You’ve scrimped and saved your way to $50,000.
With dreams of quitting your 9-to-5 and becoming an entrepreneur, your future looks bright.
But, in today’s volatile market, what are the most outstanding businesses to start with $50,000?
We’ve done the research & identified the best businesses to start, including cost analysis, anticipated growth rate, and gross profit margins, to help you get started on your entrepreneurial journey.
This review will go over several businesses to see if it really is the best course for you to take.
You’ll learn whether these businesses is worth it for you.
But most importantly, you’ll see the exact system many others have used to build their own internet marketing business to over $40,000 a month in mostly passive income.
This system made them swear off traditional businesses for good, because it uses some of the same skills but in a much more powerful and profitable way!
Table of Contents
What Is The Best Business To Start With $50k?
When starting a business, it is sometimes necessary to invest a significant amount of money. This is referred to as a capital investment. This can be difficult to achieve at times.
However, one can make a budget and save some earnings. It isn’t only about money; there are other aspects to consider, such as patience, target market, and a variety of other things. You can also buy a failing business and turn it into a lucrative business. Buying an existing business works for others as it is easier. For example, a food truck business will have everything laid out, you just need to hop in!
Numerous well-known and simple businesses under $50,000 have been in operation for some time and are making considerable money. Working from home online and utilizing your resources can help you save money on your investment.
If you have all that money and don’t know where to start, check these best small business ideas:
Consulting is our first business idea.
According to Wikipedia, a consultant is a professional who offers expert advice in a specific area such as business, education, law, regulatory compliance, human resources, marketing, finance, health care, engineering, science, security, or any of many other areas specialized professions.
While schooling and certifications are advantageous, they are not required if you consider yourself an authority in a specific sector.
What matters is that you can answer the following questions:
- Can you provide a unique point of view?
- Are you regarded as an expert?
- Who is your intended audience?
- Is there a demand for your service or product?
- How are you going to sell yourself and your brand?
2. IT Support Specialist
You likely can’t leap tall buildings in a single bound.
However, you may be seen as a superhero if you can support and maintain business owners’ computer systems and associated gear.
Employers prefer a bachelor’s or master’s degree in computer science, information science, or a similar discipline.
If you have the experience and information to back up your business, you might earn an average monthly salary of $50,000-$150,000+.
3. Bookkeeping & Tax Preparation
No matter how digitized or automated our society becomes, there will always be taxes to pay and books to keep.
Despite concerns that bookkeeping services are a dying trade, this $83.1 billion business is expected to increase at a 2% annual pace until 2022.
There will be changes in how practices and processes are carried out, but virtual adjustments open up a plethora of opportunities for those with a keen eye for figures and a willingness to adapt.
Your business structure will determine launch expenses if you offer virtual or direct services to your clients.
To cover expenses like insurance, required computer programs, high-speed internet, telephone access, website hosting, and business cards, you will need at least $2,500-$25,000.
4. Fashion Consultant
From 2016 to 2020, the fashion sector grew at a rate of 21%, with a CAGR of 3.5-4.5 percent expected in 2022.
People are spending more money on consumer goods as the economy improves, and fashion and “feel-good” product lines are at the top of the list.
A minimal initial investment of $2,000-$5,000 is required to start a fashion advising/consulting business.
As your business grows, you’ll need to invest more money into it.
If you have the intelligence & patience to teach youngsters or adults, you should look into the tutoring industry.
You can start a tutoring service in a variety of ways, including online, from home, or from a business site.
Consider that the private tutoring service industry is worth more than $100,000 million and is anticipated to grow at a CAGR of 7.1 percent between 2018 and 2026.
In 2022, online tutoring is predicted to rise at a rate of 4.1 percent.
6. Makeup Artist On The Go
The cosmetics sector in the United States is worth $93.5 billion and is expected to increase at a 3.5 percent annual rate between 2020 and 2023.
A growing industry brings a plethora of prospects for makeup artists and freelancers.
Starting a mobile makeup business is not only an exciting undertaking, but it also has the potential to be quite profitable.
A makeup artist’s annual salary ranges from $34,000 to $120,000+, depending on their expertise and geographical region.
7. Event Coordinator
With an average yearly pay of $56,000-$75,000+, this $500 billion+ business is predicted to increase by 7 percent -11 percent by 2026.
If you’re thinking about starting your own event planning company, here are a few basics to keep in mind:
- What is your area of expertise? (If you want to be portrayed as an expert in a specific field, dial down and get specific).
- Who is your ideal customer?
- How are you going to sell yourself and your brand?
- How much will you charge?
8. Real Estate Appraiser
As Americans continue to buy homes, the real estate market is expected to increase.
A real estate appraiser’s job is to determine property values utilizing data, legal descriptions, photos, and inspections.
With a projected growth rate of 7% between 2018 and 2028, demand for this position is on the rise, and it is most prevalent in busy real estate markets.
This post includes connections to online educational options as well as further information about the function of a real estate appraiser.
Depending on how large you want to develop your business, you may start a real estate appraisal company with a $5,000-$50,000 investment.
9. Home Care For The Elderly
Elder home care is a $294 billion market that is predicted to expand to $300 billion by 2022, with a yearly compound growth rate of 8% by the end of the year.
