Starting a small business is usually the first step to financial independence. The work force will pay you just enough to live. It is extremely difficult to acquire wealth this way. With that said, starting a business becomes our top priority. Since most people don't have a lot of money to start, we will explore businesses that require little to no capital. I will also go over the pros and cons of each.
1.Janitorial/ Window washing.
Initial investment: $50-$200
You will need some basic cleaning supplies, business cards, and a vehicle. The cheapest and quickest way to get clients is going business to business. You want to drop a card off and tell them about your service. Make sure you have a logo on your uniform.
Pros:
- Every business needs janitorial service.
- You usually get paid by the job, so your hourly rate increases as your speed does.
- You could literally start today and make money.
- The janitorial business will yield consistent income.
Cons:
- It requires a lot of hard work.
- The janitorial business is by no means glamorous or prestigious.
- You will have to do some "cold calling" to get clients.
- In most cases, you will work early in the morning or late at night.
2. Rock Chip repair.
Initial investment: $500-$1,000
The first thing to buy is repair equipment. The equipment should come with directions. If not, you can find instructional videos online. Then you will buy a pop up tent and "free rock chip repair" signs. At this point, your investment will be close to $500 dollars. You want to set up your tent at gas stations and car washes. This usually runs $25-$50 dollars per day. Then, you will need a list of insurance companies in order to set up claims for customers.
Pros:
- This is an extremely easy business.
- After you set up your tent, all you have to do is wait.
- People always get rock chips, and it is free to repair them with comprehensive insurance.
- You can learn how to fix rock chips in one day.
Cons:
- You are not very busy when it's raining.
- The insurance companies take 3-4 weeks to pay you.
- Since you are waiting on business, it's hard to project your income.
- You have to pay the gas station even if you don't make money that day.
3. An online business.
Initial investment: $30-$50
Here, is a quick overview of the online business. What you do is create a list of potential buyers and send them free information of value. If your information is helpful, people will buy from you. The only money needed in the beginning is $20 dollars for an auto responder and $10 to register your domain name.
Pros:
- You work in the comfort of your home.
- You don't have to sell directly.
- Your product is free to create.
- All you need is a laptop to make money from any place.
- In most cases, you will generate passive income.
Cons:
- You have to write and study every day.
- It will take a couple of months before you see a profit.
These are all great businesses. Look at the good and bad, then you decide!
Mustafa Beriah
Everyone needs multiple sources of income.
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