5 Practical Ways to Be Your Own Boss (With Low or No Start-Up Costs)
The idea of being your own boss is gaining a lot of traction in the era of social media influencers and YouTubers who managed to make it big. But this is not the only way to be independent and choose your customers and projects.
There are a multitude of paths you can take on your road to being the boss of your own business. However, don’t expect it to be all lazy mornings, working in pajamas, watching Netflix kind of days. True, you will have the option to choose between working hard and slacking off, but this is not the road to success.
Truly successful entrepreneurs take ownership of their work life and make their business a priority. Also, they understand that owning your business means having less time for yourself and dedicating more time to actually running the company. This often means doing tasks you don’t like, such as accounting or budgeting.
You are the manager, the sales department, and the marketing guys. Plus, you have to solve every problem that arises, talk to every unsatisfied customer, and put out fires. If this doesn’t scare you, then let’s have a look at a few paths you could try.
By now, you must’ve been living under a boulder if you don’t know about freelancing (or at least have heard the term). The good news is that there are multiple ways you can do freelancing. The not-so-good news is that you need the right skills.
Also, you can’t just register on a freelancing platform and start bidding for projects. You need to be registered as an independent contractor and keep track of your earnings and expenses, so you know how much you have to pay in taxes.
Overall, freelancers don’t have to spend much on their job - usually, all they need is a laptop or a graphic tablet and a quiet corner.
2. Become a Delivery Driver, Using Your Own Vehicle
If you don’t like being inside all day long, there is the option of doing last-mile delivery in your city. If you own a vehicle (which can be a bike, a car, or a motorbike), the initial costs won’t be that big.
However, if you register as a delivery business, you will also have to change your vehicle’s insurance (meaning a higher monthly prime). You can also partner with one of the existing delivery businesses and work in partnership. In this case, you may not have to use your vehicle, which may reduce the costs and will take business administration off your shoulders.
Regardless of the path you choose, a delivery driver’s salary range was around $16.5/h in 2020, which adds up to a median income of $34,340USD per year. Depending on where you live and what your living costs are, this may be enough for a startup business.
3. Start a Real Estate Brokerage
The real estate sector is doing extremely well right now, but you have to pay attention to the competition. Most seasons, real estate agents and brokers don’t like it when newcomers meet into their territory.
Plus, it would be rather difficult to compete with an experienced agency. Still, you can build a successful brokerage if you have the right people and certifications. For instance, in the US, you can only open a brokerage if you have a real estate broker's license or if you hire a licensed broker to handle transactions and other specific tasks.
This type of business requires a larger investment, but the results can be extremely satisfying if successful.
Bookkeepers are in high demand regardless of the state of the economy or social unrest. As long as there are businesses, there will be a need for people who know how to keep accurate and organized books and monitor expenses.
The good news is that you don’t need much of an investment in this line of business (especially if you used to work for a financial or accounting company). Otherwise, you will need some certifications to prove your level of expertise.
Lastly, this is a job you can do remotely. So you could be keeping the books for business from all over the country while sunbathing on your favorite beach.
5. Personal Trainer
You no longer have to work in a gym in order to be a personal trainer! Nowadays, more people prefer working out at home, with their personal trainer on a Zoom call. Of course, you will also have clients who will want sessions at home, but the widespread use of online fitness sessions opened the door to a whole new world of opportunities.
Now, depending on the specialist you choose, you may need specific certifications, but these are easy to get online. Overall, this is a low-expenses, high-income type of business, and it can put you on the fast lane to success.
Advanced technologies and improved online communications opened the world of business to a new way of working and earning. So if you feel your entrepreneurial spirit calling, why not give it a chance?