Five Businesses You Can Start For Under 5K

Small businesses have always been the backbone of America. Even though there are many perks for working for self, many people are reluctant to start a business because of lack of funds. This of course is true if you are looking at starting a restaurant, or setting up a manufacturing unit where you may require as much as $100,000 in initial investment. However, not all businesses require that much investment. There are many businesses that one can start for less than $5k, which are clearly not capital intensive but idea intensive.

While looking at starting a business with less money, one needs to look and seek ideas that will depend on business muscle more than financial. You may decide to sell a product or a service. In either case, your biggest expenses are going to be the working space and the salaries you pay to your employees. In most cases, you will also require a laptop, an internet connection, a telephone line and conveyance. You will also have to spend a small amount to register your business. With all this, anyone is all set to start a small business that can even be grown to a multi-million dollar enterprise.

This article explores five ideas for a business you can kick start for less than 5k.

Become a Consultant

Starting a consulting business is a good option as you are selling your expertise and require little investment. Depending on where your expertise lies, you can start providing consulting services in various areas such as technology, healthcare, accounting and taxation, web design and development, social media, legal, or any other area. Note that starting a consulting business is harder than it actually seems as you require a multitude of skills including the technical expertise, marketing your skills, building a brand, and managing client’s expectations. One of the key’s to becoming a successful consultant is to build a strong network and harvest it to get year-round business.

Sell your Products

If you are a creative person, and can create an interesting product that people want, then there are many ways to reach the potential buyers. For example, you will find a thriving market-place for hand-made products on websites such as Etsy.com, and Artfire.com. Items on sale include jewelry, clothing, stationery, bags, art, and more. You can sell your stuff on these websites, start your own ecommerce website, and even sell through your personal network. The key is to build your reputation and long-term relationships to get continuing business.

Start an Event Planning Business

Event planning industry has grown at a rapid pace in the past few years. Depending on the size of the event, an event planner can earn profit margins ranging from 15% to 40% from each event. The services can range from organizing wedding parties, themed birthday celebrations, conferences, training workshops, product launches or any other type of parties. This can be a business option for you if you are a creative person with people skills and the ability to organize things.