A study completed in 2009 by the Kauffman Foundation estimated that an individual needs an approximate amount of$30,000 to start their own business. Unfortunately, this can be an unrealistic amount of money for many people leaving them with a limited number of options. One viable possibility is investigating low capital business ideas to determine if one of them could work for you. The following includes numerous ideas for a startup business that can be started on even the most limited budget. Make certain that you consider your interests, skills, educational background, and time you can dedicate to your business before making your final decision.
Minimal capital is needed to start an online business, but it will take time and dedication to make it a success. Consider your hobbies and interests to determine what products you should sell. There are numerous advantages to opening an e-business including the fact that you do not have to pay rent or utility bills. Additionally, you will not have to pay staff members to help you run your store and you can continue to work yourself to supplement your income. Finally, your products can be purchased 24 hours a day, 7 days a week which is not the case in a traditional store. For your online business to be successful it is essential that you have a detailed business plan in place as well as marketing campaigns that are effective at directing traffic to your site.
According to statistics released by the United States Census Bureau the current US population includes 13.7% of individuals over the age of 65 and 6.4% of children under the age of 5. These are the two age groups that are most likely to need care that cannot be provided by their family alone. As a result, a great option for individuals who enjoy looking after and providing assistance to others is to open an in home daycare or offer your sitting services in someone’s home. While you will need a license to operate an in-home daycare as well as other age appropriate items, the startup costs will be minimal. Opting to care for someone in their home may very well have no startup costs. In order for your business to be successful consider offering your services during times that it can be harder to find help including nights and weekends.
Another option for starting a business with a minimal amount of capital for startup costs involves providing personal services for individuals in need. Ideas include operating a residential cleaning service, tutoring children, providing pet care services including walking and grooming, functioning as a personal shopper, and various other tasks. Additionally, if you enjoy planning parties for others and have a strong attention to detail, consider opening an event planning business or working as a wedding planner. The amount of money needed for startup varies from business to business, but it will be significantly less than the $30,000 that is estimated above.
Individuals that are creative may want to consider operating a business that revolves around the arts and crafts projects they excel out. However, the cost of acquiring the materials that youwill need in order to produce your product will be more costly than the ideas listed above. Websites such as Etsy, Pinterest, and EBay have made many people realize how much homemade gifts have to offer. Additionally, many towns have craft festivals throughout the year where local artists can sell their merchandise and advertise their services. Products that sale easily include anything that can be customized, woodcarvings, paintings, sculptures, jewelry, photography, gift baskets, and more.
Finally, individuals who have a green thumb and an interest in horticulture may want to consider starting a landscaping business. According to a survey conducted by PLANET, a national trade association of landscaping professionals, 35% of individuals that owned a lawn hired someone to maintain it for them in 2012. This can result in a very lucrative business opportunity, but it is important to be aware that the startup costs may be higher with this type of business due to the need for excellent lawn equipment.
Deciding to start your own business is a major decision that can have a huge impact on your family’s financial future. It is no longer necessary to sink all of your savings into a venture that may or may not succeed. Consider the low capital business ideas listed above to begin your journey as an entrepreneur without fear of losing everything.