As someone who is looking to start and grow a successful business, the first thing you must know is not every business idea is worth putting your money into. When lack of capital is not the immediate hurdle you have to scale to own a business, we’ve found that lack of a good business idea often is. A budget of $300,000 with the right business idea and management skills can yield long-lasting results and launch you into the entrepreneurial class.
With that in mind, we’ve compiled a list of the best businesses to start with 300k. Business plans and free tips on how to start are also included.
Let’s get right into it
Best Business to Start with 300k
#1. Tailoring
Provided you know how to cut and sew clothes well, you should consider tailoring as a viable choice with $300,000 in your pocket. To save your capital for the essentials, you can operate out of your residence and spend the money on sewing machines and other necessary equipment, this would afford you the opportunity to employ two or more hands to get the business started and ensure customer satisfaction.
Alternatively, you could rent a small store in a moderately commercial area for nothing more than a third of the budget, get some mannequins and dress them up in your best designs to announce your presence, and spend the rest on sewing machines and whatnot. On average, one can earn $ 40,000 USD to $ 450,000 USD per month from tailoring and fashion design. Yes! no exaggeration. Get this Fashion Business Plan to guide you to start the business towards earning your own money bag.
Download: Fashion Business Plan with 3+ years financial projection
#2. Barbershop
You can also open a barbershop with a budget of 300k. You will have to rent a shop space to situate the business. When making location decisions, you have to consider factors like demographics of the area, infrastructural facilities, and community factors (security) so as not to make a regrettable decision.
The rest of the budget you can spend on getting equipment for the shop, like clippers, a television, a sound system, setting up your decor, and getting a few hands to help out around the place.
#3. Hair Salon
Hair salons are boisterous and well-sought-after places. Like barbershops, you have to consider certain factors while deciding on an area or shop space for your salon. A hair salon requires a lot of tools and equipment, like a blow dryer, all-purpose and blending shears, combs and brushes, razors, and sectioning clips, not to mention, hair extensions and attachments.
You will also need to get a few hands to assist you, although an apprenticeship system would save you a lot of money in that aspect.
#4. Sale of Hair Extension
There’s a very profitable market in the sale of hair extensions. Unlike what many people think, it doesn’t take much in terms of funds to get started. With much of your $300,000 budget, you can handle the procurement of these hair extensions. You do, however, need to connect with other sellers, as they usually come together to shoulder the cost of importation and clearing.
The rest of the budget can be spent on marketing and delivery. You can market solely on social media platforms like Instagram and Facebook. In order to reach a lot of people, however, you may have to spend some money on sponsored posts.
#5. Sale of Clothes
Many have found selling of clothes to be a very worthwhile business. Of course, such an endeavor could launch with even less than half the 300k budget. With the full budget, however, you can launch it large scale which could radically improve the profitability, not to mention the lifespan, of the business.
With a budget of $300,000, you can open a mini boutique in a tony part of town and stock the finest clothes, which you can sell for a higher profit.
#6. Dry Cleaning Service
Another business you can start with a budget of $300,000 is laundry services. You will need to spend money on getting a shop, preferably something with enough space to keep all your equipment.
You also need space for your client’s clothes. On your shopping list should be a good pressing iron; some washing bowls; soap; and, if you have enough money left, an actual washing machine. A washing machine will reduce the number of clothes you need to wash by hand. You may want to invest in a generator depending on the power situation in the environment where your business is.
#7. Football Viewing Centre
You will need a good television and cable subscription to get this business on the ground. You will also need a board that will announce the array of football matches your viewing center will be showing. A power generator is all but necessary to successfully run such a business if the power supply is problematic.
You may also want to put money down for a deep freezer and some crates of alcoholic beverages. hese are decidedly hot on such businesses.
#8. Cyber Cafe
Known colloquially as a “business center,” a cyber cafe can be started to some degree with just $300,000. Given the budget, it is advisable to purchase equipment with the bare necessities in mind.
For example, one desktop computer, a small printer, or a used photocopier can get your business off the ground without breaking the bank. Just ensure you invest only in equipment that will give you the bang for your buck; not cause you problems later on.
Conclusion
If you have been wondering how to start a good business that has a chance at succeeding without all the bells and whistles a big budget affords you, we hope this article has at least given you some good ideas. You can also read other articles on business ideas to supplement this one.
In addition, We have a business idea generator tool purely handled by humans, not a computer program. We have you answer some simple questions to evaluate your personality, strengths, skills, talents, available time, budget, etc. With this, we provide you with the perfect business idea that suits your location, experience, personality, and budget with a link to 500+ business plans on various business ideas. Click on business idea generator to get started
Also, check out this article on Names of Business to Inspire You
How to earn money fast?
Making money online
- Get an online freelance job
- Check out the apps and websites.
- Start completing tasks on Amazon Mechanical Turk.
- Take surveys to get cash.
- Earn money as an affiliate from your blog.
- Use Etsy to market your products.
What is the most profitable thing to sell?
What goods may be sold profitably online:
- Jewelry.
- Beauty items.
- Brushes made of bamboo.
- Sunglasses.
- Watches.
- Women’s Clothing.
- Fitness apparatus.
What are the best money-making ideas?
Methods for earning money at home:
- Sell bespoke products.
- Establish a print-on-demand company.
- Establish a subscription box.
- Sell on online stores.
- Promote digital goods.
- Sell the things you’ve created.
- monetize a following.
- Get a freelance job.
How can I earn 1000 a day?
You can make a daily income by creating courses for a variety of abilities, such as dance, art, cooking, etc., and selling them on websites like Udemy, Unacademy, Skillshare, Teachable, etc. Simply put, you will earn more money if your course is more well-liked.
Related Articles
- CALL CENTER SOLUTIONS: 19+ Cloud-Based Solutions for any Business (+ Reviews)
- Hair Salon Business: Simple Steps to Start a Profitable salon in 2023
- Salon Business: A Detailed Checklist & Guide to starting a world-class salon
- SALON BUSINESS CARDS: Catchy Templates and Ideas to inspire you (+ quick tools)
FAQ’s On Best Business to Start With 300k
How much interest will I earn on 500 000 a month?
An annuity of $500,000 would pay you $1312.50 per month in interest.
Can I retire at 62 with 400k?
Indeed, with $400,000, you may retire at the age of 62. An annuity will offer a guaranteed level income of $21,000 per year beginning at age 62 and continuing for the rest of the insured’s life. The income will remain constant and will never diminish.
How long will 300k last in retirement?
If you have $300,000 and withdraw 4% per year, you could live for about 25 years. That’s $12,000, which is insufficient to live on unless you have additional income, such as Social Security, and own your own home. Fortunately, if you invest that $300,000, it can grow.
