Whether you excel at a subject matter that can be challenging for others to grasp (like higher-level science or math courses), can speak multiple languages, or are a skilled musician, there are likely plenty of opportunities to tutor kids and adults in your community.

You decide what level of tutoring you’ll offer, such as homework help, test preparation, or private lessons, and what to charge for your services. This could be a great business idea with little to no operating costs, and it can easily be done during evening and weekend hours at clients’ homes or in your own home.

3. Virtual assistant

Another low-cost business idea is to create a virtual assistant business to help other companies manage their day-to-day operations. Some business owners are too busy to handle tasks like setting appointments, scheduling travel arrangements, and answering emails.

A virtual assistant can help with these affairs so the business owner can focus on other business matters. If you’re organized, excel at communicating, and can juggle tasks, you may do well running a virtual assistant business.

You’ll need a computer and internet access, but otherwise, you can skip other costs like software expenses while you get your business up and running and build your client base. Some virtual assistants do pay for tools like project management software — but there are affordable options here if you want to keep your operating costs low.

Don’t expect to bring in money right away

As mentioned earlier, a side hustle could help you increase your earnings to get closer to reaching your personal finance goals. But don’t expect results within a few days or weeks.

Establishing your business can take time. At the beginning of your journey, you may need to spend extra time marketing your services and reaching out to people and companies who need your assistance. Don’t be afraid to put yourself out there if you want results.

If you’re struggling, look online for help. Look for social media groups for business owners in your field or area of focus. You can learn from other business owners who are going through similar experiences. For more guidance, check out our small business resources.