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Best Business To Start With 20k In 2024| ScamRisk

By: JosiahSep 26, 2023Start A Business
Best Business To Start With 20k In [year]| ScamRisk

Got $20,000 to play with to start your own business?

Or maybe you’re looking to get a loan out for a business that will allow you to get the hell out of your 9-5…

Today, we’re going to talk about 5 different business models. My plan is to answer all the main questions about these models and tell you how to make money with them.

But to save you some time, let me tell you right now that 4 of these are neither the fastest nor the most guaranteed path to building wealth online.

If you’re serious about building a passive income online, this is a much better all-around business model.

Best Business To Start With 20k

Finally, You Can Become An Entrepreneur With A Small Business

Are you looking to quit your full-time job? Aspiring entrepreneurs are going to want to read every single word on this page.

Just imagine for a moment. You walk away from the corporate world and start your own business. Every day you’ll be living your dream out.

You’re not alone in this dream. Millions of people want to start a business of their own, but fear and the costs associated with becoming entrepreneurs are often the two things that prevent you from moving towards that goal.

If we’ve learned anything from this pandemic it’s that even working for someone doesn’t offer you the security that you desire.

So why not become your own boss with an event planning business or be a Real Estate Investor.

Of course, there are going to be challenges when first starting out, but there will also be many triumphs and they’ll be yours to celebrate.

We’ve come across so many people who have the cash to get started, but they are so afraid to take the leap into building their own business.

They keep reading book after book hoping that you’ll learn everything you need to learn about owning your own businesses isn’t going to make it happen.

You need to take the first step.


This Best Business To Start With 20k review has been thoroughly researched with information and testimonials that are available to anyone in the public. Any conclusions drawn by myself are opinions.

Why Listen To Us

My name is Josiah, and this is my Dad, Joel.why listen us

Together, we make up the team here at Scamrisk.

If you’ll let me bother you for two minutes, I’d like to quickly explain why I’m even here writing this review.

In early 2020, I had just graduated from college & had no real career prospects.

I knew I was destined for something more, but I had no clue how I was going to make it happen.

I had this sinking feeling in my gut all the time… like the “big man upstairs” had accidentally given me the version of life where I’d be mediocre forever, instead of the one where I was, ya know – happy & fulfilled.


I had fiddled around with some different online businesses in college:

Some random MLMs, a bit of affiliate marketing, a (failed) dropshipping store or two, all the usual suspects.

Even my dad had been involved in MLMs back in the day… selling knives & other random nonsense people (probably) didn’t need.

All I really wanted was to find something that was going to actually work for me.

Maybe those things had worked for others, but for me it all turned up a fat “0” in the bank account department.

So I searched! And searched… and searched… and searched…

And eventually, I somehow stumbled upon a program that promised to help me build an income online (read about it here if you’re curious).

I didn’t really want to be “rich”.

The thought of making a reliable $5K per month & not having to worry about clocking in to a 9-to-5 ever again was all I needed.

Sure, there were people in the program doing high-6 and low-7 figures per year… but that wasn’t what I was out for.

I just wanted to provide freedom for myself, and if I was lucky, take my family along for the ride.

Fast forward a few days and a few phone calls & I was enrolled!

Here’s the first “money making website” I put up:

why listen us gif

I built that site in 2020, and it still makes me $1,500 per month. It’s a basic 5 page website I built based on a template the program provides.

The best part to me? My dad and I get to do it all together!

So between the:

  1. Ease of reaching $5-$10K per month in income online

  2. Straightforward-ness of the system to do it

  3. Fact that I get to do it w/ my family

Is why I recommend local lead generation as my #1 business model for making money online.

Sure, it takes some work and dedication – but anyone that tells you that there’s a business out there that requires no work is selling you a lemon.

I’m not saying you need to sign up for the same program I did, but I would definitely recommend giving the business model a peek!

Listen, one of the most difficult aspects of starting a business of your own is deciding on a profitable business with startup costs that you'll be able to afford.

There are many business ideas but not all of them are going to be a good one for you.

Let's face it you're going into business to make money. And you're going into it with hopes of going on your dream vacations and having time for your kids.

