Starting a business can be the first thing on your mind. You might be thinking of the best business to start in 100k. If that’s the case then you are in the right place!
What’s the best business to start in 100k? There are many businesses that you can start in 100k and even less. All you have to do is make a list of businesses that you are interested in doing. Make a business plan to break down the amount required to start the business and you would know what’s the most viable option for you.
Let’s find out more about the best business to start in 100k.
Before Starting A Business In 100k
When you are thinking to start the best business to start in 100k, keep the following in mind:
Check The Strength And Scope of Idea
It’s possible that you might have tons of ideas and you are looking for the best business to start in 100k. You have to check the strength and scope of your idea. The idea should be strong enough for the success and growth of the business. You can research and see the market.
Don’t just start a business without doing your homework. You should know what type of products and services are in demand on the market.
Make A Business Plan
When you are starting a business whether in 100k or some other amount, making a business plan can be of great help. You might not even realize, but some expenses are important for the survival and growth of your business.
For example, if you need to hire employees then you must be paying $30k – $40k annually to your employees along with the benefits so it can be quite costly if you need more than one employee. Thus, making a business plan can help you see the expenses from a different perspective.
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Test The Idea
Don’t just pick any idea to start your business. You can test the idea to see whether it works or not. For example, you can start the business with a sample.
Let’s say if you are planning to open a small restaurant or investing in a food truck then you can try offering the food to people for free and see if they would like to buy it at a certain price. You can even take advice on pricing from the general public so that you can come up with a great business strategy.
Don’t Spend Everything
If you’ve 100k then you need not spend all of it. It’s important that you are saving some amount for the rainy days. You should have at least amount set aside for 6-month survival. Let’s say if the current expenses are 10k per month then you need 60k for 6 months.
Apart from 100k or whatever amount you have set aside for the business, it’s important that there is a constant flow of income to support you financially.
Launch The Business
Launch the business as soon as you approve the idea and find the business plan suitable. Don’t delay in launching the business as for some people, it can take too much time to start a business, and by the time they are ready, there is a change in trend. You can launch the business as soon as you are ready.
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Business Ideas That You Can Start In 100k
Below is a list of business ideas that you can start in 100k. It’s just for your reference. You can check out the business rules, regulations, and requirements according to your state.
You can ask an expert or professional business consultant to advise you more about the success and growth of your business plus, you need to know the legal aspects too.
1# Buy An Existing Online Business
When you have 100k to start a business, you can check out the existing small businesses online. If there is a business that captures your interest, you can go ahead and buy it after thorough research. For example, you can check out Flippa.
Here you can see different businesses that people are selling and the relevant asking price. Just beware of the scams on such sites. It’s just for your reference to give you an idea of what’s out there.
2# Design And Launch Your Clothing Line
You can launch your clothing business and if you want to do it on a major level then you can do it in $20k to $50k. When starting a business, you have to consider the various costs associated with the business.
Let’s say you are starting the clothing line then you have to consider the cost of manufacturing the clothes, the number of clothes, material cost, labor cost, marketing cost, and a lot more.
Starting a business might sound straight and simple, but there is a lot going on behind the scenes that require your time and effort.
3# You Can Start A Car Wash Business
It’s also possible to start a hand car wash business within 100k, but first, you have to come up with a business plan to see if you would be able to manage this business within the said amount.
It would be hard to go high end as the cost of equipment for the automatic car wash business would be too high, but once you start earning enough in the hand car wash business, you can take your business to next level in the future when you have more money to invest in the growth of your business.
4# Buy A Food Truck
You can start a food truck business and it’s been quite lucrative between 2007 and 2012 as there was 8.14% growth in it. In fact, take a quick look at your current lifestyle and on people around you.
You would instantly know that people love spending money on food. How much do you spend on food? If that’s the case then why not start a food truck business.
If you are not going high end then you can start such a business within 100k. It depends on how much costs you are able to cut and whether you are hiring employees or plan on working yourself in the beginning.
