In this article, we will take a look at the 20 businesses you can start for less than $1000. We will also take a look at some entrepreneurial journeys of successful business owners. If you want to skip our detailed analysis, you can go directly to 5 Businesses You Can Start For Less Than $1000.
Some Successful Business Ideas You Can Start under $1,000
Tutoring is one of the best business ideas for under $1,000. While purchasing a tutoring franchise may be expensive, budding entrepreneurs can set up a small-scale business using free software available on the internet. Entrepreneurs can acquire Google Classroom and Zoom, to enable online tutoring, for free. Scaling a tutoring business is not expensive either. If the number of employees is between 1 and 9, entrepreneurs may acquire Zoom Pro for $12.5 and Zoom Business for $18.32 for 10 to 250 employees.
Private tutors, on the other hand, can make a lot of money with no upfront costs. According to Fortune Business Insights, Private tutoring was valued at $57.9 billion, as of 2023. According to Business Insider, elite private tutors can earn $180,000 per annum working at Tutors International.
Social media influencing is a rapidly growing industry. According to a report by Fortune Business Insights, the global influencer marketing platform was valued at $17.4 billion in 2023 and is expected to grow to $51.66 billion by 2030 at a compound annual growth rate (CAGR) of 16.8%. In January 2023, Business Insider covered the story of Achieng Agutu, a 26-year-old content creator with over 835,000 followers on Instagram, as of August 9. She graduated with a master’s degree in Marketing and started her social media journey in 2021. In her first full year as an influencer, she made $1 million in revenue in brand deals on social media.
An on-demand print service business is a cost-saving business model because business owners do not need to maintain a large inventory and the startup costs are low. First of all, individuals may need attractive designs. Individuals can outsource designs from a freelancer on Upwork or acquire Canva Pro for only $12.99 a month. Next, individuals may have to allocate some costs to set up an online store on Etsy or Amazon. While a storefront on Etsy doesn’t cost, merchants must pay $0.2 to list a product.
Now that we have studied the upfront costs, let’s look at some successful on-demand print ventures. On May 10, 2023, Business Insider covered the story of Cassiy Johnson, who started a print-on-demand business in 2020. She incurred less than $100 to start her business and made $800 in June and $1,500 in July 2020. In November 2020, she made $70,000 in one month and now sells mugs, t-shirts, sweatshirts, and tote bags. Another inspiring print-on-demand seller, Rachel Rofe, was interviewed by Business Insider. She first started selling on eBay in 1997 and discovered print-on-demand services in 2016 and launched her company, CustomHappy. She made mugs that cost her $26o each. Between 2020 and 2022, she made $5.9 million in gross profits and a net profit of $1.7 million.
READ ALSO Jim Cramer is Talking About These 10 Stocks as Markets Rebound and 23 Best Business Ideas for Introverts with Low Startup Costs.
Social Commerce or Social Media Influencing? Pinterest Does it all!
Pinterest, Inc. (NYSE:PINS) is a leading social media platform where individuals can shop, save, and share ideas. The platform was launched in 2010 and now has more than 522 million monthly active users from across the globe, up by 12% year-over-year.
Individuals can use Pinterest in a variety of ways. Users can create sponsored content, curate posts to direct traffic to external websites and blogs, make posts for affiliate marketing, and develop product posts for their online store. Users can also display ads to promote their posts, or what we call “Pins” in the Pinterest world.
On August 7th, Business Insider uncovered the story of Kenda Laney, who makes $30,000/month using Pinterest. The 23-year-old cancer survivor started her social media journey after getting hired by another woman to manage her Facebook and Instagram accounts. She was then asked to manage her Pinterest account but was unaware of the dynamics. After some trial and error, she finally understood how the platform could be used to boost her income. She then launched her own company, Laney Media, after college. The company now offers consulting and coaching services to help other creators improve their online presence and build a brand image. She uses Pinterest, Inc. (NYSE:PINS) to direct her audience to her official business website. She promotes her pins using ad tools that direct people to her official website. Using Pinterest, she now makes an extra $30,000 to $40,000 per month.
Users like Laney can leverage AI tools by Pinterest, Inc. (NYSE:PINS) to garner a larger audience for their website, shop, or products. On June 13, the company launched Pinterest Ads Labs which tests prototypes for new ad tools. The company will test its personalized background generation tool that is used to enhance engagement and improve product pins. Next, the company will also be curating collages for advertisers. So far, the new ad format has driven 5.4x higher engagement and has improved cost-per-click (CPC) efficiency by 28%.
Analysts are bullish on PINS and their 12-month median price target of $2,025 points to a 13% upside from current levels. Overall, 64 investors were bullish on the stock at the end of Q1 2024, with total stakes amounting to $2.7 billion. As of June 30, ARK Investment Management was the largest shareholder with a position worth $190.8 million.
PINS is currently trading at 20.07 times this year’s earnings estimate, higher than the sector’s forward P/E of 12.67. While there’s a premium here, the company’s growth trajectory cannot be ignored. Analysts expect earnings to grow 33% this year to $1.45 per share and by 62% to $1.77 per share in 2025, from 2023.
Now that we have studied some successful businesses, let’s take a look at the 20 businesses you can start for less than $1,000. You can also take a look at the best business ideas for introverts with low startup costs.
everything possible/Shutterstock.com
Our Methodology
To gather a list of the 20 businesses you can start for less than $1000, we consulted threads on Reddit and over 10 rankings and reports on the internet. We picked the business ideas that appeared in 50% of our sources and then ranked them.
At Insider Monkey we are obsessed with the stocks that hedge funds pile into. The reason is simple: our research has shown that we can outperform the market by imitating the top stock picks of the best hedge funds. Our quarterly newsletter’s strategy selects 14 small-cap and large-cap stocks every quarter and has returned 275% since May 2014, beating its benchmark by 150 percentage points (see more details here).
