The idea of owning a flourishing business excites every budding entrepreneur; however, the lack of money and experience often becomes a roadblock for success. Despite the risk of failure, some passionate people do not give up on their dreams and start saving for the day when they can become masters of their financial destiny. It is true that starting a venture requires massive capital, years of hard work and an enormous undertaking, but people with tons of zeal and great determination have accomplished the impossible with limited means. Without exaggeration, a budget of $10,000 is enough to help you make a mark in the industry.
Starting a business is no more the playfield of the rich and the famous; there are examples of entrepreneurs who made it big on a shoestring budget. John Ilhan was a sales associate at Strathfield Car Radios and got an idea to open his own mobile phone store called Crazy John’s. It eventually grew into a retail chain and went on to become Australia’s most prominent mobile dealership company, which was later bought by Telstra. With more than $200 million in his bank account by the age of 38, he became the richest Australian under 40 in the year 2003.
There are many such business ideas which do not need a lot of investment or experience and can become great success stories. In fact, 97% of all the businesses set up in Western Australia were classified as small, micro and sole trading ventures. Besides, in today’s digital marketplace, capital flow is no more a challenge. A ground-breaking idea can see the light of the day through crowd-funding as well. In July 2017, Jesse Leeworthy and Jonathan Byrt took the support of crowd-funding platform KickStarter to raise capital to produce their reusable water bottles. They received $137,238 from as many as 2,421 backers. While the list of such incredible stories is endless, here are the top three brilliant ideas that can change an individual’s life in less than $10,000.
- Set Up A Food Business with UberEATS – If whipping up some delicious fare is a favourite family pastime then starting a food business should be your top priority. Australians are known all over the world for their gourmet preferences. However, running a fancy restaurant in a busy precinct can burn a hole in your pocket. The best way to keep it within your budget is to set up a small kitchen and start delivering food through UberEATS. The smartphone app allows users to order food from a variety of eateries in their city and get it delivered to their doorstep in just 15 minutes.
This trending food delivery system has changed the way Australians are enjoying their gastronomic fare. UberEATS has now spread across the length and breadth of Australia. The restaurant industry in Australia has amassed a whopping $20 billion in the past five years (2013-18) with an annual growth of 3.5%. This shows that the consumption habits of the population are changing due to busier lifestyles and high incomes. In fact, more and more people like to order food than go out for dinner.
The advantages of owning a food delivery business are:
- You do not have to invest in opening a great eatery or hire any delivery drivers. UberEats will act as your delivery partner and use its vast Uber network to pick up and drop off the food at its destination.
- Your menu would be promoted through the app and website to reach a wider audience.
- You can deliver all through the day by accepting orders 24/7 and increase your profits.
Some disadvantages related to this venture would be:
- Once the food is out of the door, you do not know in what condition it will reach the customer because you have no control over the delivery.
- UberEATS charges a percentage of sales made through the app. It can become difficult to pay this fee if you do not allow for the right profit margins in the business.
Food business comes with a set of regulations that need to be adhered to. To begin with, you must get a business licence from the local council which would require a proper food classification such as an ice-cream shop, fruit stand or bakery, etc. The staff must be appropriately trained in food safety and handling through accredited courses. You must nominate a staff member as the food safety supervisor who must have the certifications and registration for the job. You must comply with all the food safety regulations and Food Standards Code and devise a food safety program based on the HACCP principles. Your business can be audited at any time, and if any irregularities are detected, you can be fined or punished.
- Start A Cleaning Business – If spring cleaning makes you jump up with joy and tidying up the mess of others is your forte, then you must try your hand at owning a commercial cleaning business. There is no formal training required to launch this venture, and the start-up cost is quite low. You can begin operating from home with the help of a well-designed website and customer referrals. This sector has huge demand and low overhead costs while the margins are always on the higher side. Decide the service you wish to provide such as carpet cleaning, bond cleaning, oven and BBQ cleaning and get your business registered to operate as a legal entity.
You can increase the number of services when you expand and hire more staff. The next step is to buy quality equipment and cleaning supplies. This would need some money so that you can satisfy the customers with your service. If you buy a cleaning franchise in Australia, instead of starting your own business, you can skip this step and get access to world-class tools and skilled professionals.
Next comes the promotions part, you can advertise the service through a Facebook page and join local groups and communities to promote special discount offers and attract more customers. Utilising below-the-line media like pamphlets and flyers and advertising on the community billboards can work in your favour as well. These do not require much money and will get the business the desired attention in a relatively short span of time.
The advantages of starting a cleaning business are:
- Low investment and higher profits
- Flexible timings and work from home opportunity
- No prior experience required
The disadvantages of a cleaning venture are:
- A lot of physical labour involved in cleaning
- Beating the competition could be tough with many other players in the market
- Jobs could be a lot more laborious and time-consuming
- Start A Child Care Centre – According to the market research firm, IBISWorld, the household services sector is going to show a massive surge in the coming years as people are increasingly becoming dependent on the others to carry out their daily chores such as cleaning, beauty and childcare.
The cash-rich and time-poor urban population are creating a burgeoning demand for child care centres. Thus, if you have a knack for dealing with children, you can think about this venture. You will have to decide if you want to open the centre in your home or lease a property or buy a franchise. If you are leasing a property, factor in the renovation, fire safety and childproofing cost along with the inventory of toys, activity tools, books, furniture, etc. You need some licences and registrations to start operating such as a licence for a Child Care Service from Department of Education, Training and Employment (DETE). All the employees will have to apply for the ‘Working with Children Check’ and a food business licence to serve food as well as Driver Authorisation for transportation of children.
The advantages of owning this business are:
- It is a high-yielding lucrative business opportunity.
- You can be with your children and care for them along with the other kids.
- Low overhead costs of running childcare daily.
The disadvantages of this venture include:
- Spending a reasonable amount on setting up the centre.
- Dealing with unruly children all day long.
Endnote – So if you have the dollars in your kitty, it is time to raise the bar by entering the buzzing market with your fresh set of ideas and unbeatable energy. The world is yours to conquer!