What are the best tax free business ideas for someone just starting out in business? The best tax free business ideas are any business with a low start-up cost. This way, if it doesn’t work out, you can just walk away with little to no money lost.
There are many ideas that are good for someone just starting out in business. If you are just beginning to think of ideas, you may not know what you like best. It can be helpful to hold several types of business models in your head until you figure out what you like best.
Tax free businesses are businesses that don’t pay any taxes. They are usually small businesses that operate in countries where tax rates are low. These businesses are often started by entrepreneurs who want to start a business without having to worry about paying taxes.
Some of the best ideas include:
- Offering accounting services
- Start consulting services
- Offering insurance services
- Offer tax consulting services
- Renting out apartments
- Running a cat or dog daycare
- Running a taxi service
- Start a daycare
- Running photography business
- Selling food in a food trailer
Read:Â Etsy Business Ideas That Will Make You Rich
There are many reasons why someone might want to start a tax free business. Some of these reasons are:
- Starting a business with no capital investment
- Avoiding taxes
- Making extra income
- Setting up your own company/business
- Owning and running your own business
- Having the freedom to work when you choose
- Working from home
Tax Free Business Ideas
Tax free businesses are businesses that do not pay taxes on profits earned. They are usually set up as limited liability companies (LLCs) or partnerships.
In order to qualify for tax free status, the company must meet certain requirements. These include having no employees, no inventory, and no real estate holdings.
Taxes are a pain. They’re expensive, they take away money from your pocket, and they’re not fun. That’s why it’s always better to avoid them if possible. If you want to start a tax free business, then you need to know how to go about doing it.
There are lots of ways to get around taxes, and there are even more ways to avoid paying them altogether. We’ve put together a list of these tax free business ideas. Hopefully, these ideas will give you some inspiration on how to start a tax free enterprise.
Here are some of the best tax free business ideas:
Freelance Writing Business
Many people dream about becoming writers or journalists one day. But if you love writing than this is definitely an option for you. It’s not only possible to make good money as a freelance writer but it’s also very easy to do so. All you need is a computer with Internet access and a printer. The rest will come naturally.
Online Tutoring
Another popular choice among students who wish to earn extra cash from their homes would be online tutoring With the rise of technology more and more companies offer online tutoring services. Some of these include teaching children how to read while others teach adults English language skills. Companies like VIPKID offers on-demand live teachers which allows parents to watch over their child remotely via webcam. Parents can chat with their kids through video calls and they receive real time feedbacks.
Virtual Assistant Services
A virtual assistant helps small businesses run smoothly by taking care of administrative tasks such as bookkeeping, payroll processing, customer service etc. These assistants usually charge hourly rates ranging between $10-$20 per hour depending on experience level. They often provide clients with weekly reports showing all transactions made during the week.
Transcriptionist
Transcriptionists transcribe audio files into written form using software programs. Most transcription jobs are done either part time or full time. Part timers typically work 20 hours a week whereas full timers put in 40+ hours each week. While transcriptionists generally earn around $15/hour, those who specialize in medical transcription can command up to $25/hour.
Do you think owning your own business is a good thing?Â
Yes! Of course, I think that owning your own business is a good thing. Owning your own business gives you the freedom to be your own boss. You can set your own hours, wear whatever you want, and you don’t have to deal with office drama. It’s nice to be able to be your own boss.
Lawn Care Service
Lawn mowing has become quite common nowadays especially since we’re living in cities where grass tends to grow taller and thicker. However, cutting grass isn’t just limited to city dwellers. In fact, homeowners across America enjoy hiring professional lawn cutters every now and again.
Dog Walking
Dog walking is another side hustle idea that requires little investment yet provides consistent income. As long as you’re willing to invest in quality equipment, you should easily find customers within no time.
Personalized Learning Platform
Personalized learning platforms allow users to learn anything from math to programming languages. Users simply upload content and videos onto the platform and the system automatically generates lessons and quizzes. Students can take tests anytime after completing lessons and instructors can track student progress.
Website Designing & Development
Website designing involves creating websites for different purposes using HTML, CSS. You may choose to build your own design or use templates offered by various freelancing sites. There are many ways to market your business once you have designed a site including SEO, PPC, Social Media Marketing, Email Marketing, Display Ads, Article Submissions Post Advertisements on relevant forums and directories, etc.
Social Media Management
Social media management includes posting status updates, photos, links, quotes, etc., on Facebook, Twitter, Instagram, LinkedIn, Pinterest, YouTube, Tumblr, Reddit, etc.
Affiliate Marketing
Affiliate marketing consists of promoting other people’s products through an online network like Amazon, eBay, Rakuten, Clickbank, Commission Junction, LinkShare, ShareASale, Influenster, Snapdeal, Shopify and Wishberry.
This kind of marketing is ideal if you want to sell physical goods because affiliates get paid when they refer buyers to certain stores.
