If you're a young entrepreneur who's sick of the 9-to-5 rat race, you should start thinking out of the box. You need to find an idea that will allow you to start your own business so that you can choose your hours and even your salary. It's important to ensure that it doesn't cost you a small fortune to get started.
With this in mind, I've created a list of 10 business ventures for young entrepreneurs that can either be started for free or cheaply.
1. Chatbot-creating agency
Chatbots are in, and businesses of all sizes are adopting them as part of their marketing, sales, and customer services teams. These bots allow businesses to cut costs while increasing revenue. What many of them don't know is that creating a chatbot isn't as difficult as it once was.
Now, thanks to platforms like Chattypeople, you can create an enterprise-grade chatbot powered by artificial intelligence (AI) and natural language processing (NLP) in a matter of minutes with absolutely no coding or programming knowledge.
With the above in mind, creating a chatbot-building agency is easier than ever. You could create a Chattypeople account for free and offer your services to companies of all sizes. Best of all, as your agency grows, you can upgrade your account and, of course, increase your prices.
2. Online retail consigner
If you have a camera, a computer and a real passion for fashion, you can incorporate them and start your own online business. Start by gathering all the old clothes you've hoarded over the years and no longer wear, and take professional pictures of them.
You could either post your items on eBay or create your own personal store through Shopify or Wordpress. The earning opportunities with this type business venture are endless, and best of all, you don't have to limit yourself to just clothes. You could also sell vintage furniture, children's accessories, garden equipment, and much more.
3. Instagram consultant
Instagram is one of, if not the most popular, social media channels alongside Facebook and Twitter. Many companies are now opting for a visual social media presence, meaning they invest a more time into the likes of Instagram and Pinterest rather than being social on Facebook and Twitter.
However, creating an Instagram following isn't as easy as it seems, and if you're a business, you'll want to gather a following quickly. This is why these businesses hire Instagram consultants to do everything for them. With that in mind, if you love Instagram, have a smartphone, have a solid following, and do some basic marketing, you could quite easily become an Instagram consultant without making a huge monetary investment.
4. Copywriting and editing services
You don't need to have a formal education to become a copywriter or editor. In fact, you really don't need anything apart from a computer. That said, to get higher paying clients, you need motivation, perseverance, and the right support system.
If you can get your current clients to write testimonials highlighting your skills, you'll likely see new customers rolling in. Once you've developed a client base, you'll notice they frequently need new content written, and you can also start charging more.
5. Blogging or vlogging
If you have a specific skill set or are an expert in a particular industry, why not teach others? Blogging is a great way to share information with people. While you may not see how you can make money from giving people free advice, the opportunities are actually endless. You first need to increase your visitor numbers and gather a loyal following. Once you have, you can sell advertising space to companies as well as enroll in programs like Google AdSense.
In addition to the above, you can create e-books or printed copies and sell them on your blog and through platforms like Amazon. Plus, if writing isn't your thing, worry not. You can do all the above through video instead of written format. All you need is a computer, webcam or camera, and a website.
Related: How to Start Your Own Video Blog
6. Business and life coach
If you're more of an introvert, you're probably quieter, with a calmer demeanor, and possess a tendency to think before you speak or act. If this is the case, you should consider a career in consulting. Your ability to internalize events and listen means that you have all the skills needed to become a business or life coach.
While you aren't required by law to complete life coach training, you can do so if you want to have a certification to show clients. If you choose to not do the course, the overheads from being a life coach are little to none, and you can perfom consultations on the phone or online.
7. Graphic designer
If you're creative, have a computer, and know how to use design software, freelance graphic design can be an awesome way to make a living. Digital businesses are on the rise, and with that comes a higher demand for logos, website design, and other marketing materials.
If you have the creative flair, but don't have the experience with design software, you can either enroll in a short online course which is normally quite cheap or you can teach yourself. Many graphic designers are self-taught; you just need patience and time to get started.
8. College application advisor
Similar to with being a life or business coach, college application advisors are good at offering one-on-one advice that's personal to every client. If you believe you can offer thoughtful advice, have strong organizational skills, and want to help young adults take the next steps in their careers, you could offer your services as a college application advisor. All you need is a computer, a love for research, and an understanding of the educational system.
Tutoring is a job you could do completely online. You just need a computer, a website to market yourself, and a specific set of skills that you can offer to people. For example, if you're a math guru, know another language, or have a college degree, you could teach students via Skype or over the phone. Aside from being virtually free to get started, you'll be able to charge up to $100 an hour depending on the student's needs.
Photography is something that many people regard as their hobby, but in actual fact, it can become quite a lucrative career choice. If you already have a camera and your friends often ask you to take pictures at their events, it's likely you have what it takes to turn your hobby into your career.
To get started, create a website and upload a portfolio of your best photography along with your contact information. If you want to take it one step further, get some help with your marketing...you'll find customers queueing at your door to pay for your services.
Starting your own business can be challenging, but with some motivation, perseverance, and a bit of business sense, you'll be able to not only choose a career path that you love, but also do it without spending a fortune. Choose one of the options mentioned above to get started, and remember to network as much as possible to stay current with your industry's latest trends.