You've scrimped and saved and managed to accumulate 50k. With visions of ditching your 9-5 and aspirations of becoming an entrepreneur, your future is promising.
But what are the best businesses to start with 50k in today's unpredictable economy?
After meticulous research, we have determined the best businesses to start with itemized cost analysis, projected growth rate, and gross profit margins to assist you in launching your entrepreneurial quest.
In today's economy, B2C is primarily associated with online sales or e-tailing, where manufacturers or retailers sell consumable goods via the internet. B2C, however, also refers to a commerce transaction between a business and the consumer. This industry has grass roots and continues to thrive in the United States.
Valued at over $365.2 billion with a projected market price exceeding $600 billion by 2024 and revenues expected to see a CAGR of 9.3% from 2020-2024 as per this article. Business owners with an in-demand consumable good or service are making a ton of cash with modicum investment.
Statistics suggest that now is an opportune time to consider this profitable business proposal. Here are a few of the top trending B2C markets predicted to see substantial growth:
Wikipedia defines a consultant as “a professional who provides expert advice in a particular area such as business, education, law, regulatory compliance, human resources, marketing, finance, health care, engineering, science, security, or any of many other specialized fields”.
While education and credentials are an asset, they are not mandatory if you consider yourself an authority in a particular field. What is imperative is that you can answer the following questions:
- Can you offer a unique perspective?
- Are you considered an expert?
- Who is your target market?
- Is there a need for your service?
- How will you market yourself and your brand?
With approximately 800,000 consulting businesses in the USA, this industry has seen an annual growth rate of 5.2% in the last five years.You can start a consulting firm for $10,000-$50,000, less if you opt to conduct business online or from your residence.
as per this publication, which also highlights additional statistics and offers valuable information on how to launch a lucrative consulting firm. The median wage for a consultant is $80,000-$100,000+/year. If you know your stuff, have a skill to offer or can solve people’s problems you have the potential to generate a very nice little income for yourself.
2. IT Support Specialist
You may not be able to leap tall buildings in a single bound, but if you have the skill set to provide business owners with assistance and maintenance for their computer systems and accompanying hardware, you may be revered as a superhero.
Employers prefer an individual with a bachelor's or master's degree in computer science, information science, or related field. However, if you have the experience and knowledge to back up your business, you stand to earn an average yearly salary of $50,000-$150,000+ as per this post.
Launching an IT Support business requires an initial investment of $12,000-$28,000, which includes necessary equipment, liability insurance, and reliable transportation. Should you choose to hire additional staff, you will need to calculate salary and supplementary expenses.
The global information technology industry is forecast to grow at a rate of 13% in 2020. This article offers specific information for six of the fastest growing jobs in IT for those interested. As more business is conducted online, the demand for IT Support services will continue to expand, making now an ideal time to capitalize on your tech-savvy abilities.
3. Bookkeeping & Tax Services
No matter how digital or automated we become as a society, there will always be taxes to pay and books to be maintained. Despite doom and gloom reports that bookkeeping services are a dying trade, the projected growth rate for 2020 is 2% in this $83.1 billion industry.
There will be shifts in execution of practice and procedures, but virtual revisions open numerous doors for individuals with a head for numbers and a willingness to adapt. With the option to offer virtual or direct services for your clients, the structure of your business will dictate startup costs.
At a minimum, you require around $2500-$25,000 to cover expenses, including insurance, required computer programs, high-speed internet, telephone access, website hosting, and business cards. If you have a location, calculate for rent or shared office space expenses, utilities, and incidentals.
Salary equates to between $38,000-$48,000+/year and this post does a phenomenal job breaking down further cost analysis. However, if you freelance or contract your services, you could charge more per hour and work less, easily surpassing the national average.
This article offers some valid suggestions and pertinent information for those considering bookkeeping as a potential business to start.
