Entrepreneurs are, by definition, bold people who are willing to take risks to achieve something great. No matter how bold you may be, there are always going to be hurdles standing in your way. Some of these hurdles you can, and should, seek to overcome. Others, you should view as warning signs alerting you to potential disaster. When it comes to launching a startup, financial hurdles should never be ignored.
Going into business for yourself is a financial risk no matter what. You are likely giving up a steady paycheck somewhere else for a shot at freedom in the workplace and the potential for greater pay. However, investing in your business is a different financial hurdle. In this post, you’ll learn about the top 5 startup ideas that allow you to purse your dreams without putting your life savings on the line. You can launch each of these potential startups for less than $10,000.
This is a wide-open concept. The field you decide to offer consulting services in can range from retail supply chains to cloud computing to business management. In a consulting business, the product you are offering is the skills and expertise you’ve developed through years of work in a particular industry. You aren’t purchasing supplies to manufacture a product or equipment to support a service-based business.
All you need is a decent home office, a business phone, and a computer. Most of your money should be spent on marketing. You’ll need to take time to get your name out there and build your brand.
The field of ecommerce is a rapidly expanding industry that has the potential to free you from the 9-5 grind in a cubicle farm. According to Forrester Research, ecommerce was worth $36.8 billion in 2013, and those numbers will continue rising. The basics of an ecommerce startup include a PayPal button for shoppers to make easy purchases, a WordPress site to display your products, and a Google AdWords account to promote your products and generate additional revenue. You can set all of this up for under $1,000. The rest of your money should be spent on marketing and customer acquisition.
If you’re already into photography as a hobby, you’ve probably got the equipment costs covered for this startup. Even if you don’t, you can purchase a good camera for roughly $3,500, lenses for $2,000, and an additional $4,000 to cover the costs of setting up a basic studio (lights, flash, etc.) These purchases will set you up initially to work as a press, wedding, and event photographer. As your business grows, you can invest more in your studio and equipment to shoot small-scale fashion spreads, baby and family portraits, and editorial photography.
Want to keep in cheaper? If you fancy the outdoors, you can save on the costs of a studio, lighting, and flashes by capturing the breathtaking scenery and natural environments you already enjoy spending time in.
Web & Software Development
The astronomical growth of the Internet, ecommerce, mobile tech, and cloud computing is enabling more IT professionals to work from home with ease. Much like consulting, web and software developers are selling skills and expertise, not necessarily a product. In order to start your own home-based business, you need a powerful computer and small-business software. A good computer can be purchased for under $2,000, and small-business software is available with monthly license fees, allowing you to spread out the initial investment.
Last but not least, is the field of wedding planning. The most joyous day of one’s life is also the most stressful day for many. If you have a passion for love and marriage, and enjoy helping people make their big day a breeze, wedding planning is a great startup with little investment required. You aren’t selling a product, but rather your skills in event management and coordination. It will cost you a few thousand dollars to market your business, develop a respectable website, and print some business cards. Otherwise, there are virtually no other costs involved.
With the exception of opening your own online retailer, each of these startup ideas relies upon your skills and expertise. If you have the knowledge, all you need is $10,000 for marketing and basic equipment, and you’ll be ready to conquer the market.