These are all possible, and why owning your own business is so desired.

But you should understand that these aren't necessarily going to happen overnight.

Choosing the right business opportunity is something that extremely important. You wouldn't want to choose a seasonal business if you're bad at managing money, and you wouldn't want to start a small business that is well out of your price range to get up and running.

If you want to become an entrepreneur then check out these businesses you can start under 20K startup costs.

Learn How I Make $41,415 Every Single Month In Mostly Passive Income, All On Auto-Pilot!

Here’s a list of business ideas to get the entrepreneur in you started with a great opportunity.

business ideas

Food Truck or Food Cart

You've probably noticed that food trucks and food carts have become increasingly more popular over this past year. And they aren't your typical hot dog and burger stands anymore.

We can thank COVID for that. Outdoor dining has created a demand for new ways which has changed a lot of laws for food trucks throughout many states.

You're certainly not limited to one type of cuisine you can choose for your food cart or truck. So feel free to cook your best style foods.

If you're interested in starting a food truck or cart it's likely you're already familiar with the restaurant settings and know that you'll be working long hours.

food carts

The initial investment for this can cost alot, but this is going to greatly depend on whether you'll be buying a used one truck/cart or financing or leasing a new one. Of course, this will depend on what you can afford. Some of the additional expenses will include local licenses for food service, inventory, fuel and advertising budget costs.

You should consider food carts instead of a truck to start if your budget isn't big enough for a truck. This will give you the opportunity to get started. Consider a taco or burrito cart that you can park outside of bars that don't serve food.

It's important that regardless if you choose a food truck or food cart that you're paying attention to the licensing laws. These change from state to state.

Now as far as getting customers. this will greatly depend on being able to park your truck or cart at local fairs, festivals, and sporting events. These will open up great opportunities to be exposed to a lot of potential customers.

Before you get started make sure you know what it will entail getting into these events, what the local laws are, and how much competition there is. And you should also consider setting up a route to local office parks.

Real Estate Investing

Real Estate Investing

That's right you can get started with real estate investing with an initial investment of 20k. Real estate is probably one of the most desired investments.

And the reason is due to its potential for positive cash flow, tax advantages, appreciation, and passive income. It seems as though owning real estate is more of a dream than a reality for most people. because there's a high upfront cost which increases the risk.

But there are always ways to invest in real estate but how much real estate will be determined by your financial situation.

The best way to use that 20k is as a down payment for rental property. This method will require you to have a good source of income and a good credit score to qualify for a loan.  However, this method isn't necessarily going got provide you a steady flow of income at least not for years. The fact that you'll be renting out the house so the mortgage will be paid by the tenant and hopefully you'll have extra money to save for any repairs that may come up.

Don't forget to consider turning your rental into an Airbnb. You can make your monthly mortgage payment with a week's rental.

You want to be careful that you don't stretch your budget when purchasing your rental property. You want to maximize your investment.

Another option would be to invest in a REIT. These are companies that own commercial real estate and you can invest your 20K and earn dividends. You'll own a portion of the investment properties and get paid on them. An example of a REIT is Cardone Capital.

Healthy Meal Prepping

food service

More and more people are becoming health conscious and one of the biggest struggles of eating healthy is meal prep. We know that if we don't prep our meals we will reach for foods that we shouldn't be eating out of convenience.

But most of us don't have the time or the desire to meal prep.

Starting a business that caters to these health-conscious people is a great way to make money. There's a demand for it. You'll need to have some sort of skill set in the kitchen in order for this food service type business to be successful.

And one of the best things about this business is that you don't need anything special to get started so you can keep the initial investment cost low, by preparing everything in your own kitchen and delivering it to your customer or creating a daily pickup time somewhere.

If your kitchen isn't designed for high volume cooking you might want to consider purchasing additional equipment for your kitchen or an upgrade to your current kitchen.

Make sure you're looking into the local laws when it comes to food licensing. Depending on where you live these laws can get a little tricky in some places. Talk with local gyms and personal trainers about getting a percentage of your sales for telling their customers about you.

