What Companies Can Individuals Start For Under $5,000?
The following list are business you can start with 5k:
These days, many companies run most of their business online. This does not mean that these busy companies have fewer administrative tasks; it may create longer to-do lists. This creates a worldwide demand for virtual assistants.
One of the best aspects of being a virtual assistant is the low startup costs. All entrepreneurs require for equipment is a working laptop or desktop computer and a strong and dependable Wi-Fi signal. However, being a virtual assistant does require people to be organized, practical, and reliable. Those who are well-organized and able to consistently hit deadlines will be the best at this position. All types of companies need virtual assistants, from software startups to online car dealers, and a little knowledge of the company’s category never hurts a candidate, either.
The virtual assistant field is quickly growing as more and more businesses depend on online customers and services and begin to phase out “in-person” assistants. Some virtual assistants work for multiple companies, juggling their duties—and their multiple paychecks—as the weeks pass. There are part-time and full-time opportunities in this field, and with the low startup costs, one can become a virtual assistant for under $5000.
To begin, entrepreneurs should decide what companies they want to focus on and what industry. Next, conduct some research to see which companies use virtual assistants already and which companies might be ready to embrace hiring someone new. Then, entrepreneurs should offer their services to the business they think maybe their best choice. The company may want to see work samples or try working with the entrepreneur before hiring them.
One more decision entrepreneurs will want to make whether they want to create a simple website for their new business. Some virtual assistants choose to join one company and stay there, but others use their website to work part-time for multiple companies, essentially becoming contract workers. Of course, this choice may depend on the other costs associated with starting the business. Still, even when adding in a simple website, one can explore becoming a virtual assistant for well under $5000. Plus, many virtual assistants find that college and university students can help them design their websites for free or very little cost in exchange for the provided learning experience.
In short, becoming a virtual assistant offers entrepreneurs a chance to work in various sectors, learn on the job, and work from home—all for a low startup cost. So why not give being a virtual assistant a shot?
Although many tutors can work online now, the demand for quality tutoring is only rising. First, consider the opportunities: students of all types need extra help, from high school students to college students and graduate students to young children and adults. Everyone has at least one subject they struggle with, and a tutor’s weekly help can improve grades and scores and students’ future opportunities.
Tutoring opportunities offer a variety of subjects and interests, from mathematics to English as a Second Language, so entrepreneurs can choose what they are comfortable teaching. Startup costs are low and include transportation, a computer and strong Wi-Fi signal, books, pens, paper, and possibly a website. However, many tutors wait to develop their websites, instead focusing on social media outreach.
Individuals can start a tutoring business for under $5000, but what else should they know about tutoring? Tutoring allows teachers to pursue their interests and passions and learn new things. Tutoring is also fulfilling since it provides the chance to help all different people learn and improve themselves. Often, our valuable teachers and tutors are the sources of inspiration we remember.
Some tutors enjoy working with small children and traveling from house to house, while others prefer adults and do all their work online. Some tutors create their courses with workbooks and tutorials, while others allow their students to dictate the topics.
It helps to determine the individual’s target audience, and then entrepreneurs should market themselves. Along the way, new tutors can further develop their course offerings and encourage their students to tell friends about your services.
Everyone has a special talent, so why not share it with the world and make a profit while at it?
Speaking of creative talent, many of us have unique artistic skills. If entrepreneurs already create works of art in their leisure time or are interested in doing so, then why not profit from these interests?
Talents such as knitting, painting, crafting, and pottery are more and more marketable, thanks to social media and e-commerce. Many of us dream of putting our creative talents to good use but are unsure how or where to start. However, now is the time to set up a creative business online.
Let’s say an individual makes beautiful jewelry. The first step towards making this dream a reality is to create a comprehensive business plan. Ask oneself questions such as: how much do the raw materials cost? How much time do I spend making ten rings or five bracelets? What are reasonable prices to begin with for my merchandise?
