Luckily, there are now numerous methods of starting a new business, even with limited resources and funds – for example, $50,000 dollars or less.
But exactly what business ventures can you start with less than $50,000 dollars, and what options are there?
What Businesses Can You Start With $50k?
Luckily, there are still numerous businesses you can start with $50,000 dollars or less, many of which are based around online operations – or with limited staff and personnel.
Create A Consignment Store
Usually starting around the $50,000 dollars mark, consignment stores can be great ways for new businesses to recoup their losses selling sought after consumer items. These could be articles of clothing, or children’s products.
Cafes & Coffee Shops
Cafes and coffee shops are infinitely successful, and if you have a great blend and an attractive environment, then your place could become the go to spot in town.
These generally cost around $30k to set up, but depending on the premises, and the amount of staff you employ, you could always save even more money.
E-Commerce
This is the most common, contemporary way of starting a business, and can be quite cheap to manage – as you are home based, and do not (necessarily) need any staff.
The only costs are buying products and paying suppliers (anywhere up to $30k, depending on the products), and all the rest is for development and maintenance.
Food Trucks
If you have a passion for home cooking, then why not start a food truck?
These are usually cheap to start, and are generally around the $10k mark. If the business is successful, expansion is pretty easy, and it is a business model that has proven success.
Pop-Up Bar
You could also establish a pop-up bar selling local wine, beer, and liquor. This could be a great way of partnering with local businesses and breweries, and could prove successful amongst alcohol enthusiasts and those interested in the art of alcohol and mixology.
This generally requires around $40,000 dollars, and these indie micro-pubs are becoming more and more popular – thanks in part to a business model borrowed from coffee shops, and ranges of new, exciting independent products.
Tips For Starting A Business
Of course, there are also several handy tips you can follow to ensure your business expenses remain low during setup, and that your business follows a successful trajectory once established.
Conceptualize Your Business
Firstly, you need to decide what sort of business you want to start, and, if appropriate, look for suitable suppliers for your products. These suppliers should be relatively cheap to begin with, as this is the best way to recoup some profits during the initial stages.
Once you have found a product you want to sell, it is still best to continually monitor market trends to see if anything changes, or the popularity of your chosen product begins to wane.
Do You Need Premises?
If needs be, you could also begin to look for premises to work from.
However, with online businesses, this isn’t necessarily something you need to have, and there are countless private sellers and self employed individuals who operate successfully from the comfort of their own homes.
Obviously, there is still expense associated with working from home, namely an increase in heating, electricity, and other utility costs. However, this will undoubtedly be cheaper than the cost of rent for office space or other properties.
Expert Financial Planning
As with any new business, it is best to start small at first, both in terms of your expenses, and the amount of money you invest.
This will ensure that you don’t hemorrhage money in the beginning, and that you have spare funds that can see you through the early stages when your business is still finding its feet.
This is why a financial plan is helpful, both from a sense of keeping yourself within specific confines as you progress, but also reinforcing your understanding and belief in the business model based on specific steps.
Seek Financial Assistance
Of course, you could also seek financial assistance if necessary. This could be in the form of a business loan, or indeed a private investment from a proposed colleague or business partner.
This is usually more appropriate if the business requires buying expensive stock or equipment, or indeed if you are becoming involved in property.
Use Social Media
Social media has many uses in the modern business world, and if your business model involves customers buying your wares, then social media can be a great way of attracting potential customers, and showing you what your business is all about.
Social media can also be useful for external funding – such as in the case of creative enterprises and more niche businesses. These can be great ways for businesses to make necessary money in the earlier stages of development.
This is also a good way of making word travel, and in creating a sense of community – which with regards to certain business models and services, can go a long way to enticing customers to become firm regular clients, and can promote positive reviews in the future.
In the internet age, there has never been so much choice and accessibility when it comes to starting a new business, and the overheads can be far cheaper than ever before – at least when it comes to getting started.
So if you have $50,000 dollars or less, and are looking to start your own business, then why not give some of these a try? Something tells me you won’t be disappointed!
