If you’re considering starting a business, you may be worried about startup costs. From renting office space to purchasing a business license, there are various fees involved. However, if you want to make money while doing something you love, starting your own business is a great option. Fortunately, there are many business ideas that require very little investment. With $10,000 in the bank, you can pursue your dream of running your own business. But if you don’t have that amount of cash, here is a list of businesses you can start without any money.
How to Start a Business
Before renting an office space, hiring employees, or buying inventory, you need to actually start your business. This involves choosing a business name, selecting a business entity, and completing various tasks such as insuring your company, opening a bank account, and setting up your books. Business Pundit recommends starting as an LLC (limited liability company) for most people because it offers protection. Once you’ve determined that an LLC is right for your business, learn how to start one in your state by following our state-specific guides.
Businesses You Can Start With $10,000 or Less
1. Homemade or Gourmet Food: If you love food and have the skills to produce delicious gourmet food, you can consider opening a homemade or gourmet food operation. Make sure to research local and state regulations regarding business licenses and commercial kitchens if necessary. Investing in a commercial kitchen (costing under $10,000) can provide the space you need to grow. Alternatively, you can start a food truck business.
2. Telephone Answering Service: If you enjoy answering phones and providing excellent customer service, consider starting a telephone answering service. Many local businesses lack the budget to handle large volumes of calls and can benefit from your services. To get started, you’ll need to invest in connecting your phone line to a client management system, which costs around $2,500 to $3,000.
3. Sales Trainer: If you have a sales background, becoming a sales trainer can be a lucrative opportunity. You can offer online classes, webinars, or sales consulting packages. When first getting started, target small companies, salespeople, business executives, and marketing students. While there aren’t many startup costs involved, it’s recommended to invest in a basic website for marketing purposes.
4. Handmade Crafts: If you’re skilled at making crafts, such as candles or jewelry, you can start a handmade crafts business. Finding your market may be challenging, but there are various online platforms like Etsy and Amazon Handmade where you can sell your products. Local craft fairs and nearby stores may also be interested in stocking your crafts. As your business grows, consider offering classes to teach others your craft.
5. Childcare Center: If you love children and have patience, opening an in-home daycare can be a profitable venture. However, starting a daycare requires an investment of around $10,000 for insurance, supplies, licensing, and certifications depending on your location.
6. Franchising: If you don’t want to start a business from scratch, consider buying into a franchise. Some franchises allow you to enter with less than $10,000. Franchising offers benefits such as higher success rates and assistance with operations, setup, and marketing.
7. Art or Music Instructor: If you have artistic or musical talent, consider offering lessons to those who want to learn. You can teach at existing organizations or start your own business teaching students at rented facilities, their residences, or your own home. As your business grows, you can hire others to help you teach.
8. YouTube Channel Partner: Creating a YouTube channel is easy and allows you to upload content to earn revenue. Partnering with sponsors can help you monetize your channel. This industry has minimal startup costs.
9. Paid Ads Specialist: Nowadays, businesses rely on online advertising. If you have knowledge and skills in online advertising, you can become a paid ads specialist and help businesses meet their advertising goals. This industry does not require significant startup costs.
These are just a few examples of businesses you can start with minimal investment. Be sure to research and plan accordingly to increase your chances of success.