4. Fashion Adviser
The fashion industry has seen a growth rate of 21% from 2016-2019 and projected to see a CAGR of 3.5-4.5% in 2020. With a heightened economy, people are spending money on consumer goods, and at the top of the list is fashion and 'feel-good' product lines. You require a minimum initial investment, between $2000-$5000 to launch a fashion advising/consulting business.
As you expand, you will need to dedicate further funding to your endeavor. This article offers suggestions on how to commence with becoming a fashion adviser, but a few recommendations before you begin:
Understand the necessary logistics of the fashion industry.
Develop market-specific skills and knowledge.
Build your brand and portfolio.
Determine your target market-niche down and select your ideal client base.
Be prepared to market yourself and your business on every social media and internet platform available and establish a unique image that sets you apart from your competition.
Fashion advisers and consultants earn an average of $58,000-$80,000+/year as per this publication. With the ability to charge by the hour if you are successful in this endeavor, you have the potential to design an extremely lucrative business.
If you have the intelligence and patience to teach children or adult learners, the tutoring industry is worth closer examination. There are several variances in how you can launch a tutoring service-online, from home or business location.
Consider that the private tutoring service market equates to a value of over $100,000 million, with a CAGR of 7.1% between 2018-2026. Online tutoring has an expected growth rate of 4.1% in 2020.
As a result of the increasingly demanding and competitiveness around college admittance, the appeal for this service continues to escalate. With the capacity to earn between $25,000-$50,000+/year as per this article, tutoring is a profitable venture.
Startup costs for both can be determined as follows:
Online/Location Tutoring Business
Initial investment for an online tutoring business or brick and mortar will run you between $15,000-$25,000+.
Rent and Utilities
Website Development and Design
This article offers further suggestions and cost analysis for opening an online tutoring business.
From Home Tutoring Business
You can launch a from-home tutoring business for around $1000-$5000.
If you service clients in your home, their residence, or public location, overhead costs are minimal.
Expenses would include:
Website Development and Design
Reliable Vehicle/Travel Costs
Here is a post outlining additional information for starting an at-home tutoring service.
6. Mobile Make-Up Artist
Valued at $93.5 billion in the USA market, the cosmetics industry is projected to grow at a rate of 3.5% from 2020-2023. With a thriving market comes a host of opportunities for makeup artists and freelancers. Opening a mobile makeup business is not only an exciting venture but has the potential to be highly lucrative.
On average, a makeup artist earns anywhere from $34,000-$120,000+/year depending on their niche and geographical location. This post gives specific breakdowns of the industry and earnings for each target market. Ensure you check with your specific state with regards to licensing, which you can learn more about here.
Mobile make up artists eliminate a significant amount of overhead without the added costs of rent/utilities. By offering your services to clients at their home, you should budget for an expenditure of $5000-$15,000+. Here is a publication worthy of review despite being somewhat dated.
This price tag includes your website, marketing expense, product-product-product, licensing, business insurance fees where applicable, travel costs, and incidentals. Should you choose to retain additional staff budget accordingly. This article offers supplementary information on how you can commence with one of the best businesses to start with $50k.
7. Event Planner
This $500 billion+ industry is expected to grow by 7%-11% by 2026, with an average annual salary of $56,000-$75,000+. If you are considering opening your own event planning business, consider a few fundamentals before you begin:
- What is your niche?(dial down and get specific if you wish to be portrayed as the expert in that particular area).
- Who is your ideal client?
- How will you market yourself and your brand?
- What will you charge?
Here is an article worth reading if you are considering event planning as your freedom from your 9-5. You should budget for an initial investment between $8000-$30,000+ as per this publication. Costs will depend on the scale and services you intend to offer and include:
Licensing and Taxes-$250+
Marketing and Communications-$250
This post offers additional information on how to attract clients to enlist the services of your event planning business if interested in this business opportunity.
8. Real Estate Appraiser
The real estate market forecasts promising growth as Americans continue to purchase homes. The role of a real estate appraiser is to assess property values using data, legal descriptions, photography, and inspections.
