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What are the most profitable and low-cost business ideas for beginners to start in 2021, considering the current economic landscape?

The gig economy is growing at a rate of 17.3% annually, with 57 million freelancers in the US alone, making it an attractive option for low-cost business starters.

According to the laws of supply and demand, starting a business in a niche with high demand and low supply can lead to higher profit margins.

Research shows that 77% of consumers prefer to work with small businesses, making it an ideal time to start a low-cost venture.

The concept of sunk cost fallacy suggests that entrepreneurs should focus on future profits rather than sunk costs, making low-cost businesses a more attractive option.

Freelancing is one of the fastest-growing industries, with 63% of freelancers reporting higher earnings than they did in traditional employment.

Virtual assistants can earn up to $25 per hour, making it a lucrative low-cost business idea.

Pet-sitting and dog-walking businesses can generate up to $1,000 per month, with an initial investment of less than $1,000.

The law of diminishing returns suggests that investing more money in a business does not always lead to higher profits, making low-cost businesses a more efficient option.

Affiliate marketing has a global market size of $12 billion, making it a lucrative low-cost business idea.

Online tutoring can generate up to $1,000 per month, with an initial investment of less than $100.

The concept of economies of scale suggests that smaller businesses can be more agile and adaptable, making them more competitive in the market.

Selling stock photos can generate up to $500 per month, with an initial investment of less than $100.

According to the 80/20 rule, 20% of effort can lead to 80% of results, making low-cost businesses a more efficient option.

Creating and selling an online course can generate up to $5,000 per month, with an initial investment of less than $1,000.

Virtual event planning is a growing industry, with a projected market size of $18.9 billion by 2026.

The concept of marginal utility suggests that the more customers a business serves, the lower the profit margin, making low-cost businesses a more attractive option.

Starting a social media management business requires minimal upfront costs and can generate up to $2,000 per month.

The gig economy is expected to reach 43% of the workforce by 2025, making it an attractive time to start a low-cost business.

Online businesses have a failure rate of 20%, compared to 50% for traditional businesses, making them a more attractive option.

The concept of the minimum viable product (MVP) suggests that starting with a basic product or service and iterating based on customer feedback can lead to faster success in low-cost businesses.

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