20 Businesses You Can Start For Less Than $1000
20. Bookkeeping Service
Starting a bookkeeping business is one of the best business ideas for under $1,000. According to data by Indeed, a bookkeeper in the United States makes $22.39 per hour on average.
19. Cleaning Service
Starting a cleaning service is another great business idea for under $1,000. On average a family in the United States spends $40 to $50 on house cleaning supplies every month. The average house cleaner in the United States makes $19.84 per hour, according to data by Indeed.
18. Consultancy Service
Starting a consultancy service is one of the best business ideas under $1,000. To start a consultancy business, individuals can consider offering their services on Upwork and Fiverr for free. On average, a consultant on Upwork makes somewhere between $15 to $35. To attract the right audience, consultants can identify a niche and provide consultancy in that domain, such as SEO consultancy, management consultancy, and marketing consultancy.
17. Delivery Service
Starting a delivery service is another great business idea under $1,000. Individuals can take orders from people in their neighborhood and deliver necessary items as required to save costs. Once profits start flowing in, the business can be scaled.
16. Digital Marketing
Providing digital marketing services is one of the best business ideas under $1,000. To start a digital marketing business, individuals can purchase a project management software such as Asana or a marketing suite such as Hubspot. According to data by Indeed, a digital marketer in the United States can make $65,000 per annum on average.
15. Event Planning
Event planning ranks 15th on our list of the best businesses under $1,000. While large-scale events may be expensive to plan, small-scale events such as birthdays could be planned for under $1,000. To save additional costs, individuals can consider planning and managing virtual events.
14. Handyman Services
Providing handyman services is another great business idea under $1,000. A handyman toolkit with 198 pieces is available for $79.99 on Amazon. More than 500 items of the product were sold in the past month.
13. Home Bakery
Starting a home bakery ranks 13th on our list of the best business ideas under $1,000. Individuals can consider starting a home bakery business from the comfort of their home. Bakers may create customized items for birthdays and similar events to save inventory costs.
12. Landscape Business
Starting a landscape business is one of the best business ideas under $1,000. According to data by Glassdoor, a landscaper can make somewhere between $40,000 to $48,000 per annum.
11. Lawn Care
Starting a lawn care business is considerably cheap, contributing to its ranking on our list of the best business ideas under $1,000. According to data by Indeed, a lawn care company in the United States typically pays somewhere between $10.45 to $23.7 per hour.
10. Makeup Artist
Becoming a makeup artist is another great business idea for under $1,000. To become a makeup artist, individuals will have to purchase standard makeup equipment. To scale the business, budding entrepreneurs can consider selling and marketing their services on social media platforms such as Instagram and TikTok.
9. Online Print Shop
An on-demand online print shop is one of the best business ideas for under $1,000. An online print business requires attractive prints and a functional online shop to get moving. As mentioned above, Cassiy Johnson, who started a print-on-demand business in 2020, made more than $730,000 in revenue ever since its inception, as of May 10, 2023.
8. Catering Business
Catering ranks as one of the best business ideas under $1,000 on our list. Individuals can consider providing catering services for birthday parties or low-scale events. To save costs, budding entrepreneurs can operate from home.
7. Personal Training
Becoming a personal trainer is one of the best business ideas to start under $1,000. Business owners can provide one-on-one fitness training services to people virtually via video conferencing software such as Zoom. Additionally, trainers can also consider providing personal training to clients in their preferred location in person.
6. Pet Care
Pet care ranks sixth on our list of the best business ideas for under $1,000. According to data by Indeed, the average pet sitter in the United States can make $15.99 per hour.
5. Photography
Becoming a photographer is another great business idea for under $1,000. While professional cameras are expensive, they can be purchased for under $1,000. For example, a Canon DLSR on Amazon is available for only $479. More than 1,000 items of the product have been purchased in the past month.
4. Social Media Influencer
Becoming a social media influencer is one of the best business ideas individuals can start for under $1,000. According to data by Business Insider, social media influencers can typically make $100,000 while juggling other jobs on the side. To become a social media influencer, individuals must have a high-quality mobile with a good camera and enhanced lighting to record content. A 12-inch ring light along with an extendable tripod stand is available on Amazon for $35.99.
3. Social Media Management
Social media managers are responsible for curating strategies for their clients wanting to enhance their social media presence and awareness. Individuals can sell their services on Upwork as a freelancer for $15 to $100 per hour.
2. Travel Guide
Becoming a travel guide is another business idea under $1,000. On average a tour guide in the United States can earn $22.58 per hour, according to data by Indeed. Becoming a travel guide is considerably cheap, as individuals may only require licensing to start their own business.
1. Tutoring
Tutoring is one of the best businesses under $1,000. Starting a tutoring business is considerably cheap. Budding entrepreneurs can acquire video conferencing software like Zoom and classroom management software like Google Classroom for free. It is also possible to scale the business at a minimal cost by acquiring Zoom Pro or Zoom Business for $12.5 and $18.3, respectively. On the other hand, business owners may consider becoming a private tutor. On April 14, a 25-year-old private tutor reported to Business Insider that they made $3,000 doing the homework of a child in Dubai, UAE.
At Insider Monkey, we delve into a variety of topics; however, our expertise lies in identifying the top performing stocks. Currently, Artificial Intelligence (AI) technology stands out as one of the most promising fields. If you are looking for an AI stock that is more promising than NVDA but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.
READ NEXT: Analyst Sees a New $25 Billion “Opportunity” for NVIDIA and Jim Cramer is Recommending These 10 Stocks in June.
Disclosure: None. This article is originally published on Insider Monkey.
