Small businesses and entrepreneurship play a critical role in the growth and development of our economy, but starting any business can seem daunting and expensive, right?
But not anymore! The global pandemic has created a shift in how we can start a business without much hustle. As more and more people are looking for alternate incomes, the number of successful small businesses also increases, meeting the market demand on a small scale.
Indeed, there are numerous options for starting a business with a $10K budget. Today, we'll delve into some of the most promising Businesses to Start with 10k, which you can initiate right away.
What business can I start with $10k? Here are 24 Proven Business Ideas to Explore in 2023 and Beyond.
Here are some of the best ideal Businesses To Start With $10k Or Less in 2023:
Online eCommerce Business
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As more and more people are switching to online shopping due to its convenience, the possibilities of what to sell online are limitless. And because of this very reason starting a business with $10K online is extremely easy. You can sell multiple products that you make on your own, or sell products from other brands.
Starting an online eCommerce business requires low startup costs, with your very first online store ready in just a few steps if you are using any eCommerce platform such as Shopify. And you can operate your business from anywhere in the world, making it a flexible business option.
- Minimal investment: $500
- Resources needed: An online store/website, products/services, reliable shipping service
- Income (expected): $1000-5000/month (depending on the products)
💡 Quick read: 15 Small Business Saturday Ideas for Better Sales in 2023
Freelance Copywriting or Content Writing
Freelance copywriting or content writing is an excellent business opportunity for people who love writing and have some experience. It also allows you to work from home and set your own schedule, in addition to helping you progress by developing your writing skills and building your portfolio. This profession is in demand due to the need for quality content in digital marketing. If you have any published work, getting clients will be easier. You can also sign up on freelance platforms such as Upwork or Fiverr and apply for jobs that suit your interests best.
- Minimal Investment: $0, unless you are using any specific tools or platforms to get clients, then the membership counts. But it usually costs less than $400.
- Resources Needed: Laptop, writing skills, certifications (not always necessary)
- Income (expected): $1000 - $3000/month
Dropshipping
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Dropshipping is when you sell products without holding any inventory. Instead, you partner with a supplier, such as AliExpress or Alibaba, who holds the inventory and ships the products directly to your customers. This means you can start an online store with products that you don't have with you, which means low setup costs. You can use dropshipping tools such as DSers or Spocket, amongst many depending on the kind of products you wish to sell and on which platform you want to sell them on.
- Minimal investment: $100
- Resources needed: An online website/store, dropshipping supplier
- Income (expected): $3000/month
If you want to learn more about dropshipping, check out this video:
Personal Trainer
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As a personal trainer, you would work with clients to help them achieve their fitness goals. This would include creating workout plans, providing nutritional guidance, and offering motivation and support to achieve those goals. Starting a personal training business is a good idea if it is something you like and you have the required experience or certifications.
- Minimal investment: $500
- Resources needed: Certification, gym equipment (if necessary)
- Income (expected): $3000/month, depending on the number of clients you have
Online Bookkeeper
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As an online bookkeeper, you can provide accounting or bookkeeping services to clients on a remote basis. The services can include managing financial records, preparing financial reports, and helping clients stay organized and compliant.
- Minimal investment: $500
- Resources needed: Accounting software, laptop
- Income (expected): $2000 - $4000/month
Online Tutoring
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Online tutoring is a great business idea for people with sound teaching knowledge, especially for those looking to have a side income through tutoring. Online tutoring lets you tutor students from anywhere in the globe in the subject you have expertise in. This can include anything from academic subjects to test preparation to language instruction. Numerous platforms help tutors find students. You can even look out for students who need tutoring through social media or connections.
- Minimal investment: $100 for academic materials
- Resources needed: Laptop, teaching skills
- Income (expected): $2000/month
Custom T-shirt Printing
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Custom t-shirt printing involves designing and printing t-shirts with custom designs. People are always looking for personalized apparel and customizing t-shirts based on their requirements can be a great business opportunity to begin with even if you don't have any experience in it. You would need to promote your products and highlight the unique selling point of customization to get more clients. Ensure you use good quality products to get repeat customers and improved brand trust.
- Minimal investment: $1000
- Resources needed: Printer, t-shirt blanks, colors, and dyes
- Income (expected): $5000/month
Virtual Assistant Services
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Virtual assistant services are suitable for organized people with excellent communication skills. Being a personal or virtual assistant can be done remotely, but the timeline might change based on your prospective client. You could have more than one client based on your bandwidth. The services could include managing emails, scheduling meetings, project management, or even bookkeeping.
- Minimal investment: $500
- Resources needed: Laptop, any specific communication tools
- Income (expected): $3000/month
Graphic Designing
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Graphic designing services are always in demand as they are a necessity for the advancement of digital marketing. From ads and social media posts to website designing and more, graphic design is an inevitable part of every business. And if you have the relevant skills and expertise in design software, typography, color theory, and other aspects of graphic design, then providing graphic design services could help you improve your skills as well as earn a good income. You can work on a freelance or contract basis, based on your interest.
