Most people think starting a business or side hustle costs a lot of money and are really risky.
That’s actually pretty true for the most part, so most people technically aren’t wrong 😛
But businesses today have changed so much, in just the last 20 years even. Before, you needed a lot of money to open up a store to sell products and provide services. This was the main way to make a business bloom.
That’s not the case anymore. Not even close. You see, today, anybody can start a business with a few hundred dollars. And from that few hundred dollars, you can make thousands of dollars per month with it.
We have more than ever before the chance to become wealthy and take control of our financial life, and we can do it in just a few years or less if you do things right. I think it’s so amazing we live in a world that allows us to do that.
You’ll find that these business ideas are super super low risk. They cost little to nothing to start up, while the potential return on them are enormous. I’m taking hundreds of thousands of dollars profit – per year!
So what are these side hustles that make money and have low risk? What are these small business opportunities that really pay off? Check out them below!
5 Low Risk High Reward Business Ideas
Without a doubt, blogging is THE BEST business idea on the planet. I’m super biased, but here’s some real facts about blogging for money:
- It costs around $4 per month to have a blog. ANYONE can afford to have a blog
- Bloggers are making $1000+ per month in 6 months or less. Many bloggers are making $10,000+ a month after a year or two. The potential return for blogging is astronomical compared to the investment you put in (roughly $4 per month to start a blog)
- Anyone can blog. Really. If you have a computer and an internet connection, you can blog and make money too
- You get to talk about things you’re passionate about and love talking about anyways – and make money while you do it
- You get to stand out and be popular. Even if its on the internet, your voice will be heard
- Blogging is a business. The blog you build is an actual asset. And in a few years, if you blog right, you can sell your blog for hundreds of thousand of dollars, or even a few million (if you blog right)
I hope you can see how awesome blogging is! I just absolutely love it. It totally changed my life. I just blog full time and make money full time. That’s my life now. I wake up when I want and go to bed when I want, and I have all the time in the world to take care of my health and work out too, and see my friends. It’s just super awesome.
The only drawback of blogging is that it takes time. You will be putting in a lot of work without seeing any actual results for a few months. That’s the nature of blogging. You have to write good articles and then share them with people (like on social media!) This takes time. Visitors to your blog will take time to grow.
And if you want a really successful blog, you also need to be prepared to sacrifice time with friends and give up some fun nights out. It’s a necessary sacrifice. Don’t forget, your blog is your business. You aren’t blogging for fun. You are blogging to make real money that comes in day in and day out.
But in 6 months to 1 year, you should begin making money. People are making $20,000 – $40,000 in just their first year blogging.
Excited about blogging?
I know the biggest problem people have is that they don’t know how to start a blog or how to blog successfully.
I wrote a useful guide on how to start a money making blog here. It’s free. You can click here to check it out.
2. Write an ebook
Normal books that you find at a bookstore require a lot of work to get on the bookshelf. However, with the internet, you don’t need necessarily need to write books in hard copy.
Writing an ebook can be one of the most lucrative ways to make a lot of money. Why? Because once the book is written, you don’t have to do any more work as far as writing is concern. The product is made. And when you sell it, it will bring in money again and again and again…… and again. While you sleep and while you’re golfing.
Writing an ebook is so damn easy too. Got a computer? Of course you do. That’s the only tool you need!
Also, you can write a book on ANYTHING. It can be a helpful book or just short stories, or even a book on how to draw. It doesn’t matter. As long as people are interested in it for whatever reason, you have a potential winner!
You can get your book published at many places. For example, online market places like Clickbank sell “self help” variety books on a ton of topics like dating, video game guides, making money, investing, losing weight, and yoga.
You can also self publish books and list them on Amazon. Did you know that people sell 15 page books on Kindle and charge like $1.99 for them, and people buy them? Let’s be real, a 15 page book would take a few hours to write, if that! Whether you want to write a short book or a longer book and sell it for $9.99 on Amazon, you can make a lot of money if your book becomes popular.
If you’re interested in writing an ebook for money, Amy wrote a great guide on how to do that right here.
3. Become a Youtube Sensation
Being a Youtube star really pays a lot of money. Now, I use the word “star” a little loosely, because there are a lot of people making bank on Youtube who aren’t really the brightest people in the world. However, the content they put out is popular, for whatever reason, and they in return make money from it.
How you make money on Youtube is pretty simple. Your videos on Youtube can have ads on them. You know what I’m talking about. Those annoying ads you need to wait 5 seconds before you can skip, or worse, those ads that you can’t skip at all and they’re 30 seconds long.
Yea they are annoying when you don’t want to see them, but here’s some real talk. Those ads make Youtubers A LOT of money. Hundreds of dollars per day. Thousands even.
People who have videos that gets millions of views are raking the cash in. Just look at it that way. So your goal will be to make videos that can get a million views or more. Easier said than done, I know. But that should be your mindset.
The real challenge is to make videos that people want to watch. The fun part about Youtube is that people make videos on anything and everything. Pranks, to useful make up tutorials, to highlight clips of their favourite soccer players. All of these videos can get super super popular, and make you a lot of money.