Because word of mouth is the best form of advertising, and people tend to listen to their personal trainers and those associated with the gym.



Do you have a love for photography? Then why not turn it into a business. Photography isn't just an expensive hobby. It can be a lucrative small business as well.

Of course, you're really going to need to stand out among the many other local photographers. Ever since Canon made that commercial telling all of the moms that they could be a photographer it made it more difficult for the real ones.

But it's not impossible, because what they lack in quality equipment. You should know that photography isn't going to be one of those business ideas that's easy to get started with or even easy to run. There are lots of things that you'll need to purchase and learn.

Let's take a look at some of the equipment that you'll need to invest in —a quality camera, exceptional lens, lighting, and studio space. Now the key to being successful with your photography business is learning how to separate yourself from others.

Just google "photography near me".

Learn about what your potential competitors are before you choose your style. This will give you an idea of what your best options will be.

Do you want to do family, newborn, portrait, sports, or school photography?

Maybe you have a knack for composites.

There are a number of different types of photographs you can specialize in.

To get started you'll need to figure out which type of photography you want to do, and purchase the equipment to be able to offer them. You can start by doing some free work to build your portfolio, website and start booking jobs.

The biggest expense for this business is going to be the equipment. If you're not able to purchase everything you need, you can consider renting some and having a photoshoot with a bunch of different people on the same day. This will allow you to build your portfolio before making big purchases for a quality lens or lights.

You'll need to think about how you'll get the photos to your customers and how you'll obtain the parents' email address if doing school photographs. There are plenty of services that take out a small fee to display the photos for your customers when they make a purchase.

Decks/Outdoor Furniture

outdoor furniture

This construction service will require some skill level and tools, but most likely if you already have the skillset to do this you already have the tools.

You've probably noticed that more and more people are popping up for custom outdoor furniture on Facebook Market. This is a great place to show off your new builds and sell them.

It's not hard to build a deck, as long as your handy this shouldn't be difficult.

You'll need to invest in the necessary tools to get the job done, and if money is an issue you can rent the tools that you don't have to complete the job. Decking jobs usually start around early spring, when the weather begins to warm up. Of course, this will vary depending on where you live.

Senior Care Business

Senior Care Business

Senior homes can be very costly, and many seniors don't want to leave their homes to go live somewhere else. However, the need for help still exists. If you're friendly and caring then helping senior citizens just might be the perfect business for you.

As a senior caregiver, you'd be responsible for non-medical things such as feeding and shopping. There will be some things that you'll need to obtain, such as CPR and first-aid techniques training. Most states require a license, so be sure that you check the requirements for your state.

The overhead for this type of business is very low. You'll need a vehicle, but if you already have one that will be sufficient. You'll most likely be paid by Medicare and Medicaid so you'll need to apply to accept these payments. A majority of your budget is going to insurance. This is something you'll want to take into consideration when choosing you're going over your business ideas.

Once you have everything that you need to get started you'll want to start advertising yourself. Some great places to begin are networking at senior centers and veterans’ clubs. Maybe some of your friend's parents know someone looking for some help.

Word of mouth advertising will be a big part of your advertising method in this type of small business.

You can also find multiple senior franchise options that will help you through the entire business process, but you'll have to pay fees to them and the startup cost will be higher.

Small Business Franchises

Small Business Franchises

Franchises are a great way to start a business. Their fees provide you with everything that you need, and most often it includes training as well as support. Some of the best types of franchises include event planning, mortgage firms, and senior citizens services.

Here are some great franchise options,

Complete Weddings + Events


With a start-up cost of just $10,000 in a $72 billion dollar industry, this franchise is a great option.

Franchisees will get all of the necessary training and ongoing support so that you can provide the bride and groom everything they need to relive their wedding for years to come - photographers, DJs, videographers, and lighting. They'll show you exactly how to hire these professionals and the best prices to charge for your current area.

Our #1 Business To Start: Local Lead Generation


Generating leads for local small business owners is one of the best business models and it doesn't matter your age.

It's one of the best businesses you can start for a number of reasons including low startup cost, virtually no overhead cost and you'll make a ton of money.

