Entrepreneurs with limited capital should focus on service-based business models.<\/p>\n
Opinions expressed by Entrepreneur<\/em> contributors are their own.<\/p>\n It doesn\u2019t seem like that long ago when The Lean Startup <\/i>by Eric Ries<\/a> took the world by storm.\u00a0The\u00a0book gave average people like me hope.<\/p>\n It showed me and\u00a0people across the world that is was possible to start a business<\/a>, regardless of circumstance.<\/p>\n It\u2019s been almost a decade since The Lean Startup<\/i> was released, but the hope it instilled and the lessons it taught still live on today.<\/p>\n Thousands of people\u00a0ask this question every day:\u00a0What is the best business to start with little money?<\/p>\n I wanted to share what I believe should be your top three\u00a0choices if you are attempting to start a business but have little capital to back it up.\u00a0Here are the three\u00a0best businesses to start with very little money.<\/p>\n Note\u200a: All of the\u00a0below are service-based businesses. These typically have the lowest overhead,\u00a0making\u00a0them perfect candidates for people with little startup capital. Each of these businesses will likely require you to challenge yourself and learn new skills. It\u2019s difficult, but not impossible. Welcome to entrepreneurship<\/a>.<\/p>\n I\u2019m sure you have seen this one a hundred times. There is a reason:\u00a0not only does it have low overhead as mentioned above, it also comes with higher-than-average profit margins and a massive customer base. This business does require training, but not necessarily an advanced degree. Expert tip\u200a \u2014 \u200awork one tax season with H&R Block. They will pay you to go through their training programs, which are amazing, and you\u2019ll learn everything you need to know to get started with this business.<\/p>\n This is another business that has a large customer base and good profit margins. It will require some training, but there are a large number of courses on websites like Udemy<\/a>, and even free tutorials on YouTube<\/a>. This business makes the list simply because as an entrepreneur, these are skills that will set you up for success in\u00a0every project and business venture<\/a> you\u00a0take on. Embrace the learning<\/a> experience and enjoy the ride.<\/p>\n This is one of the hottest topics in business today. Businesses have realized the value of having quality social media accounts across the board. If you can learn to create quality content, grow social accounts and drive traffic with those accounts, you easily have a six-figure business on your hands. Expert tip\u200a \u2014\u200a start by focusing on and learning about one social media platform. Once you have a system in place that works, start offering the service. This allows you to start bringing on customers and earning while you are learning. This is another entrepreneurial\u00a0skill\u00a0that will set you up for long term success.<\/p>\n These three opions offer a\u00a0combination of low overhead, large customer bases, high profit margins and valuable entrepreneurial skills. They can thrive with very little startup capital, and should be at\u00a0the top of every entrepreneur’s\u00a0list.<\/p>\n When you have an idea or\u00a0passion for a business \u2014\u00a0but little money \u2014\u00a0ask yourself these questions before committing.<\/p>\n 1.\u00a0\u00a0 \u00a0Is this a service-based business? If you can\u00a0answer these questions in the affirmative, you have a viable business idea \u2014 one you can possibly get off the ground with little startup capital.<\/p>\n<\/div>\n<\/div>\n1. Tax, accounting and\/or bookkeeping services\u200a require little capital<\/h2>\n
2. Web design, graphic design and\/or Search Engine Optimization<\/h2>\n
3. Social media management and growth services<\/h2>\n
\n2.\u00a0\u00a0 \u00a0Does this business have low overhead?
\n3.\u00a0\u00a0 \u00a0Are there a lot of people who need this service?
\n4.\u00a0\u00a0 \u00a0Are the profit margins acceptable?
\n5.\u00a0\u00a0 \u00a0Does this venture provide a skill that will benefit me long-term as an entrepreneur?<\/p>\n