Proven Top-10 business ideas and tactics by City Profit: Starting a business with 10k with Real World examples and without over-spending here and there. And yes, you can find a 10 step startup guide on that page too. So, where do you want to start?
This is the first stage of a startup. The major things to take into consideration when writing a SWOT analysis is external factors and internal strengths. For external factors you want to consider threats from your competitors, as well as analysis of key markets, limitations on resources and problems with distribution channels. But lets assume you don`t have a business yet.
When you build yourself up and/or analyze your skills on paper, you’ll be able to identify your true skills and capabilities. Keep in mind that it’s always a mix of both strengths and weaknesses.
For example, you have a good Math skills, you like systems and Excel PLUS you love football and know a lot about it. Maybe you can be a football analytic for bets business? Find 3-5 niches (drafts) on that stage, and don`t move forward until you done. that.
P.S.: You can use your business community or friends with their own succesfull businesses to help you out with that.
Now, you should open your Google and type in your specific niche keyword. How many results do you have?
Look for some competitors and opened every single link from page 1 of Google. So, does anyone need someone to work with? Is there any sellers or buyers?
After that, you may have a one or two niches on that stage now. And maybe you already fixed one of them, right? Titles and Services you see is a tip for men and women like you. When you start a business with 10K or less you have just one chance to make it right.
Now you may want to choose a smaller and more specific niche.
Now you may want to choose a smaller and more specific niche. Like you have a “Lawyer in Boston”. And your sub niche going to be “Lawyer for medical personnel”. Then you have a “Lawyer for people with disabilities”. You can even go so far as to say “Lawyer in Boston that specializes in DUI defenses”. Drill down.
Actually, this is a technique we use to make a first approval for Starting a business with 10k. You should too.
1) Summarize all of your starting / initial investment. And then, summarize all of your monthly costs. Keep in mind that you need to calculate only fixed costs. So it`s like the cost of ownership in conditions that you`re not selling anything, just spending (rent, sallary, etc.).
2) Write down your pricing strategy for your main product. Like you buying apples for 1 dollar per item, and selling them for 2.5 dollars. Your margin is 1.5 USD per item. But your tax rate is 30%, so your margin is 80 cents per item? etc.
3) Answer the question: “how many items should you sell to have a profit of 1k / 10k/ 100k per month?”
By the way, we can provide you with Free First Consultation.
Test drive your service business idea. Think of this as a risk-manager consultant. What would you say if someone says: “I`m starting a business with 10k only, and I need you pro-level advice… what risks am I getting? What can goes wrong?”
You’ve just discovered a service business idea that you want to get off the ground. But before you actually start working on this project, the first thing you should do is perform a PEST analysis. This will help you take a look at your potential competitors and customers – and how they are likely to respond to your idea.
Let`s do more. Lets make a PEST LEED analysis.
Every letter is a word.
P – political risks
E – economical risks
S – social risks
T – technological risks
L – law-related risks
E – ecological risks
E – educational risks
D – demographical risks
For example, Edu-risk. It`s when you make a Web Design with old-school HTML. But there is competitor with WordPress skills. If you will not learn – you`ll be out of business soon. They do websites much faster and these sites are easier to manage. And it`s cheaper.
So, try it before starting a business with 10K. No problem here? Great! Let`s move on!
Your business idea has changed from stage 1 of our startup guide, right?
Find as much keywords as you can that are related to your business.
If you`re accounting firm, then keywords can be “accounting software classes”, “accounting tax preparation”.
If this keywords has a big Volume (monthly searches in Google), then you better find a way to integrate this SERVICES into your product line.
We`re in a business of real-world business development projects for 12+ years. With perfect record by the way. And one thing we know for sure. It is always about pricing and product line.
Perfect product line always looks like this:
A – sell it one time and you have enough to feed your team and family for a year
B – your regular product (like average sale)
C – very unexpensive product, like 7 or 9 bucks.
R – recurrent service
Don’t do anything before you develop this kind of product line. It is crucial for starting a business with 10k or less. You must be profitable soon to keep your money in a pocket. We can help with free consultation.
So, you have pricing and startup costs. Now you need to plan your sales funnels. How many foot-traffic or online traffic you can get?
How your interest ratio and conversion to a buyer going to look like? Make it as a calculator in Excel or Google sheet. And approve these numbers with some facts, statistics, or from a business development experts and sales / marketing consultants.
This is the way to find out about your expected earnings and real costs of offline or digital marketing. Successful business is all about good business plan. So yeah, you always need numbers in your laptop.
