Businesses ideal for those with low budget

[smackpazy]

Hi. I really want to start my own business because I do not want to work for the rest of my life. What businesses do you think will be a hit? Preferably those that do not require much capital. Thanks!

[Nidan Melbourne]

I feel like there is a double whammy here. Especially since you said you don't want to work for the rest of your life. As I have seen people with the same frame of mind and it backfired. BUT that may not be the case here.

Usually businesses that will be a hit and are low budget friendly are ones that people need and usually have to travel a fair way to get. Also if you are going to sell a product you need to get information down quickly

[bushido_man96]

Usually, when someone wants to go into business for themselves, they already have something in mind, such as a career they already have experience in, or something they enjoy that they can provide goods or services through. It doesn't sound like you have any ideas in those areas. This could really be an issue, because you have to figure out how much training you will need to learn the job, then make sure its something you can really make a go of.

I'd be careful here. Make sure you know what you want to do, and that you can make it go. Capital in any business is going to be a must, and the general rule I learned in entrepreneurship classes in high school was that you needed to have enough capital saved up to account for 3 months of running the business without assuming any profits.

Starting a business is not an easy task, for sure. In the mean time, look into saving for retirement so you don't have to work your whole life.

[JohnASE]

First, owning your own business doesn't mean not working for the rest of your life. A lot of businesses don't make enough profit to retire on comfortably. Second, in general, the less you invest, the harder you'll have to work, plus the chance of failure goes up. Losing money is bad, but so is working for months or years with nothing to show for it. You risk something either way.

I can't suggest a "hit" for you, but if you want people to pay you to do something, it'll have have to be something they don't want to do or can't do themselves. This might be because it requires a special skill, is very unpleasant, or takes a lot of time. If you hope to own a business where other people do the work for you, you'll have to learn the skill of managing people. If you want a business where you buy and sell something, you'll have to become an expert in your product and in selling.

Personally, if I were young, and my main goal was to not work for the rest of my life and not invest capital, I'd be looking to work for someone with a good, early retirement plan. Some government jobs and some union jobs have this. My friend's mom retired in her sixties from a government job, and her pension plus her retirement fund pays almost the same as her salary did. A friend retired in his forties at half salary after 25 years at a non-union corporate job. Last I heard, he was working as a consultant part-time, making more money (including pension) than he was as a regular employee.

[tallgeese]

As a guy just kicking off his own business I can tell you...you'll work. The initial learning curve is intense. Forming corporations, planning, raising capital, legal stuff....and you haven't even actually started the business yet. That said, it's really satisfying.

However, there is absolutely NO reason to go thru all of this unless you have a passion about what you're doing. At least on a small business level. Otherwise, for me, it would so not be worth it.

[sensei8]

An owner of a business ends up working more than before. Why? Many reasons!! Labor costs, being one of the reasons; someone has to be there when the doors are open, unless your a home based business. Even then, someone has to "run" the business; it can't operate itself!!

In that, you'll end up working untold amount of hours being the owner, especially at the beginning because you'll be involved in every aspect to make sure that your business is a profitable one; a success!!

In that, you'll not delegate much, at first, if at all, because trust is earned and even then, you'll decide to do it all, unless labor costs isn't a concern.

Takes money to make money. That can't be disputed because even the most basics of conveniences take...money! Don't want to spend much money, then expect to not make much money. However, the creator of the Smile Face T-Shirt made a fortune with very little money invested, at first, but to go nationwide and/or global, money will help one reach that journey.

I've no suggestion as to the type of business you could start in the parameters that you've stated in your OP, but whatever drives you...do that! But even that, and especially that, might cost more than you can ever imagine.

Takes money to make money...AND...as the owner, you'll work more than you can imagine all of the time.

I'm not Patrick, KF Administrator, and owner of iFroggy Network, but I can imagine that he puts in some long hours, more than he ever imagined or dreamt, but that's his passion. Passion can calm many anxieties!!

Good luck in your endeavor, now and in the future!!

[Archimoto]

Very well said Sensei8!

As a business owner, running an architectural practice (that explains the first half of my username - I know - uninteresting!) I have loved every second of running my own business, and have worked almost every second as well. If your true aspiration is to "not work" then I strongly suggest the oldest trick in the book... marry up! Otherwise, come up with the next greatest invention! And even then you'll probably have to work!

Good luck!!!

[karate bethpage]

You can try affiliate sales...basically set up a website around a theme (perhaps a form of martial arts) and promote products there. However, this is a very competitive industry. Like others have said, you'll work hard if you work for yourself.

Whatever you do, when you start making a decent monthly revenue, ensure you have proper asset protection measures in place because lawsuits happen when you least expect it. A good attorney and accountant are worth the 1-2hr fee required to structure your business properly.

[chiliphil1]

I am glad this thread is here. I am thinking of starting my own business as well, provided that I can get the capitol.

My business idea may not be looked on very favorably by some but I am wanting to start selling e cigarettes and personal vaporizers( for nicotine, not drugs) By selling these products I would be in a very in demand industry while also helping people to kick the worst habit ever conceived, smoking! I myself was able to stop smoking with the help of these devices and was inspired to do the same for others. I know, I know why would a martial artist smoke? Because I was a dumb teen, that's why!

Any how, I am still torn on whether I want to open a store front or just have an online/ebay business. The online business would have a few excellent benefits which would include the ability to work from home, no overhead(except inventory), less up front cost, and less day to day expense. On the other hand the store front would net more customers due to foot traffic and there would be less competition because there would be far fewer stores in my local area than would be similar websites on the internet.

All in all I believe this would be a successful business and I do possess a good knowledge about the items I would be selling so I would have a good base to start with. The way that I go with the business will really depend on the amount of capitol I have available.