5# Start A Delivery Service
You might have heard about the popularity of Uber Eats, Door Dash, and other such services. If you closely observe then people nowadays prefer ordering stuff online whether it’s food or anything else. You can start a delivery service company within 100k.
It all comes down to how smart you are in finding the right location and employees for your business. You need to hire the right people for a successful business. Providing value to the customers and services on time is a must.
6# Open A Digital Marketing Agency
You can open a digital marketing agency within 100k. It’s trending in the era of information technology. You need to get the experts on board.
In fact, if there is a team then it would be best for the success and growth of your business. You can keep writers, editors, SEO consultants, web developers, graphic designers, copywriters, and a lot more.
When you have a team working for you then it would be easy for you to provide the best services to the customers. No matter what business you plan on doing in 100k, providing value to the customers should be your ultimate goal.
You can make a business plan and check out the overall cost you need to spend in order to start a digital marketing agency. Plus, make sure you focus on the marketing of the business as well.
7# Open A Small Cafe
You can consider opening a small cafe within 100k. The most important thing here would be a perfect location. There are various costs to bear in mind when starting a coffee shop business.
The labor cost, administrative cost, legal cost, furniture, equipment, and a lot more are important to consider. Plus, you have to keep the menu in mind as you would have to arrange the items accordingly.
Plus, staff for a small cafe is important so their salaries have to be considered. It depends on how well you are able to arrange and manage everything for a coffee shop business.
You have to find a suitable location for your cafe so that you can attract a large number of customers. You can market your cafe to grab the attention of people in your area.
8# Open A Small Bakery
The cost of starting a bakery can be up to 50k or less. Again it depends on how creative you are with your ideas. If you are smart enough then you can start a bakery from home.
Of course, you have to check what are the legal requirements for a food business from home. You can open a local bakery shop in your area too, but you have to work out the business plan to see how much it actually costs.
No matter what business you try, you have to break down the costs in your business plan to see whether it’s a viable option or not.
9# Other Business Ideas
Your list is not confined when you’ve 100k to invest. There are many other businesses that you can start. You can buy an RV and give it on rent. In fact, there are many such things that you can do to make money, but you have to be sure that you are following the legal requirements of all such businesses.
You can try:
- Open an e-commerce store as there is a lot of demand these days.
- Consider pet grooming and see if it works for you!
- If you are good at repairing electronics, you can consider opening a business.
- You can become a bookkeeper.
- You can become an online freelance writer, copywriter, bookkeeper. It doesn’t cost much to start such businesses, but you can invest the money to learn more so that you can earn more.
After Starting A Business With 100k
Now that you know the best business to start in 100k, consider the following:
- Make sure you are providing value to your potential customers after starting a business with 100k.
- No matter how much you spend in starting your business, it all comes down to how profitable your business is!
- It’s not about the business or what’s trending actually it’s on you! Whether you are working hard enough to keep your business going or not. You have to focus on marketing for the success and growth of your business.
- Rather than starting a business from scratch, you can buy an existing small business and groom it for yourself. You can invest in this business and make it profitable in the coming years. Make sure you make a business plan to check the authenticity of this business.
- Understand the do’s and don’t of the business. You should know the business regulations of your state. You have to see what types of licenses and permits a must for the success and growth of your business are.
- Marketing your business in the right way can help you grow your business and take it to the next level. If you are not investing in marketing, then the chances of growth can be slim.
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Wrapping It Up
Now that you have an idea of what business to start in 100k, there could be tons of questions on your mind. Starting a business is not for the faint heart. It takes courage and potential when you are launching a business whether it’s with 100k or maybe less. It’s always better to test the waters first so that you would know what to expect in the coming years.
When you are starting a business, you have to consider various things. It’s important that you take advantage of the skills you have as it plays a huge role in the success and growth of your business.
Bijay is an entrepreneur and start-up founder having more than 14 years of IT industry experience. He is the co-founder of TSInfo Technologies, a SharePoint development company.
A dedicated professional and very passionate about public speaking and also wrote thousands of technical blogs in various technologies. He also wrote a lots of blogs on entrepreneurship, investment, startup, business, manage money tips, etc.