Shopify is a well-known e-commerce platform based in Canada that allows entrepreneurs and small business owners to sell their products online. Pricing options start at $25 per month for individuals and small businesses.
However, the company offers a Starter plan for $5 per month to “sell products at events and through social media and messaging apps.”
In 2022, the e-commerce website surveyed 150 entrepreneurs and 300 small business owners in the U.S. to learn about business costs. Funding came from savings, support from friends and family, and personal loans.
While startup costs for “microbusinesses” may range from $2,000 to $5,000, Shopify discovered small business owners spent an average of $40,000 in their first year.
If you’re looking for business ideas to start with only $10, here are some ways to drastically reduce your startup costs.
Many people seeking to start a business need access to thousands of dollars. Shopify’s research showed a variety of business expenses for things like products, shipping, and marketing.
Shopify’s Starter plan helps lower the cost of starting an online business. Sellers can begin immediately with an image and a description of the product.
They can then share products on social media like Instagram, WhatsApp, and Facebook. Shopify offers reputable transactions with checkout services for customers.
Sellers can also create a Linkpop page for a bio link to drive followers to products and content.
If you’ve already got something to sell, the Starter plan at Shopify might be your best option for starting a business with $10.
Another way to become your boss or work for yourself via a business startup is online teaching. Teaching English to international students online grew in popularity with the ease of internet access and the availability of computers and smartphones.
Chinese students learning English online dominated the industry; however, that changed in recent years due to significant shifts in China’s policies and requirements for teachers outside the mainland.
Online English tutors today might find students locally instead. There are websites to consider, too, like TEFL.com and others for various opportunities.
The website Cambly pairs English tutors with students worldwide. As a tutor, you could have regular conversations with adults or conduct lessons on the platform. There’s also a Cambly Kids section for teaching younger students.
The pay might be lower than the average for online English tutors. But you’ll gain confidence and experience teaching students from countries like China, South Korea, Japan, and Saudi Arabia.
Startup costs come based on the specifications of your current computer or laptop. If you’ve already got recent models, you should be able to begin teaching for free.
Of course, plenty of other options are available for tutoring different subjects, like math, reading, art, music, and fitness.
Starting a blog is one way to earn extra income by creating a business with little to no money upfront. For extra incentive, you could even write about how to save money.
If you’ve got a small budget, you can find free sites for starting your blog. Then you can write about your experiences with learning how to save money.
You could also write about the latest sports, video games, and online casino trends. These are significant topics in the U.S., with many fans enjoying social gaming and gambling.
You’ll find plenty of $10 minimum deposit casinos that offer generous welcome bonuses to new players.
Writing about thriving industries could help you grow your readership, allowing you to take your blog to the next level.
If you don’t have any products to sell, you can start a blog, grow it organically, and utilize affiliate marketing. For example, you could use referral links with relevant partners if you start writing about finance, gaming, or online casinos.
In 2020, for a whopping $102.5 million, Sykes Enterprises acquired The Penny Hoarder, a popular financial blog one person started on their own.
To reach that level of success, you’ll need time to formulate authority for ranking on Google. Building an audience requires dedication, hard work, and reaching out to affiliates you trust.
Some of the most popular niches for affiliate marketing include:
- Real Estate
- Video Games
- Interior Design
Offering freelance virtual assistant services is another trend for becoming self-employed or starting a business for under $10. To begin, you’ll want to determine the services you might offer to clients.
If you’re already good at social media, some individuals or businesses might need help with their online presence.
Other ways to begin include writing a business plan, creating an online portfolio, and establishing your prices and payment system. Then, you can start to find your first clients.
Consider using virtual assistant platforms to launch your digital company.
Starting your own business is a lot of work. You’ll need to continually research your competition, stay current with the latest trends in your niche, and learn to innovate and adjust.
To run a business yourself, you should be disciplined and self-motivated. Rather than working for somebody else, you’ll gain independence to boost your financial potential.
You may also find yourself working longer hours during periods of economic uncertainty. Weigh the pros and cons of starting a low-cost business by finding whatever works best for you.