What Business to start on a low budget?

Discussion in 'Business, Careers & Education' started by Mr_Incognito, May 31, 2011.

  1. Dashaansafin

    Dashaansafin Senior member

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    Brilliant there you go^
     


  2. Lord-Barrington

    Lord-Barrington Senior member

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    M&A advisory. Low overhead and big profits! It worked for Lazard, so why not for you as well?
     


  3. Xiaogou

    Xiaogou Senior member

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    My Cousin has just graduated from college in Canada with a Business Diploma, he is very keen on starting his own business from his college savings. I would really appreciate if you could suggest some ideas for him to look into. Thanks.

    Tell him to get his Life, Accident & Health license then his Property & Casualty. He can them become a broker, representing several different insurance companies. If he were a captive agent at say, State Farm, he could only sell SF products. Buy leads and get busy!!

    The guy that sold me my life insurance makes 125% of my premium (Commission) for 11 months. That was over a $2k commission for him. Captive agents get 45% if they are lucky.
     


  4. Mr_Incognito

    Mr_Incognito Senior member

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    Try commercial cleaning franchise

    Thanks for your suggestion, he is already looking into this area seriously and actively contacting small and medium businesses to secure contracts. He has also applied for a frachise of a big cleaning company to learn the cleaning business thoroughly.

    If he is keen on entrepreneurship, but doesn't have an idea, it would likely be best to go work in a field that he's interested in/utilizes his current skill-set, and search for untapped niches within that industry. Having drive is great (and imperative when starting your own business), but to be frank, executing a successful business plan requires a lot of thinking outside the box. if you need someone to think of step 1 for a business, he's probably going to need someone to think of step 2, 3, and 4 as well. With the aforementioned experience should come wisdom, and in turn hopefully result in self realized answers to steps 1, 2, 3, and 4.

    Your argument is right in its place but I did not discourage him because he is playing with his own money and time and even if he does not succeed it would be a good learning opportunity for him, also it's easier to face losses and disappointment when you are young and single.

    I have a cousin that opened an eyebrow threading kiosk in a local mall a few years ago...I think I still have a partial tear in my abdomen from laughing so hard at the idea. Fast forward to 2011- he now has 6 storefront locations total in all the major malls of Milwaukee, St.Louis, and Madison.

    whowuddthunk.


    There you go, that goes to show the potential in getting into a small untapped niche and putting in a lot of hardwork. I bet your cousin would have put in a lot of hardwork and dealt with a lot of stress to get to where he/she is now.


    Best business to start with a low budget is software related.

    Create an Android App, or iPhone App, or software of some sort. Very little capital investment required.

    Only problem is that you need to know something about software development in order to make this work, and I'm guessing that your friend doesn't have the necessary skills.


    That's another very good idea. Is it possible to trust the developers for App development both in terms of not stealing your idea and getting a good job done. Also, is it better to get the work done in Canada or get it done offshore.

    M&A advisory. Low overhead and big profits! It worked for Lazard, so why not for you as well?

    Thanks, I am not sure but it may be required to get a licence first to get into this field.
     


  5. Xericx

    Xericx Senior member

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    "social media consultant". Its the current bubble, so might as well make a quick buck.

    Build facebook and twitter pages ("social media campaigns") for small businesses that have no clue what they're doing. Outsource to develop content if you need to or hell, just hire college kids or unemployed for 10 bucks an hour. tons of cheap creative labor out there.

    almost no costs required.

    profit!
     


  6. RedScarf7

    RedScarf7 Senior member

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  7. jimmyfingers

    jimmyfingers Senior member

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    Consulting with some fancy name in front of consultant. Seems like everyone I meet is some type of consultant, including myself.

    Have him talk to legit business owners who have just started out or are 3-5 years in. Some of these guys have yet to make an actual dollar, but are in the process of building. Many will fail though.

    I love hearing these guys talk who just got business degrees. They talk like big shots and think they are special.

    In all seriousness, its a noble idea. He is young and I assume w/o wife and kids. He can afford to take a blow.
     


  8. Crane's

    Crane's Senior member

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    I'll add my 2 cents worth based on actually starting a business.

    First off find a job, preferably in an area that interests you as far as what you want to do for your own business. That's how you're going to keep the bills paid and possibly have enough capital left over to fund your own business. Selling a product is where the greatest potential for making money exists. The problem with that is it usually takes a lot of money to actually do it. Services is your next best bet as suggested already.

    By actually working in the field that you want to eventually work on your own in has several advantages. First off you get to see how it's done and it's a great resource for developing contacts from top to bottom. Now of course a big problem does exist by going this route. If your plan to start competing against your employer is found out you could get royally screwed by your employer.

    Now if you decide to do something that either augments what you're already doing or is completely unrelated jobwise you can still develop contacts from the job. Of course this has to be done correctly or you could find yourself in a position of being called on the carpet for wasting company time on your own endeavors. Another downside is you have to develop your supply chain on your own which can be a bitch.

    Develop your people skills. I'm not talking about emails and texting BS. I mean learn how to talk face to face with people. Be honest and straightforward with everyone along your supply chain (customers and vendors). Another thing that gets noticed is your personal habits. Have good ones. If you're known as some kind of party animal don't think for a second that people won't find out because they will. No matter what your reputation has to be golden.

    Another thing that you'll need to understand is the concept of boot strapping since finances seem to always be a problem on a startup.

    Oh and get used to eating sleeping and living your business. In other words understand that no matter where you are or what you are doing the possibility exists to do business.

    I guess maybe I added 3 cents worth..............

    Anyway good luck, you'll need a fair amount of that as well.
     


  9. yjeezle

    yjeezle Senior member

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    idk... if he's asking for business ideas... should he be starting a business? he doesn't appear to recognize a need so how is he going to solve it?
     


  10. 6up

    6up Senior member

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    Go work for "the man" and get some experience, learn from their mistakaes before he ventures out on his own.
     


  11. joymorrison1

    joymorrison1 New Member

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    There are many small business ideas available that you star with low budget. I suggest you small firm which does not want huge investment. If you start with small business you can manage business problems.
     


  12. Gordon Gekko

    Gordon Gekko Senior member

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    The internet might be the best place to start, depending on low his funds are.
     


  13. tesseract

    tesseract Senior member

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    Try commercial cleaning franchise

    cleaning ambulances seems to be a pretty lucrative business.
     


  14. Elusive

    Elusive Senior member

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    Go into the service industry and pick up small contracts it is less competitive and you can still have a regular job until you get enough for full time income.

    PC servicing is very hot and very in demand
     


  15. rjakapeanut

    rjakapeanut Senior member

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    to the guy who said offer a service rather than a product, i agree completely. if i ever started a business -- and i never would -- it'd be providing a service. i know a bunch of idiots that own successful gyms. unsure how much that costs to start up but all you do is maintain your equipment and get your books straight. over time you'll rake it in if you have a good location.
     


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