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Launching a startup sounds exciting but requires time, strategic planning, perseverance, and hard work. And depending on the type of small business you want, it may require significant startup costs. Nevertheless, many businesses can be started with a small investment. So, if becoming a budget-based entrepreneur is something you are considering, this Balboa Capital blog post is worth reading. It features five low-cost small business ideas to consider.
These five business types do not require a retail office, warehouse, or expensive equipment. However, there are a variety of legal requirements for startups, so make sure you comply with the laws in your state, city, and county. You will need a legal structure for your business, as well as business insurance, a tax ID number, a business permit, and a license, among others.
Lawn care business.
Owning a lawn care business might be for you if you enjoy nature, mowing the lawn, gardening, and the outdoors. The National Association of Landscape Professionals (NALP) reported that 81% of Americans have a lawn¹. The potential number of customers you can acquire will be determined by the number of homes with grass lawns in your service area.
You can start a lawn care business without breaking the bank. You will need to buy a lawnmower, string lawn trimmer, leaf rake, shovel, and buckets. Your most significant expense will be a small utility truck or flatbed truck to haul your equipment to and from jobs. Truck financing is a viable option if you cannot afford to buy a truck with a one-time cash payment.
Dog walking business.
Lemonade Insurance Company reported that 69 million households in the United States own a dog². As a result, there is a strong demand for dog walkers in small towns and big cities across the country.
If you love dogs, enjoy taking them for walks, and want to become an entrepreneur, a dog walking business could be ideal for you. The startup costs are low because there is no need to rent office space or buy equipment. Instead, you can get started with a smartphone, computer, printer, business insurance, business license, and dog supplies.
Home cleaning business.
Most people find cleaning their homes to be time-consuming and difficult. As a result, they call upon the expertise of home cleaning professionals to tidy up their homes and make them spotless. Jobber projects an annual growth rate of 14% for the residential housecleaning industry³. As a result, there will always be a robust demand for home cleaning businesses, which means you have an opportunity to “clean up” when it comes to making money.
The costs to launch a home cleaning startup are nominal. You will need to buy a vacuum, cleaning products, spray bottles, sponges, scrubbers, mops, buckets, towels, protective gloves, and eyewear. Your expenses will be higher if you opt for eco-friendly cleaning products.
Virtual fitness business.
At-home workouts are all the rage in the United States. This disrupts the fitness industry and opens the door to new fitness-related business models. Virtual workout sessions are gaining in popularity, too. Fitness trainers and instructors offer their services virtually, which lets their clients participate in real-time workouts. You can start a virtual fitness business with relatively low startup costs if you are a fitness guru. You can use a tablet or smartphone to record yourself while demonstrating exercises or take your production to the next level with a high-quality video camera, tripod, and LED light kit.
The essential workout equipment will be needed, too. This includes a floor mat, exercise ball, kettlebells, and dumbbells. The important thing is to make the environment look professional, so you may need to invest in a backdrop. In addition, marketing will play an essential role in your success. You can get the word out by asking your family members and friends for referrals and promoting your business on social media. You can also create a website that features your schedule, pricing table, health tips, etc. Finally, check with an attorney to see which legal forms your clients will need to provide, such as a safety waiver and a Physical Activity Readiness Questionnaire (PAR-Q).
Personal shopping business.
Many Americans don’t have time to drive to the supermarket, shopping mall, or specialty store to do their shopping. Moreover, some people cannot go shopping due to medical or mobility disabilities or visual impairments. These are instances when personal shoppers can help. Starting a personal shopping business is viable if you enjoy shopping and want to get paid. Your startup costs are minimal. You will need a website, a business license, and business insurance.
Ongoing costs are gas and occasional vehicle maintenance. To be successful and increase your revenues, you will need to buy various items and deliver them promptly to your clients. You are the brand, so dress nicely and act professionally.
Balboa Capital, a Division of Ameris Bank, is not affiliated with nor endorses the National Association of Landscape Professionals, Lemonade Insurance Company, or Jobber. The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual.