Learn how to start a business with 20K or less. This guide will teach you everything you need to know.
Which Business Can I Start With 20K: Starting your own business can be one of the most rewarding things you’ll ever do, but it can also be one of the scariest. One of the biggest fears entrepreneurs have when they start out is whether or not they’ll make any money at all, and if they can’t make money.
Which Business Can I Start With 20K?
How can they make their startup successful? We understand that fear, which is why we compiled this list of 20 businesses you can start with just $20,000 in order to help you make that important decision and realize your business dreams!
A Virtual Assistant Service
Virtual assistants are people who can help with a variety of tasks, from scheduling appointments to bookkeeping. Starting a VA service will only cost you about $500 per month—the price for your own domain name and website. The rest is all about marketing and finding clients. Check out VA services like Zirtual and Virtual Staff Finder to get started in your local market.
Event Planning
You can do event planning without a business degree. In fact, you don’t even need specialized education or prior experience in any particular area. If you have organizational skills and love throwing parties, you’re all set! Event planners coordinate with vendors (caterers, DJs, venue managers), handle budgets and timetables, put together presentations, and more. Typical costs: $15 to $20 per hour if working for an agency; about $25 to $40 per hour if working as an independent contractor; about $35 to $50 per hour if starting your own company.
Freelance Writing
According to one estimate, there are roughly two million freelance writers in America. This means you have lots of competition in what is already a pretty saturated market. It doesn’t help that writers don’t make a lot of money—an average freelancer makes between $30 and $35 per hour on an annual basis. Still, if you do succeed as a writer, it can be quite lucrative; many freelance writers average salaries that range between $40,000 and $50,000 per year.
Software Development
If you’re a developer, there are literally thousands of small software companies out there that would love to employ your services. Many of them will pay well under $50,000 per year, but they often come with full benefits and lots of room for advancement.
Even if you don’t have any experience as a programmer, it doesn’t mean that starting your own company is completely out of reach—there are lots of apps for sale in Apple’s App Store and Google Play that can help with things like organization and calendar management. If you have a great idea for an app, why not market it yourself?
Retail Arbitrage
If you’re handy with a camera, start a retail arbitrage business by taking photos of products in-store displays and then reselling them on Amazon. Retail arbitrage is actually one of my favorite side business ideas because it’s hands-off, free to get started, and you can earn a bit of extra income for relatively little work.
This is especially great if you can find products that are sold in stores for at least 75% off of their original retail price. For example, if an item is originally $40 at most stores but you found it for $10 – there’s your 75% discount! Just make sure your inventory turns over quickly so you don’t have too much product sitting around and taking up space.
Digital Marketing Consulting
All you need to get started is a laptop and a phone, both of which you can get cheaply (you can also just use your smartphone, as many freelancers do). For blogging, I recommend using Bluehost as they offer unlimited web hosting.
I also recommend starting with WordPress and using a child theme so that any updates don’t break your site. And if you want to start monetizing your site at some point, here’s my startup guide for affiliate marketing. I highly recommend getting started today even if it’s part-time until you feel more comfortable about making money online; then go full-time!
Online Education Site Section: Facebook Group/Page
If you have a Facebook group, how active is it? What kind of content do you share? Who is your target audience and what kind of topics do you share in your group? What advice or content are people asking for in your Facebook group (examples). How many members do you have? When did you start growing your Facebook group?
eBay Selling Service
I would suggest selling some type of selling service on eBay. There are a lot of people selling different things on eBay already, but there’s a demand for buying services. You can start off small and build your way up. For example, you could offer to clean people’s houses or even do their laundry and get paid $15-$25 per hour. There are all sorts of different services that you can offer to work at home with.
Just make sure that whatever service you decide to sell, is safe and legal in your area. Before opening up a shop make sure to check out reviews and other places online where people go for recommendations before choosing someone like Angie’s List, or Yelp!
Youtube Channel
A YouTube channel is an excellent choice for someone who wants to start a business online. If you like to post videos of your daily life, some companies will pay you for your footage, as well as charge brands to have their products featured in your Instagram-like clips. Some popular YouTube channels earn six figures per year with ad revenue and product placement included.
