Everyone assumes you need millions of dollars to start a business. What if you could start for under $5 K, though? It’s possible! You just need to think outside of the box and know your strengths and you’ll find a business that’s right for you.

Consulting Business

If you have expertise in a profession or business, why not share your knowledge? People pay big money for consultants to tell them how to succeed. A few common areas consultants succeed in include:

• Business management
• Marketing
• Security
• Insurance
• Career counseling

Real Estate Agent

Real estate courses aren’t very expensive and they take only a few months to get through. Once you have your real estate license, you can help clients buy and sell homes. The commission on real estate is quite high, making it easy to make a decent living doing something you love.

If you’re good with people, love real estate, and don’t mind working ‘odd hours’ you can start your own real estate business for less than $5K.

Landscaping Company

Do you love working in the outdoors and do you have a knack for design? Starting a landscaping company can be done with less than $5K and can be wildly profitable. Get the word out about your business in your neighborhood and let the word spread. 

As you build up a reputation for yourself, the business will come in naturally since most homeowners use landscaping companies for at least some of their outdoor work. Start small, just mowing or handling landscaping, but as you get busier, expand by hiring more employees and adding onto the services you offer.

Mortgage Originator

You won’t need much money to start a business as a mortgage originator, but you must get licensed first. It takes a little time and a lot of patience to pass the tests, but once you do, you’re on your way to helping people get a mortgage.

If you’re great with people, want to help people understand the complicated mortgage process, and help them achieve their dream of homeownership, you can create a great living as a mortgage originator.

What to Consider

Before you start your own business, think about these factors:

• Are you established financially? Starting your own business means liability and plenty of costs. Make sure you’re established financially with a solid emergency fund and other streams of income to offset any downtime.
• Do you know what you’re doing? Starting your own business is fun and scary. Make sure you’re educated enough in the industry you chose so that you succeed right away.
• Do you have insurance? If your spouse doesn’t work (or you aren’t married), you may need to find alternative sources for insurance. Figure out where and how you’ll get it whether from the Marketplace or a private insurance company and make sure it’s affordable.

Final Thoughts

Get creative when starting your own business. The sky is the limit when you’re ready to be your own boss. Find businesses that don’t require a large investment and yet will help you achieve your financial goals.