So what you want to do is look at yourself and figure out what types of content you could bring to Youtube, and then do it! And you will need to do it better than most people on there currently. Because you’ll need to squeeze in and get to the top. Mediocre content won’t do that.
The cost of side hustling on Youtube isn’t too large. You’ll obviously need a computer and an interest connection, and a camera. You probably have a smart phone so that can do for now if you don’t have the budget for a GoPro or a video camera. You’ll also probably want a video editing software, like Final Cut Pro for Mac, or just use the free video editing software that usually comes with your computer!
4. Be an online teacher or coach
Let’s be real for a second. Everyone needs help with a lot of things. You and me, everybody. And we are happy to pay money for help as long as we get what we want or solve the problems we have. I easily pay lots of money for consulting or courses that will help me be a better blogger. Why? Because I know that I can make more money when I blog better! And there are tons of expert bloggers out there coaching and consulting their way to big fat pay checks.
Everyone is pretty much an expert at something. And you know what the funny thing is? A lot of people who teach stuff or coach others don’t even need to be super expert at it. I was just at the gym today and saw a girl personal train a guy. She was clearly new at her job but he was a complete gym newbie, and to him, she was helping him A LOT.
So have a look at yourself and decide what types of things you could teach others and enjoy doing it too. Is it Yoga? Is it being mindful? Is it tap dancing? All of these things can be taught online. And the great thing about teaching people online is that you can reach a HUGE audience. All of these people are potential buyers!!
You can teach ANYTHING online basically. There is pretty much no limits. You might need some specific gear (like a GoPro) if you want to teach extreme mountain biking for example. But overall, the costs shouldn’t be too high.
Where can you teach stuff online?
- Youtube – self help videos are really popular on Youtube. You can teach a second language, how to knit, how to perform volleyball moves, and how to bake muffins. You’ll make money with Youtube ads
- Udemy – Udemy is perhaps the biggest online website to find courses to take on just about anything. Regular people put make put together educational material in video format and put them on there. I’ve paid for several financial courses on Udemy to help me manage my money better. Go check out Udemy and see the different courses being offered and how they are being taught. Will give you ideas on what you could do! But beware, you’ll 100% find courses you’ll want to take!
- Start your own blog – Here’s another real talk moment. If you want to teach something online, you’ll need your own blog. It first of all legitimized who you are, and you will also use your blog to attract people who want to learn from you. You can use your blog solely for teaching people stuff. Click here to learn how to start a blog
Start up costs vary a little more here. It really depends on what you will be teaching. If you’re teaching sign language, then all you’ll need is a camera. If you’re teaching deep sea diving, then you’ll need diving gear and more expensive cameras!
5. Create a phone app
Apps are still the rage these days. We all can’t get enough apps. Even though the app stores are saturated with apps now, there’s still soooo many times I look for something and wish there was an app for that. I’m sure this has happened to you too.
Apps are a killer business idea because apps can sell like hotcakes. Did you know Angry Birds was making millions of dollars PER DAY back when the first one came out? Yea, crazy! That app took a lot more money to build, and you’re not going to be building an app like that on your first go around.
But simple apps can be great sellers too. For example, an app that takes notes is a very simple productivity app. And it’s funny that a lot of the note taking apps I’ve ever been able to find really suck! I just stick with Evernote these days.
The point is, there is lots of room to make money with apps.
You may be thinking, you don’t know how to make an app! That’s just fine. Netter do I! You do not need to know how to program at all to start making apps for money.
You just need a killer idea. And you hire someone to build the app for you. Probably someone from India or a place like that because they can make stuff waaaay cheaper. Because, you want to keep costs low, right!
The most important thing you need to do is to brainstorm a really good app idea. For example, my friend brought up the idea of an app that would allow you to take a photo of yourself and turn it into an emoticon! HOW SICK IS THIS IDEA!! I would totally download that, even for a dollar.
You see, the above example is just a simple app idea that could bring you thousands and thousands of dollars per day if it gets popular. People love emoticons and love taking photos of themselves. It’s just a natural marriage of two popular things into one.
Anyways, an app like that could cost maybe $5000 – $10000 to create. I’m just ball parking it. The money you invest into an app really really really depends on the quality and detail of the app. You can get apps made for a few hundred dollars, however, they would be super simply apps.
Low Risk High Reward Side Hustle Summary
Anyhow, I hope these 5 high reward low risk small business ideas has given you some insight into making it big. If you don’t have a lot of money, consider trying out one of these money making ideas. They’re totally awesome and worth the little bit of money you’ll be putting in.
If you don’t know where to start, start with blogging! It’s my favourite, and actually it’s the reason I’m not making the app idea I mentioned above. Blogging keeps me busy and I just love it.
Regardless, if you want to quit your job and have more free time to do what you want in life, you need to side hustle like a boss. You need to make it happen while your friends are out having fun. Take a year or so and spend your extra time on a side hustle. It doesn’t have to cost a lot of money – as I showed you above! It’s important that you take the time to build a real asset. A real business you can be proud of. A real business that when you wake up in the morning, you’ll see that you’ve already made $100 in your sleep!
Got any questions for me? Hit me up in the comments below!