After creating a business plan, artisans should take the time to create several items. Nothing is worse than starting a business and then selling out in a week! So first, accumulate the expected top-selling pieces, and then take care of clear photos of all the merchandise.
Depending on the costs, new crafting entrepreneurs can create their websites or decide to wait while making a name for their wares on eBay, Amazon, or Etsy. These platforms have different strengths and weaknesses, so take some time before deciding what website works for the new venture. Also, entrepreneurs should ensure they have a brand name and logo.
Now it is time to get the word out about the new brand. Market and advertise on social media, plan trips to trade shows, and visit art festivals. Networking with other talented artisans helps new sellers learn the trade and also helps to get the new brand out there, so do not forget that step. Additionally, social media websites provide an excellent window to the world for new creations.
Starting a brand-new craft-selling business may appear to have a lot of components, but entrepreneurs will be doing what they love and sharing it with the world. Plus, as the reach of the brand grows, and more and more people buy their wares, they can charge higher prices. This idea is doable for under $5000 and satisfies the artistic soul.
Many entrepreneurs possess specialized knowledge of certain fields. Sometimes, this accumulated knowledge comes from research in fields of interest; other times, it comes from past work experience. From accounting to gardening, many of us carry a bevy of facts, figures, and know-how that appear to have no relevant use in daily life.
However, consultant businesses can vary widely in topic and are inexpensive to start. Many potential customers, from individuals to large firms, seek “experts” on topics from engineering to science and education. Here are some of the main noted topics in demand right now, just in case your set of knowledge and figures matches up:
- Office organization
- Home organization
- Home security
- Interior design
- Gardening and landscaping
- Marketing
- Eco-friendly living
- Public relations
- Human Resources
- Career advice
- Insurance
- Architecture
- Engineering
- Biology
- Higher education
As with this list, building a new consulting business relies much more on knowledge than finances. All an entrepreneur needs to start a consulting business is a specific area of interest and the ability to research and contact potential clients. The most important part of being a consultant is breaking down and explaining relevant concepts, so everyone can understand. Therefore, some teaching or tutoring experience is a plus but not essential.
Social media helps new consultants network, and we suggest trying out LinkedIn and Facebook. Business cards will not hurt, and a website should be at least in your plans as the business grows. Work to establish with one or two clients and then build from there.
Being a consultant often allows individuals to spend time discussing their passions and interests, so enjoy the new position!
For example, creating a tremendously popular app for the iPhone can be a life-changing event. However, many apps satisfy a specific demand, and while they might not create millions of dollars in income, inventing them is not as difficult as many think. If an entrepreneur has a little ingenuity and does their homework, they can create an app for under $5000 and build their business as it goes along.
Mobile technology is only growing, and as our phones assume center stage in our lives, our appetites for apps that provide entertainment, stimulation and knowledge only grow. The buzzword these days is “connectivity,” as many of us more and more fully integrate the web into our lives. From apps that help us sleep to apps that help us diet, we are more immersed in the internet than ever before.
To begin creating an app, try following these steps:
- Choose an idea that presents itself as a valid business idea that no one has invented yet. This concept can be a variation of an existing idea or something brand-new.
- Conduct research to decide if there exists a need for this product. Is there demand? Are there apps in the same field? Have apps in this area failed or succeeded? Lastly, will the new app improve upon anything that has come before?
- Create the app or hire a coder or programmer to build a beta version. This aspect is the most costly part of the $5000 amount, but best to leave a “cushion” for other, smaller costs.
- Market and sell the app: instead of going to social media, try contacting other developers and networking with them.
Our marketplace for apps grows daily, so if the idea is valid, there is a good chance someone will help make the vision a reality. Do not get discouraged if the app takes a little time to catch on or if it fails, either. Creating a successful app is a learning experience, so perhaps the next one will make a million dollars.
We understand that the $5000 cap we are working under will not make anyone a real estate mogul. However, in a world where property and space are becoming rare and valuable, owning one property can be the key to starting a new business.