- Minimal investment: $1000
- Resources needed: Laptop, design software
- Income (expected): $5000/month
Personal Care Products
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If you love making your own personal care products, such as handmade soaps, skincare, and hair care items, then you can definitely make a business out of it. A personal care products business involves creating and selling products such as soap, shampoo, and other personal care items. If it uses natural ingredients or is handmade, then even better, as more and more people are looking to adopt all-natural ingredient-based personal care regimens.
- Minimal investment: $1000
- Resources needed: Manufacturing equipment, ingredients
- Income (expected): $4000/month
Stationery Products
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Who doesn't love colored pencils and artsy books and paper? Stationaries are kids, students, and artists' favorites. If you are also into creating quirky and fun stationery such as greeting cards, journals, notepads, planners, custom pencils, stickers, etc., then you can turn it into a successful business. To stand out from the immense competition in this market, create unique products that highlight your brand.
- Minimal investment: $500
- Resources needed: Printer, paper supplies
- Income (expected): $2000/month
Events Planner
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An events planner coordinates and manages multiple events such as weddings, corporate events, children's birthday parties, and many others.
If you love organizing and have the ability to coordinate with multiple vendors to ensure the timely set up of decor, food, and other entertainment, then event planning might be for you. Being an event planner, you would need to connect with multiple vendors to provide you with their services and products at the best rates possible. This kind of business develops over word of mouth with happy clients and through social media, where you can showcase your work.
- Minimal investment: $1000
- Resources needed: Communication tools, event supplies
- Income (expected): $5000/month
Translation Services
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If you know more than one language and can translate documents, website content, and marketing materials, then you can offer online translation services, where you offer your services on a part-time or freelance basis. Many companies hire online translators to publish content in multiple languages to attract and engage audiences from different countries. You can charge based on the specific language and the difficulty in the subject matter.
- Minimal investment: $500
- Resources needed: Language proficiency, communication or translation tools
- Income (expected): $3000/month
Home Cleaning Service
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If you love cleaning and enjoy making a space sparkle, then a home cleaning business can be a great idea. It would involve cleaning houses as whole or specific areas in the house for an hourly or fixed price. To get clients, you might have to sign up on any local services app, advertise, or work around with referrals. As more and more people learn about your service, your business will prosper with more profits and more money.
- Minimal investment: $1000
- Resources needed: Cleaning supplies, transportation
- Income (expected): $4000/month
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Pet Grooming and Walking Services
A pet grooming and walking service can be a lucrative business idea for those looking to start a business with $10K. Due to busy schedules, many pet owners seek grooming and walking services.
With a small initial investment and the right marketing strategy, you can quickly establish a loyal customer base and enjoy the rewards of running your own successful business. The equipment and supplies are the major cost and would include purchasing a few products needed for grooming, such as clippers, scissors, shampoo, leashes, and collars.
Though the income for pet grooming and walking services can vary depending on location, on average, you can expect to earn $50 to $100 for pet grooming services and $15 to $25 per hour for pet walking services.
- Minimal investment: $500
- Resources needed: Grooming tools, transportation
- Income (expected): $3000/month or $15-$20/hour
Personal Chef
If you enjoy cooking and have some unique and original recipes with chef-like skills, you could become a personal chef or even start your own meal prep service. As a personal chef, you could cater to families on special occasions or even be a permanent chef for health enthusiasts cooking healthy and nutritious food for them. Even though it is not necessary, training in culinary arts and nutritional science can help. The price you can charge for each meal would vary depending on the quantity, quality of ingredients used, and expertise required.
- Minimal investment: $1000
- Resources needed: Kitchen, cooking supplies, ingredients
- Income (expected): $5000/month
Food Truck or Mobile Food Stand
Food trucks are gaining popularity primarily due to the type of food they offer, and it is mostly fast food. Food truck or mobile stand food comes with quick takeaway options with less time needed for preparation. Food trucks have the flexibility to function anywhere, making it more convenient to start at busy or crowded locations, leading to more sales.
- Minimal investment: $5000
- Resources needed: Mobile kitchen or truck, food supplies Expected
- Income (expected): $8000/month
Catering Services
Catering services are always in demand as people tend to rely on these services for food and beverage for different events, including weddings, birthday parties, and so on. In most cases, the number of people attending these events is large, so starting a catering service would need an additional workforce. You would also need good communication skills to better connect with clients and get repeat sales through satisfactory services.
- Minimal investment: $2000
- Resources needed: Kitchen, catering supplies, extra staffing
- Income (expected): $6000/month
Furniture Flipping
If you have been refurbishing old furniture in your house to make it more aesthetically appealing, then why not turn it into a business? People tend to dispose of or sell their old furniture to get something new. And most of the time, used furniture comes with minimal damage, that is repairable. You can purchase this kind of used furniture at low costs, refurbish it, and sell it at a higher price. You can use platforms like Facebook Marketplace to find used furniture for sale. Don't forget to inspect the furniture before making a purchase so you don't end up at any loss.