It's an internet-based business the only overhead costs are going to be hosting. You'll learn a free method of landing new clients.

Here's the best part there a huge demand for these services so you can have an unlimited amount of clients.

Every single business needs leads to survive. Unfortunately, most small businesses have no idea how to utilize the internet to generate these leads for these businesses.

But it's exactly why this business model is so lucrative.....and not having overhead costs makes it even better.

Your service makes your clients more money..... this makes selling it simple.

You'll build a website for a local company, get it in tip-top shape to get it at the top of the search engines and once the leads start rolling in you'll be able to charge a monthly price.

You set the price! You can charge per lead, earn a commission or set a monthly price.

These websites are earning between $500 and $2,000 per month and remember the costs associated with are super low.... maybe $30 a month for hosting.

That's all.

Imagine having 5 websites earning $1,000 per month....that's $5,000 per month with virtually no maintenance.

You can purchase hosting that allows you to host multiple websites. This helps you to save money, and keep the costs even lower.

Building multiple sites that you'll rent out to earn as much or as little as you want. Imagine renting out 10 websites that you rent out for just $500 a month. That's $5000 a month to do nothing.... and this is low-balling it.

This program is filled with payment proofs, real students giving their own video testimonials about their success and people that are willing to help you along the way earn the same income they have.

Here's one of the best parts about this,

Josh makes six-figures using this same business model that he's teaching you.

This isn't theory.

business lead generation

These are the actual steps that he takes to earn that kind of money and him and his team is taking you by the virtual hand and showing you how to do the same.

How Do You Find Small Businesses That Need Leads

It's pretty amazing just how simple this is. But it isn't always quick. You have to put in the work in order to find a business then build the website and land the client.

The first thing you're going to need to do is to find companies that need a website. You can do this by using Google search.

You can search for any type of company - electrical, plumbing, tree services or criminal defense lawyers.

Let's start with the search term "Criminal Defense Lawyer in Jacksonville FL" in Google,

small businesses

There are a ton of lawyers that don't have websites... there's certainly a demand for your services. This is actually perfect! It doesn't always happen like this, but when it does it's pretty amazing.

Now you'll start with the website design for Dale Carson Law. The reason you've selected that specific law firm is because they have the most reviews.

When building the website you'll implement SEO tactics that will get the website listed in Google on the first page. That's the reason the phone will be ringing.

After a few weeks, you'll find that Dale Carson's phone is ringing off the hook with leads. It's time to give him a call and let him know that you're the reason.

You'll give him a call to introduce yourself and ask how the leads were going and then tell him it's going to cost $X amount dollars every single month to continue getting them.

Simple right. By allowing that company to try before buying minimizes the need to sell. This is one of the most enticing aspects of this business.

90% of the time they don't want to lose out on those leads they got a taste of.

And here's the best part about this. There are two other companies that you can do this for if they said no thank you.

Finding companies isn't always so easy, it takes time so don't get disappointed if your searching for a few hours..... because it's going to worth it when you do.

You'll have a ton of customers to offer these services too. There are over 125 million small businesses out there, so there's no lack of potential.

small business owners

You're not stuck in your own town. You can help the plumbing company in San Diego when you live in Minnesota. I'm sure your head is flooding with a ton of ideas right now.... that's great!

There are tons of opportunities for you to make money. You just need to take the first step.

But I'm certain you're focusing on the facts that you don't know website design or have the slightest clue what search engine optimization entails.

Most people don't have these skills, but they are easy to learn..... and technology has made both possible for even the most unskilled.

We're about to share with you how you can learn everything you need to get started and begin making $10K, $20K or even $40K a month in less than a year.

How To Get Started With A Lead Generation Business

We found a program called BAM, that will walk you through everything that you need to know. From how to get clients, build your first lead generating site and how you'll get that site to the top of the search engines.

In just 8 months, one of the students went from $0 to $40K. He didn't have any website design skills.

Once you complete your first site you'll be able to repeat this again and again like a pro - building lead-generating websites for different local businesses.

There's no limit to how much money you can make. This depends on how many you want to build, how many companies you want to help.

