Business To Start Under 20k – When it comes to business, $20k is not a lot of money. On average, businesses need between $30k and $40k for their first year of business. This means that trying to start a business with just $20k can be quite a challenge.
However, there are some businesses that can use as little as $15k and start a third with only $5k – so starting your own business with less than $20k is impossible.
Business To Start Under 20k
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It’s just a matter of choosing the right startup, keeping costs low, and doing everything you can to make more money.
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As I have many requests to talk about starting a business with little or no money (see my other article on the subject here), here are my thoughts on how to start a business with only $20k.
Starting a business with only $20k is impossible but you need to choose the right type of startup. The more exciting your startup business (the more resources it needs, the more employees, the more work, the more sales), the more it will cost.
So, here are some startups I’ve found that are low in cost so it’s easy to start with an income under $20k.
Easy Businesses To Start
69% of US businesses start at home, from a garage or spare bedroom. So, as long as you have a computer, you can start your own business from the comfort of your home. One good way to do this is to start a blog.
Starting a blog is not as easy as it may sound because it takes a lot of work and continuous effort.
First, you have to build your blog, optimize it for search engines, create a lot of content, link it to your social media accounts and post regularly on those platforms, market to your audience, and more. . I should know – I ride one!
Fortunately, starting a blogging business takes a lot of time, but not a lot of money. The cost of starting a blog is between $30 and $2k depending on the type of blog you want to run.
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Hardware – You will need a computer to run your blog and while you can do this for free by going to your local library, it is better to get your own. So, be prepared to pay up to $2,000 for a high-end computer or laptop to host your blog.
The website itself – You can use free website building tools like Wix or WordPress to build your website, but it is a good idea to install several plugins or extensions for some professional themes.
Some plugins help make your website run faster, improve its security, or make it easier for your users to use – and all these things can help you SEO (see also, ‘How to become an SEO expert?’). 38% of Internet users will leave a website if it is poorly designed and 40% will not wait more than two seconds for a page to load.
Hosting – Web hosting is what holds many blog owners back when they first start. It is actually a printer for your website. Without one, your website will not be accessible. Some web hosts offer free services but those with limited paid hosting offer better security and stability.
What Kind Of Business Startup Can I Start With 20k?
Content – Your blog needs content and although it’s tempting to try and do it yourself for free, it can be time consuming and difficult to keep the key points relevant. However, you can outsource your content to content writers – but for a fee.
Marketing – 97% of bloggers use social media as their primary form of marketing, but 66% also use email marketing.
Although you can set up a social media account for free, email marketing will require you to spend money to set up automated emails to advertise and build valuable relationships with your audience. Sign up (see also, ‘How to submit a job in your marketing campaign?’) .
So, running a blog is not free but it is still one of the most cost effective ways to start a business!
Best Business To Start With 10k In Kenya
If you have some important and valuable skills to offer, then you can always start a business for yourself by going it alone! 36% of US workers are self-employed, which means there are over 70 million freelancers in the US!
After college, I worked as a freelance website designer and now I’m a freelance digital marketer. For years, I have been offering my skills and work in return and this has helped me become my own boss.
As a freelance digital marketer, I need a good computer and other services to help me with SEO, data management and audience research.
However, if you want to become a freelancer, you will need money (see also, ‘How can I start a startup without money?’) to spend on marketing, equipment work, maintenance, and transportation.
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The most common type of freelance work is art and design and 77% of freelancers provide this type of work.
Other popular job types include marketing (58%), computer/mathematics (53%), construction (52%), personal care/welfare (48%), and travel (39%).
If you are a programmer and you have skills, then creating an app is cheap and easy. Some of the costs that come with developing an app include costs for a server, domain name, and (of course) marketing.
However, there is good money to be made from creating apps. In 2020, users downloaded 218 billion apps and the total number of apps is expected to reach $430.90 billion by the end of 2022.
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38 percent of businesses fail because they run out of money or don’t make enough money, so it’s important to get as much money as possible. 77% of small businesses use their own security, but other sources of funding include bank loans and loans from family or friends.
Once your business is up and running, my best advice to you is to try and keep those costs down. This way, you can make more profit and invest more in your business. This in turn will help him grow!
The key is investment. I always have money for my business and I use budgeting software that helps me keep track of what I’m spending and where it’s going. This way, I can cut the tail end and manage my money much easier.
The Small Business Administration (SBA) has many resources to help you budget, and also provides resources for investing. So, I highly recommend you check them out!
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So, I hope this article has helped you consider what kind of business you should start with just 20k. If you have any questions, please feel free to reach out and ask! Thanks for reading!
As a full-fledged marketer, I have been actively working in the digital marketing industry since 2014. Over the years, I have gained extensive experience in various areas such as SEO, social media marketing, and performance marketing. Read my article In the best years, 20 percent of small businesses fail in the first year, and 50 percent fail within five years.
Let’s face it: Starting a business in 2022 isn’t as straightforward as it used to be. These days, we have to take into account COVID-19, the resulting economic collapse, and political turmoil.
Still, just because the world is a little crazy right now doesn’t mean you can’t start a successful business.
Profitable Businesses You Can Start With Less Than Sh20, 000
There is an old Chinese proverb that goes, “When the winds of change blow, some build walls, others build windmills.”
In this strategy guide, you’ll learn about 15 of the most profitable small businesses to open in 2022, along with tips on why they might be a good bet.
When the majority of the world isolates itself from home and avoids going to shops and supermarkets, it is not surprising that ecommerce is on the rise.
For example, you can use the Shopify platform to create an ecommerce website in minutes – sign up for a free trial to get started.
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You can also handpick products from certain trusted wholesalers.
If you don’t have the money to buy business supplies up front to sell online, don’t worry. You can start a dropshipping ecommerce business.
With this small business idea, you can build an online store, add products, and start selling them online to get sales.
Then, whenever you reach a sale, the order will be sent directly to your supplier, who will deliver the product to your customer and get a cut of the sale.
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Shipping must be hard to set up, right? No. With a shipping app like Oberlo, you can be up and running in minutes.
Once you’ve set up your account, you can start looking for products to sell. For example, you may decide to start a school supply store so you can get involved
