22 low cost business ideas with high profit for 2024

low cost business ideas
(Last Updated On: December 29, 2023)

Want to start a business but don’t have a lot of money to invest? What if we give you an entire list of low cost business ideas that you can  easily start online?

A lot of people think you have to have a lot of money to start a business but this isn’t true at all. There are many different ways that you can start a business with next to nothing so let’s take a look and see what they are.

Read these and find business ideas that suit your skills and interests.

Importance of low cost business ideas in 2024

In 2024, these factors, along with any new developments or trends, may continue to support the importance of low-cost business ideas. Entrepreneurs who can innovate within these parameters may find success in meeting evolving consumer needs and market dynamics.

  • Economic uncertainty: In times of economic uncertainty, consumers and businesses tend to be more cautious about their spending. Low-cost business ideas are crucial as they align with the budget-conscious mindset, offering affordable solutions that resonate with a wide audience.
  • Technology advancements: Ongoing technological advancements make it easier to start and run businesses at lower costs. Online platforms, digital marketing, and automation tools reduce the need for significant upfront investments, making entrepreneurship more accessible and efficient.
  • Sustainability focus: As environmental concerns become more prominent, there is an increasing demand for sustainable and eco-friendly products and services. Low-cost business ideas that align with sustainability principles can attract environmentally conscious consumers.

Best low cost business ideas

These are business ideas you can start in India without spending a lot of money. We have also given examples of brands that are successfully running them.

Service businesses

Starting a service business requires little to no capital because there’s no inventory involved.

There are two main ways to start a service business online: If you have an in-demand skill, you can either offer it as a service or teach the skill.

For example, if are well-versed in graphic design, you can find clients that need graphic designing services. You can also start doing training sessions for amateur designers and artists.

Here’s how Sumouli Datta shares her knowledge through online workshops on her Instamojo website Woodle Doodle:

low cost business ideas
Woodle Doodle online store

There are many highly valuable services you can offer and build a business. Here are a few you can consider:

  • Fitness instructor
  • Realtor
  • Writing service
  • Designer or illustrator
  • Bookkeeping
  • Photography

While some of these require certifications to get started, there are a few skills you can pick up and gain experience.

Check out these ideas for top service business ideas and how to get started.


Identify a niche that aligns with your interests and has a target audience. Invest in quality recording equipment and create engaging content.

Checkout mojoMakers for reference:

Use social media to promote your podcast and connect with your audience. Monetize through sponsorships, affiliate marketing, or listener contributions.

Consistency and unique content are crucial for building a loyal listener base.

Sell handmade products online   

Is making craft products your hobby? Do you make candles, home decor, embroidery, or other products in your free time? If yes, then this might be a great business idea for you.

In a handmade products business, you will only need to spend on the raw materials required. Customers pay for the value of labour being put into making the product.

Since product development is in your hands, you can set a price accordingly and bring in a good profit margin.

Related read: Best handmade products stores on Instamojo

The biggest investment you’ll have to make here is the time, energy, and of course, these skills — you may need to gain more knowledge on your craft.

Many merchants who use Instamojo started handmade products businesses as part-time online businesses. Stay-at-home moms and full-time job holders started handcrafted product businesses and some of them grew it to a great scale!

For example, Pooji’s Opus started out as a hobby. Now, this online store is the founder’s main source of income.

This is also one of the most common part-time business ideas you can start with a low budget.

Social media agency

Starting a social media agency involves understanding the dynamics of various social platforms and creating compelling content. Utilize free design tools and online courses to enhance your skills.

Initially, focus on building a strong online presence for your agency by showcasing your expertise on platforms like LinkedIn. Offer affordable packages to small businesses looking to establish themselves on social media.

As you gain experience and testimonials, you can gradually expand your services and clientele.

Daycare for kids 

A daycare for children in smaller localities in India begins at home as parents may initially prefer smaller, more intimate settings to leave their children while they are away at work.

