March 2, 2023 elder
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.
