7 Low-Cost Business Opportunities for Aspiring Entrepreneurs

The COVID-19 pandemic has reshaped the way people shop, work, interact, and travel. During the height of the pandemic, brick and mortal retail shops, restaurants, theaters, and many in-person businesses suffered from closed doors and lost income, while other industries like delivery services thrived. Although 2020 was a difficult year for countless entrepreneurs, savvy business owners did what they could to get by. Many used creativity and determination to pivot their business models to find new ways to serve their customers.

What is perhaps most remarkable is the number of aspiring entrepreneurs who identified an opportunity to start a new business in the midst of a pandemic. A record-breaking 4.4 million new businesses were started in 2020 according to recent data from the U.S. Census Bureau which equates to about a 25% increase from 2019. While starting a business during a pandemic may seem risky, these entrepreneurs effectively discovered viable opportunities. 

What are the top post-pandemic business opportunities for anyone looking to start a new company? Read on to find out.

  1. Cleaning Services
    With a heightened focus on health and hygiene due to COVID-19, the demand for cleaning services has increased tremendously. Companies must continually disinfect high-touch surfaces and maintain a higher standard of cleanliness. With the need to keep things safe and sanitary for both their employees and customers, businesses are cleaning more often and more meticulously than ever before. If you like to clean, now is a great time to capitalize on the growing need by starting your own cleaning business.

  2. Virtual Assistant
    Are you organized, motivated, and interested in being a solopreneur? Do you possess excellent verbal and written communication skills? If so, then a future as a virtual assistant may be in the cards. A virtual assistant, also known as a VA, works remotely and does administrative-type tasks like answering emails, booking appointments, making travel arrangements, creating social media posts. As the majority of the world’s workforce shifted to remote work in 2020, virtual assistants were suddenly highly sought after. You can find clients for your VA business on Upwork, Fiverr, LinkedIn, Facebook, or through word of mouth.

  3. Food Truck
    While the food truck trend has been steadily growing for some time, the pandemic accelerated things for the industry. With indoor dining restrictions in place and safety concerns high, food trucks gave diners a safe option for eating out. Plus, with the new uptick in backyard events like micro weddings and birthday parties, many food trucks are in high demand. If you’re a talented baker or make mouthwatering tacos, why not jump on the trend, and start your food truck business today? Not only are the startup costs relatively low compared to opening up a restaurant or cafe, but a food truck comes with the added bonus of being able to move from location to location to help you go where the money is. 

  4. Social Media Marketing
    Maintaining an active presence on social media is a crucial part of any business, yet many smaller companies just don’t have the time, know-how, or both to do it themselves. If you have a knack for social media, turn your talent into a profitable business. With virtually no overhead and the possibility to work from anywhere with WIFI, a social media marketing business is a great option.

  5. Virtual Personal Training/Fitness Coaching
    When gyms and fitness centers were closed down, a lot of people struggled to stay in shape and maintain healthy habits. Zoom workout classes and fitness videos on YouTube were a lifesaver for many. From the pandemic, a growing need for virtual fitness coaches and personal trainers arose. With your own fitness business, you can teach people about nutrition and weight loss, offer online workout classes, share healthy eating tips, and offer coaching to help them achieve their fitness goals. 

  6. Handyman/woman
    Between the recent boom in the real estate industry and homeowners’ desire to improve the houses they spent so many months in during the quarantine, people are making renovations at an astoundingly high rate. Contractors are extremely busy and home improvement services and materials are in high demand. Larger, better paying projects take precedence over smaller projects leaving homeowners who need minor repairs, renovations, or maintenance, to wait a long time to get the work they need done. This opens up an opportunity for handyman/women who can put their skills to use and fill the market void.

  7. Online Teaching or Tutoring
    Offering online classes or tutoring sessions is an easy way to start a rewarding, yet low-cost business. Use Zoom, Teams, Google Meet, or your preferred video conferencing platform to hold group or one-on-one sessions from the comfort of your own home. With so many students in need of extra help or enrichment due to struggles with distance learning, your online teaching or tutoring business could help get them back on track. Not interested in teaching one of the core subjects? You could offer music lessons, art classes, teach a foreign language, or even offer SAT prep.

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