More than 50 million seniors in the country have health concerns, restricted mobility, and little familial assistance, necessitating in-home care.
As the population grows, more in-home care services will be required, indicating that now is an excellent time to start an elderly care business.
10. Mobile Pet Grooming
There is no doubt that people adore their pets. Americans are willing to spend money on their pets to keep them looking and feeling good.
What if your pet despises traveling or is too old or unwell to go to the groomer? Pet grooming on the go.
Plan on spending $10,000 to $50,000 on car equipment, in addition to your “spa” tool kit, business insurance, and any state licensing needs.
How To Finance A Small Business
Perhaps you already have $50,000 in the bank, or you’re hoping to raise that amount (and more) upfront. In any case, it’s critical to understand small business financing because it’s essential to expanding a business (even if you don’t need the extra cash to start one).
The two most popular types of financing are loans and grants when you start business ownership. Loans are money that must be repaid, whereas grants usually are not required to be repaid. Investors may also purchase a stake in your company, providing you with capital in exchange for a portion of the profits.
According to small business expert Len Briskman, the ideal location for small business owners to begin their search for finance is their local bank (the one where you already have a checking or savings account).
Your local bank already knows you and can assist you in evaluating your business plan and pointing you in the proper route for a loan.
Grants are far more challenging to obtain in the for-profit sector (the majority of grant money goes to NGOs), but there are still small business grants available, particularly in places seeking to increase economic activity.
Grants can be found at Grants.gov or by Googling “small business grants” plus the name of your city or state.
3 Steps To Launching A Profitable Business
As you can see, the most lucrative enterprises are diverse in terms of industry, time commitments, and initial expenses.
Having said that, regardless of which most profitable company idea you choose, there are a few things you’ll need to get your venture off the ground.
Thus, if you’re still in the planning stages, you can use the following three steps to get started:
Step 1: Come up with a great idea and do your research.
A good idea is the foundation of any business. Meanwhile, to make that idea a reality, you must conduct a study to ensure the concept’s viability.
Before you get too far into it, go through an idea validation process that includes market and competitor research and financial feasibility analysis. The initial step in this approach will be to consult this list of the most profitable businesses.
Step 2: Get organized & make it official.
When you’re certain you have a decent idea to work with, it’s time to plan out the business’s logistics with a well-written business plan. When you’re sure that you’ve got everything on paper, you’ll want to take the necessary measures to make it official.
This includes selecting a business structure, obtaining an EIN, registering your “Doing Business As” name (if needed), and obtaining the business permits and registrations required for your particular business to open its doors.
Step 3: Obtain the necessary financing.
A thriving business requires finance to grow, and startups are no different. However, as a young company owner, you may find it difficult to qualify for standard business loans straight away.
Thus, I recommend that you begin funding your first growth with a business credit card. Not only will you be able to qualify for a credit card more easily than a traditional business loan, but you’ll also be able to establish your business credit history.
You can also take advantage of interest-free 0% introductory APR periods (basically, a free loan), and earn perks and rewards as you spend.
Can You Make Money When You Start Your Own Business?
Of course! Why would you hop into it if you couldn’t?
What Is My Top Recommendation For Making Money In 2022?
Our review team has come across a program in the real estate industry that is next level!
Although it’s not real estate in the traditional sense, it’s all digital.
Where traditional businesses fall short is in profitability.
You can’t realistically expect to be able to make any REAL passive income when you’re working a brick and mortar?
But what if you leverage it?
With this digital real estate program, you can have the ability to completely walk away from manual labor!
Sound too good to be true? Of course it does! But it isn’t…in fact, business owners wish they had this skill!
All you have to do is build and rank a website and forward the jobs off to a business owner in town, you could even email it to them!
This works for literally any service based business, tree service, plumbing, towing, etc.
How do you get paid and how much?
Simple, after you forward the jobs off to a business owner and he makes some money off of them, you simply ask to make the deal beneficial for each other.
A fair price to charge per lead, depending on the industry is 10-20%…let’s just use the tree service industry for example and go by worst case scenario.
Let’s say you build and rank the site and only 20 jobs a month come in. The average tree service job is anywhere from $500-$2000!
That means at bare minimum you have an asset worth $1000 a month!
See why they call it digital real estate now? That’s a rent payment.
The great thing is how easy it is to scale. You don’t have to answer the phone…all you have to do is get the phone to ring.
Remember businesses and all the small profit margins?
This one actually allows you to collect that without working in a brick and mortar business all day. Truly passive income!
The training program takes making money online to a whole other level. The owner of the program walks you through how to build and rank a site hand in hand, with the occasional voice over when he is sharing his screen.
You will learn the importance of keywords, website name, how to send call notifications via email, backlinking, etc.
Once the training program is completed you will also have access to a Facebook group where you can ask questions and be in a community with others on the same journey as you.
Unlike traditional businesses, where you have to keep trading your time for money over and over…. You can finally get on the financially free side of life. A business will always want more leads and another job. In fact it doesn’t even matter that the job isn’t coming from their website name…they see it as it is…expanding digital real estate.
Unlike traditional businesses, more people have been able to become financially free as well.
Digital real estate allows you to have passive income with most of your day being spent OUT of the brick and mortar landscape.
Now, I know you probably have tons of questions… So, check this out to learn more.