There's a big demand and you're in total control.

It's your company and you're the one who is in control. Read that again.....

This program was created to help people just like you build with no experience build their own Digital Leasing Empire and earn a full-time income.

Here are just some of the things that you'll learn,

  • You'll learn how to purchase a domain name. (this will be a generic name not a business name)
  • How to build a lead generating site.
  • Uncover how to find keywords that people are using in the search engines.
  • How to automatically send lead notifications via email and phone.
  • How to get the company to buy without any sales pitches.
  • New business ideas that will help to grow your business

Plus, there's two live calls each week and you'll have access to 24/7 active Facebook group with people just like you. It's like your own personal team that is ready to help improve your chances of success. These people share their experiences and ready to answer any question that you may have.

Are you ready to start your own in-demand services helping local businesses get the leads they need to stay in business?

How To Choose The Best Business Ideas To Started

Best Business Ideas

When you are looking to start a business for the long haul it's important that you choose a business that has a demand, suits your temperament and lifestyle as well as allows your strengths to shine.

Let's take a look at some ways that you can choose the best small business that will fit into your life not become your life.

Let your passion be your guide


You've heard this plenty of times before. Building a business around your passion is the key to happiness with a business and to your success. While this can sometimes be the best option because you'll be selling products or services that you know and love. And in theory, this sounds great, but it's not always possible.

While there are some advantages to following your passion it's not always possible for you to be financially rewarded for it. But it will certainly make selling and marketing easier because you understand the customers. This helps with sales.

Make a lifestyle choice

lifestyle choice

Loving what you do is important, and if the business involves activities that you enjoy doing that's great. But you don't want to choose a business that is going to require you to spend long hours from now until you sell the business.

Owning your own business should offer you the freedom to live your life while earning the type of money you desire. You want to fit your business into your life, not make your business your life.

So when thinking about a business type, it's essential that you think about the day to day operations. How much time is required of you daily?

Will you have time to do the things that you love or will you be stuck in the office?

Choose a business that fits the kind of life you want to lead and doing things that you enjoy.

Be realistic


When your first starting a business it's important that you take your interests and expertise in mind, but it's not your only option.

Just because you have an interest in it or know a lot about it doesn't mean there's a market for it. You'll want to look at the trends and see if there's a desire in that market. If there's no customers then you're not going to make money. And there are some markets that don't have any money. this means that people aren't going to buy what you're selling even if they want it.

So be sure to take time to do your research.

What's your competition like?


The competition is going to be important this will not only determine your potential success but it will determine your advertising budget.

Now with that being said the fact that there are competitors is a good indication that this business opportunity has customers and the potential of being successful.

That's good news.

But if there's too much it will make finding success with your product or service harder.

So you can do one of two things. You can choose a different business opportunity, or figure out a way to differentiate yourself from the competition.

What risks are you willing to take?


Without risks, there is no reward, but at what expense?

There should be some level of adventure in your business opportunity when choosing a business.

You want to be creative, but not bold when it comes to products and services. This is especially true when you have a good amount of competition in the market. When there is potential for success there is a greater risk.

Let's take a look at franchises. When you purchase a franchise you reduce your risk, but you also reduce your earning potential. You're limited to your creativity because there are rules and regulations that you must follow. You're replicating an already proven business model and giving a percentage of your profits back to them.

Respect & Harness The Power of the Internet

the power of internet

The internet has helped millions of people build a business for far less money and much quicker than ever before. It's been a game-changer because of the resources and opportunities that you'd never have if building a brick and mortar business.

The downside is that you miss out on the cash in your hand, but you the ability to make far more money in your bank account far outweighs that.

You're able to choose from any number of business opportunities and learn any skill for virtually free that you'd need to learn such as web design, internet marketing, search engine marketing and social media marketing.

It's limitless.

You can reach more customers and make more money.... but there's also a higher number of competitors.

This is what makes local lead generation so great. There's virtually no competition because you can be local in any area even if you don't live there.


