Are you wondering what business can I start with 20k or less?
You don’t always have to have a huge amount of capital to run your own business. It might seem that creating a company is impossible if you’re not already a millionaire, but a lot of the top entrepreneurs started out with very little!
You can’t start every business idea with limited initial funding, though. So, to help you separate the possible from the impossible, we’ve put together some of the best company ideas that require 20k or less.
Read on to find out more!
Dropshipping Companies
What kind of small business can I start that costs almost nothing to start?
One answer would be dropshipping. This is a relatively new concept in the world of business that turns the idea of owning your own shop on its head.
Okay, so it’s actually pretty simple. You pay for items at wholesale prices from a manufacturer or supplier of products, like Amazon. They hold those products at their own warehouse for you so that you don’t have to deal with them at all.
You then sell those products through your own website. When someone buys an item, the manufacturer is notified and sends the item out for you, giving you a super-easy way to run a profitable business.
The only thing you have to worry about is your marketing. So, the costs will be for a website, and any advertising you do, like:
- Instagram adverts
- Google ads
- Leaflets and business cards
- Social media marketers, copywriters, photographers
These can all be very minimal if you’re careful, and you can even do most of it on your own if you have the time! If you’re looking into what business can I start with 20k as a student, it’s probably wise to pay someone else to take care of the marketing side of things.
Start Your Own YouTube Channel or Blog
YouTube videos and blogging are great ways to create a passive income. Thousands of people are turning to these channels these days to generate extra income streams, but it shouldn’t be relied on as your only income stream. Not everyone makes millions blogging or vlogging.
But, you can expect around $3 for every 1,000 views you get on YouTube, which isn’t anything to be sniffed at! If you manage to get just one video reaching hundreds of thousands of hits, you could end up making a lot of money on the side.
The initial costs are incredibly minimal, too. Really you only need a smartphone and a laptop to start making high-quality videos! Of course the better the camera the better your videos, so if you can invest then do.
Freelance With a Skill You Know
If you want to set up a small business, freelancing is a fabulous option. You can be your own boss, manage your own income, and do something you love to do (hopefully!).
For example, if you enjoy photography, why not set up a freelance photographer business? All you need to do is build a little portfolio, set up a website, and market yourself.
One piece of advice would be to pick a niche, like a wedding photographer, to help boost your business. It may seem strange to limit yourself but it’s more appealing for people to find a photographer who specializes in what they need, and it will help with your marketing.
The start-up costs are incredibly minimal, too. It’s basically the same as dropshipping, minus the initial costs of the products.
Get Your Real Estate License
All of these options have been uber low-cost up until now, but this option’s a little pricier. If you’re looking into what type of business can I start with 20k then you can’t ignore becoming a self-employed realtor. You can spend about $4,000 for education, subscriptions, and dues, which definitely keeps it under the $20,000.
Once you’ve got your license, it’s time to get started! In 2020, the average earnings for a realtor were $49,000, reaching up to $112,000 for the top 10% of realtors. There’s absolutely nothing stopping you from getting there.
First up, get your realtor license (which is around $3,000). It’s then wise to take a course in marketing yourself to help you get the clients. Once you’ve done both of those things, you should be ready to make an amazing salary as your own boss.
Once your company is thriving, you can then start hiring other realtors to work for you. That’s where the real money really starts coming in.
Set Up a Food Trailer
If you have a passion for food, what about a food trailer? It’s much cheaper to buy a trailer and equipment than it is to buy space for a restaurant, and it gives you more freedom to move as you work and find where your target market is. You can go to festivals, events, and travel the country while making money!
You can spend anywhere between $10,000-$20,000 starting your food truck. If you’re very clever, you might even be able to do it on a budget and get it down to less than $10,000.
If you want to give your food truck the best chance of success, here are some tips:
- Try to focus on one area of food and become incredible at it
- Cater to a market that isn’t catered to yet in your local area
- Invest a lot into your marketing
What Business Can I Start With 20k? ( quick video )
Keep Looking into What Business Can I Start With Less Than 20K
If you’re wondering what business can I start? then these are all great ideas for budget start-ups. One of the best options is undoubtedly dropshipping, and that’s where we come in. We have tons of advice for dropshipping businesses and are ready to help you!
Start reading our merchant posts today to learn what you need to know to create your own company. If you want to see a list of our top recommended Shopify apps visit this link here.
