30 Businesses You Can Start With $40k Or Less [Updated for 2024]
If you're looking to start a business on a budget, you'll be pleased to know that there are plenty of options out there. You can start many businesses for under $40k.
So if you're ready to take the plunge, here are some great ideas to get you started.
1. Start a commercial fishing business
The commercial fishing industry is one of the most exciting industries to get involved in and can be lucrative if you are willing to put in the time and effort. Do you love the ocean and fishing as your hobby? The idea that you could get paid for doing something you thoroughly enjoy can be an incredibly tempting proposition. Fishing for a living seems like the perfect job.
Listed are the steps to start a commercial fishing business.
- Register your business name
- Get the proper licenses and regulations in order.
- Get a boat that fits the boat requirements.
- Get a buyer and secure the contracts.
- Hire a crew
- Secure all needed materials and supplies
2. Start a home tutoring business ($465K/month)
A home tutoring company is an educational company that offers private tutoring from a tutor who visits the students at the student’s home.
Home tutoring is a growing business opportunity for motivated people and comes with the flexibility of working anytime, anywhere, and creates a passive income.
If you love teaching and helping others, one way to make money is to start a home tutoring business. Whether you want to tutor kids or adults, there’s a niche for you.
Once you have started your home tutoring business, promote it by putting fliers at other stores and on bulletin boards at colleges and libraries. Also, engage parents and guardians for home tutoring opportunities.
How much you can make: $100,000 — $830,000/month
How long does it take to build: 365 days (?)
3. Start a carpet cleaning service
One of the most common household decorative items is a floor carpet. Carpets are extensively used in commercial and residential spaces to provide an aesthetic look. The increased use of carpets has influenced the demand for carpet cleaning services.
If you are starting a carpet cleaning company, you will need quality equipment and an on-point marketing strategy to stand out from the competition. You will be challenged by managing customer quoting, invoicing, allocating labor, and collecting payments. Therefore, invest in the right software for managing business operations and tracking invoicing.
How much does it cost to start: $261 (?)
4. Start a hardwood floor refinishing business
Hardwood floors tell the story of a home, but over time, even the sturdiest wood can lose its luster. Starting a hardwood floor refinishing business involves restoring those floors to their original beauty using sanding, staining, and sealing techniques.
This business idea requires a keen eye for detail and a hands-on approach. As a refinisher, you'll need to invest time in learning about different wood types and finishes, as well as acquiring the necessary tools. While it's labor-intensive, the work is deeply rewarding, transforming worn-out floors into gleaming masterpieces.
For those who enjoy meticulous work and have a passion for craftsmanship, hardwood floor refinishing can be a fulfilling venture. It gives you the chance to breathe new life into spaces and offer homeowners a service they will truly appreciate. With the right marketing and top-quality service, you can build a reputable business in the home improvement industry.
How much you can make: $7,000/month
How long does it take to build: 68 days (?)
5. Start a financial service business ($372K/month)
Navigating the world of finances can be overwhelming, which is why starting a financial service business can be a rewarding endeavor. This idea centers around offering expert financial advice and services—such as investing, retirement planning, tax preparation, and budgeting—to individuals or businesses in need.
To begin, you’ll need a strong foundation in finance, preferably backed by relevant certifications or degrees. Building trust with clients is paramount, so a solid reputation or portfolio will go a long way. Additionally, staying updated on financial laws and regulations is essential to provide sound advice.
Running a financial service business means you’ll have the opportunity to make a tangible difference in people's financial health. By offering personalized solutions and fostering financial literacy, you can help clients achieve their goals and secure their futures. If you're committed to financial excellence and enjoy problem-solving, this business idea could be a great fit.
How much you can make: $11,500 — $2,000,000/month
How much does it cost to start: $8,000 (?)
How long does it take to build: 95 days (?)
6. Start a small business guides business
Attention entrepreneurs: If you're skilled at simplifying complex information, consider starting a small business guides business. This venture involves creating comprehensive, easy-to-understand guides tailored for small business owners who need straightforward advice.
You'll produce content that demystifies various aspects of running a business—be it finance, marketing, or operations. There's a constant demand from small business owners seeking clarity and practical solutions. By offering valuable, digestible information, you become an indispensable resource for them.
Getting started requires diligent research and content creation. You'll need to identify common pain points and develop guides that address them effectively. Your ability to break down intricate concepts into actionable steps will set you apart.
