This is an excellent low-risk business idea because it allows you to share your voice, knowledge, and personality with a global audience. You can monetize it to generate an income.

You can do it solo or co-host a podcast with others. You need to first choose a podcast format and topics that are relevant to your target audience.

Also, invest in quality podcast recording equipment, including a microphone and audio editing software. This will ensure your audio sounds professional, which is good for building an audience.

Develop a content plan as well. It should focus on providing valuable content to listeners consistently.

You should also promote and distribute your podcast using platforms like Apple Podcasts, Spotify, and Google Podcasts.

Consider building a website to enable your target audience to access your podcast from multiple channels. Here’s an example of a podcast website.

Image via 99% Invisible

Engage with your listeners using social media and email newsletters. This helps in building a loyal following.

You can monetize your podcast to generate income using sponsorships, affiliate marketing, or premium content.

17. Video Production and Editing

Another low-risk business idea is using your creative skills and technical expertise to provide valuable video production and editing services to clients. Create promotional videos or cover corporate and entertainment events.

The first thing to do is learn how to operate a camera, record sounds properly, and how lighting works. You also need to know how to use video editing software.

Invest in equipment like DSLR cameras, lenses, and paid video editing software. This ensures that you’re delivering professional-grade video content for clients.

You should also create a portfolio to promote your work and highlight your skills and specialization to potential clients. Use your network and social media to promote your brand and meet potential clients.

Offer competitive pricing and customer service, and always deliver projects on time. This helps you build a strong reputation and get repeat business.

As your brand grows, you can expand your services to include live-stream production, animations, and motion graphics.

18. Vlogging

Start a vlog, aka video blog, where you use engaging and informative video content instead of text like with a traditional blog.

Choose a specific niche or topic you’re passionate about, then choose your target audience. Invest in quality video equipment like a professional video camera, lighting, and microphone. This ensures that your videos are visually appealing.

You also need a content plan containing different topics you’ll be discussing in your vlogs.

For instance, if you like real estate, you can come up with a list of topics that will resonate with your audience. This way, you can consistently provide valuable content to your followers.

You should also promote your content online, especially on social media. Use appropriate titles, descriptions, and tags. This ensures that your video content is easily discoverable online.

To build your audience, engage with them online through comments, shares, etc.

You can also use sponsorships and affiliate marketing programs to get income from your vlogs. As you get popular, you can work with other vloggers and offer exclusive content.

19. VR Content Creation

Virtual reality content creation has continued to grow over the years. In fact, the global virtual reality content creation market is projected to reach $2,426.88 billion by 2030.

How can you take advantage of this trend?

By creating interactive games, cinematic VR experiences, and even educational simulations.

To become a VR content creator, you need to have a strong understanding of VR design principles and user experience. You should also consider the required technical skills you need to create compelling VR experiences.

Familiarize yourself with VR development tools and software like Unreal Engine or Unity. You also need to invest in high-quality VR headsets and all the hardware you need to create and test your VR content.

Conduct proper market research and user testing to identify your target audience. This helps you understand their specific needs and preferences.

You can then create VR experiences that meet their requirements. Always gather feedback so you iterate your designs effectively.

You can use distribution platforms, like Steam or Oculus Store so that your content reaches a wider audience.

VR content creation is one of the more complex low-risk business ideas listed here. You can, however, use a business startup checklist to ensure you don’t miss any step when starting your business.

Q1. What business has the lowest risk?

Different business ideas come with their unique risks. You can, however, try out low-risk business ideas like being a virtual assistant, graphic designer, content writer, or social media manager.

Q2. What is a low-risk business you can start from home?

You can start several low-risk businesses from home. These include affiliate marketing, dropshipping, graphic design, data entry, and print-on-demand services.

Q3. What’s the cheapest business to start?

Some cheap, low-risk business ideas you can try include print-on-demand, dropshipping, content writing and editing, and pet sitting and dog walking.

Q4. What business is in high demand?

High-demand businesses include social media management, web design and development, and bookkeeping and accounting services.

Q5. How do you know what business to start?