What Are The Costs?

business cost

You might have $20K to get started, but how much is it going to cost to keep your business running. It's likely that you're not going to make money instantly. This is what makes owning an online business so beneficial. The costs are low - internet access and hosting are often the only monthly fees.

You need to be sure that you have the money to keep your business afloat until you start getting clients.


questions for business

What business can I start with no money?

There are plenty of businesses that you can start with no money. It's important that you know that without money it will take longer to begin getting clients and making money.

Consulting, and freelancing

There are plenty of websites that you can bid on gigs, such as Upwork and Flexjobs, such as virtual assistant gigs, writing gigs, business consulting, editing and the list goes on and on. All that is required is a skill set of some sort.

These gigs don't often pay a lot.

Start a YouTube channel

youtube business ideas

There's not much you need to start your own YouTube channel. Cell phones today can take quality videos, and if you enjoy talking in front of a camera and have something funny, or educational to say why not share it with the world.

It's free, and once you reach 1,000 subscribers and obtain 4,000 watch hours you'll be able to make money.

Start a blog

business work space

There are free ways to start your blog, but with this method, it's best to use your own domain, and purchase hosting. These things are both fairly cheap and for under $50 for the year you can get started.

This takes time, and you'll need to know how to monetize your website with ad's and affiliate products to earn an income. You'll also need to know SEO to get listed in the search engines so that people can find your blog.

You can build your email list and promote affiliate offers to your list. You can put ads to promote a product that you use and earn a commission. There are many ways to earn money with a blog.

What are the hidden costs of starting a business?

costs of starting a business

No matter what type of business you choose, online or physical business there could be some sort of hidden fees associated with it. Let's take a look at some of the expenses that could be unaccounted for:

  • Creating an LLC or S-Corp – These costs of this will vary depending on where you live.
  • Business tax certificate – ADBA and business tax certificate will also vary in cost so it's important that you check your state’s business filing programs.
  • Business insurance – Not every business will need business insurance but depending on the industry it might be a good idea. Things happen and this will protect you from major financial trouble. You can check out CoverWallet. They have business insurance available.
  • App and software subscriptions – There's always some app or software subscriptions that you'll end up needing - whether it's bookkeeping or teleconferencing. This can be an additional $100 to several thousand.
  • Payment gateway fees – If you're using Stripe or PayPal to sell your products or services. PayPal charges a fee of 2.9% for online transactions plus there's an additional fixed fee based on currency.
  • Self-employment tax – The tax rate for self-employment is 15.3%.
  • Legal consulting fees – These fees can range from a couple hundred dollars up to a few thousand. There are some online services, such as LegalZoom and their services start at $79. the fees are generally higher with individual CPAs and attorneys.
  • Conferences and travel –  If you're going to be traveling for conferences then you'll need to have this as part of your business costs. You'll need to include the conference costs as well as the cost of transportation, hotels and meals, and other expenses associated with traveling.

You may have already included some of these fees into your expenses, but there are many fees that will not be accounted for until they creep in - such as contracts drawn up, logo created, web site built and marketing to get your business noticed.

How to keep the cost of starting a business low?

How to keep the cost of starting a business low

Doing your best to keep the costs of starting a new company as low as possible is important. Here are just some ideas for you to do that,

Free banking

Banking can come with hefty fees and if you don't pay attention there are hidden fees to keep your money safe. Be sure that you are taking your time to research the fees the banks are charging. Thankfully there are plenty of free business bank accounts.

Use book keeping software

book keeping software

Keeping track of your money coming in and going out is going to help to keep costs low and this is important. And if you choose a good one it will help to make your tax season less dreadful. Quickbooks is one of the best bookkeeping software on the market, and as your business grows it will grow with you.

Don’t forget to budget for your business

budget for your business

There are many free ways to budget your money. Using a spreadsheet in Google Drive to keep track of your budget will help you think about your purchases and help you stay within your budget.

Consider a business credit card

business credit card

Cash is always better, but a business credit card can help your business grow. We don't suggest getting a credit card if your not a responsible credit card user.

Using your personal credit card will make separating your business and personal purchases difficult.

There are plenty of great options for a business credit card with no annual fees and cashback offers.

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