Low Investment Ideas to Make Money in 2023

Most profitable small businesses according to Nerd wallet don’t require lots of money to get started. With a solid business plan, hard work and determination, any strong business idea may become successful and profitable.

Businesses in high-growth industries with lower startup costs, however, may have greater profitability potential. With the rise of technology, for instance, you’ll probably have more success starting a virtual assistant business than opening a grocery store.

So, after reviewing Nerd Wallet and comparing to others like Oberlo.com and IPPEI.com, we compiled our top 14 list of opportunities to try:

1. Food trucks

T he food truck movement has been experiencing consistent growth over the past five years — and it’s expected to continue — with the market projected to grow to $6.6 billion by 2028. According to a 2021 report by Grand View Research,you can start a food truck business for less than a third of what it costs to open a brick-and-mortar restaurant; plus, you have geographic versatility, the potential for high revenue returns and the flexibility to create a custom menu that’s all your own.

Keep in mind that bigger, trendier cities like San Francisco, Boston and Washington, D.C., already have a very saturated food truck market (as well as tougher regulations to get started) — so this might be a more successful business in a smaller heartland metropolis.

Food trucks also tend to have their own special set of ordinances, business licenses and safety compliance standards. They also require food business insurance, so you’ll want to contact your local health department to find out what will be required.

2. Car wash services

The rising price and expanded features of new vehicles are causing car owners to keep their cars longer, according to a 2020 study by Consumer Reports. As drivers keep their cars longer, businesses like car washes that help people maintain the value of their auto investment are expected to keep rising as well.

According to the International Carwash Association, 66% of Americans wash their vehicles somewhere between one to two times per month, with an average of 13 times per year. The car wash market is projected to increase from $14.7 billion in 2021 to $20.7 billion by 2028.

You might start a car wash business even more profitable by turning it into a mobile service. Customers may pay more for a car wash that comes to them, especially if they have a luxury car and prefer a more personalized service. As a mobile car wash and auto detailing service, you’d avoid the overhead and startup costs of having a physical location.

3. Auto repair

In 2021, the average age of cars and light trucks in the U.S. rose to 12.1 years, increasing from 9.6 years in 2002, according to IHS Markit (now part of S&P Global). People are keeping their cars longer than ever, suggesting there’s significant opportunity in the maintenance and repair business.

Additionally, car owners are more likely to visit a small business for repairs; according to the Auto Care Association, more than 70% of repair business is captured by independent repair facilities compared with dealerships or manufacturer-authorized repair facilities.

If you’re a skilled mechanic, you might consider an auto repair service as one of the most profitable business ideas. You can offer oil changes, fluid refills, battery swaps, headlight repair and more. And if you’re looking to save on overhead costs, you might make it a mobile service and travel to your customers, performing repairs in their driveway or office parking lot.

4 Enrichment activities for children

While Americans continue to have children, shrinking budgets for education mean that both traditional academics and enrichment subjects like music, art and athletics often take a significant hit.

A successful business to start might be one that teaches enrichment activities to children. According to a 2018 U.S. Census Bureau report, kids are just as involved in extracurricular activities today as they were 15 years ago. Some research indicates that nearly half of American parents spend more than $1,000 annually on their children’s activities.

You could launch a gymnastics center or music school, become a swimming instructor or kids’ yoga teacher, or focus on some other child-centered activity. If you have a skill that could be easily taught to young students, you might already have a profitable business in the making.

5. Mobile apps and entertainment for children

If your interests are in development and engineering, you might consider gearing your technology toward the youngest users. Research shows that demand for tablets, apps, and mobile entertainment for children is on the rise — especially if those products are education-focused.

According to a Learning First Alliance report on mobile devices and early childhood education produced by research firm Grunwald Associates, more than 60% of parents surveyed believe that mobile devices and apps have benefits for teaching kids’ skills in reading, math, science and world languages.

Do you have an idea for an educational app for children or parents? If so, now’s the time to move forward on your bright idea for the next generation and make this potentially profitable business a reality.

6. Shared accessories and attire

Sites like Rent the Runway and Gwynnie Bee have banked on the idea of the sharing economy — where we want and need to own less stuff, so instead, we share resources.

