Do you have 20k dollars in your bank account, or can you manage to collect it from a reliable source? Cool. We congratulate you because you have the financial potential to start a business venture on your own terms. Yeah, there could be a few glitches here and there, but with 20k dollars, you will be on your way to starting a venture.
While reading this blog post, you will go through a few best business ideas to start with 20k dollars or less. On the top, we will also provide you insights into how you can manage the said amount and how to be vigilant about the same.
Here we go!
1. A home care service agency
As per a study, the aged population is rising and grows by 35 percent between 2010 and 2050. Hence, it becomes a perfect idea to start a business as you will be delivering services to the older adults in your area or all over the United States. Seniors tend to experience a lot of physical and emotional problems as they age. However, they prefer to stay at their homes where they have undergone so many experiences. They want to be at their homes, their safe and favorite spaces, but they would love to seek your expert services.
You can provide a range of services to aging clients. Some of them are included as below:
- Running errands and providing delivery services, including healthy meal delivery services.
- Doing household chores or assisting them in the process.
- Property maintenance tasks.
- Personal care services, including grooming.
- Serving as a companion during the care while stepping out of the house or having a discussion.
- Transportation, arranging for a comfortable transport option and keeping company.
- Meal prep services, especially for those who want to cook but need some assistance for certain tasks.
If you are starting this business as a sole proprietor, you can start with $1000 and later, pour more money as you expand the venture. However, remember that this business requires a proper licensing process and client retention strategies. Hence, be prepared with the same.
Moreover, you will need to hire competent staff to take care of the seniors. Paying them is a challenge, but you have to keep the staff motivated to give their best to the clients.
2. Become a professional organiser
It is not a surprise that the majority of Americans are hoarders, but they have become mindful of their purchases recently. As a result, the trends of minimalism and intentional living have set in, and plenty of Americans are turning towards a meaningful lifestyle. However, they cannot do it all alone because they have been accumulating a tremendous amount of stuff since they sought financial independence.
As a result, professional organizers have come into existence, and they are in popular demand by American households. It is not a cleaning business; it is a professional organizer that helps people buy intentionally, get rid of the unwanted stuff, and retain things that bring joy and peace to your mind.
- Provide insights to the households on how they can set up systems for better organization.
- Automating existing processes to save time.
- Setting up systems and processes to clean and tidy up spaces and make complete utilization of the same.
- Getting rid of unwanted belongings and organizing the essential ones.
You might think that you will need only a hundred dollars to start this business. But remember that you have to beat the existing competition and attract clients to your business. So yes, and that’s why you will need funds to promote your new business on social media.
Also, you will need staff and resources to help households clean their spaces and set up organizing systems.
3. Resell on online platforms
In 2020, there was a whopping 40 percent increase in online sales. This calls for the opening of an online retail store and tapping the growing market conditions. You can resell a ton of items, the things that you love most and are passionate to talk about. For example, if you love video games, you can resell those and help out customers with the ones they can buy.
Often, customers have insufficient information, and they make wrong purchases out of the same. But as you educate them while you sell out the things they need or will like, they will make intentional purchases. You are required to spend a massive amount to stock up your place with branded items of your choice. Visiting thrift stores, negotiating with the sellers can really help, but having a self-sufficient space and funds to buy the necessary items is important.
With 20k dollars, you can set up a medium-scale business. But do not forget to click appealing images of your products, market the same, and offer exciting discounts to the customers.
4. Set up a digital marketing agency
Digital marketing businesses will never shut down even after 100 years have passed. Starting this kind of agency is the best thing to do, provided you have the interest and knowledge to do it. You will need a full-fledged time if you intend to serve small organizations. With 20k dollars, you can even set up a leased space, buy office equipment and devices for your staff and pay them as well. You can find plenty of advice on the internet on how you can start a social media management business or a digital marketing agency.
5. Become a personal stylist
Of course, if you have the skills and interest level, you can become a personal stylist even without spending a dime. But we are here to tell you about a full-fledged business and not a side hustle. Hence, we will suggest you fund your business enough with proper resources, kick-ass marketing campaigns, advertising, and promotions.
You can pick up a target audience such as affluent people, celebrities, businessmen, home-bound people, and anyone who would like to avail of your services. Having a website, social media presence, and a definite marketing campaign will elevate your chances of tapping clients. With 20k dollars, you can build up an agency of medium size, no doubt. Your aesthetics do matter a lot while attracting clients, hence do it mindfully.
6. Start a website design and development agency
Similar to the digital marketing business, websites will never go out of trend. They will always be in popular demand, even if platforms such as Instagram have come up.
More than 40 billion dollars have been earned out of this business venture, and hence, there is no question of under-estimating this business. Yeah, you can even start with only $5000, but there will be fewer clients. On the other hand, with 20k dollars, you can have plenty of clients. For example, some clients already have websites, but those are not up-to-the-mark.
Having enough finances can help you leverage more technologies such as Artificial Intelligence, cloud computing, IoT, voice search, and others. Hence, aim high when you start a website-related business.
7. Become a real estate investor
The real estate business is a lucrative one, no doubts, but you need a decent amount of funds to pour in. You might not be able to buy a property for 20k dollars; it will take a lot of searching to find one. But you can surely start an Airbnb business or explore a few options in the real estate or tourism sector.
This does not mean you cannot do anything with 20k dollars. You can use 20k dollars as a down payment to invest in a property. A newly built apartment or condo will provide you with a decent profit share as it is less susceptible to maintenance and repairs. However, money is not the only aspect required to invest in the real estate business. You will also need to be patient and wait over time for the property to yield profit in the future.
8. Become an online mentor/trainer
Starting an online academy for kids or adults, or both, is a profitable business these days. You can teach by yourself or hire trainers for the same. Of course, you can do both if you are interested in online mentoring. The options are plenty – you can choose from coding, foreign languages, web design, writing, and other creative skills. Alternatively, you can even train students on academic subjects.
With 20k dollars or less than that, you can set up an online platform to provide an interactive and conducive environment for students to learn digitally.
9. Start a rental car service
Even if you can find people owning more vehicles, the rental cab or transportation business will never experience doom. It is projected to expand at 19.87 percent and boasts of more than $218 billion of market size. However, you need to be careful about the convenience, feasibility, environmental-conscious clients, and a full-fledged app to drive your business.
Remember competition will be there and you will have to beat it. Moreover, your app should not experience any glitches even if a large number of customers utilize it daily. Hence, our 20k dollars and get all the things on track.
10. Become an app developer
The next business is all about apps. Apps have become the need of the hour; we need them for daily errands to hiring a transport service. You can tie up with different small businesses coming up and create apps for them.
It takes $10k on average to build an app. As you earn revenue out of your first client, you can build more apps for new businesses.
In short, with 20k dollars, you can have a bunch of incredible options to start your business venture and fulfill your passion.