Entrepreneurs interested in owning property can use $5000 to put down a payment on a property. They can also use the right loan to purchase a vacation rental for as low as 3% down initially. Some entrepreneurs begin by renting out their own homes while they stay in a more inexpensive location.
What can new landlords expect from their $5,000-or-less down payment? First, rental properties produce constant income and earn extra tax deductions. Owning a property, or owning more than one property, also increases one’s overall worth. Plus, owners of any vacation property can use it whenever there are no renters.
Being a landlord can be complex. From dealing with problematic renters to making improvements on the property, there can be a fair amount of mental and financial strain and juggling. However, entrepreneurs experienced in renting properties or making prudent decisions will be able to pay off their initial loan and make money off the place.
Many real estate owners invest a share of their profits into other properties, creating several income streams. Of course, we suggest finding a trustworthy building contractor as soon as possible.
Digital marketers are increasingly in-demand as everything from entertainment to advertising becomes computer-based. Digital marketers help clients market their businesses online, pursuing a variety of platforms and mediums to reach consumers.
Some entrepreneurs have worked in marketing before and are ready to switch to the digital realm. However, even without experience, if individuals understand how to create a buzz for an item, place ads on social media, and produce ad campaigns via email and other resources, they have what it takes to be a digital marketer.
Many small businesses have great ideas but do not spend time figuring out how to get their ideas into the world. For a digital marketer, linking up with a promising young company can mean sharing in the success of a new product launch, which can be very profitable.
Understanding search engine optimization (SEO) and other tricks of the trade is helpful here but not essential. A quick Google search provides evidence of many free digital marketing materials. Entrepreneurs new to the field should spend a few weeks learning about digital marketing, and then they should be prepared and ready for this new venture.
Best of all, the startup costs for digital marketing are straightforward and inexpensive. One needs Wi-Fi, a capable machine, and perhaps the funding to take an online marketing course, which can cost from $500 to $1000.
Helping a company you believe in increase its exposure, realizes its potential and creates new profits is exciting. If this appeals to individuals, they should begin learning everything they can about digital marketing.
- Search Engine Optimization
These days, all companies seek to boost their website’s search results rankings. This is because top CEOs know that the higher their website ranks, their visibility leads to sales.
This type of marketing is still relatively new, yet easy to learn. Search Engine Optimization (SEO) depends on research, writing, marketing, and more, so entrepreneurs with strengths in these fields should consider this growing field.
Building one’s client list and portfolio are important for SEO writing and marketing because businesses want to see the results that can improve their visibility and profits. In addition, a proven track record in SEO allows entrepreneurs to expand their new small businesses.
If SEO is interesting, individuals should begin by ensuring they understand the basics. Then, reach out to a small business or two, and explain what the benefits of working together would be. From boosting the raw speed of a website to including computer analysis to getting the business set up on Bing and Google my Business, SEO marketers have a lot to offer. Entrepreneurs more skilled at the written word than digital programming may also want to consider SEO writing, which involves using keywords and phrases to boost business through strategic content writing.
One of the best things about working with SEO is that there exist a wealth of free tools on the internet. What do entrepreneurs need to start this business? They only need Wi-Fi and a computer to begin, yet later in the game, they may want to purchase premium tools and programs. SEO writers and marketers at the top of their game make $150 an hour, so the minimal investment is worth it.
Many entrepreneurs can produce well-written, dynamic verbiage but do not want to use their literary talents on other peoples’ behalf. Blogging is a trade in which excellent writers rise to the top as long as they have something valuable to say.
Entrepreneurs who enjoy and are skilled at writing can create a blog about anything, including travel, fashion, technology, cooking, and sports. The blog has to be unique enough to stand out from the glut of online information on the topic. One way to make sure that a blogger’s content is unique is to make it personable. When a blog reveals a unique perspective or original voice, the blogger can profit from it.
However, devoting one’s main job or even side gig to writing is a solitary and challenging pursuit. Entrepreneurs must be able to edit well and critique their work. They should also have a solid knowledge of SEO content and techniques to optimize the website and invite more traffic.
