When tax season rolls around, many look forward to the potential of a tax refund—a reimbursement from overpaid taxes that can serve a more significant purpose. Instead of merely saving this refund, consider starting a business that helps to grow your wealth.
In this article, we’ll explore businesses renowned for generating income with little startup costs.
Business Ideas to Consider
While any enterprise can generate business income, not all are created equal in terms of start-up costs, learning curves, and anything in between.
Here’s a closer look at several l business models:
Home-Based Businesses
Home-based businesses are particularly attractive for their ability to be started with little to no upfront capital as well as don’t require much ongoing overhead (if any):
- Mobile spray tanning: With a small investment in training and certification, you can get your mobile spray tanning business up and running with around $2,000.
- Freelance Writing or Copywriting: If you are a decent writer, you can sign up at various websites to be matched with businesses looking for your services.
- Online Tutoring or Educational Courses: Are you an expert in a particular subject? Consider looking into tutoring websites where you can help others become better in these subjects.
- Virtual Services: Some people don’t mind getting behind spreadsheets all day, while others can’t stand it. If you enjoy spreadsheets, you may be a perfect fit for a business that needs your help!
Online Businesses
With the digital economy’s growth, online businesses have become a stronghold of entrepreneurship due to low overhead costs:
- E-commerce: There are various places to sources products now days and with platforms like Shopify, you are able to start an e-commerce website with little expense.
- Affiliate Marketing: Do you enjoy a particular brand or like making videos? Consider looking into affiliate marketing opportunities to help that brand grow.
Service-Oriented Businesses
Service-oriented businesses, which often require face-to-face interaction or on-site work, are extremely flexible:
- Pet Sitting or Dog Walking Services: It doesn’t take much experience, knowledge, or time to start one of these businesses. It’s even better if you enjoy pets!
- Handyman or Home Repair Services: Are you good with tools? People are always looking for a handyman to come help fix broken items in their home.
- Professional Organizing: While some people truly enjoy getting organized, other people certainly do not. If you are someone that is good at it, considering selling your services to others who could benefit from it.
Understanding what type of business to start
While this article only scratches the surface of what’s involved in starting a business, we think it’s important to make sure you are maximizing all available opportunities. If you are fortunate enough to receive a tax refund at the end of tax season, these are great opportunities to look into.
PS – We are not legal experts so if you choose to start a business, please be sure you consult with a legal expert on the best way to setup and run your business.