You need to consider different factors when deciding what business to start. Some factors include your skills and interests, market demand, market competition, and scalability and profitability.

These low-risk business ideas are an excellent start if you’re a beginner or want to start a side business.

You can decide to be a virtual assistant, content writer and editor, social media manager, graphic designer, or VR content creator.

Regardless of your choice, you need to create a proper plan, build a brand, and promote your services. You should also ensure that you provide value to your target audience consistently.

Which business are you going to try? Let us know in the comments section below. Good luck!

About the author

From selling flowers door-to-door at hair salons when he was 16 to starting his own auto detailing business, Brett Shapiro has had an entrepreneurial spirit since he was young. After earning a Bachelor of Arts degree in Global and International Studies from the University of California, Santa Barbara, and years traveling the world planning and executing cause marketing events, Brett decided to test out his entrepreneurial chops with his own medical supply distribution company.

During the formation of this business, Brett made a handful of simple, avoidable mistakes due to lack of experience and guidance. It was then that Brett realized there was a real, consistent need for a company to support businesses as they start, build and grow. He set his sights on creating Easy Doc Filing — an honest, transparent and simple resource center that takes care of the mundane, yet critical, formation documentation. Brett continues to lead Easy Doc Filing in developing services and partnerships that support and encourage entrepreneurship across all industries.

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24 Low-Risk, High-Profit Business Ideas to Start

• By Luisa Zhou
• Building a Business
• Updated: May 16, 2024

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If you love the idea of taking huge business risks… this article isn’t for you.

BUT if you’re looking for low-risk business ideas that can help you do things like…

• Replace your 9-to-5 income ( without quitting first)
• Work from anywhere
• Get excited about Mondays

… then you’ve come to the right place.

Let’s get started.

Get the Ultimate Guide

For building a 6-figure coaching business so you can achieve more freedom, what business has the lowest risk .

The least risky businesses are high-value service-based businesses, such as coaching, consulting, and freelancing. You sell your existing skills and don’t need to develop a new product while getting paid a good hourly rate ($100+). 

What makes a business less risky? 

Starting any business involves a certain amount of risk. In fact, only 25% of businesses are still around after 15 years.

But here’s the thing…

There are plenty of ways to minimize risk . I’m not a fan of risk either, but despite that, I started a thriving eight-figure business. 

Here are a few things that helped:

For one thing, I started small. I didn’t take out a $100k loan or hire ten employees on day one. (In fact, I still don’t have any full-time employees). 

Heck, I didn’t even have a website .

What I did have was marketable skills that I used to test different ideas, like an Excel tutoring business . 

Also, because I was building a business on the side, I didn’t have the pressure of thinking, “I won’t be able to pay my rent if this fails.”

So, here’s what I recommend you do:

• Start small . You don’t need outside funding or employees to have a high-profit business
• Don’t quit your job just yet : Work on your business on the side until it replaces your income 
• Pick a business model that aligns with your goals , and learn from people who are where you want to be

Okay, now let’s get into the good stuff…

The most low-risk businesses that are also highly profitable. 

24 safest businesses you can start from home 

Here are the top low-risk business ideas I recommend.

1. Coaching

As a coach, you ’d help your clients solve a problem they have. 

What kind of problem?

The options are virtually limitless . 

For example, getting low conversion rates is a problem. But so is low self-esteem or unhealthy eating habits.

And here’s why coaching is a great low-risk, high-profit idea: 

One, you can use your current skillset , so you generally don’t need some expensive certification. 

And two, you can charge $1,500 for 3 months of coaching as a new coach, which will help you quickly replace the income from your job. 

I’m biased about coaching…

Not only have I built a successful coaching business myself, but I’ve also helped thousands of students do the same:

Dig deeper: How to Become a Coach

2. Consulting

What’s the difference between coaching and consulting?

Consulting is about identifying a client’s problem and then solving it for them. 

For example, a consultant might help a business figure out why sales are down – and then create a plan to fix it.

Consultants do the heavy lifting themselves – rather than guiding clients to the answers, as a coach would.

