Small Businesses to Start with $5K, $10K, $20K, $30K?

[MrMan]

We get folks on here concerned about career and earning a living from time to time. Let's say a man comes into some money. Maybe he inherits it or saves it up working on a fishing boat or spending a few years as an ESL teacher teaching private lessons overseas. I am trying to keep this to a reasonably realistic amount of money for start-up capital.

So now he has a bit of cash and he can invest 5, 10, 20, or 30 thousand dollars in a small business to support himself going forward. This could be his main job, or he could set up a small business and have others run it. Let's talk about legal businesses, not selling crack, etc.

Does anyone want to share their ideas?

[Cornfed]

Since govcorp own most of the economy now the obvious idea would be to offer some sort of service contracting to them. If you buy into a franchise with centralised support this might cost about $30k. If you were able to do it off your own initiative then perhaps about $20k.

[MrMan]

Any specific business ideas?

[Cornfed]

Largely non-technical contract work you could do for companies could be doing things like security patrols, drug testing employees, taking soil and water samples, testing electrical appliances and leads etc.

[MrMan]

Have you done any of those?

I've got a little experience partnering with someone who knows how to do a niche construction job. We spent hundreds to get that going but haven't made the big bucks.

Another area to explore is online. There are a number of providers of point-and-click website design tools that are made for online marketers. This could also be a shoestring budget idea, not even $5K.

This thread doesn't seem very hot right now. Maybe I should have put something in it about black women taking men's jobs or something like that.

[Cornfed]

Have you done any of those?

Not as an independent business.

[Cornfed]

Another area to explore is online. There are a number of providers of point-and-click website design tools that are made for online marketers. This could also be a shoestring budget idea, not even $5K.

The trouble with Internet businesses is that you are competing with the entire world so there is always someone with better credentials, someone who can do it cheaper etc. Your best bet would be to do some kind of unique start-up, which would probably cost as much as a conventional business. Otherwise you would just have to be lucky.

[CannedHam]

MrMan, just want to say that I have followed your posts and been inspired by them for years now. I appreciate all the time you've put into your well-thought-out replies. It's great to see you back after a long absence.

Regarding your question - honestly, IMO $30k isn't much to invest into something like an income-generating website or small business in the US. Investing in a business abroad is another story. My sister-in-law just opened a bakery in China and spent a total of $8k USD.

Without knowing more, I'd reinvest the money in myself to get a certificate/education in something than can increase my earnings potential down the road, even something simple like a TEFL certificate or online degree in programming or web development. This would (hopefully) make me more marketable as a freelancer. Yes, you may be competing against Indians and Venezuelans, , but don't underestimate the importance of being a native English speaker!! (I am a co-owner of a software company in the US, and we pay a huge premium for outsourced developers that speak English well!)

[MrMan]

Another area to explore is online. There are a number of providers of point-and-click website design tools that are made for online marketers. This could also be a shoestring budget idea, not even $5K.

The trouble with Internet businesses is that you are competing with the entire world so there is always someone with better credentials, someone who can do it cheaper etc. Your best bet would be to do some kind of unique start-up, which would probably cost as much as a conventional business. Otherwise you would just have to be lucky.

That's very negative. You don't have to become a top dog to earn a living. You could sell a niche product that appeals to a very small percentage of the Internet and still earn a decent income. You don't have to create a new Amazon.

It reminds me of a class comment from someone from a 'B-school' who said that the MBA program worshipped at the feet of sustainable competitive advantage, as if a business had to have some clear advantage over competitors, when, in reality, many business really did not but still made money and did okay. Normal profits are okay, but may not make as interesting research for the theorists.

[Cornfed]

That's very negative. You don't have to become a top dog to earn a living. You could sell a niche product that appeals to a very small percentage of the Internet and still earn a decent income. You don't have to create a new Amazon.

So what sort of business would you be thinking of? I wouldn't mind an Internet business.

[Kalinago]

Becoming a Remote system integrator is the best investment for this you only need to learn the software but the classes are like 20k.

But you make five thousand dollars a day at the lowest,no that's not a typo.

[Kalinago]

Honestly if you want to get rich become a remote systems integrator,you can travel and do your work anywhere in the world and be able to make twenty thousand dollars a day working for different companies.

FORBES magazine also recommended every company to utilize this service,only five hundred people do this job globally.

All you need is the know how and to advertise your skills,get a good reputation and make bank.

[Kalinago]

Avoid ravi and his scam operation and scam lessons.

Maybe you can do computer engineering and learn how to do it ,I.E work the software and fulfill your dreams.

[MrMan]

Regarding your question - honestly, IMO $30k isn't much to invest into something like an income-generating website or small business in the US. Investing in a business abroad is another story. My sister-in-law just opened a bakery in China and spent a total of $8k USD.

I don't have ties to China, but I've got in-laws in Indonesia. We invested in a fish pond. The relatives tried to run it for a while, had some difficulty, then just stopped working on it. I invested a little in seed and fertilizer for a field of peppers. We got __part of__ our money back. So far, that's the best I've done with Indonesian investments... part of the capital back. If it's money you can afford to play with, not something you need, it's okay. I balance risk versus return. The family investments helped relatives, one of them my wife would want to send money to if they had difficulty. So trying to help them invest in something productive to help them have more cash for themselves and her parents seemed like it might be a good idea, and also sharing the return if there was one. Getting that return from these micro-social investments is always an issue.

I like the idea of social impact investing and getting a return. But setting it up and monitoring it would probably be like another full-time job. So I'd have to have enough to hire someone to do that.

We have a couple of swing-for-the-fences investments we are waiting on from over there. I figure risk is high, but the upside potential kind of offset it. These business are based on relationship and trust, which is really problematic on the one hand. You have to view it as charity or money you can afford to lose, almost like a lower risk lottery ticket.

Without knowing more, I'd reinvest the money in myself to get a certificate/education in something than can increase my earnings potential down the road, even something simple like a TEFL certificate or online degree in programming or web development. This would (hopefully) make me more marketable as a freelancer. Yes, you may be competing against Indians and Venezuelans, , but don't underestimate the importance of being a native English speaker!! (I am a co-owner of a software company in the US, and we pay a huge premium for outsourced developers that speak English well!)

That's good for most people. I'm kind of maxxed out in educational creds in my field. I could spend time learning web development, but I can buy/rent that on the market, too, and I don't have the time to devote to it.

[MrMan]

I'm thinking 10k might be enough to hire out fiverr projects to set up income-generating businesses online without having to put in time except to manage everything. Maybe two individuals working on components of the project so they don't think, "I could do this myself and make a lot of money."