Ultimately, this business idea is perfect for detail-oriented individuals who want to help others succeed while carving out a profitable niche for themselves. If guiding others to success appeals to you, now is the perfect time to launch this business.
How much you can make: $8,500,000/month
7. Start a private tutor business
Private tutor business
Do you have expertise in a particular subject and a passion for teaching? Consider starting a private tutor business.
As a private tutor, you will offer personalized one-on-one instruction to students, helping them grasp challenging concepts and improve their academic performance. This business requires strong knowledge in your chosen subject area, along with excellent communication skills to tailor lessons to each student's needs.
The demand for personalized education is on the rise, driven by parents seeking extra support for their children and students preparing for standardized tests. Setting up a private tutor business can be as simple as offering sessions locally or virtually, using platforms like Zoom or Skype.
The flexibility and personal fulfillment from aiding students in their academic journey make this a rewarding venture. It’s not just about delivering lessons; it's about making a tangible difference in someone's educational experience. Make your skills count by turning them into a thriving tutoring business.
How much you can make: $240/month
How long does it take to build: 1200 days (?)
8. Start a vegan bakery ($56.5K/month)
More people are becoming aware of the benefits that vegan food products offer to their health. Therefore, vegan food establishments and vegan bakeries are increasing at an unprecedented rate.
Vegan bakeries use plant-based ingredients to produce and sell sweet and savory products made in compliance with the strict requirements of a vegan diet.
How much you can make: $1,000 — $200,000/month
How much does it cost to start: $3,675 (?)
How long does it take to build: 45 days (?)
9. Start a mobile phone repair kiosk
A cellphone repair kiosk is a low-startup cost business; hence easy to start. However, the profit margins may be low as you start the business, but they increase over time as you become well-known and successful.
To start a mobile phone repair kiosk, find streets with high foot traffic, and open a store. Advertise your business widely to get more foot traffic to your shop.
10. Start a remote software engineering business
Software engineering is one of the most lucrative careers for work-at-home enthusiasts. Software engineers can work from anywhere and accomplish project goals as long as they have the right skills and the right equipment.
Demand for software engineering has been rising for quite some time now, and there are no signs of stopping. Experts project software developers' employment rate to shoot by over 20% in the next few years. If you have software engineering skills and are passionate about working from home, there is no suitable time to start your business like now. A software engineering business begins with completing a relevant programming course and building some projects. Hence, you gain the skills and experience required to become a software engineer.
You can start your own software building company targeting companies, startups, or even individuals.
11. Start an online diet and fitness business ($49.7K/month)
The concept of wellness has been around for decades. The latest IPSOS report has shown that more than half of the world’s population is interested in exercising and eating more healthily.
A majority of people falling under this classification are using the internet to help them through their health and fitness journey.
Therefore, starting a website dedicated to teaching and helping people in dieting and exercising presents a potential business opportunity.
How much you can make: $10,000 — $80,000/month
How long does it take to build: 190 days (?)
12. Start a catering business ($1.56M/month)
A catering business is responsible for providing food & beverage-related services for vast types of events.
Catering businesses are known to be more flexible than other businesses because they don’t have to worry about location or pricing and can even work 24/7. They can cater anywhere and offer any price point that they want.
However, starting a catering business requires a lot of planning.
To start a successful catering business , you'll need to plan and prepare menus, manage budgets, handle clients, and more.
In addition, catering allows you to meet more people and show off your cooking skills.
How much you can make: $4,000 — $6,000,000/month
How much does it cost to start: $500 (?)
How long does it take to build: 90 days (?)
13. Start a co-working space rental business ($83K/month)
The co-working spaces are becoming essential in the post-pandemic world. Experts estimate five million people will occupy coworking spaces in the next few years. The projections are based not only on the growth the coworking industry has experienced over the past few years but also on the sharp increase in the number of startups coming up each year.
Therefore, creating your coworking space business will become a lucrative opportunity. To create a coworking space, do proper market research to ensure you have the demand for a co-work space in your target area.
Then, focus on finding an ideal location to attract the maximum number of customers.
How much you can make: $4,000 — $300,000/month
How long does it take to build: 180 days (?)
14. Start a crowdfunding platform ($249K/month)
Raising money for your project can be difficult. Crowdfunding is one way to get funding through a large number of smaller investments. If you have some expertise in a particular area that may be useful to other people, there's no better time to take action. The crowdfunding revolution is happening right at your fingertips.
