If your friend announces that they’re going to start their own business, what is your immediate thought? If you’re like most, you probably imagine them opening up shop in a building downtown and selling something to customers that walk in the front door.
This is certainly one way to start a business, but in today’s world I certainly wouldn’t recommend it. The building itself would cost $200k or more, and then you would most likely have to buy a bunch of inventory to stock the shelves, and then you would have to hire someone to sell it! It’s an expensive way to do business and it fails more often than it succeeds.
Since the internet has come along, starting a traditional “brick and mortar” store is most often for broke thinkers. It costs way too much to start and the potential for profits is extremely slim. Self-employment and working online is possible as well.
Two Factors For Your Business
If you’re thinking about starting your own business, you must at the very least take into consideration to factors: (1) how much are the start-up costs, and (2) what are the potential earnings?
If you open up a baseball card shop downtown, the initial costs will be astronomical and even if you sold thousands of baseball cards each month, what are the odds that you’ll earn enough profits to stick around for the next 20 years? The odds are incredibly slim. This model has high start-up costs and low earnings potential.
Now, what if you took that same baseball card store idea and decided to make a virtual store instead? The initial cost of your website would be $100 or so and the potential sales wouldn’t just be to one neighborhood, but to the entire world! Your earnings potential is now through the roof!
Start-Ups for $500 or Less
So what businesses can you possibly start for less than $500? I can think of quite a few actually. Pretty much any business online will cost you almost nothing, but in case you’re interested in doing something that doesn’t force you to use your laptop, here are some other ideas:
1) Lawn Care – All you need is a lawn mower and a weed whacker and you’re in business! If you already own them (which many of us do), then your start-up cost is practically nothing.
2) Spring Clean-Up – Nobody like to pick up rotten leaves and sticks. You could make a business of this and clean-up! All you really need is a wheelbarrow and a pair of working gloves. Now that’s a cheap start-up.
3) Detailing Cars – People very rarely clean their cars inside and out and would much rather pay someone else to do it for them. You’ll have to buy a few supplies, but in total, this really shouldn’t cost you more than $100.
4) Vendor – If you have a lot of parades and events in your area, you might want to try your hand at being a vendor. The cart could get a little pricey, but with a deal, I bet you could keep it under $500.
5) Build Cabinets – All you need is some lumber and a few tools. If people like your work, this business could really turn into something!
6) Mechanic – If you know how to repair cars today, you could be in pretty high demand. If you already have the tools, then this start-up will cost you absolutely nothing and it has a tremendous upside!
Are you thinking about starting your own business?