With a projected growth rate of 7% between 2018-2028, the demand for this position is on the rise and most dominant in active real estate markets. This post provides links to on-line educational opportunities and further insight describing the role of a real estate appraiser.
You can start a real estate appraisal company with an investment between $5000-$50,000 depending on how large you intend to scale your business. If it is just you working from your home, costs are minimal. Should you choose to have a location and employ multiple staff, you can expect to invest more. Costs include:
Education and Licensing Fees
Rent and Utilities
Appraisers earn a gross annual income between $35,000-$200,000+ as per this publication, which also offers additional information about this opportunity.
9. Elderly Home Care
Elderly home care is a $294 billion industry, which is expected to escalate to $300 billion in 2020 with a compound annual growth rate of 8% by the end of the year. Over 50 million seniors are living in the USA with health issues, limited mobility, and minimal familial support who require the services of in-home care.
As the numbers grow, this population will necessitate increased in-home care services suggesting that now is an ideal time to embark on establishing an elderly care business. Check out this publication outlining how to be successful with this endeavor. An initial investment of $2000-$10,000+ will cover the costs of insurance, travel, staffing, and marketing/branding.
Should you decide to hire additional personnel, the amount will increase to cover the cost of salaries and office incidentals. With a gross income potential of $50,000+, this number will expand based on the number of employees you have working for your company. This article offers some valid points to consider when opening an elderly care business.
10. Mobile Pet Grooming
People love their pets, there is no question. Americans are happy to spend money on their fur babies to ensure that they look and feel good. What happens when you have a pet that hates to travel or is too old/sick to go to the groomers? Mobile pet grooming.
Plan on investing $10,000-$50,000 to purchase the necessary equipment for your vehicle in addition to your 'spa' tool kit, insurance, and any state licensing requirements. This article offers a detailed cost breakdown outlining fees associated with launching this enterprise.
Expected to see a growth rate of 1-4% in 2020, the pet grooming business is a profitable industry. Estimated statistics report that the average gross earnings for a mobile pet groomer are $75,000-$100,000/year.
If you add additional vehicles and groomers to your business, you will need to invest more capital but will see higher profit margins. This publication offers further information on how to open a prosperous mobile pet grooming business.
11. Canine Obedience Center
Dogs. A 'man's' best friend. Loyal companions with infinite affection, American dog owners consider their pets part of the family. What happens, however, when your beloved canine is less than the ideal protector? Untrained dogs can cause endless aggravation for their owners, hence the need for professional dog trainers.
This recession-proof industry is projected to see a growth rate of 11% by 2024. Valued at over $6 billion dollars you can opt to own a facility or offer your services to customers in-home. Opening a facility would cost approximately $20,000-$50,000 to cover expenses such as training facility, property, staffing, licensing, and marketing.
While licensure is recommended, it is not mandatory in the United States. You will, however, need to purchase business and liability insurance. You can learn more about specific details around opening a dog training business in this publication.
With the ability to charge $17-$35+/hour, your gross income is based on the number of dogs you service. Here is an article outlining additional information on how you can begin a dog training business.
12. Dog Boarding & Kennel Business
Americans are reported to spend over $76 billion on their pets. No costs are spared-especially when pet parents are forced to leave their furry bundles while on vacation, traveling for work, or faced with an emergency. With this apparent need comes the opportunity to ditch your 9-5 and invest in yourself and your entrepreneurial dreams.
You should plan on investing $11,000-$45,000 to open a dog boarding/kennel business. This will cover the cost of renting a facility, equipment, licensing, utilities, insurance, staffing, and other miscellaneous items, as outlined in this article.
Kennels typically charge $29-$46+/day, so your gross profit margin will be determined based on the number of dogs you service, overnight stays, and additional benefits you offer your customers. Check out this post for specific details on how to successfully open a dog boarding and kennel business.
13. Solar Panel Installation
Solar panel installation is seeing a massive growth from utility to residential installation. With estimated market growth of 38% for 2020, this GWac (government-wide acquisition contract) is being fueled by federal tax breaks for businesses and homeowners opting for solar-powered installation. This article outlines statistics for the number nerds interested in researching the market trends from 2016 to the present.