Crowdfunding has exploded over the past year, and you need to be a part of it. The Worldwide crowdfunding market share is expected to increase by $240B from 2021 to 2026. Crowdfunding is one of the quickest ways to get funding and build your brand.
How much you can make: $5,000 — $400,000/month
How long does it take to build: 272 days (?)
15. Start a digital marketing business ($119K/month)
Digital marketing businesses serve local and international companies to expand their reach and grow revenue. A top reason digital marketing is so exciting is that the field is constantly evolving and is easy to learn.
If you plan to start a digital marketing business, educate yourself and understand how digital marketing agencies work. Then, focus on building your digital skills and advancing your career through online digital marketing courses.
To stand out, find a digital marketing niche and focus on the audience interested in your services.
How much you can make: $100 — $1,250,000/month
How much does it cost to start: $2,500 (?)
How long does it take to build: 60 days (?)
16. Start a bitcoin vending machine
A bitcoin vending machine allows customers to purchase bitcoin and other cryptocurrencies.
To Start a bitcoin vending machine you need to buy a bitcoin ATM and register the AML/KYC requirements with the BTM compliance. Then, you have to secure a steady bitcoin supply before deploying the machine to a secure location. Finally, you need to load service cash before launching the business.
The BTMs recoup costs through a margin for profit attached to any fees levied on the consumer. With the rate of fees and the overall popularity of Bitcoin, a cryptocurrency ATM is still a highly profitable venture.
17. Start an online vape shop ($138K/month)
Looking to tap into the booming e-cigarette market? Consider launching an online vape shop. This venture focuses on selling vaping devices, accessories, and e-liquids to customers through an online platform.
Setting up an online vape shop involves creating a user-friendly website, establishing supplier relationships, and ensuring compliance with industry regulations. It's a market with growing demand as more people turn to vaping as an alternative to smoking.
What makes this business appealing is its scalable model and the opportunity to cater to diverse customer preferences with various products. Whether it’s sourcing unique e-liquid flavors or the latest vaping tech, the potential to carve out a niche is substantial.
An online vape shop isn't just about selling products; it's about building a community of loyal customers. By providing valuable content and exceptional service, you can create a brand that vapers trust and turn your business into a go-to destination.
How much you can make: $60,000 — $300,000/month
How long does it take to build: 60 days (?)
18. Start a food truck ($368K/month)
Food trucks are a highly profitable business that offers customers a variety of meal options out of a mobile truck. This basically operates inside a large vehicle equipped with kitchen and food products. Starting a food truck is a dream for many people, but it's more challenging than it looks. To make it work, you need the ideal location and menu.
To start a food truck business in a particular city, it is mandatory to check what kind of food trucks are already operating, identify a gap, and bring in some new experiences. Then, with the right plan and the right approach, you can be on your way to starting your own food truck empire.
How much you can make: $30,000 — $1,500,000/month
How long does it take to build: 60 days (?)
Time commitment per week: Min. 5 hours/week
19. Start a graphic design app ($27.6K/month)
A graphic design application is a SaaS application that allows users create online graphics. Examples of graphic design applications include Snappa, adobe Photoshop, and GIMP.
Modern businesses need digital branding, holograms, and poster designs, to maximize the customer reach abilities. Therefore, graphic designers are becoming the most in-demand professionals.
The high demand is a good basis for choosing graphic design applications as one of the best app business ideas in 2022. Before you kick start the graphics design app business idea, here are technical skills you may consider:
- Design principles
- Idea generation
- Branding skills
- Typography
- Print designing
- UX and UI Design
While coding skills and cross-platform development skills are important to start developing applications, you can hire developers online.
How much you can make: $100 — $83,500/month
How much does it cost to start: $500 (?)
How long does it take to build: 120 days (?)
20. Start a tanning salon business
A tanning salon is where affluent clients expose themselves to ultraviolet light to darken their skin. A tanning salon offers a wide range of benefits, such as improved appearance, enhanced mood, and increased vitamin levels.
Depending on your location and operation, a tanning salon can be profitable. You can establish your tanning salon in a gym, spa, hotel, or within a sporting facility.
21. Start a conversation chatbots creation business
Have you ever wished to bridge the gap between businesses and their customers seamlessly? Consider starting a conversation chatbots creation business. This venture revolves around developing AI-driven chatbots that interact with users in real-time, providing customer support, information, and services.
Creating chatbots involves understanding client requirements, programming, continuous testing, and refinement. The demand for efficient customer service solutions is ever-growing, making this a lucrative field for innovation and growth.
