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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 300k 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 best business 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
Provided you know how to cut and sew clothes well, you should consider tailoring as a viable choice with 300k in your pocket. To save your capital for the essentials, you can operate out of your residence and spent the money on sewing machines and other necessary equipment, this would afford you the opportunity of employing two or more hands to get the business started and ensure customer satisfaction.
Alternatively, you could rent a small store at 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 $40,000USD to $450,000kUSD 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.
You can also open a barbershop with your 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, television, 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, razor, sectioning clips, not to mention, hair extensions and attachments.
You will also need to get a few hands who will 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 300k budget, you can handle 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 of orders. 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 endeavour 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 lifespan, of the business.
With the budget of 300k, you can open a mini boutique in a tony part of town and stock the finest clothes which you can sell for higher profit.
#6. Dry Cleaning Service
Another business you can start with a budget of 300k 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 the space for your clients’ clothes. On your shopping list should be a good pressing iron; some washing bowls; soaps 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 which will announce the array of football matches your viewing centre will be showing. A power generator is all but necessary to successfully run such a business if 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 centre, the cyber cafe can be started to some degree with just 300k. 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 layer on.
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, this article, we hope, has at least given you some good ideas. You can also read other articles of 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 avail you the perfect business idea that suits your location, experience, personality and budget with 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