Besides regular babysitting, you could also provide value-added services’ ranging from support with their homework, providing nutritious food, or teaching them new skills such as dancing, craft, painting etc. – all dependent on the parents’ paying capacity. 

You can also create landing pages using our Smart Landing page builder to offer your daycare services! 


Create an online store and partner with reliable dropshipping suppliers. Focus on niche markets to stand out in the competitive eCommerce landscape.

Implement effective marketing strategies to drive traffic to your store. Customer service is crucial, so ensure timely communication and resolution of any issues.

As you gain experience, consider expanding your product range and exploring partnerships with local suppliers for faster shipping.

Online fashion boutique

If you’re into fashion and love sharing your style with others, this is a good option for you.

You can source products from manufacturers or suppliers and sell them under your brand name. Start an Instagram or Facebook account and start creating content around the clothing products that you sell.

Related read: How to sell clothes online

If you have tailoring skills, you can offer personalised clothing wears. Akshara Closets, an online business on Instamojo, offers tailor-made clothing to ethnic wear lovers. Check out their online store here:

low cost business ideas
Source: Akshara Closets

When starting a fashion boutique, the major investment will be procuring the products and getting an online store. With Instamojo, you can get a basic online store for free and then upgrade to premium plans when you need more features.

Create your online store

Affiliate marketing

Choose a niche you are passionate about and build a website or blog around it. Identify affiliate programs that align with your niche, ensuring the products or services resonate with your audience.

Utilize social media and content marketing to drive traffic to your site. Consistency is key – regularly update your content and adapt your strategies based on performance analytics.

Over time, as your audience grows, explore additional monetization avenues, such as sponsored content.

Online classes based on your skill sets

When we mentioned kids wanting to learn all the time, we should have mentioned it applies to adults too, maybe even more now. Setting up an online class is easy, all you need to work on is the branding part. This might be one of the easiest low-cost business ideas that you’ll see on this list!

Related read: The online teaching guide you need

Establish a small network via WhatsApp or social media channels to get your online classes started. Our suggestion: In order to attract your first set of students, offer a Pay what you want’ feature to your audience. If they like the class, they can pay a higher amount. This helps you build a network of loyal attendees.

Host regular webinars, podcasts and promote your future workshops, LIVE sessions etc.

For example: Sneak a peek into Shreya Sharan Pawar’s online classes to empower women entrepreneurs. Shreya is an online marketing strategist and business coach. She started her business to help other entrepreneurs find their calling. A simple, yet effective online business.

Event management

Begin by organizing small local events, leveraging your network for support. Collaborate with local vendors and negotiate favorable deals to keep costs low.

Build a portfolio showcasing successful events, and use word-of-mouth marketing to attract more clients.

As your business grows, consider specializing in specific types of events, such as weddings or corporate gatherings, to establish a strong brand identity.

Home-based food business

Starting a tiffin service or baking business based out of your home will involve minimal expense: you don’t have to spend money on inventory space, office, or hire many workers. You can get started with the cooking equipment you already have at home.

Home-made food is always in-demand. You can start by creating a WhatsApp group and collect orders. Collect payments via UPI. For a more streamlined process, you can ask customers to place orders on your online store.

The cost here other than ingredients and equipment is delivery.  You can charge a delivery fee separately and pass it off to the consumer.

If you enjoy baking or want to be a home chef, give this business idea a try!

Related read: How to sell food online: the complete guide


Select a niche that you are passionate about and has a target audience. Research and invest time in creating valuable, SEO-optimized content.

Monetize your blog through affiliate marketing, sponsored posts, and eventually, ad revenue. Building an email list is essential for audience engagement and future monetization opportunities.

Engage with your audience through social media and networking to increase your blog’s visibility.

Financial consulting

There are many individuals and businesses who struggle with handling finances and the nuances of tax saving.

