According to Forbes, 52.3% of Americans are dissatisfied with their job current job. In another study, UPS found 48% of Americans said they dream about starting their own business. We live in an America with no shortage of desire for entrepreneurship, however, we’re not taking plunge. Why? Organizational research Erin Landells chalks it up to people liking the security of a steady income. So what if you could ease into entrepreneurship while you kept your day job? Or what if your desire to work for yourself or own your own business didn’t have to come attached with a big dollar sign.
There are many jobs you can take up without spending a fortune, and they are fairly profitable. Here is some insight into five low-entry cost jobs ideal for you. They are all lucrative, and most of them don’t have complex requirements.
1. Real Estate Agent
Real estate is among one of the most lucrative industries in the 21st century. As a real estate agent you will work on a commission basis, so you are under little obligations to the selling company.
Average Pay: as mentioned, real estate agents work under a commission basis. As such, the average pay may vary significantly depending on your effort. However, most real estate agents make an average of $50,000 to $120,000 per year.
Entry Cost: You will be required to apply for a trading license to operate as a real estate agent – a trading license currently costs $300. You also have to join the National Association of Realtors where you will be required to pay an annual membership fee of $200. Real estate agents often rely on their marketing and bargaining skills, but smart realtors often attend extra classes and paid seminars to keep up with developments. Finally, you will need basic technology equipment such as computers and phones as well as trading software (prices vary).
Requirements: Every real estate agent is required to undergo training to qualify for a realtor’s license. Additionally, although it is not compulsory, agents are advised to attend real estate schools to get a deeper understanding of the industry – this improves their credibility and reputation. It is also recommended to regularly familiarize oneself with laws regulating the industry so as not to fall for fraudsters. Finally, a real estate agent should have excellent marketing and bargaining skills as the industry is very competitive.
2. Shave Ice Stand Owner
Nothing tastes as good as a snow cone especially under the heat of the summer sun. During this time, shave ice stands are always occupied and lucrative. It is an enjoyable business that will allow you to be your own boss and turn in good profits.
Average Pay: A shave ice stand owner can make anywhere between $100 and $2,000 per day depending on factors such as season and location. For instance, business is always booming during the summer when temperatures are at their highest. Additionally, shave ice stands located in parks and other areas with high traffic stand a better chance of making more sales. It may seem unbelievable but some shave ice stand owners make six-figure incomes during the summer.
Entry Cost: The cost of setting up a shave ice stand business ranges from $5,000 to $10,000. This cost includes a wide range of equipment: furniture, ice shaver, ingredients, and ice makers, among others. Your location also significantly affects the cost of entry – a stall located in a prime area like a park will cost you more than a stand on the neighborhood streets. Licenses and other permits will also cost you.
Requirements: The most important requirement for a shave ice stand owner is a health certificate from the relevant authorities – this is because shave ice is edible, hence it has to be safe for consumption. As such, it goes without saying that you have to be hygienic and polite to clients. You will also need a license to operate legally. With time, you may be required to hire employees depending on the number of customers you serve – in this case, you will also be required to file tax returns for your employees.
3. Virtual Assistant
As a virtual assistant, you will still be under employment but contact with your employer will be minimal – as a freelancer, however, you can consider yourself self-employed. This is one of the best formal freelancing gigs, and there are lots of opportunities out there.
Average Pay: The average virtual assistant makes about $30 per hour – this adds up to about $85,000 per year. However, these figures may vary greatly depending on your agreement with the client as well as your clientele base. For instance, some virtually assistants serve up to three clients at a go, thereby increasing their income streams.
Entry Cost: You don’t need much to set up shop as a virtual assistant. The most important assets to invest in are telephone service, a computer, good internet connection, and other technology devices such as tablets. You may also consider buying virtual assistant software to make your work easier especially if you are serving more than one client. Additionally, to stay organized, you may need to buy basic office supplies even if you will be working from home.
Requirements: When it comes to formal education, requirements will vary depending on the client’s preferences. However, most virtual assistants require at least a high-school diploma to find work. Experience is not mandatory, but it helps to have a secretarial background. You will also need to be well organized so as to stick to schedules. Other important skills include typing, computer literacy, and data entry. Finally, you will need excellent communication and people skills as most of your work will involve communicating with your client and his/her associates.
4. Event Organizer and Promoter
If you have good communication and social skills, then you can thrive well as an event promoter. You can even double up as an event organizer if you have good management and organization skills. It goes without saying that you will also have a lot of fun and make a lot of friends in this industry.
Average Pay: According to the Bureau of Labor Statistics, the average pay for an event organizer is about $45,000 per year. The average pay for a promoter, on the other hand, ranges from $20,000 to $30,000 per year. However, it is important to note that these figures vary considerably depending on one’s clients (for instance, company events or wedding ceremonies) and level of experience.
Entry Cost: It is not possible to put an exact figure on the cost of entry into these jobs. The costs vary significantly depending on your niche as well as factors such as the audience’s size and venue, among others. Typical costs include hiring staffers and renting venues. Ultimately, each gig will come with its own price tag.
Requirements: You don’t need any educational requirements to become an event organizer and promoter. However, you will need good people skills as the ultimate goal is to offer a memorable experience. You also need good marketing skills to attract clients as the industry is very competitive. For event organizers, you need a good eye for detail as well as excellent organizational and management skills.
5. E-Commerce Seller
Millions of people across the world purchase things from e-commerce sites every day. In fact, the internet has more opportunities for businesses than traditional brick-and-mortar stores. Anyone can become an e-commerce seller, and millions of opportunities abound.
Average Pay: You cannot put an exact figure on how much you can make selling things online. Your income will depend on a variety of factors including the type of products you choose to sell and your site’s traffic. However, although it may sound unbelievable, some e-commerce sellers make upwards of $200,000 per year selling products online. However, it is important to note that business booms gradually with time as, like with every other business, you first have to create a reliable customer base. You can make between $20,000 and $50,000 on your first year.
Entry Cost: Again, it is not easy to place an exact figure on the cost of entry. However, you will need to make several investments to get started. For starters, you will need a website that will function as your e-commerce site – as such, you will have to hire a web designer. You will also need to purchase the items you need to retail – the cost will depend on how many items you buy as you can start with as little as a dozen of the product.
You can also start where most e-commerce sellers start at absolutely no cost: on e-commerce sites such as Amazon. On Amazon, for instance, you can sign up as an affiliate and earn commissions by marketing and selling other people’s products.
Requirements: There are virtually no requirements to operate as an e-commerce seller. However, to boost your competitive edge, it is advisable to take tutorials that will give you an in-depth understanding of the industry. You will also need good marketing skills as you will be selling products to real people online, mostly on social media platforms. Creativity is also important as your adverts have to stand out considering how high the competition is.
Don’t slave away working in a job that only wears you down with each passing day. Worse still, don’t stay unemployed when there are so many low-cost entry jobs you can do. Try out any of these jobs above and you will not be disappointed.
Author Bio: After graduating from the University of Michigan, Isaac moved to Riverton Utah and has been there ever since. He is a private practice PT and enjoys spending time with his family and woodworking when he’s not at the office. Isaac also works closely with the folks at Ice Shavers & Tropical Sno while constantly looking forward to summer.