We recently compiled a report on the 23 Best Business Ideas for Introverts with Low Startup Costs and in this article we will look at the best business idea.
Some Anecdotes from Successful Entrepreneurs
Starting a business as an introvert may be very daunting. Networking and establishing connections or even leaving the house is a lot of additional effort. Freelancing demands minimal interaction with other people which is why it is one of the best business ideas for introverts. On February 20, Business Insider covered the story of Hannah Logsdon. She is a freelance virtual assistant and made $100,000 in revenue in her first year of freelancing. She then targeted niche industries and employed upselling strategies to double her earnings to $200,000 in 2022. She was working a 9 to 5 job in the real estate industry, where she discovered freelancing. She quit her job in 2020 and set up accounts on Upwork and Fiverr. Within four months of freelancing, she was able to make enough to cover her expenses and bills.
House cleaning is another great business idea for introverts. While house cleaning demands interaction with clients it is rather direct and minimal in nature. On July 5, 2022, Business Insider shared the journey of Amber Sterling who was unable to find a suitable office job after relocating to a new town. The 29-year-old set up a cleaning company, Good Witch Cleaning, in 2017, and now makes $400,000 a year. It is noteworthy that she started her business with supplies worth $100 only.
Starting a jewelry business is another great business idea for introverts. Evangelina Petrakis, a designer and the founder of EP Jewels, shared her story with Business Insider on June 19, 2023. In 2020, she started an apparel business, EP, as a 16-year-old. However, she soon realized that the business was labor intensive and that she loved designing jewelry instead. She then switched her business to EP Jewels in 2021. From 2021 to the interview date, she recorded almost $1 million in sales. She leveraged social media to market and share her products by providing styling tips and showcasing her jewelry collections.
How to Become a Freelancer?
The prevalence of freelancing platforms has made making a living from home easier. Fiverr International Ltd. (NYSE:FVRR) is one of the best freelancing platforms in the world that connects freelancers with short and long-term project providers. The freelancing platform offers jobs in over 700 categories, has over 4.2 million users, and 380,000 active freelancers. In 2023, 2.5 million messages and 38 million files were exchanged between buyers and sellers on the platform.
Levi Newman, a top-rated seller, joined Fiverr in 2014 to pursue writing as a side hustle. By the first half of 2022, Newman had surpassed $1.2 million in lifetime revenue writing product descriptions for Amazon sellers. By the end of 2022, he had delivered 13,000 item descriptions and now takes home almost $150,000 per annum.
Like Levi Newman, job seekers can create an account for free on Fiverr, develop a gig, and then make offers to customers from across the globe. Freelancers can choose from a series of domains to sell their services such as editing and proofreading, content writing, academic writing, designing, and development. On average, a gig is bought every four seconds on the platform and is worth between $5 to $10,000.
Fiverr International Ltd. (NYSE:FVRR) is one of the companies to disrupt the generative AI space. In the first quarter of 2024, the company reported a 95% year-over-year increase in the purchase of services from AI categories. The company owns AI chatbots, AI artists, AI content editors, and AI applications to help sellers improve the quality of efficacy of work.
Analysts are bullish on FVRR and their 12-month median price target of $32 points to a 37% upside from current levels. Overall, FVRR was held by 28 hedge funds at the close of Q1 2024 with total stakes amounting to $133.7 million. As of June 30, ARK Investment Management was the largest shareholder with a position worth $2.6 million. FVRR is currently trading at 10 times this year’s earnings estimate, a discount of 49% from its sector’s forward P/E of 19. The stock is also cheaper than its direct competitor UPWK which is currently trading at a forward P/E of 12. Analysts expect Fiverr’s (NYSE:FVRR) earnings to grow 19.5% this year to $2.33.
Now that we have studied some successful business owners, let’s take a look at the best business ideas for introverts with low startup costs. You can also read our piece on the home businesses retirees can start for supplemental income.
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Our Methodology
To gather a list of the 23 best business ideas for introverts with low startup costs, 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.
The Best Business Idea for Introverts with Low Startup Costs
Virtual Assistant
Becoming a virtual assistant is one of the best business ideas for introverts with low startup costs. Virtual assistants perform administrative tasks and responsibilities for their clients. Budding entrepreneurs may consider becoming freelance virtual assistants on Fiverr or Upwork, some of the most notable freelancing platforms in the world. On average, a virtual assistant may earn $15 to $300 for a project depending on its complexity. On the other hand, business owners may also consider becoming private virtual assistants. On July 7, 2023, Business Insider uncovered the story of Hannah Dixon who made 6 figures as a virtual assistant coach and recruiter. The 35-year-old founded a virtual assistant training resource, Digital Nomad Kit, for people wanting to become virtual assistants.
Curious to explore other business ideas? Check out our report on 23 Best Business Ideas for Introverts with Low Startup Costs.
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Disclosure: None. This article is originally published on Insider Monkey.