With an initial investment of $8000-$50,000, you can establish a small to mid-scale solar panel company which includes cost such as:
Insurance and Business Registration
Vehicle and Travel Costs
Marketing and Branding
Here is an article offering further cost analysis and suggestions on how to navigate opening a solar panel installation enterprise. Gross income potential will be entirely dependent on sales, but here are some numbers to calculate to assist you in evaluating your potential ROI:
A 6kW solar panel system for an 1500 square foot home equates to an installation fee of approximately $18,500-for ONE home.
If you are not a sales demigod, consider hiring one but plan on paying the going rate, which is an annual salary of $40,000-$160,000+. Solar panel installers earn an average yearly wage of $28,000-$60,000+ for some perspective to this business venture.
This post offers further information on how you can launch this profitable suggestion. The demand for solar panel installation will continue to rise as more Americans turn to 'greener' resources making this a top contender for best businesses to start with 50k.
14. Home Inspector
Quality assurance is a significant contributing factor to the rapidly burgeoning home inspection market. With projected growth expected to reach $5.3 billion by 2025, this industry is seeing a CAGR of 7.4% from 2020-2025, suggesting that there is nothing like the present to invest in this lucrative business opportunity.
Depending on your geographical location will dictate your need for licensing requirements. This article offers specific information about each state to ensure that you are covered before you begin. Plan on investing between $1000-$10,000+ for initial costs of:
- Tool kit
- Website Development and Design
- Marketing Expenses
- Licensing and Insurance Fees
This publication offers further insight into costs associated with starting a home inspection company. With a gross annual salary of $50,000-$64,000+, there is ample opportunity to recoup and surpass your investment and see substantial profit margins with this business model. Here is an article outlining additional suggestions on how to successfully commence with this suggestion.
15. Drywall Contractor
The drywall industry continues to see a steady climb in both profitability and scalability as per this publication. With an initial investment of $2000-$10,000, you need to understand the trade and be able to excel at your craft to outperform your competition. This post gives some insight into how to start a drywall contracting business.
The reality is that drywall installation is a messy and arduous task. People do not enjoy the physical labor and monotony associated with the profession, and so they happily retain a professional service to handle the job for them.
Drywall Business Owners can expect to earn a net salary of $50,000-$150,000+ as the average hourly rate for drywall installation is $50+/hour. This article offers step by step instructions on how to become and start a drywall business.
16. Landscaping Company
The landscape market has a projected growth rate of 1.6% for 2020 and is riddled with opportunity. Keep in mind, however, that it is an incredibly competitive industry, so you will need to dial down the niche and offer specific services when first starting to capitalize on your identified target market.
While costs of owning landscaping equipment can quickly escalate into the $100,000s, there is the option to rent, which is not only cost-effective but business savvy. By renting-which should cost between $2000-$5000-only what you need for the jobs you are hired to perform, you can keep a close eye on your profit margin.
Plan on an initial investment of $5,000-$50,000+ (purchasing a new truck will add $10,000+) as per this post.
You may not hit the jackpot at the beginning as it times to build up your brand, but the average landscaper earns $5000-$50,000 in their first year of business and has the potential to see gross profit margins as high as $160,000-$250,000+/year.
This article provides additional information on how to start a successful landscaping company, which is worth reading.
If you are considering opening an election business, plan on investing $5000-$25,000+ for start-up costs, which include schooling, certification, licensing, and insurance. This fee will also cover the expenses of necessary equipment, tool bag, vehicle, and marketing.
The industry is valued at $183.9 billion, with an estimated growth rate of 2.2% in 2020. This post offers ideas on how to open a successful enterprise.
There is a need for electricians in the United States, and this article provides an additional cost breakdown and helpful suggestions when commencing with this business idea. With a salary of $96,000+/year, an electrician business is not only profitable but viewed as recession-proof and a worthwhile investment.