This is a stage when you`re opening your phone contacts and start searching for the most related to your great business idea person. Once you find one – call him and say some like that:
“Listen I have a local business idea and its all about electric car service, can I talk to you about it? You`re the only person I know that in a car business. And YES, I know that you`re not selling EV-s, but maybe you can help me with advice about that market? I need that info, cause I`m a newbie”
This is how you`ll get a proper networking (“Ok, thanx for your time today, can you refer me to someone else too, so I can find out more?”). Make 10 visits per week. You`ll be surprised of pre-sale results.
This is how you get your pricing and product-line updates (“how much do you think it can cost?.. Oh realy? why is that?”)
And this is how you get realy hot clients (everything they say to you – is an offer! like “do that with your product line and I`ll be your customer”).
Now, you need:
1) Website (Funnel or Ecommerce)
2) Facebook / Instagram / LinkedIn pages
6) Google My Business page
7) PDF`s for your potential customers
8) Calcs, CRM and Task-management (or everything in Google Sheets for now – its your choice)
9) Basic Sales scripts for you or your sales person (FAQ for your clients basically)
And YES, you can do it all by yourself!
Starting a business with 10k can be easy with partners like us.
Some of these business ideas you can operate from your home. Some you can start part time. And most of them you can scale FAST. Starting a business with 10k can bring you the same amount of money, your colleagues can have with mid-size enterprise.
Just have a look at key-factors you need to keep in mind.
Main Idea: buy stuff – sell stuff. Simple as that.
Problem: Business Model is very important. Find a supplier that can deliver goods on time and with wholesale pricing that can bring you enough margin to evaluate your business.
Main Idea: find a person who`s selling a house, make a house more appealing and preparing for the real estate market.
Problem: Networking and Paid Ads is the gold here. So, you`ll need to have a money in your pocket for your beautifull Ads (with your face on it). Plus – a very good, PROVEN decoration, home-design and communication skills.
Main Idea: find a person who`s buying a house, invoice him for your services (houses inspections). He`s going to pay you for every house he`s going to buy or rent.
Problem: Starting a business with 10k may sounds like easy-peasy. But this time – competence and Paid Ads is the gold here, again. So, you`ll need a very good house-maintenance skills PLUS budgets for the Ads. So be ready to have enough money for budgeting your marketing.
Main Idea: find a product / service / software that is legit and known by YOU and your community. Find a way to promote your dropshipping business. Have a affiliate bonuses from every item you`ve sold.
Problem: You must be a descent youtuber / influencer, or creative SEO-specialist, or very good at Facebook / Tiktok / Instagram / LinkedIn Ads. If you`re not experienced enough you may have a money loss just because Ads are pricey. And yes, this is not your product. If it`s gone – your business is gone too. Generating business ideas is a crucial competence for you.
Main Idea: create a product line without pricing at all. Make a degustation party with anonyms voting about what’s good and what’s wrong with visual, naming or is it taste good. Edit your product line and make a descent pricing. Sell it in your city. Your first clients can be schools, cafe`s, small business owners.
Problem: You have to be very confident on your product (is it looks / tastes good enough to make a recurrent pricing plan?). Is it cheap or pricey? How many clients can you handle per day without going mad about it? How many clients you MUST have to have a 10K/month (for example)
Main Idea: Be a niche photographer / Artist. Sell your services in your city, for the people or for the business owners. Be as unique and as niche oriented business as possible (be profitable as well).
Problem: Deeper niche is always less markets to buy from you. Initial investment can not be cheap when you go with pricey services or Art.
The Way of starting a business with 10K:
Main Idea: Be the one who understands every social media platforms algorythms, who writes a sales copy and has a good taste in designing for social media. Business owners loves that.
Problem: Your (or your clients) posts should have at least 10 reposts, and you have 10 leads from every post you made on average, to start that kind of business
Main Idea: Business owners want some outdoor activities to manage. You have a catalogue of events you can handle (business trends says it can be in PDF format).
Problem: this is not a small business! You`ll need a pro-team (account, decorator, animators, maintenance manager / technician, buyer) and a bigger ammount of initial investment on instruments, decor, ads. In a year or two you`ll going to need a business expense reduction consultants.
p.s. Accepting credit cards can bring you a lot of upsell (think now!) during outdoor activity itself.
Main Idea: Your business plan is simple. Business owners needs a perfect team for their business, you can find right people.
Problem: small business that needs to find a way to be cheaper then “others” and your HR system must be perfect, so people will not leave the clients job in 2 month`s.
Main small business Idea: be the one who`s writing skills is soooo good, that everyone of your target business-clients want to work with you. And you only!
Problem: you must be in love with copywriting. Can you write about your target businesses freely? Can your texts bring leads / brand awareness fast? Does your small business have a new team members onboarding process for scaling fast?