Starting a business is not an easy task especially when your budget is $50k. With this amount of budget, you must find a business idea to start with 50k in today’s unpredictable economy. Not all good business idea requires spending lots of funds. You have to do a lot of researches to find a suitable small business idea that you can start with $50k.
A study shows about 80% of new businesses close down in the first year because the entrepreneurs chose the wrong business idea. Here are some demandable business ideas that you can start with $50k like consulting firm, food truck business, IT firm, coffee shop, Ice-cream stand, accounting service, currency trading, photography, yoga studio, daycare, pet business, agriculture business, and many more.
After hours of researching with itemized cost analysis, projected growth rate, and gross profit margins below I have discussed a few business ideas to assist you in launching a business with $50k.
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List Of Business Ideas To Start With $50k
1. Consulting Firm
2. IT Firm
3. Bookkeeping & Tax Services
4. Event Planner
5. Real Estate Appraiser
6. Mobile Pet Grooming
8. 3D Printing and Print on Demand
10. Food Truck
11. Fitness Boutique
Usually, a consulting firm provides expert advice in a particular area such as business, education, law, human resources, marketing, finance, health care, engineering, science, security, and other fields. If you are an expert in a particular field and you have education and credentials to back up your skills then you can start your own consulting firm. In the USA, the demand for consulting firms is very high and this industry has seen an annual growth rate of 5.2% in the last five years. You can start a consulting business for $10,000-$50,000 depending on whether you would conduct your business online or from your residence. The average salary of a consultant is $80,000-$100,000+/year. So, if you have the skills to solve people’s problems then you have great potential to generate a handsome income for yourself.
If you have the knowledge, skill, and experience to provide business owners with assistance and maintenance for their computer systems and hardware then you can consider opening your own IT firm. It is also a highly demandable industry and you can earn an average yearly salary of $50,000-$150,000+. Depending on the circumstance you may require an initial investment of $12,000-$28,000. The budget includes necessary equipment, liability insurance, and transportation. If you have a plant to hire additional stuff then you will need to calculate and add salary and supplementary expenses to the budget. It is said that the global IT industry will grow at a rate of 13% in 2021. So, this is an excellent small business idea that you can start with $50k.
Bookkeeping & Tax Services
No matter how digitalized we become, there is always be taxes to pay and books to be maintained. So there will always be a demand for bookkeeping and tax services. It’s an $83.1 billion industry and the projected growth rate is 2% in 2020. In this business, you will have versatile options like you can provide direct service or offer virtual assistance for your clients. The startup cost will depend on the structure of your business. You will require a minimum of $2500-$25,000 to cover the business expenses that include insurance, computer programs, high-speed internet, telephone access, website hosting, and business cards. The cost also depends on whether you will conduct your office from your home or rent a commercial space. The average salary of a professional in this industry is $38,000-$48,000+/year but if you freelance or contract your services then you could charge more.
This is a $500 billion+ industry and this industry is expected to grow by 7%-11% by 2026. Moreover, the average salary of this industry is $56,000-$75,000+; so if you are planning on opening your own business with a $50k budget then consider opening your own event planning business. You would need an initial investment of $8000-$30,000+ to cover the rent, equipment cost, inventory, license, marketing, advertising, salary, etc. Before you make your final decision you should consider a few fundamentals:
1. What is your niche?
2. Who is your ideal client?
3. Can you offer a unique perspective?
4. Are you considered an expert?
5. How will you market yourself and your company?
6. What will you charge?
Real Estate Appraiser
This is another excellent business idea that you can start with $50k. This is a growing industry and the demand for real estate appraisers is on the rise. The main role of a real estate appraiser is to assess property values using data, legal descriptions, photography, and inspections. It is expected that this industry will grow with a rate of 7% in 2018-2028 and it is the most dominant in active real estate markets. You can start your real estate appraisal company with an investment of $5000-$50,000. The initial investment will depend on how large you intend to scale your business. If you are planning on working from the home then the cost will reduce. Your initial investment cost includes education and licensing fees, insurance, rent and utilities, bookkeeping software, security system, marketing expenses, branding materials, staff salaries, etc.
Mobile Pet Grooming
In the USA, people have a special soft spot for their pets and they are more than happy to spend money on their fur babies to ensure that they look and feel good. So mobile pet grooming is a rising business and it is a great solution for situations where pets hate to travel or are too old or sick to go to the groomers. For this business, you will need an initial investment of $10,000-$50,000 depending on what types of equipment you are planning to buy as well as your transportation. This industry is expected to grow at a rate of 1-4% in 2020 it surely is a profitable industry. A study shows that the average gross earnings for a mobile pet groomer are $75,000-$100,000/year.
If you want to open an electric business then you have to consider an initial investment of $5000-$25,000+. The investment includes schooling, certification, licensing, and insurance. The cost will also include the expenses of necessary equipment, tool bag, vehicle, and marketing. This is a very demanding industry and it has a value of $183.9 billion with an estimated growth rate of 2.2% in 2020. The average salary of a professional in this industry is $96,000+/year but if you freelance or contract your services then you could charge more. So it is quite clear that an electrician business is not only profitable but also a worthwhile investment.
3D Printing And Print On Demand
3D printing is considered as the future of the printing industry and it has a value of $49.74 billion and it is expected to go rapidly by 25% from 2018-2025. This industry will grow rapidly thanks to technological advancements, decreased costs, and innovative applications. All these researches and statistics suggest that this business is an excellent option for a $50k budget. Moreover, it is a great business plan for tech-savvy individuals. What will be your initial investment depends on a few things. However, you should prepare for an initial budget of $10,000-$50,000 for a small to midsize company. If you are planning on working from home then you will be able to minimize start-up costs by eliminating the rental cost.
Everyone loves homemade baked goods, right? So starting your own bakery is a great business plan for people who have a limited budget. This industry in the USA is valued at $423 billion so it indicates the demand for this business. Moreover, it is expected to grow at a rate of 1.5% from 2020-2023. Statistics show a retail bakery can earn an average of $18,000-$57,000+ per year. So if you want to plan a bakery then you will have to take preparation for an initial investment of $10,000-$50,000. This budget is suitable for small to mid-sized bakery.
This type of business is very popular among young people and people with a limited budget. This type of business allows chefs, cooks, or individuals with knowledge of cuisine to have their own place without the exorbitant start-up costs of a restaurant. This industry has a $1.1 billion market in the USA and it is expected that this industry will grow at a rate of 7% in 2020. Many business experts considered this business plan as a potential income-generating powerhouse. You might need an initial investment of $50,000-$75,000 for a new vehicle with a chassis. You can also consider buying an old or running food truck and in that case, you might need an investment of $35,000-$50,000. Statistics show a food truck business can earn an average gross of $300,000+ annually.
World’s largest health and wellness market is in the USA and it is valued at $39 billion and it is increasing at a rate of 4.5%. Fitness Boutique encompasses 40% of the health and wellness market so it is quite evident that Fitness Boutique is a great business plan. Usually, the fitness industry is very competitive so your Fitness Boutique needs to stand apart from others. The initial investment required for Fitness Boutique is $20,000-$50,000. The budget may vary depending on the competition and decoration of the Fitness Boutique. The gross profit for Fitness Boutique range from $40,000-$100,000+/year.
$50k is not a small amount of money and it can offer numerous possibilities when you are planning on opening your own business. With proper planning and the right business idea you can establish financial freedom and the ability to become the boss of your own world. Finally, I hope the above list has helped you find the best business businesses to start with $50k.