T hese companies offer borrowed or rented clothing and accessories at a fraction of their purchase prices, and because the same piece of inventory generates revenue multiple times, the profitability of these ventures can be significant. According to a 2021 study by the reselling platform Mercari, the secondhand-clothing market is projected to more than triple by 2030.

Do you have an eye for fashion and a sense of style not currently offered by other rental services? Maybe you’re ready to be the next big thing.

Even if you’re not prepared to launch a multi-million-dollar fashion startup, you can just easily profit from shared fashion at the local level. Gather some favorite accessories or clothing picks and host a borrowing party — where customers can rent or purchase items from your closet — for high school students before the next formal dance.

If you’re in a college town, Greek life formals are another great opportunity to profit from shared economy fashion. You have the potential to be even more profitable because you’re taking shipping costs out of the equation.,

7. Shared home improvement equipment

Are you the go-to person in your neighborhood for every lawn, garden, and home repair tool? Why not turn those tools into a profitable business by advertising your available equipment beyond your immediate friend group?

You might even decide to invest in more specialized and higher-cost equipment that would be useful to those around you. If a customer doesn’t know how to use a specific tool, combine equipment rental with your mobile service for even more cash in the bank.

Home improvement spending has increased since the start of the COVID-19 pandemic — and U.S. households spent an average of $8,305 on improvement projects in 2020 alone, according to a study from Home Advisor. As more people continue to invest in fixer-upper houses and remodel, this could be a big opportunity.

8. Podcasting

So many people listen to podcasts, it’s insane.

According to this report, 32% of Americans are monthly podcast listeners, with average listening time at 6 hours 37 minutes.

That’s great news for fans and podcast enthusiasts because starting your own podcast can cost as low as $250 if you already have a computer. Top podcasts can even earn millions of dollars from sponsorships, products, and affiliates.

You can discuss anything and everything you’d like on your podcast– the joys of creative and time freedom!

9. Car Flipping

Getting hassled at the dealership just isn’t appealing to most consumers anymore.

The staggering number of people who use the Internet to search for new and used cars (78% of consumers according to these statistics), particularly third-party sites like Craigslist, has increased tremendously over the past few years.

That’s good news for those interested in the car flipping business. This business model involves purchasing lower-priced vehicles and selling them for a profit.

The sweet spot tends to be cheaper vehicles in good condition in the $500-$5,000 range.

A small investment of less than $1,000 can easily get you started. Use the profits from your first flip to fund more and watch the pure profit start to trickle in.

10. Content writing

Almost every company with a web presence needs help creating content for product pages, blogs, etc.

As such, starting a content writing or copywriting company could be one of the most profitable business ideas for you. Popular websites for finding those first few customers include Remote.co, Problogger, and BloggingPro.

You can also join content writing groups on Facebook to get more exposure for your business. To make a good impression on clients, consider offering keyword optimization or custom graphics as part of your services.

11. Homemade products

If you have a knack for molding soap bars, brewing drinks, or baking specialty products, a homemade crafts business may be a great fit for you. Not only does it serve as a wonderful creative outlet, but it can easily scale up as word of your business gets out.

Some of the most profitable homemade products include agricultural products, beauty solutions like cosmetics and soaps, and accessories such as jewelry. The ingredients and raw materials coupled with your labor should provide a sustainable return on investment.

You can start selling homemade products at your local farmers market, on a platform like Etsy, or with a storefront on iCraft. Try adding a unique twist to your products, such as dessert-themed bath bombs or pop-culture clothing items.

12. WordPress support

A lot of websites out there are hosted on WordPress, and almost every WordPress website owner requires support in some form. So, if you’re familiar with the ins and outs of this platform, you’ll have several opportunities to make money.

Clients may contact you to fix their CSS, find and address security holes, and more. While you can use platforms like PeoplePerHour and Upwork to get your first clients, we recommend creating a custom website and listing your services there. That way, you’ll be able to avoid high commissions and build high-quality relationships with your clients.

Hands down, offering WordPress support is one of the best business ideas to try in 2023.

