You’ve saved and scrimped your way to $50,000 in savings.
Having aspirations of leaving your 9-to-5 and becoming an entrepreneur, your future is looking brighter than ever.
But, in today’s volatile market, what are the most outstanding businesses to start with $50,000?
I’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 are worth it for you.
Alright, so Best Business To Start With $50k doesn’t exactly fit into a nice category.
At the end of the day, starting a business is a… unique way to think about making money.
It’s certainly possible to make money with off-the-wall businesses like this, but unless you’re interested in taking years out of your life to experiment with an unproven business model, I would look elsewhere.
My #1 personal recommendation if we’re talking about starting a fully-online business has got to be the Lead Generation & Ad Agency business models.
There are a handful of programs that teach you the ropes, but my #1 choice that combines both of those business models into one is the Digital Landlords program
But, if you’re hard pressed to jump head-first into an off-the-wall business model, let’s continue on to my full breakdown of Best Business To Start With $50k.
What Is The Best Business To Start With $50k?
Starting a business sometimes necessitates putting up a substantial sum of money upfront. Capital investment is what we’re talking about here. At times, this might be a challenge.
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’s 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 operating 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:
Our initial venture into business is in consulting.
Wikipedia defines consulting as “the practice of providing expert advice in a particular field, such as business, education, law, regulatory compliance, human resources, finance, health care, engineering, science, or security.”
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’re unlikely to be able to clear a city block in a bound.
However, you may be seen as a superhero if you can assist and maintain company owners’ computer systems and related equipment.
Employers prefer computer science, information science, or a related field.
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
There will always be taxes to pay and books to retain, no matter how digital or automated our society gets.
Despite the belief that accounting services are on the verge of extinction, this $83.1 billion industry is predicted to grow at a 2% yearly rate until 2022.
Virtual adjustments give up many chances for individuals with an eye for numbers and a willingness to adapt, but there will be changes in how methods and processes are carried out.
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
The fashion industry increased at a pace of 21% between 2016 and 2020, with a CAGR of 3.5-4.5% projected in 2022.
Fashion and “feel-good” product lines are at the top of people’s shopping lists when the economy improves.
A minimal initial investment of $2,000-$5,000 is required to start a fashion advising/consulting business.
You’ll need to invest more money as your business grows.
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 various ways, including online, from home, or on 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% between 2018 and 2026.
In 2022, online tutoring is predicted to rise at a rate of 4.1%.
6. Makeup Artist On The Go
The cosmetics market in the United States is now worth $93.5 billion and is predicted to grow at a 3.5% annual pace between 2020 and 2023.
Makeup artists and freelancers have many opportunities to build their businesses as the market expands.
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
By 2026, this $500 billion+ industry is expected to grow by 7% to 11%, with an average annual salary of $56,000-$75,000+.
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
The real estate market is likely to grow as more Americans purchase houses.
Real estate appraisers use data, legal descriptions, photographs, and inspections to assess the worth of properties.
With a projected growth rate of 7% between 2018 and 2028, demand for this position is rising, and it’s 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 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’s 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 financial search 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 on the proper route for a loan.
Grants are far more challenging to obtain in the for-profit sector (most grant money goes to NGOs). However, small business grants are still 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 successful 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 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 immediately.
Thus, I recommend 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?
Are There Alternative Business Models?
Yes, there are plenty of other business models to choose from if you want to pursue making money in 2022. Here are just a few:
What Is My Top Recommendation For Making Money In 2022?
Alright, time for me to get real with my lovely readers for a moment:
I’ve personally tried all of the major online business models:
- I’ve sold fidget spinners through Amazon FBA
- I’ve drop-shipped a toilet bowl putting green on Shopify
- I’ve sold women’s health supplements via Clickbank affiliate marketing
And I made money with all of them, so trust me when I say: there is no “perfect” business model.
THAT BEING SAID: I would at least recommend you implement something that is tried and true, because I’ve seen TOO MANY people (including friends and family) get burned by stuff like Best Business To Start With $50k.
They come out of left field with some random idea, make it seem attractive, and then make themselves a quick buck by luring in unsuspecting people.
I’m not saying Best Business To Start With $50k itself is a piece of trash, I’m just saying you need to be very, very careful.
This is a big reason why I only recommend proven, tried and true business models, like Lead Generation & Ad Agencies.
There are a bunch of programs out there that teach you those skills, but my top choice is the Digital Landlords program.
Why? It has proven leaders with their own 7-figure businesses implementing exactly what they teach you.
I’ve also got over a dozen personal friends in there, so I feel comfortable telling you it works.
Whether you’re a complete newbie, or you’ve been around the block before but have never had that “big win” to propel you forward, their program works.
1)Time: If you’ve got a spare hour or two each day, you can do this. If you want to drop everything and go all-in, you can do this. More time obviously means faster results, but even putting in a few hours per day is enough to see real success.
And because of that flexibility, you don’t need to trade your time for money. Once the income starts, it’s recurring (for the most part).
That means you can take a month off, travel the country, pursue a passion project, chill on the beach, or charter a boat across the world.
But you can only do that once you’ve created an income stream that doesn’t require YOU to be there all day, every day.
2)Big Margins: With most businesses, you’re often going to have really slim margins. That means you need to hit a serious scale to make serious money.
Being a Digital Landlord, your profit margin is nearly 100%. Watch here to learn how.
Just a reminder: these Digital Rental Properties are worth (at a minimum) $500/mo in semi-passive income. And each time you create another one, your income increases, and the effort to create the next property decreases.
Best-case scenario, you have properties bringing in over $3,000+/mo on “auto-pilot.”
3)It’s Effectively Copy-Paste: Here’s my favorite part: once you have your first Digital Rental Property up, you can literally copy-paste another version of it and find another willing “renter” in a few days. DOUBLING your income doesn’t get much easier than that…
If you wanted to double your income with Best Business To Start With $50k, you would need to exert time and effort. And I can guarantee you that’s a lot harder than a few clicks & a phone call.
4)You’re Helping REAL People: My biggest gripe with Best Business To Start With $50k is that you’re basically only helping yourself.
But when you’re a Digital Landlord, you’re helping solve REAL problems that people are ASKING for help with:
Small local businesses around the world need one thing: customers. Without them, their business would fall apart. If you can provide those customers, they’re going to be really happy – and they’re going to pay you for it.
You’re helping a struggling mother or father put food on the table for their families, put their kids through college, or simply live life a little bit more comfortably.
Having this type of impact on the world is what will help you sleep soundly at night.
So, the rest is up to you. You could keep looking at other off-the-wall business models like Best Business To Start With $50k and maybe hit it big one day.
You could keep researching and researching for the next few months (or few years), never making a concrete decision.
OR, you can look deep inside, think about those dreams, hopes, & desires, and make the decision to ACTUALLY make it happen, just like it has for thousands of other students before you.
Making a fortune while actually helping real people that need it.
If this sounds like you, click here to see how it all works.