Wealth as largely been accumulated through real estate and businesses. In any type of business, you will need to learn the business and start making money.
The most popular businesses are in real estate, affiliate marketing, publishing, selling services, and selling physical and digital products. Each of these businesses you can start with 10k or less money.
Read: 200 Different Niches You Can build a Business Around
Table of Contents
What Business Can I Start With 10k?
If a business doesn’t hold your interest, you won’t last very long. It needs to have some interest to you and build upon what you already know.
Finding out the interest and needs of others
One of the biggest things you will have to do is find out the interests and needs of others. Everyone has different types of problems and they are looking for solutions.
What is the problem that they are facing?
Some businesses started because they found a problem without a solution. They found the solution and started marketing it.
You need to find the problems that people are facing. You can find this information by looking at forums and in different internet groups. If there isn’t a problem, it will be hard to sell anything.
Do You Like Real Estate?
Frankly, real estate is a huge market. There have been countless millionaires and billionaires through this platform. If you only have $10,000, I would recommend that you look into wholesaling or land investing.
Read: 39 Real Estate Niches You Can Build a Business Around
Wholesaling
Wholesaling generally happens with dilapidated homes. You might see signs about buying homes for cash. These are the homes that most people will not buy. Your job is to find these deals and sell them to fixer-uppers.
Who is it for?
This business is good for people that want to work locally. They want to find deals and eventually starting rehabbing homes for themselves.
How much will it cost?
Most wholesalers find business from cold calling and sending out mailers. You can easily spend thousands of dollars to find a deal. A deal though can be worth $5,000-$30,000.
How do I get started in the wholesale business?
Look at getting an online course about wholesaling. There may be some free real estate investor meet ups. As you go to these meetings, find some rehabbers and wholesale partners. You can always partner up in the beginning and see the process.
The goal is ultimately finding the deal. You will need to spend time marketing or prospecting to find the deal. You can look at skip tracing to find phone numbers. If you find the deal, you can connect with different people.
Land Investing
My wife and I are personally involved in the land investing business. We like this niche because there are opportunities to sell for large chunks of cash and get passive income.
Read: Land Investing: Land Flipping 101
Who is it for?
If you have an interest in real estate, this can be a great niche for you. It’s a sub-niche within real estate investing. Generally you will be doing similar things as wholesalers. You’ll find deals and look to market the property.
How much will it cost?
Land purchase: You can purchase your land and sell it yourself. I’ve used personal lines of credit to buy deals. You can also partner with someone and split the profits.
- Marketing costs $0-$600 per month.
- Mailers to find deals: $0-1,800 per month.
Total Costs: $0-$2400 per month + Land Costs (if you buy on your own)
Potential Revenue: $10,000+/mo and chunks of cash when you do cash deals
How do I get started?
Look at different online courses to help you get started. Check out our free webinar for land investing. It walks through our own journey and how my wife was able to quit her job by investing in land.
Why I recommend Land Investing
One of main benefits of land investing is passive income. You can do deals that allow you to get owner financing. There are deals that you can also do for cash. This can leads to tens of thousands of dollars.
It’s a lot less competitive when you compare it with houses. This can be a great bonus when you think about the land investing niche.
What is the Biggest Problem that Business Startups have?
The biggest problem with any business is getting traffic. If you don’t have a lot of people coming to buy from you, you won’t make money.
There are different ways of getting traffic. You can earn it by producing content and developing a following. You can pay for it through advertising, marketing, or buying real estate in a heavy traffic area.
Even if you have the best product, you will not sell it if you don’t get it in front of people.
What is Traffic?
Traffic is the lifeblood of a business. You need to have followers and viewers to check out the product and services that you are selling.
There are a multitude of strategies. Each strategy has some kind of cost in terms of price or time.
Do You Have Some Other Interest?
If traffic is the biggest issue for business start ups, you need to find those traffic sources. I recommend you look at publishing.
Looking into Publishing
I highly recommend publishing. Publishing is a long term approach to building a sustainable business. It will allow you to have viewers and followers of your content.
You can leverage your traffic from publishing to sell products and services. You can create memberships and leverage your traffic to different endeavors.
What Can I Do Once I have the Traffic?
Affiliate Marketing
If you have traffic, you can look at affiliate marketing. You can offer products and services from other businesses. They will usually give you a commission for bringing a customer.
Start Selling Products and Services
If you have a source of traffic, you know some of the pain points. You can create products and services that you client needs. Publishing is a good way to build up traffic and use it to sell your product and service.
What if I have a product or service, but not traffic?
It’s okay. It just means that you are going to have to pay for the traffic. You will need to look at spending advertising money to bring people to your brand, products and services.
Read: Facebook Advertising for Small Businesses
How to Leverage Your $10,000
You’ve saved a bit of money getting to $10,000. You can leverage this money into your business venture. In general, you will want to outsource some of the work, advertising, and some of your other systems.
Outsourcing Content
If you are in some kind of business online, you need to be publishing content. It’s a good way to get business. You can get help with social media, articles, and graphics.
Outsourcing Work
It helps if you have a VA. If you have repetitive work, you may want to hire a Va do this part. You can focus on the work that will make you money.
Advertising
A good source of your funds will be to look at advertising. You can rapidly grow your business if your advertising dollars cost less than the acquisition of a customer.
Franchising
Franchising is a great option for businesses. At $10,000, it may be too little for it to be worth it. A lot of times, you will be getting a job by franchising. You need ample funds to have a staff.
Is it Worth it?
If there is a business start up that you really want to be a part of, go for it. The benefit of franchising is that they already have systems, a marketing plan, and everything you need to get started. You will need to value your time spent and the potential profit.
Having a Physical Location
Having a great physical location can be great for your business. You get organic traffic from people driving or walking past. In the age of information, it’s become a lot less important.
People want to know exactly how to get to specific stores and what they have to offer. People will look at reviews online about stores and their wares. It can be important if you are looking to be in business locally.
Frequently Asked Questions:
What should I do to build up a business?
Unless you are looking into real estate or big transactions, I would look into building up traffic. Look into creating content and getting traffic organically.
What type of business should I get into?
Choose a niche that you are interested in. You can always develop it over time. There are always different ways to monetize your interests.
How much do I need to advertise my products?
First, look at creating organic content and getting followers. You can start a budget for a couple hundred dollars and increase it when you testing out advertising.