The welding market will see a CAGR of 5% in 2020, with the industry forecast to be worth $48.16 billion by 2026. There is a national welder shortage in the USA, suggesting that now is an ideal time to invest in this market. Plan on spending $10,000-$50,000 to cover start-up which will include:
Metal Fabrication Shop Rent
Business and Liability Insurance
Mobile Service Options
Personal Protection Equipment
Marketing and Branding Expenses
This article provides further insight with regards to costs associated with opening a welding business. Annual earnings for a welder is approximately $70,000+/year. However, if you are highly revered with a steady stream of clients and can hire additional staff, there is no limit to income potential. This post offers a business plan style account of how to open a welding company.
19. Residential Cleaning Service
With an initial investment of $1000-$5000+, you can launch your own residential cleaning company. Expenses include equipment, supplies, vendor and business insurance, marketing, and staff salaries. This article provides additional information and costs associated with this business suggestion.
With a YOY (year over year) growth rate between 2020-2023 estimated at 4.76%, Americans are still outsourcing their house cleaning to reputable service providers.
The key will be elevating yourself from the competition. By offering premium service with 'added touches,' you will not only maintain client retention but will be successful at generating new customers.
The average hourly rate for residential cleaners is $8-$60+/hour, indicating that there is potential for exponential profit margins in this industry. Here is an article offering additional information on how to launch a residential cleaning company you may find helpful.
20. Janitorial Company
Commercial cleaning differs from residential cleaning services as your focus is commercial and industrial buildings. Sounds simple enough, but consider the difference in size and structure. The bigger the building-the larger the job, but heftier the compensation.
Commercial cleaning businesses that successfully land large, reoccurring jobs and a steady client base have the potential to earn an average of $100,000+/month. Companies will always need cleaners making this recommendation a relatively recession-proof option.
This is a $78+ billion market growing at an average rate of 6.6%, suggesting cash flow in this market is plentiful. The amount you require for initial investment is based on the scale of your company. You can plan to spend between $1000-$50,000+ as per this article.
Expenses would include:
Professional Cleaning Equipment (floor waxing machine, floor washers, industrial mops)
Business Licensing (where applicable) and Insurance
Rent/Utilities (where applicable)
This post offers additional information for anyone interested in pursuing this lucrative business opportunity.
21. Mobile Car Wash & Detailing
With an initial investment of $5000-$25,000+, you can open a mobile car wash and detailing company. Slated to see a growth rate of 2.3% in 2020, this $12.6 billion industry is trending, solidifying that this is the year to launch your business.
Mobile car washing and detailing owners can expect to earn based on the number of cars they service, but earnings are reported to be $23,000-$75,000+/year. Check out the breakdown shown in this post for a more detailed analysis.
Mobile car washing and detailing have high-profit margins, scalability, repeat customers, and are notoriously recession-proof as per this post. This publication offers further information on how to commence with this business proposal.
Physical Locations & Franchise Options
Despite advancements to technology and Americans panache for online shopping, there remains a need for physical locations for particular goods or services. With a projected growth rate of 1.5% for 2020 there remains a consumer demand for this market.
After excavating research, we have ascertained that the following suggestions are popular and have a high probability of being an extremely lucrative business ventures.
Included are a few franchise options which can be bought into for $50k or less to diversify your options and provide you with the opportunity to align with an established entity. Here are our top picks for physical and franchise best businesses to start with $50k for your consideration.
22. 3D Printing & Rapid Prototyping
3D printing is the wave of the future. This $49.74 billion industry continues to be driven by rapid technological advancements, decreased costs, and innovative applications creating a CAGR of 25% from 2018-2025.
These statistics suggest that this business recommendation is not only profitable but has the potential to be highly advantageous for tech-savvy individuals looking for a business idea. This publication outlines tips which may be of value when doing your research.
This post offers more detail on how to commence with this entrepreneurial proposition. Your initial investment will be dependent on the scale of your establishment, but you should budget for a minimum of $10,000-$50,000 for a small to midsize company. If you opt to work out of our home, you will minimize start-up costs by eliminating rent/utilities.