By entering this market, you position yourself at the forefront of technological advancements and customer engagement. It’s not just about building a bot; it’s about enhancing user experience and operational efficiency for businesses. If you're intrigued by AI technology and passionate about optimizing communication, this could be the ideal business idea to pursue.
How much you can make: $25,000/month
How long does it take to build: 120 days (?)
22. Start a meditation studio
Starting a meditation studio is a great business idea for those passionate about wellness and helping others find inner peace. This studio provides a relaxing and calming environment where people can practice mindfulness and meditation.
At your meditation studio, you can offer a variety of classes and workshops, including guided meditation sessions, yoga classes, and other wellness practices. You can also offer one-on-one coaching and personal development sessions to help your clients achieve their goals and find more balance in their lives.
To create the perfect atmosphere, you will want to design your space with calming colors, comfortable seating, and soothing lighting. You may also want to consider adding essential oil diffusers, calming music, and other elements that help create a peaceful environment.
The demand for meditation and mindfulness practices is growing, so starting a meditation studio is an excellent opportunity to tap into this trend and positively impact your community. By providing a place for people to relax, de-stress, and find inner peace, you can help people live happier, healthier lives.
How much you can make: $13,000/month
23. Start a sports copywriting business
A sports copywriting business involves creating written content related to sports, such as articles, blog posts, advertisements, and social media posts, for sports teams, athletes, or sports-related companies.
To start a copywriting business with $50K or less, you’ll need a computer, an internet connection, and basic software for writing and communication.
Begin by building a portfolio of sample sports-related content to showcase your writing skills. Next, reach out to potential clients, such as local sports teams, sports blogs, or sports apparel companies, and offer your services.
As you gain clients and build a reputation, you can reinvest profits to expand your business further.
How much you can make: $300,000/month
How long does it take to build: 180 days (?)
More business ideas
- 24. Start a naturals2go vending franchise business
- 25. Start a peer to peer lending business
- 26. Start a grand opening service business
27. Start an online custom tailoring business
Imagine offering the perfect fit every time without your customers ever stepping foot in a store. An online custom tailoring business provides personalized clothing solutions designed to fit each client's unique measurements and style preferences remotely.
Through a streamlined online platform, customers can submit their measurements, choose fabrics, and select styles to create bespoke outfits. This business addresses the common frustration of ill-fitting off-the-rack clothing by delivering high-quality, made-to-order garments directly to their doorsteps.
To get started, you’ll need a user-friendly website, partnerships with skilled tailors, and reliable fabric suppliers. Marketing your services via social media and fashion bloggers can help attract a niche market seeking customization.
If you have a knack for fashion and an eye for detail, this business offers the opportunity to blend creativity with practicality, making personalized style accessible and convenient.
How much you can make: $60,000/month
How long does it take to build: 60 days (?)
More business ideas
- 28. Start a hair lice removal business
29. Start a social media manager ($308K/month)
Social media management is a burgeoning field that could be your next business venture. Simply put, a social media manager handles the online presence of a brand, crafting posts, engaging with followers, and monitoring analytics to boost visibility and customer interaction.
In an age where digital presence is non-negotiable, companies are eager to hire skilled social media managers to maintain and grow their online personas. Your tasks would involve content creation, strategic planning, and real-time engagement with audiences on platforms like Instagram, Facebook, and Twitter.
What makes this idea attractive is its flexibility and potential for scalability. You can start solely managing one or two small businesses and gradually expand to a full-fledged agency with diverse clients. If you’re adept at navigating social networks and have a flair for creative communication, this could be a highly rewarding career path.
How much you can make: $25,000 — $500,000/month
How long does it take to build: 135 days (?)
More business ideas
- 30. Start a drone instruction business
Download the report and join our email newsletter packed with business ideas and money-making opportunities, backed by real-life case studies.
Download the report and join our email newsletter packed with business ideas and money-making opportunities, backed by real-life case studies.
Download the report and join our email newsletter packed with business ideas and money-making opportunities, backed by real-life case studies.
Download the report and join our email newsletter packed with business ideas and money-making opportunities, backed by real-life case studies.
Download the report and join our email newsletter packed with business ideas and money-making opportunities, backed by real-life case studies.
Download the report and join our email newsletter packed with business ideas and money-making opportunities, backed by real-life case studies.
Download the report and join our email newsletter packed with business ideas and money-making opportunities, backed by real-life case studies.
Download the report and join our email newsletter packed with business ideas and money-making opportunities, backed by real-life case studies.
