If you are tired of working for someone, but you are afraid to start your own business because of the lack of a large budget, then you should read this article and make sure that everything is possible.
Business You Can Start With Low Budget
Nowadays, a lot of people dream about starting their own business and stop working for someone else. However, for many, this desire remains nothing more but a dream because people either don’t know where to start, are scared to fail, or think that it requires millions of dollars.
Yes, starting a business is not a one-day job, but it’s far from being as scary and challenging as many may think. In fact, starting even a small business can be incredibly rewarding! When you are self-employed, you have more freedom and independence, decide where and when to work, can learn and grow in the chosen industry, and have plenty of room for creativity.
You don’t need to be a millionaire to start a business. The key is to have enough fresh ideas and a desire to move forward. Let’s look closely at a couple of business activities you can start with a low budget.
1. Event Planning
The event planning business is booming right now! Weddings, birthdays, anniversaries, you name it. Statistics say that the industry is expected to reach $1,553 billion by 2028, registering a CAGR of 11.2%. So, it’s high time to jump on this bandwagon and join the competition.
Even though it may seem that there are too many competitors in the industry, the marketplace is surely ready to welcome your business, too. You can choose from many directions in this area: celebrations, education, promotions, or commemorations. No matter the choice, you will find your client.
If you want to start an event planning business, you need a solid business plan to build a successful company. If you don’t know how to create one, there are a lot of templates and guides online. Next, plan your marketing budget and, if possible, work with a PR company.
You also need to define your scope of work, mission, and goals. One of the hardest parts is coming up with a name for your company and an elevator speech.
You need to catch people’s attention and get them interested instantly, so spend some time thinking this step through. Finally, do your market research and learn about what your target audience likes, needs, and lacks. Then, offer it to them.
2. Investing In Real Estate
You may wonder: why is this point here? Investing in real estate with a small budget is impossible! Well, we’re here to change your mind. Even if your budget is limited, you can still enter the real estate market. One of the options is seller financing.
In this agreement, the seller handles the mortgage process, not a financial institution. In your case, you would be signing a mortgage with the seller directly. In this case, you do not have to pay any closing costs, and it does not require an appraisal.
Sellers are usually more flexible in terms of financing so you can easily find an option that suits your budget.
You can also rent a property. Under the lease option, you would be able to buy the property after a certain period. You would need to pay an up-front option fee, and some amount of money each month will go toward the eventual down payment.
Luxury Vienna is one of the options you can consider to make a career in the real estate industry.
Another great option is to become a freelancer. If you freelance, you work for yourself and take on tasks from different companies, depending on your type of work.
The amount of freelance jobs is overwhelming! You can become a freelance writer, designer, art director, recruiter, developer, photographer, and many more.
To become a freelancer, you need to define your service and offering first. Then, move on to defining your target audience. You can find clients on freelance job posting platforms like Upwork, Fiverr, Joule, and Flexjobs. Use networking or apply marketing and advertising to help your search.
Then, develop a pricing structure, depending on your experience, industry, projects complexity, and clients’ location.
You can also research the prices for similar freelance jobs to help you decide on the pricing. Finally, create a portfolio and write a proposal.
4. Doggy Daycare Business
The pet care industry is one of the fastest growing right now. The market is expected to grow by 8.25bn in 2024! For many people, this type of business can become a dream job.
If you love dogs and have experience in caring for them, you are ready to start! However, if you want to practice more first, you can volunteer at a local animal shelter, work as a dog walker for a bit, and do more research.
To start a dog daycare, you need to create a business plan, choose a facility, purchase equipment and pet business software, and hire the staff. Next, market your business and provide an awesome experience to the clients and their pets!
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