So, again, like with coaching, there are all kinds of niches you could look into. 

And if you have the right skills, you can get started today – no need to waste time and money on certifications, outside funding, or even a website. 

Dig deeper: How to Become a Successful Consultant (8 Steps)  

3. Selling online courses 

I’m a big fan of online courses . For one thing, they can be incredibly valuable for your target audience, which feels great. 

Quick example: 

My Employee to Entrepreneur course helps people transition from working a 9-5 to building their own successful business. 

I’ve had countless students share stories of how they’ve used my course to scale their businesses to six- and seven-figures:

What are some other perks of selling online courses?

• Many course topics to choose from
• Great earning potential 

Dig deeper : How To Create an A High-Quality Online Course (Step-By-Step From Scratch) 

4. Blogging 

As a blogger, you’d use your own website to publish blog posts for a particular audience.

There are countless examples of successful bloggers out there.

For example:

Charlotte Smith, the blogger behind At Charlotte’s House , started an interior design blog back in 2012 – with zero experience. And since then, she’s been featured on big platforms like HGTV .

What makes blogging a safe option with potentially huge returns?

A few reasons:

• No previous experience required
• Minimal upfront costs
• You can diversify your revenue (partnerships, affiliate links, and so onetc.)

Dig deeper: How to Start a Profitable Business Blog (& Sell More)  

5. Content creation

As we just saw, blogging is a great option for starting a low-risk, high-reward content creation business. 

But there are plenty of other forms of content creation you could choose. 

For example, video content is also a solid choice because there’s a huge demand .  

The question is, what do you want to talk about? What kind of audience do you want to attract? 

Start there. 

Once you have a defined niche, getting traction will be easier.

Again, depending on what kind of content creation business you choose, getting started doesn’t have to cost a fortune – and despite that, your earning potential can be huge .

Dig deeper : How to Become a Content Creator How To Make Money on YouTube: 7 Simple Strategies  

6. Selling digital products  

What makes digital products a low-risk business option? 

Easy: You don’t have to deal with inventory, shipping, or other costs typically associated with selling products.

So, if sales don’t pan out, it’s not the end of the world.

Random example: Let’s say you create a digital planner, and… crickets . You don’t get sales. 

In that case? 

You can learn from your mistakes and try again – without facing bankruptcy, as some businesses would.

And here’s the thing: 

What I just outlined is the worst-case scenario. There are plenty of ways to successfully sell digital products and make a lot of money doing it. 

I’ve done it, and I’ve helped others do it, so I know it’s possible.

Dig deeper: The 16 Most Profitable Digital Products To Sell (+Where)  

7. Virtual assistant  

Virtual assistants (VAs) help businesses or individuals with business-related tasks – from scheduling appointments to posting on social media.

One perk of going this route? 

You can get started today, with little or no investment . 

Take Rebecca Morassutti, for example. 

She was tired of her 9-to-5 and started working as a VA on the side. 

Four months later, she quit – and last year, she made $144,000 . 

Dig deeper: Embracing the Future: How to Become a Virtual Assistant

8. Freelancing

Freelancing is another skill-based business idea that you can start immediately, without outside funding or loans.

There are all kinds of things you could offer as a freelancer.

For example, you could:

• Write website copy or blogs
• Design graphics
• Develop apps

One perk about freelancing (besides the fact that it’s low-risk, high-profit) is that you can work from virtually anywhere, which gives you more freedom.

Dig deeper: How To Become a Freelancer: The Complete Guide

9. Affiliate marketing 

The affiliate marketing industry will be worth over $27 billion by 2027, so there’s money to be made here. 

And the concept is simple: You promote another brand’s products or services in exchange for commissions. Plus, it doesn’t cost anything to become an affiliate.

To maximize your earnings, though, build an audience you can promote to first. For example, you could drive traffic through a blog, a YouTube channel, a podcast, etc.  

Dig Deeper: 20 best affiliate programs for online creators

10. Tutoring 

As a tutor, you’d help people make progress on a particular subject, like math or music. 

What are the benefits?