Many entrepreneurs wonder how blogs create revenue. Once the blog has garnered enough exposure, it is time to work with advertising and affiliate links. Monetizing a blog works in a series of ways, but most often, writers use a platform such as PropellerAds or Google Adsense to create a revenue stream. As expected, the larger the readership, the larger the profits, so the best thing a blogger can do is to spend time cultivating a dedicated collection of readers.
Since we are focused on spending less than $5000, let’s look at the numbers. Bloggers need a website, so they should spend around $1000 on a domain, hosting, and design. Well-known bloggers earn upwards of $15,000 a month but expect slow growth as people discover your blog and hopefully return to it.
Over the last few years, optimistic entrepreneurs have found ways to deliver nearly everything, from cars to surfboards to restaurant-quality food. For under $5000, entrepreneurs can target their local area and start a delivery service using their car, scooter, or bicycle.
To start, we recommend food delivery, an industry projected to grow over the next decade. Delivery apps such as Doordash and Uber Eat have revolutionized food delivery, but there is still room to profit from this flourishing field. For example, if individuals can identify the demand in their neighborhoods and towns, they can work with local restaurants to deliver food and take a sizeable cut of the profits.
Another option for delivery is creating a new app, which is exactly what the entrepreneurs behind Grubhub, Instacart, and more have done. However, if one has no experience creating apps, one needs to hire a developer, which could set the new venture back financially.
We recommend starting as a delivery driver for Doordash or a similar site and getting a feel for the industry. Then, take that experience to the next level and start your local delivery service. If the demand for food isn’t there or it appears difficult to compete with national chains like Uber Eats, then deliver an alternative product. From groceries to electronics to necessities, people always need things. The success of these websites shows us that most individuals will pay extra for speedy delivery and the chance to not have to leave the house.
Video games are everywhere, and it makes sense that game development is one of the quickest-growing industries in tech. Whether we play games on our gaming systems or phones, no one can dispute the popularity of online games. Plus, there are few age restrictions on one’s clients since everyone from children to seniors plays video games, albeit sometimes for different reasons.
Entrepreneurs skilled in UI design, back-end computing, cross-platform development, and programming already have the skills to create games. If the interest is there, developing games creates an excellent business opportunity with many options. For example, entrepreneurs can create their games and sell them for profit or develop games for clients.
To pursue this promising venture, develop an idea and see if it is available and viable. If there are not too many games that are similar to it, or the idea has something that makes it unique, develop an initial version. Now, it is time to give the game a catchy name and market it. Keep in mind that games that work across platforms are generally more profitable.
Developing games is a challenging, fun pursuit for many technologically skilled entrepreneurs, and once they enter the market, they find that it is fast-growing and profitable. So if creating a game doesn’t quite offer enough appeal, why not complete the same process with a promising app? For under $5000, game entrepreneurs may have the next “Angry Birds” on their hands!
Many are surprised to learn they can create revenue by researching various topics. However, as long as entrepreneurs understand how to conduct careful, thorough research, take excellent notes, and highlight the important aspects of the topic, they should prepare themselves for this promising opportunity.
Many individuals find they can create a new business by participating in online studies for established companies or individuals. Some work for academics, but many new companies hire researchers to collect market data, help develop advertising strategies or learn more about the competition. For example, a tech company might hire a researcher to analyze cryptocurrency before the company decides to invest. Another example: a clothing company releases a new line of clothes and hires a researcher to explore and document how customers react to the new products.
If this sounds interesting, entrepreneurs should know they will spend long hours interpreting data, collecting opinions, organizing information, and reading online studies. Entrepreneurs may only need a computer and Wi-Fi for this venture, but they must be well-organized, driven, and meticulous note-takers. Being a strong writer is also essential for new researchers.
Spending hours conducting research is not for everyone. However, for entrepreneurs with a passion for discovering information, writing, and reading; or those with academic backgrounds, research is the key to starting a business for under $5000.
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