Are you looking to start a new business this year? Curious about a profitable business that fits your budget? This article is for you if you answered yes to any of these two questions. Here, we’ll explore the five best businesses you can start with $10k or less as an African American. From service-based businesses to product-based ideas, discover how you use your available resources to build a successful business.
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E-commerce Business
Most people enjoy the convenience of shopping from the comfort of their homes these days, so there’s no better time to start an e-commerce business than now. The best part is that you can launch with less than $10k.
You’ll invest the majority of the money in inventory. Then, keep a small portion, usually around $1,000, for building your e-commerce website or other necessities.
No need to spend much on branding at the early stage of your black-owned business. You can always iterate your website and other things once you start receiving and fulfilling orders. Check out these guides on Amazon to learn how to start and run a successful e-commerce business.
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Hair Styling Business
While the cost of hair styling school varies depending on your chosen course and location, you can still make the business work with $10k. With $10,000, you can learn hair Styling, rent a studio, and buy the essential tools you need to run the business successfully.
After setting up your business place, the two most important tools you’ll need to succeed are consistency and rewarding word-of-mouth referrals. In addition to word-of-mouth marketing, you can also take advantage of social media. You can do this by sharing images and videos of your work on those platforms.
Online Marketing Agency
If you have experience in online marketing, you can launch your own digital marketing agency with $10k or less. A marketing agency, the services you can offer include paid advertising, social media marketing, graphics design, and content creation.
The two things you’ll likely spend money on when starting an online marketing agency are a website and tools like Semrush (for SEO) and Buffer (for social media management). Having a physical office is a thing of choice. You can decide to run your brand fully remote.
Getting started is easy. You just need to register your business, set up your website, create a pricing structure, and begin to market your business. Depending on the number of clients you have to deal with, you may need to hire other digital marketers.
When hiring you have two options – to hire freelancers or in-house marketers. You need to access the goal of your business to which will be perfect for you.
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Import/Export Business
Import and export are among the businesses you can start with $10k or less. Export business involves exporting products from your country to a country where it’s in high demand. This could be buying and exporting gadgets or even clothes to other countries where it’s in high demand for profit.
On the other hand, import involves importing goods from a foreign country and selling them in your country. The start-up cost for this business model is highly dependent on the products you choose to export or import. For example, a product such as coffee will be relatively cheaper than electronics or heavy equipment.
To get started, carry out market research, identify a product with high demand, find a reliable supplier, figure out the best way to either get the product to your country or send it to your target country, create a website or use paid advertising. For detailed information on how to run an export/import business get these books on Amazon.
Furniture Flipping
Refurbishing used items or flipping furniture is an excellent business you can start with $10k or even less. This business model is perfect for creative people with sewing and painting skills.
All you have to do is buy second-hand furniture and revamp it by replacing damaged parts or cleaning and repainting. The goal here is to improve it so you can resale it and make a profit.
You can start with end tables, chairs, and lamps that cost as little as $25 on resale websites. Then go for higher ticket items, such as dressers and futons as you continue to turn in profits and gain experience.
To get started with furniture flipping, check and buy used furniture thrift stores or second-hand websites, research trending interior and furniture designs, and revamp and resell them.
To start a profitable business, you need three important things – a good understanding of your target industry and market, commitment to the operational process, and skills to ensure that you deliver on the promise. The good thing is that you can teach yourself things using free and paid resources like YouTube and books from Amazon.
People Also Read: 10 Home-Based Business Marketing Ideas for Growth
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