Funding Your Dreams: Low-Cost Business Ideas for Every Aspiring Entrepreneur

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While being your own boss has long been a dream for many people, it was not so easy not so long ago. Even just a generation ago, online businesses were not really a thing, and as such, if you wanted to become an entrepreneur, you likely had to start some sort of brick-and-mortar business.

And no matter how you cut it, that wasn't cheap. Either you used up your savings, tapped your credit cards , or tried to get a loan that was likely not so easy to get.

But not today.

The internet changed many things, but one of the best parts of the online digital revolution is that starting a business is easier, faster, and way less expensive than ever before. Gone are the days of renting an expensive office or storefront, hiring staff, paying for overhead, and so on.

Just about anyone can start an affordable business -- often for even under, say, $500. Here are seven examples -- a mix of online and offline businesses. Even offline, physical businesses are cheaper and easier to start nowadays because people can much more easily work out of their homes and marketing can be very inexpensive, or even, as in the case of social media, free.

1. Virtual assistant

Becoming a virtual assistant (VA) is a great choice for those who excel in organization and communication. VAs work remotely and provide a wide variety of services for clients, including:

• Administrative help
• Email management
• Scheduling
• Conducting research
• Content creation
• And much more

The demand for VAs is growing, particularly among businesses that need help with day-to-day tasks but are not ready to hire full-time staff. Starting this business requires little more than a computer, internet access, and some apps and software.

2. Social media management

Along the same lines, while we all know that having a social media presence is vital in today's always-on, too-connected world, many people, small businesses especially, can't keep up with it. Either they don't have the content creation chops, or the technical know-how, time, or interest to manage their social media.

That's where you come in.

You can offer services like content creation, post scheduling, and performance analysis. The email marketing company Vertical Response found in a survey that 43% of small businesses spend about six hours a week on social media management. Get yourself a few clients, and you will have a full schedule (and a fat bank account!)

3. Online coaching or teaching

Coaches are all the rage these days. Whether it is selling a course or one-on-one coaching packages, online coaches sell and teach everything from yoga and weight loss to money management and online marketing. Simply set up a website, market yourself with some pay-per-click ads, and away you go.

Similarly, tutoring and teaching online has also exploded in recent years. My own daughter spent the year after college teaching Chinese kids how to speak English via the internet. She made bank (although sleep was not part of that bank, as she had to wake up at 3:00 a.m. to fit their schedule). Online tutoring platforms can be found with a simple Google search.

Now let's pivot and look at a couple of offline businesses you could also start on the cheap.

4. Pet sitting

We all love our pets, that's for sure (although I am sorry to report that our goldendoodle Hazel is, statistically speaking, the very best dog in the world). And as pet ownership continues to grow, so does the need for reliable pet care services.

If you love animals, pet sitting can be a rewarding and flexible business. Apps like Rover allow you to advertise your business and it handles the administrative side of things. Your responsibilities may include feeding, walking, grooming, and playing with pets while their owners are out of town or at work. The start-up costs are low, typically limited to basic supplies and insurance.

6. House and office cleaning

Starting a house or commercial office cleaning business can be a lucrative and affordable option. This business requires minimal initial investment and skill, just some cleaning supplies and basic equipment. Undercut the competition with your prices and you are in business (literally).

7. Handyperson

Finally, if you are good at fixing things, this old standby remains a very viable option. From home repairs to painting, plumbing, and electrical work, there is no shortage of things around the house for a handyperson to fix. Start-up costs are minimal, and advertising on sites like Craigslist is very cheap, often free.

So there you have it. Entrepreneurship on a dime is within your grasp. Whether it is managing social media or providing cleaning services, starting small and cheap really is quite possible.

We're firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers. The Ascent does not cover all offers on the market. Editorial content from The Ascent is separate from The Motley Fool editorial content and is created by a different analyst team.Suzanne Frey, an executive at Alphabet, is a member of The Motley Fool’s board of directors. The Motley Fool has positions in and recommends Alphabet. The Motley Fool has a disclosure policy .