10 Low-Cost, High-Profit Business Ideas to Start in 2024

Mark Wallace

Dreaming of launching a profitable business that brings in the big bucks without draining your wallet? Well, it might just be your year! I’m here to share my top 10 Low-Cost, High-Profit Business Ideas to Kickstart this year.

Pulling in insights from my marketing company’s most successful clients. Plus I’ll go over the biggest business mistakes new entrepreneurs make, and how to ensure your costs don’t run wild. Helping you find that business with high returns with minimal investment.

Step 1: Keep Costs Low By Avoiding Common Business Mistakes

The ‘Choose 2’ Pyramid Business Model

Understanding the ‘Choose 2’ Pyramid Business Model is crucial for aspiring entrepreneurs. This model emphasizes three key aspects:

  • High Ticket
  • Repeatability
  • Scalability

Nail at least two of these, and you’re on your way to a business that’s not just surviving but thriving. This approach not only ensures sustainability but also sets the foundation for future growth.

choose 2 business model

Leverage Your Personal Skills and Interests

When considering a business venture, it’s essential to leverage your personal skills and interests. Pursuing a field you’re passionate about or skilled in can significantly reduce the learning curve and increase your chances of success. This alignment of personal strengths with business goals is a cornerstone of entrepreneurial success.

Understand the 2 Reasons why Businesses Fail

Contrary to popular belief there is ONLY 2 reasons why any business fails, even high-profit lost cost businesses.

  1. The entrepreneur gives up
  2. Runs out of cash

While jumping head first into a high-profit, low cost business idea is appealing. Managing your business by knowing these pitfalls is like having a treasure map that guides you to long-term business riches.

Here was a big wake up call for me that I learned – if you’re not good at managing your personal finances, you’ll also be not good at managing your business finances.

Setting up a Profit-First Financial System

The Profit First Financial System is a revolutionary approach to managing business finances. It advocates for allocating profit margins before any business expenses. This method ensures financial stability and encourages entrepreneurs to operate within their means. By keeping a significant portion of your revenue in your operating account, you create a financial buffer, safeguarding your business against unforeseen challenges.

Step 2: Low-cost, High Profit Business Ideas

Running my marketing agency The Autogrowth Academy allows me to peak inside the hook of dozens of entrepreneurs businesses. The common trend I’ve noticed is that high ticket service businesses have the highest chance of thriving. Here’s 10 of the most profitable and low cost business ideas you can start today:

  1. Consulting (e.g. ESG consulting)
  2. Coaching (e.g. career coaching)
  3. Video editing
  4. Bookkeeping & accounting
  5. Landscaping (hard work, pays well)
  6. Pressure washing cleaning ($200 for a washer is all you need)
  7. Marketing consulting (basic skills required)
  8. Tutoring (nearly 0 skills required)
  9. IT support (basic skills only)
  10. Handyman services (learn as you go on YouTube)

Step 3: Marketing and Growth

The Importance of your Marketing Strategy

An effective marketing strategy is the lifeline of any business. It’s not just about attracting new customers; it’s about creating a systematic approach to convert leads into loyal customers. Integrating an effective marketing strategy can exponentially increase your business’s reach and profitability. Check out our marketing strategy workshop for more insights.

Conclusion

In conclusion, the journey to starting a low-cost, high-profit business in 2024 is filled with opportunities. By avoiding common business mistakes, leveraging effective marketing strategies, and implementing a profit-first financial system, you can set a solid foundation for your entrepreneurial dreams.

high profit, low cost business ideas

Common Questions When Building a Low Cost, High Profit Business

What are some low-cost, high-profit business ideas?

Video editing, ESG consulting, bookkeeping, landscaping, and pressure washing are some great examples. These businesses require minimal startup costs and have the potential for high profitability.

Why is the ‘Choose 2’ Pyramid Business Model important?

This model helps entrepreneurs focus on businesses that are scalable, repeatable, and offer high-ticket items. It’s a guideline to ensure your business has the essential elements for sustainable growth.

How much revenue should I keep in my operating account?

It’s advisable to keep a significant portion, such as 10% of your total yearly revenue, in your operating account as a financial safety net.

low cost, high profit busienss ideas
Mark Wallace from Autogrowth Academy

About the author

I'm Mark (AKA Money With Mark) and I'm an entrepreneur that got stuck working 60+hours a week and paying myself <$50k / year. YIKES. Now, I run a 7 figure marketing company and travel 4 months every year. The content that I make helps other stuck entrepreneurs hit their first 7 figure year without posting on social media, or burning out.