For one thing, you can start tutoring using your current skills . That saves time AND money. 

Plus, you can set your own rates, which gives you more control over your income. 

There are plenty of platforms where you can sell tutoring, such as Preply .

Dig deeper: How to Make Money Online Tutoring: 12 Best Job Sites  

11. Translation service 

Translation involves converting text from one language to another. 

There are a lot of niches you could specialize in, from working with doctors to helping businesses.

YAnd though you should master at least two languages before getting started, you generally don’t need any formal qualifications.

Some platforms to get started on include iTalki and Lingoda .

Dig deeper: How to Become a Translator: A Student’s Complete Guide

12. Podcasting 

Starting a podcast requires minimal upfront costs, but the return on investment can be huge. 

Here’s a quick statistic: 

Almost 505 million people listen to podcasts . 

In other words? 

There’s already a huge audience out there you could engage with and monetize. 

But first, pick a niche so you know who your listeners are and what they want. 

Dig deeper: How to Make Money Podcasting: 12 Effective Ways  

13. Digital marketing agency 

The amount spent on digital marketing is expected to surpass $660 billion in 2024 .

These days, many businesses turn to agencies to help them reach more clients and increase sales.

That’s where you’d come in.

By starting a digital marketing agency, you could specialize in a certain type of marketing, like content marketing or SEO, and choose what kind of clients to work with.

Another perk? As an online business owner, youyou’lld have lower overhead costs and higher profit margins – which ultimately translates to less risk. 

Dig deeper: How to Start a Digital Marketing Agency From Scratch  

14. Resume writing 

Resume writing is an ideal business idea because the upfront costs are minimal, but there’s a big market for your services. and you can earn a lot. 

T, the average resume writing service costs $631 , but you can charge significantly more depending on your specialty and the results you offer.

Dig deeper: How To Start a Resume Writing Business in 6 Steps

15. Career coaching 

Career coaches help their clients reach their career goals – from getting a promotion to changing industries altogether. 

For example, my client Emily used her experience as a Fortune 500 recruiter to make the switch to career coaching. And now, she helps people land their dream jobs through her business, Cultivitae .

But here’s the thing… You don’t need a recruiting background to become a career coach. What matters most is being able to help your clients get results. 

And to do that, the first step is to pick a niche so you know who you’re trying to help and what their specific problems are:

Dig deeper: How to Become a Successful Career Coach: 4 Steps  

16. Software training 

If you understand complex software and know how to explain things in plain English, consider starting a software training business. 

These days, software is everywhere. Which means? 

Knowing how to use it is incredibly valuable. But at the same time, software programs are often complex and less accessible to the average user. 

By offering training sessions to businesses or individuals, you could make money teaching skills you already have – while keeping your overhead costs low.

Dig deeper: 4 Ways to Make Teaching Complex Software Easier  

17. Social media management 

We covered digital marketing a bit earlier, so what makes social media management different?

Social media management focuses exclusively on social media platforms (TikTok, Instagram, and so onetc.) whereas digital marketing has a broader focus.

Okay, but what makes social media management a solid business choice? 

There’s a huge demand , and overhead costs are low. (If you need experience, though, there are tons of courses available at little or no cost).

Dig deeper: How to start a social media management business  

18. Graphic design  

Graphic designers need to learn industry-standard graphic design tools, like InDesign , Adobe Photoshop , and Adobe Illustrator . 

It also helps to know about design theory .

With that said…

You DON’T need a degree in graphic design to start a graphic design business.

Having the right skills matters a lot more than having the right degree.

Dig deeper: How to Start a Graphic Design Business

19. Event management 

What makes event management a low-risk business idea?

For one thing, startup costs are low. In fact, you can get started with just a computer and an internet connection.

Plus, there’s clearly a demand: Event management jobs are expected to grow by 8% between 2022 and 2032. 

Dig deeper: How to Start an Event Planning Business from Home  

20. Photography 

As a photographer, your biggest expenses would be getting the right camera and tools , including Photoshop and Lightroom .

Once you have the right equipment and skills , though, you can earn great money and choose from a variety of different niches. 