Become a Consultant
Consultants charge by the hour which means they’ll only earn income while they’re actually doing their job. They usually offer advice/services such as writing articles, creating videos, etc. Some consultants may even provide free consulting services to companies looking to improve their product lines.
Sell Stuff Online
Selling items online has become very popular lately because it allows anyone to sell anything without having any inventory costs. It doesn’t require large capital investments either since all you really need is a computer connected to the Internet.
Start a Blog
Blogs are similar to selling goods online except instead of selling physical items, you write about whatever topic interests you. Many bloggers use affiliate programs to monetize their blogs. Affiliate programs pay bloggers whenever someone clicks through links posted on their site and buys a good or service.
Get Paid to Review Products
Companies often hire individuals to test new products and give feedback regarding whether or not they should be purchased.
Write Books
Writing eBooks is becoming increasingly popular among entrepreneurs due to its ease of creation and ability to reach targeted audiences quickly.
Graphic Designer
Graphic designers create logos, websites, advertisements, brochures, flyers, presentations, social media graphics, infographics, etc.
Freelance graphic designers typically bill hourly rates ranging between $25-75 depending on experience level. To land clients, freelancers must market themselves well and build relationships with other professionals (e.g., publicists, marketers, writers, editors).
SEO Analysis & Keyword Research
Search engine optimization specialists conduct keyword research in order to determine what keywords people enter into search engines when searching for certain types of content. From this data, SEO experts develop strategies that help webmasters rank higher in organic searches. The average salary for an SEO specialist is around $24/hour based on our estimates.
Create an Online Course
With sites like Udemy, Teachable, Skillshare, and CreativeLive, there’s no shortage of potential courses. Depending on what kind of skills you possess, this could be a lucrative side hustle. If you’re interested in becoming an influencer, look into setting up shop as a brand ambassador company on platforms like Instagram, Facebook, and Twitter.
Online Personal Trainer
If you’ve got a way with words and knowledge in fitness, health, dieting, sports, exercise, or nutrition, then become a personal trainer online. This may seem like a dream job but many trainers earn over six figures per year. It takes patience and persistence to succeed though. Many new personal training companies start off offering free services until they find their first paying client. Once they do, word spreads fast and others begin hiring them too.
Photo And Video Editing
The Internet has made it possible for anyone who wants to work from home to have the opportunity to get paid well for it. There are several websites where people upload content and receive payment based on its popularity.
Some popular ones include Fiverr, PeoplePerHour, Freelancer, Upwork, Guru, MyPrivateRadio, and Textbroker. However, most of these require registration fees which will cost between $10-$20. You might want to try starting a blog instead since it doesn’t charge any membership fee. In fact, we recommend Bluehost because it offers unlimited email accounts plus domain names for only $3.95/month!
Game Developer
Video games are one of the fastest growing industries today. With millions of dollars being spent each day on video game development alone, it’s clear why so many people would enjoy making money while playing games. The best part? Games don’t necessarily need to be expensive to develop either. Most mobile apps nowadays are developed for less than $5,000.
Sell On Amazon
Amazon sellers can sell anything through the site: books, electronics, toys, clothes, furniture, kitchen goods, jewelry, sporting equipment, beauty supplies, pet food, music, DVDs, software, and more. If you have something worth selling, you can list it on Amazon using an inventory system provided by Seller Central. When someone buys your item via the website, Amazon charges both parties – the buyer and seller – commission fees when transactions occur.
Social Media Marketing Business
You can make extra cash running social media marketing businesses such as advertising products on Pinterest, Google+, YouTube, LinkedIn, and other social media platforms.
These businesses allow users to post pictures of items they wish to buy, allowing marketers to advertise those same products. For example, if you own a store that sells children’s clothing, you can create a business page on Facebook that allows parents to share photos of their kids’ outfits.
tax free business ideas in India
We have put together this list of tax free business ideas in India that will help you get started on the road to tax freedom:
- Cleaning business
- Energy efficiency
- Event planning
- Event space
- Handmade cards
- Handmade jewelry
- Handmade soap
- House sitting
- Landscaping
- Landscaping
- Nail salon
- Painting
- Professional family photography
- Scooter rental
- Trash & recycling
What is the best thing about owning your own business?
Work-life balance. There is not just something about having one’s own business that adds extra pleasure to one’s life, but it is the way one’s life is managed.
When one establishes success in this area, one gains control over one’s hours, one’s business, and one’s finances. One can make one’s own decisions about taking time off for vacation or time out for medical procedures.
Best of all, at the end of the day, one can bring work to a close. One can stay home on the sofa, watch television, read the newspaper, or straighten the house. It is about having control over one’s life.
Taxes are unavoidable when running a business, but there are ways to minimize them. If you’re considering starting a new business, it’s important to know what taxes you will have to pay.
The IRS has a list of tax-free businesses, including some that are perfect for people who want to work from home.