13. Business Consultant

Consider yourself an expert in an area where business could use your input, whether it’s IT, team building, systems improvement, real estate, or something else?  You could start a business as a consultant.

Your professional network is worth far more than anything when it comes to finding clients, so make sure you have built strong connections in your field and a good-sized emergency fund in case business is slow at the start.

Along with the chance to travel to clients all over, business consultants can charge what they believe their experience brings to the table.

14. Business or marketing courses

Since the beginning of the COVID-19 pandemic, participation in career-focused online courses has grown significantly, especially as more employees look to change jobs or work from home. For instance, LinkedIn saw a 53% increase in global hours spent learning from 2020 to 2021.

Companies have expanded or launched new coverage for tuition reimbursement in recent months, meaning workers have money to spend on these types of classes. According to a 2022 Harris Poll performed on behalf of Fortune, 14% of employees reported their companies offer some type of coverage or reimbursement for online training courses, and over the past six months, 10% of employees reported their employers have expanded or launched new coverage for these types of training opportunities.

If you have career skills to share, you can start creating online courses with few initial costs. Popular course topics include bookkeeping, QuickBooks accounting software, WordPress web development, graphic design, or even how to write a great cover letter or resume.

Identity verification technology company ID.me quietly deployed a powerful form of facial recognition on unemployment benefits applicants while encouraging state partners to dispel the idea that the company used the technology, according to Oregon state records the American Civil Liberties Union shared with CyberScoop.

The documents show that in the months following the introduction of facial recognition software that matched a photo across a wider database — known as “1:many” — into its fraud detection service, ID.me disseminated talking points to the Oregon Employment Department (OED) and other state partners to combat media reports that it used the more powerful form of facial recognition.

Privacy advocates who are pushing states to drop the technology say the documents raise concerns that states working with ID.me may have been unaware of the risks involved with the use of facial recognition technology, the accuracy of which has been challenged by government and academic researchers. During the pandemic, 30 states contracted ID.me’s services in an effort to assist with a surge in unemployment claims and tamp down on fraud.

ID.me, in its communications with states, mentions known accuracy issues with facial recognition when it is used to match one photo against a database of photos.

“1:Many face matching, also known as 1:N, casts a much larger net and introduces a higher probability of error,” ID.me outlined in a July 24 email to the OED about a CNN article. “It is deeply irresponsible for the media to conflate 1:1 Face Verification with 1:Many Face Recognition,” the company wrote in a separate document sent to states that mentions the CNN article and an article by Reuters.

What isn’t addressed in the email is that six months prior, in February, ID.me began to deploy 1:many facial recognition in its identity verification technology as a means of fraud prevention. Upon setting up an account, users’ photos are compared to an internal database to check for matches that indicate a duplicate, and therefore a possibly fraudulent account.

The Georgia Department of Labor (among many Departments of labor), a

re requiring that applicants submit to the facial scanning or be denied benefits. Additionally applicants must sign off  their rights to any class action suits which should arise from use.  ID.ME nor the Department of labor will sign off that your identity will not be shared or compromised. The FTC has recently release data breach information and damage settlement for  Equifax.

U.S. Senators Urge Ditching ID.me, Face Recognition for Jobless Benefits

Senate Finance Committee members Ron Wyden, Sherrod Brown, and Elizabeth Warren urged the department to ensure state unemployment insurance (UI) programs are able to securely verify their applicants’ identities without sacrificing claimant privacy.

In a letter sent to Labor secretary Marty Walsh, the senators highlighted that in over half of US states, workers filing for UI must sign up for an account with ID.me. Most users have to submit facial recognition to verify their identity and access benefits. They explained that many states started using the service during the pandemic to combat fraud and identity theft, but said that this shouldn’t mean claimant privacy is compromised in the process.

“It is particularly concerning that one of the most prominent vendors in the space, ID.me, not only uses facial recognition and lacks transparency about its processes and results, but frequently has unacceptably long wait times for users to be screened by humans after being rejected by the company’s automated scanning system,” stated the senators.

Instead, the senators advised that the department should assist state unemployment insurance programmes gain access to federal alternatives like login.gov, run by the General Services Administration, which offers a federal identity verification option.