Dig deeper: How to Start A Photography Business

21. Web developing  

Web development is all about building and maintaining websites and apps. 

What makes it a great low-risk business idea?

For one thing, there’s a huge demand: Web development will grow by 16% from 2022-2032 – much faster than average. 

Plus, there are plenty of resources online to help you learn, and you don’t need a big investment to get started.

Dig deeper: 15 Reasons to Start a Web Development Business  

22. Real estate 

You can make money in real estate even if you’re risk-averse. 

For example, if you have a large house, consider renting out extra rooms for monthly cash flow – WITHOUT having to invest in a new property.

Dig deeper: 15 Ways to Start Investing in Real Estate With Little or No Money

23. YouTube channel creator   

YouTube has nearly 2.5 billion monthly users , so there’s a huge audience to tap into.

As a creator, you can earn money in a variety of different ways, including YouTube AdSense and sponsorships. You can even start and run YouTube channels for clients .

And because all you really need to get started is a decent camera, the barrier to entry (and risk involved) is low. 

Dig deeper: 10 Tips for Starting a YouTube Channel

24. Personal trainer

As a personal trainer, there are a lot of niches to choose from.

For example, you could help athletes build muscle or seniors lose weight.

The first step? 

Get an accredited certification, like the ones offered by the American Council on Exercise (ACE) , the National Academy of Sports Medicine (NASM) , or the International Sports Sciences Association (ISSA) .

Dig deeper: 12 Tips for Starting a Successful Personal Trainer Business  

How to choose a low-risk business idea

Now that we’ve looked at many different low-risk business ideas, how can you pick the right one for YOU?

The first step is nailing your niche. 

So, think about what problems people have that you could solve for them. As we saw, there are all kinds of things you could choose, from coaching to event management.

With that said… Don’t just pick something because you’re good at it. Pick a business idea you can see yourself committing to long-term. 

Once you think you know what you want to do, validate your idea through market research. In other words, is there a demand for what you want to offer?

Because the thing is, finding that out is a key part of minimizing risk. (You can check out these tools to get started.)

Okay, up next: Let’s see what low-risk businesses look like in real life.

Low-risk business examples

Now that we’ve covered how to choose a low-risk business idea, let’s look at some specific examples:

LuisaZhou.com 

– I want to mention my own business first because I’m so risk averse. Hi, it’s me, Luisa. 

I started various low-risk businesses before founding LuisaZhou.com and helping people quit their jobs to work for themselves. 

I sell both coaching and courses – something I loveI love coaching because I’ve seen firsthand how scalable they areit is and what a huge impact theyit can have on people’s lives.

TopLawSchoolConsulting.com 

– Remember how I said one benefit of consulting is that you can start now, with the skills you already have? 

That’s exactly what Mara Freilich, the founderface behind Top Law School Consulting, does. She got into her dream law school and now helps other peoplestudents do the same.

AcademyofAnimatedArt.com 

– AAA was founded by two senior light artists who saw a hole in the market for helping students land jobs in the competitive animation industry. 

And it worked. Since its founding, several hundred students have used AAA’s courses and mentorship opportunities to jumpstart their careers. 

Ultimately, here’s the bottom line: You don’t have to start the next Walmart or McDonald’s and risk huge amounts of money to have a profitable business. 

So, there you have it! Now you know the top low-risk business ideas that will help you maximize your returns. As you can see, you have a lot of options.

Not sure where to start?

If you’re serious about becoming your own boss so you can finally quit your 9-to-5, here’s my tried-and-tested guide to help you get there:

Want to Build a 6-Figure Coaching Business So You Can Achieve More Freedom?

When you sign up, you’ll also receive regular updates on building a successful online business.

How to Start a Profitable Service Business with No Experience  

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The Best Service Business Ideas

About Luisa Zhou

Luisa Zhou has helped thousands of students build and scale their own profitable online Freedom Business. Fun Fact: She used to work as an engineer for the Space Station and holds a B.S.E. from Princeton. Click here to learn more about Luisa.

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