So if you are a certified professional with a financial qualification that can help other businesses sort out their finances, keep your CV, website and best suit ready.

You can also provide your financial expertise to people who like you, want to set up a business from scratch. Being a consultant is one of those low-cost business ideas that also requires zero setups.

Related read: Live From A Lounge has been enabling smart travelling; one loyalty point at a time

App development

Identify a gap in the market or a niche with high demand. Learn app development skills through online courses or collaborate with affordable freelancers.

Start with a simple app and gather user feedback for continuous improvement. Utilize cost-effective marketing strategies, such as social media and app store optimization, to promote your app.

Consider offering a free version with optional in-app purchases to attract a wider user base.

Sell digital products online

Creating and selling digital products is a low-cost business idea because of upfront costs because you’ll be creating them based on your expertise. The only cost involved is you’ll need to host it on a landing page or website to collect payments from customers.

Once you create a digital asset, it can be bought an infinite number of times!

The most common digital products that are sold online are:

  • Ebooks
  • Templates
  • Courses
  • Digital art
  • Photographs

Here are some resources to help you with selling digital products online:

Digital marketing

Acquire digital marketing skills through online courses and certifications. Create a portfolio showcasing your expertise and offer services to local businesses.

Utilize free or affordable tools for tasks like social media scheduling and analytics. Stay updated on industry trends and continuously refine your strategies.

Building a strong online presence for your own digital marketing business is a testament to your skills.

Sell print-on-demand products

Print-on-demand is a business where you create customisable products after an order is placed. These products include t-shirts, phone covers, and coffee mugs among other things.

Since you only print products after an order is placed, you won’t need a big inventory It’s a great low-cost business idea if you can design the items yourself.

low cost business ideas
Source: TrueCasuals

Want to know more about selling merchandise? Learn from Souled Store here.

Graphic design

Invest in graphic design software and build a portfolio that showcases your versatility. Create a professional website to attract potential clients.

Offer affordable design packages for businesses and startups. Leverage social media platforms to showcase your work and engage with your audience.

Consider collaborating with local businesses for mutual promotion.

Freelance services

If you are a technical architect with a niche specialisation, set up a profile on a job site like Fiverr or Linkedin and offer your services to companies who might need it for a quick project.

Freelance services can range from offering DJ services for a party to creating chatbots for startups (which is a rising trend). Be sure to mention your skills across social media, job platforms and through your network.

Related read: 5 secrets of making money as a freelancer

You can use a landing page to showcase your portfolio and sell services. Instamojo landing page builder allows you to create and launch one in minutes.

Personal trainers

Invest in obtaining relevant fitness certifications to build credibility. Start with offering personal training services to friends and family.

Utilize social media to showcase your expertise and attract clients. Consider offering online training sessions to reach a broader audience.

As your client base grows, explore partnerships with local gyms or fitness studios.

Become a creator and grow your audience

In today’s world, a creator is someone who creates content online to entertain or inform. Social media influencers and YouTubers all come under this category because they rely on content creation to make money.

The creator economy has grown rapidly and has become a major tool for brand marketing over the past few years. In fact, the influencer marketing industry alone is looking at touching Rs 2,200 crore by 2025. 

Becoming a creator is financially lucrative — you can start with your smartphone, an internet connection, and willpower.

However, growing an audience online that you can monetize will take lots of time and patience. Read this to easily record videos (and become good at it!) 


Invest in a good quality camera and build a diverse portfolio. Specialize in a specific niche, such as events, portraits, or product photography.


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Create a professional website to showcase your work and offer affordable packages. Utilize social media and collaborate with local businesses for promotional opportunities.

Attend local events to network and attract potential clients.

Final words: Launch your low-cost business online

Low-cost business ideas can be profitable. What takes time and effort is building your skills and getting your products out there. You can start selling to an online customer base without spending a lot of money.

With Instamojo, you can create an eCommerce website for free. Sign up today and get started.

Start your online store