How to Start a Successful Business for $3,000 or Less

Today we have a guest post by Laura Gayle from Business Woman Guide

Let’s say you got a bonus for the holidays or a surprise gift from a generous relative. (Congratulations, lucky!) You might be looking forward to using that chunk of cash for a vacation, paying off a few debts, or just socking it away in your retirement fund. But have you ever thought about investing that money into a business that could transform your life forever? 

Yes, it is possible to start a business for $3000 or less and become successful at it! The following suggestions are just a few of the opportunities available for those interested in using a small nest egg to build greater financial independence for themselves in the new decade. 

Start a Business For $3,000 or Less

Dropshipping

Dropshipping is a unique retail fulfillment method that doesn’t require a lot of startup capital. You might think you’d need to own a giant warehouse filled with goods to ship from a retail shop, but dropshipping is different. Instead of holding a large volume of goods, you instead buy the products you sell on your site from a third-party vendor and have them ship it directly to the buyer. 

This business model might seem strange, but it has become widespread. Amazon, for example, does a lot of dropshipping. Often when you buy a product from Amazon, your money goes to a third-party vendor. This vendor owes Amazon a little cash for their presenting the goods to the public but takes care of packaging and shipping the product. 

The fantastic thing about dropshipping is that you can run it from a laptop, often for no more than $100 a month. It’s easy to keep vendor files and client financial information safe, organized, and accessible on a cloud computing platform. And while there are downsides to this business model — at first, you’ll be working a lot to establish yourself with third-party sellers — you can quickly start up with a fraction of your savings. 

Buy a franchise

Buying a franchise can be a great way to experience entrepreneurship as a first-time business owner for a low cost. Purchasing a franchise will also give you an edge over your competition in your local area, as you will be trading under an established brand name. To learn more about low-cost franchise opportunities starting at under $3,000 check out Franchise UK.

Making and Selling Jewelry

If you’re a crafty person, turn your crafting skills into profit by making and selling jewelry online. This is an excellent business option because of the American market’s incredibly high demand for great-looking items. If you can handcraft nice-looking jewelry that people want to wear, you can make good money. 

The necessary capital for this business is low, as you can work right out of your home and only need to buy materials and tools. Once you purchase your tools, they’re typically good for years, and all you need to do is buy replacement materials. You can then sign up for free sites that let you sell goods or expand your business and create a personal website. 

Before you get too far into this business, though, you need to talk to a trademark, copyright, or brand lawyer to safeguard your designs. Without their help, other people could copy your jewelry and make money off of your hard work and creative skills. 

Creating Online Training Videos

If you’re into making movies, creating online training videos could be a great business model for you. The capital is low, requiring typically just a camera, some lights, and a few other pieces of filming gear, and the demand for this service is high. Many industries need online training videos to prepare their employees for the demands of their jobs. 

Training films are inexpensive to make but provide real information that people need. Also, they’re an exciting business model because they let you exercise your creativity while focusing on an achievable product. And unlike most types of independent films, online training courses are in high demand and can realize a decent profit. It all depends on finding a niche and focusing your classes on training that real people want. 

Start a Subscription Box Business

Have you ever seen an advertisement for a subscription box business — for example, dog treats, shaving supplies, or even entire outfits? This business model has become immensely successful for many companies. Turns out, people like getting their desired items delivered to their door, especially if the packages are nicely curated and reliably delivered. 

This novel business model is a sound one that produces predictable revenues, requires easy stock control, and attracts many customers. The biggest challenge likely will be in finding new products that aren’t already being offered. Or you can focus on something already being packed, but provide a higher-quality service. 

Create a New App or Game

Thousands of new applications and games are made every year, some of which capture the imaginations of millions and make a lot of money. However, app stores are also filled with many more apps that never get much attention and rarely make a lot of money. So why is creating new apps still a smart idea? The overhead is low, beyond the time investment; and the market is immense, so even without a runaway blockbuster, opportunities for profit are still high. 

For example, if you can design a fun and memorable game that uses a pay-to-download element, you can potentially create a perpetual cycle of cash flow. Free-to-play apps and games can still make a lot of money as long as they are worth using. Try to integrate elements of collecting into games, as people often get obsessed with getting everything that they can in this way. 

Summary

Starting a business can seem daunting, especially if your credit is shaky. (Business owner or not, you always want to try to elevate your credit score to work from a stable footing.)

But even if your credit could stand some bolstering, you can still combine a little seed money with your own drive to capitalize on the desires of consumers in today’s diversified and ever-changing market. A little creativity, a little courage, and a little cash make a great starting point to turn something small into a big investment.

Need to make some extra money fast? Check out these ideas!

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