Login.gov is currently used by 200 websites run by 28 Federal agencies, with over 40 million US citizens having accounts on the service.

IRS announces transition away from third-party facial recognition

The IRS announced it will transition away from using a third-party service for facial recognition to help authenticate people creating new online accounts. The transition will occur over the coming weeks in order to prevent larger disruptions to taxpayers during filing season.

During the transition, the IRS will quickly develop and bring online an additional authentication process that does not involve facial recognition. The IRS will also continue to work with its cross-government partners to develop authentication methods that protect taxpayer data and ensure broad access to online tools.

“The IRS takes taxpayer privacy and security seriously, and we understand the concerns that have been raised,” said IRS Commissioner Chuck Rettig. “Everyone should feel comfortable with how their personal information is secured, and we are quickly pursuing short-term options that do not involve facial recognition.”

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There was a time when the virtues of American Life showed forth its beacon of hope and charity and prosperity. That light crossed many borders and spanned great oceans. The beauty of life in the US was highly sought out. Today it is still sought out by some who would like nothing better than to be called an American.

Its  easy to forget there is a working immigration system in the United States of America. And its easy to forget that people come here because they love America. In the face of illegal immigration, yearly over a million applications are processed. And  granted the opportunity to become sworn members and full citizens of the United States.

Faith Seeds had the opportunity to speak with new found citizen in Ruena Long.

” The United States was my first and only choice because I learned that I had family relations whose lives became better after immigrating to the land of economic opportunity.

Our education was primarily based on Western education—student-oriented, developing such qualities as critical thinking, problem-solving, and generating new ideas. We read American magazines, studied American books, listened to and sang American music, and watched American movies and television series.  I also look forward to receiving stuff that were made in USA which my aunties send us because I know it has quality. “

What is it that attracted me to come to America?

When I was 5 years old, my father bought these 4 sets of Fantasy land, The Wonderful Worlds of Walt Disney books.  Since I do not know how to read and understand English yet, I always want my father to read me the stories about Cinderella, Sleeping Beauty, Snow White and the Seven Dwarfs, Alice in Wonderland, Dumbo, Peter Pan, etc. and translate it in Tagalog my native language.  I used to look at the beautiful pictures thinking this is what America is.

Ruena positive view of America is what she embraces. However her view is not shared by all who come to America. Ironically many that come here illegal don’t necessarily share that view. Of those that migrate here the Philippines ethnics are among the fewest in numbers.   Mexico has the highest number of immigrants to the US and also the highest number of illegal immigrants. And has held that highest position for years. With an estimated 23 million illegal immigrants from Latin America.

There seems to be politics and debate about illegal immigration and legal immigration. One argument is that the immigration system does not work. It did work for Ruena and realization of a life long dream.  She recalls vividly her Naturalization Ceremony.

“All oath-takers had to fall in line again, waited our turn to receive our appointment letters and our Naturalization Certificates to review and check the accuracy and completeness of the information therein.   They also gave us our application for U.S. Passports and more information materials about becoming an American Citizen.  After that, the immigration officer gave details of the program of activities and told us to wait for the judge. During the judge’s speech, she told us that she and her family were also immigrants from another country.

She then instructed everyone to stand to be recognized as she called on all the countries represented.  I look around when the Philippines was called and found out that I was the only Filipino in that batch.  Our Oath-Taking followed after her speech.  It was very solemn.

I felt like finally, I’ve fulfilled my dream of becoming a U.S. citizen. When the Oath-Taking was over, it was followed by the Pledge of Allegiance to the American Flag.  After that, we had a picture-taking with the Judge.  Fortunately, there is one Chinese lady who was very kind when she saw that I was alone, she offered to take my picture with the Judge.”

Ruena also lost her America husband while working through naturalization process. ” During my Oath taking I was very teary eyed and missed my husband Gary even more.  I know this is what he also wanted for me. I am proud and blessed to be an American Citizen.  I am no longer afraid of anything especially now that Gary is gone. “

Faith Seeds joins in the Celebration of Hope and Faith.