Minimal investment: $500
Resources needed: Furniture, tools, paint
Income (expected): $3000/month
Music or Instrument Teaching and Lessons
Teaching music or instruments can be a rewarding career choice if you have a strong passion for music and are skilled at playing an instrument. It allows you to share your knowledge and expertise with others, helping them develop their musical skills while you get paid for your time and knowledge.
- Minimal investment: $0
- Resources needed: Instrument, teaching skills
- Income (expected): $2000/month or $10-$15/hour
Candle Making
You can spot scented candles at every retail store now, even if it is not their star product. And due to their attractive look and scent, purchasing them is almost impossible. Candles are not only used for aesthetic purposes but also have therapeutic benefits. And candle making can be learnt through videos and courses and with the right supplies. With the ability to customize scents and designs, you can cater to a diverse range of customers.
Minimal investment: $500
Resources needed: Wax, fragrance, jars
Income (expected): $3000/month
Photography Services
Starting a photography business is another excellent option for those who want to start a business with $10k. With a minimal investment of around you can purchase high-quality camera equipment and set up a website to showcase your portfolio. You could photograph events, family portraits, or even be a fashion photographer.
- Minimal investment: $3000
- Resources needed: A website, camera, accessories such as tripod, extra batteries
- Income (expected): $3000/month or $500/shoot
Vending Machines
Vending machines are one of the most convenient snack and meal dispensers. Feeling hot? Grab a cupcake. When starting a vending machine business, you must begin with at least 4-5 vending machines placed in high-traffic areas. Since they are low-maintenance, they are a good source of passive income, making them a profitable business opportunity.
- Minimal investment: $5000
- Resources needed: Vending machines, products
- Income (expected): $4000/month
Jewelry Making
Jewelry making is a creative and fulfilling business that involves designing and selling handmade jewelry. Creating unique designs is necessary to stand out, and you can promote your business and products through social media, advertisements, or by collaborating with an influencer.
Minimal investment: $500
Resources needed: Necessary jewelry-making skills, materials, or supplies
Income (expected): $1500-$2500/month
7 Tips To Remember Before Starting A Business
Starting a business may seem confusing and frustrating initially, but with the right tips and tricks, you can start and scale up your business without any trouble. So here are a few tips to keep in mind while you work on your next big adventure:
- Conduct Market Research: Before launching a business, it's crucial to understand your target audience, competition, and industry trends to identify potential opportunities and challenges.
- Create a Detailed Budget: Determine your start-up costs, ongoing expenses, and projected revenue to create a realistic budget for your financial decisions.
- Choose a Business Idea That Aligns With Your Skills and Interests: Pursue a business idea that you're passionate about and that leverages your skills to increase your chances of success and enjoyment.
- Consider the Scalability of Your Business: Plan for long-term growth and potential expansion to ensure that it can thrive sustainably.
- Develop a Strong Online Presence: In today's digital age, having a strong online presence can help increase visibility, reach new customers, and establish credibility. So don't hesitate to promote your brand on popular social media channels for that added advantage.
- Seek Professional Advice: Consult with mentors, business coaches, or professional advisors to gain valuable insights and guidance as you navigate the business's complexities.
- Be Confident: Starting a business is not easy, and is bound to have a few ups and downs in the journey. But trusting the process and being confident in your capabilities can help you grow your business and attract more clients to flourish easily.
What To Avoid When Choosing A Business To Start
Every business comes with its own pros and cons. So it is essential to thoroughly research and assess the market demand for your product or service. This can help you determine whether your business idea is viable and whether there is a need for what you offer. Here are a few things to avoid while starting a business:
- It’s normal to go behind trending or viral businesses. Even in this case, success is not guaranteed, and it will most likely be a crowded market. Analyze the trend to understand the competition and profitability before you choose any business.
- Research is very important as it shows you what can work and what won’t. It can help you tap into critical information on market demand and customer preferences.
- When you begin a new business, you might want to ensure you have all the necessary tools and requirements and don’t want to fall short of anything. However, when you start small, buying only the necessities and scaling up as you go forward is advised so you don’t overspend in the initial stages.
- And finally, pick a niche that you will enjoy. There could be many businesses you start with a low investment. But if you cannot perform or conduct the business properly, it will likely fail. So, pick a business that you are likely to enjoy to maximize its potential.
Conclusion
When it comes to starting your own business, the options could be plenty.
From online eCommerce businesses to starting a food truck, multiple industries await ambitious entrepreneurs like you to begin their journey. And not all jobs require a hefty investment. Some can be as simple and economical as the 24 business ideas mentioned in this blog.
So whether you're starting with $10K or $100K, there's no better time to take the leap and pursue your dreams. Start a business today!
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