There’s been a recent interest in side hustles and additional income sources. Many of us would instead start businesses and become our own bosses, while some want more money.
However, a significant problem that hinders several women from starting a business – side or main- is the high capital that is usually required.
This article will share four highly profitable and scalable businesses that do not demand you break the bank.
1. Fashion and Beauty
The fashion and beauty scene is one of the biggest in the world, with the beauty industry’s total market capitalization of $511 billion and the fashion industry being the fourth largest, with a valuation of $1.71 trillion in 2022
All these stats say the same thing; there’s a lot of money to be made from beauty and fashion!
One reason the beauty industry grows bigger each year is because of how scalable it is. What this means is you can start small and continue growing.
Starting small is how some of the biggest names in beauty and fashion started. Fashion designing, Makeup artistry, and hair styling are a few roles in this industry you could check out.
2. Online Tutor
The pandemic normalized many things, and learning from home is one of the most significant.
Online learning seemed necessary during the pandemic as it was the safest way to learn. The world is recovering from the pandemic, but some things are here to stay.
Parents are more inclined to teach their children at home for several reasons, including a relaxing and private environment. They also prefer online tutors because they provide children with increased focus and attention on previously unexplored areas of study.
Online tutoring is a more profitable and convenient teaching method than traditional methods, and it doesn’t require a lot of money to start.
3. Food Vendor
Food is essential to life. Hence, businesses that are food related tend to do well. A food vendor is someone who prepares food on demand for a large number of people. It could be for a wedding, burial, or birthday party. Food vendors also have food stands at festival-like events.
One myth about food vendors is that you must know how to cook. This is not true because you can hire a chef or a cook.
Food vending is also a scalable business that doesn’t need so much money to start up, although you need to put in the work to grow the business and make it very successful.
4. Digital Content Creator
If there’s one word that has become popular over the years, it’s the word ‘Content’.
Content is everywhere. Content is the first thing you see when you log in to your social accounts. Content comes in different forms. You need to pick a niche, decide who your target audience is and what platform you would create.
People consider content creation expensive because of the high-grade equipment like cameras and lighting, but this has been proven untrue by many creators who create high-quality content with just their smartphones.
All you need to start content creation is a smartphone and a relevant message.
Start your business now.
There you have it! Four profitable, low-capital businesses you can take up now!
It is crucial to note that all businesses require business acumen like market and customer research, branding, and how to get your products and services in front of your ideal customers to become profitable.
You need to put in a lot of effort and work to scale your business and achieve your financial goals!