And with video production software, it’s relatively easy to find volunteers from sites like Kickstarter to help with film editing, sound mixing, and even financing if need be. If that sounds like something you’d enjoy doing—why not? Find a subject matter you’re passionate about and invest in learning everything you can about making a YouTube channel successful! It’s easier than ever before. Give it try.
Health and Fitness Coaching
If you’re a healthy, fit person and enjoy helping others stay that way—working as a personal trainer is a great option. For less than $1,000 in startup costs, you can launch your own home-based personal training business and begin helping clients achieve their fitness goals. Personal trainers make on average around $50 an hour for one-on-one training sessions.
Most importantly, you set your own schedule and market yourself to clients directly through social media sites like Facebook, Twitter, and Google Plus. If you can imagine yourself spending a lot of time out of doors meeting new people or traveling to different parts of town with clients in tow, then personal training may be right for you.
Blacksmithing Service
A blacksmith’s business is never really closed. Blacksmiths provide customers with custom solutions for all their home improvement needs, from adding a decorative window sill to building a full-scale replica of an original fireplace. Best of all, you can get started with as little as $100 in tools and equipment. Since nobody has been trained to do it right but you, you will be able to command premium rates; some blacksmiths charge up to $60/hour.
Photography Website/Service
There are several marketplaces on which you can sell your photos, including Shutterstock, Adobe’s stock photo service, and stock. Some specialize in weddings, others in food photography and children’s pictures. Most of these services allow contributors to set their own prices; make sure you know what you will get paid per image.
For example, if you contribute 30 pictures to a stock photo site that charges $15 a picture (and you will have uploaded your entire collection) and then someone licenses one for $30, half that money will be yours. Other marketplaces like microstock photo sites charge a flat fee when an image is downloaded.
Ecommerce Store (Consumer Product, Clothing, Accessories, etc.)
Opening an eCommerce store is a great way to start a business. The costs are low and it’s something that you can do from anywhere (provided you have an internet connection). Selling items on eBay or Amazon gives you a lot of flexibility, but starting your own eCommerce store (like Shopify) allows you to control all aspects of your business and customize things exactly how you want.
For example, if customers place orders through Amazon, they will be shipped directly by Amazon. If they order through your own website, then shipping is handled directly by you. It’s also possible to sell products at places like local farmer’s markets and craft fairs. This can give your business more visibility in your community, which may result in more customers down the road!
Website Redesign Service
As a web design and development tools become more sophisticated, it becomes easier to launch a full-scale redesign of your site. New and improved content is a great way to draw in new visitors, but giving your old visitors something new to look at can be just as beneficial for your SEO.
In addition, today’s website design trends are fairly static—it’s rare to see a major company completely overhaul its site every year. By keeping up with what’s new in design trends, you can improve an existing site with minimal effort and cost. This can be an effective way to get attention from search engines and get more traffic.
Graphic Design Services
If you have a decent eye for design and some extra cash, starting a graphic design business can be an easy way to generate passive income. Whether you’re working on your own projects or helping out other local businesses, companies often need visual content created. From logos to posters, social media images to product packaging, there’s lots of work out there in what’s called affordable web design.
Check out places like 99designs and Upwork as well as other marketplaces just like them. And remember: reaching profitability doesn’t have to be difficult—if your portfolio is strong enough, it could make all the difference in getting clients to work at high rates. Learn more about what it takes to get started in our free guide here.
Shopify Dropshipping Store
Many online entrepreneurs have experienced tremendous success by building niche, Shopify dropshipping stores. In fact, some earn over $1 million per year doing so. Best of all, it’s possible to start a dropshipping business with as little as $100 and you can use your Shopify dashboard to run nearly every aspect of your store.
Create products in seconds with easy-to-use templates that are fully customizable and then connect them to Shopify themes (or create your own). And that’s just one way you can optimize sales from day one – learn more here.
Also Read: Where Can I Invest 1 Lac In Pakistan 2022?
Conclusion
Starting a business is no small feat. It can take months or even years of planning and preparation before you see your dream become a reality. You’ll have to put hours upon hours into building your website, crafting a marketing plan, establishing systems for customer service, etc. For most people, it will require coming up with thousands of dollars on top of that.
