There is a misconception that you need a lot of money to start your own business. Nothing could be further from the truth. There are many different businesses that you can start with less than $5,000. Starting a business has many advantages, including flexibility over your schedule, independence, and the ability to work under your terms without having to report to a manager.

One of the most important things you can do before you start your business is to create a solid business plan for how you are going to use your business funds to grow. Many companies start with very little in the way of initial funding. Below, we will discuss ten different businesses that you can start with less than $5,000.

1) Freelance Writing

Other businesses are always looking for writers who can write compelling website content. They may hire independent contractors to write press releases or provide other copywriting services. Another option is to focus on writing and reviewing resumes for professionals. Starting a freelance writing business has very little overhead. You may want to create an LLC to protect yourself, and you will need a computer and some basic office supplies, but you can start your freelance writing business from home.

2) Auto Detailing

Many people do not want to spend precious time taking their vehicle to a car wash or washing it themselves after work. If you enjoy cleaning other people’s vehicles, you may want to start an auto detailing business. You can advertise that you will come to your customer’s home and detail their car for them. You can start building a loyal Auto client base because auto detailing is a sought-after service, especially when customers do not need to leave their homes to do it.

3) Custom Cake Decorating

Custom cakes are becoming more and more popular. Parents love purchasing custom cakes for their kid’s birthday parties, and others enjoy custom anniversary and birthday cakes for their friends and loved ones. You can start your custom cake decorating business at your home and begin building your client base over time. The start-up costs are relatively low, but the potential is endless.

4) Computer Repair or IT Services

Most of us rely on our computers, tablets, and laptops but do not know what to do if it needs maintenance or stops working. If you have the skills to repair computers, you can start a computer repair or IT services business. Now, more and more people are working from home. If something goes wrong with their laptop, internet, or network connection, they would be willing to hire a professional to come to their home quickly and get them back online to continue working.

5) Graphic Design

Businesses need professional logos, websites, and content for social media. Creating a graphic design company is an excellent way to start your own business with relatively low upstart costs. You will need your own computer and the latest graphic design software. You can start your business from your home and begin networking online for free.

6) Videography

People love capturing all of their special milestones, such as birthdays, anniversaries, weddings, and other events on video. They want to relive the moment for years to come. It is easy to enjoy your special occasion when another person documents it for you. You can start a videography service for weddings, live performances, and graduation ceremonies, some of the most popular events that people want to capture on video.

7) Virtual Assisting

If you want to succeed as a virtual assistant, you will need to have some accounting, business, administrative, or technical experience. Virtual assistants can work from anywhere, and they only need a computer, internet connection, and software to help them work virtually for other clients. More and more businesses are hiring virtual assistants to help them with the day-to-day tasks to focus on their companies.

8) Lawn Maintenance

More people than ever have been hiring their lawn maintenance professionals because they are too busy to do their lawn maintenance or simply do not want to. If you want to get outside in the fresh air and enjoy landscaping, starting a lawn mowing or landscaping business could be right for you. You will need to purchase a trailer and basic tools, and you can advertise for free on neighborhood groups and social media. Sometimes landscaping jobs can become larger than you expected, which requires a larger lawnmower and other large machines.

9) Tax Preparation

Everyone has to file their taxes every year, and you can make good money by becoming an independent tax preparer. In most states, you will only need a prepared tax identification number and the proper qualifications, such as knowledge about all the different tax forms.

10) Handyman Services

These days, there are not many people who can fix common problems in people’s homes. There is always something in other people’s homes that needs to be fixed, and if you are good with tools, you can use your knack for fixing things into a successful business. In many ways, the sky’s the limit when it comes to starting your own business. All of the companies listed above can be started for under $5,000.

Interested in Starting a Business? InPrime Legal Can Help

If you have decided to start your own business, it is crucial that you set your business up correctly. Creating an LLC or a corporation can protect you and your personal assets from a potential lawsuit against your business. At InPrime Legal, we offer business owners affordable and effective legal representation. Contact us today to schedule your initial consultation to learn more about our services.