An industrial 3D printer costs an estimated $700- $6000. Additional charges include business insurance, marketing expenses, equipment (material, nozzles, bed adhesives, and sheets).
A highly profitable market, your earnings will be dependent on sales, pricing, markup, and willingness to take risks, but gross profit margins are reported to be 30%+. Check out the cost calculator found in this post for ideas on numbers and potential profits.
23. Dance Studio
With a projected growth rate of 5% for the next five years, this $4 billion industry is on the rise. It takes more than a building to constitute an extraordinary dance studio as per this article. Teachers, choreography, music, location, niche, target market, and marketing/branding strategies all play an integral role in creating a profitable dance studio. Plan on investing between $10,000-$50,000, which will include start-up costs such as:
Business Insurance and Applicable Licensing
Marketing and Branding Expenses
Here is an article offering further step by step instruction on how to design a rewarding and monetary fulfilling enterprise. With an average annual salary for owners around $67,000+, if dance is your passion, you can waltz your way into owning a profitable business.
24. Gourmet Coffee Kiosk (Mobile Coffee Business)
The coffee industry is valued at $48 billion in the United States. It continues to inflate at a rate of 5.9% CAGR from 2020-2025, suggesting that there is ample opportunity for a hefty ROI. Opening an actual coffee shop is a pricey endeavor-upwards of $300,000. However, it is possible to open a gourmet coffee kiosk with an initial investment of $25,000-$50,000.
Your most significant expense will be the cost of a premium grinder, which sells for around $20,000. Add in beans, additional equipment, the cart, and supplies with business insurance, applicable licensing, and miscellaneous expenses, and you will be on your way to a projected gross income of $165,000+/year. Check out this post for a more complex analysis of startup costs associated with this business idea.
Keep in mind that the location of your kiosk is the quintessential component for generating a steady influx of daily sales. The more sales you make, the more money you earn. This article, albeit somewhat dated, offers some solid suggestions on how to become successful as a gourmet coffee kiosk owner.
Who can resist the taste of homemade baked goods? The saying "just like mom used to make" is futile if your mother was not a baker. If you lack the skills to create baked goods, you turn to the next best thing-your local bakery. This post offers some excellent information on how to start a successful bakery.
Revenue from bakeries in the United States is valued at $423 billion, with 70% of earnings generated from commercial bakeries. A CAGR forecast of 1.5% from 2020-2023, a retail bakery can achieve an annual income of $18,000-$57,000+, which breaks down to $1500-$4,750+/month.
Plan on investing between $10,000-$50,000 to open a mid-size establishment. You can start a bakery for $2000-$5000 out of your home or on a much smaller scale if necessary.
Location and marketing will be paramount to your success. Check out this article, breaking down cost analysis, and offering specific suggestions on how to open a bakery.
26. Catering Company
The catering industry can be a highly profitable business venture if you play your cards right. The key will be determining a niche-specific market and offering a distinct and unique product and experience. This $8 million market is slated to see an annual growth rate of 3.1% from 2020-204, confirming that there are steady growth and opportunity.
Here is an article outlining recommendations on how to launch a catering business. You can opt to operate out of your home or rent commercial space. Either way, the bulk of your start-up costs will be dedicated to supplies and marketing as per this publication.
Plan on investing $5000-$50,000 depending on the size of your operation. Caterers earn a salary in the top 25% of food industry careers with an annual income between $30,000-$80,000. Check out this article for additional information on tips for kicking off this entrepreneurial opportunity.
27. Food Truck
Owning and operating a food truck allows chefs, cooks, or individuals with a flair for cuisine the ability to have their own place without the exorbitant start-up costs associated with owning a restaurant.
This $1.1 billion market has increased by 12% in the last five years and continues to see a projected growth rate of 7% in 2020. This business concept is a potential income-generating powerhouse.
There are a few things to consider before you begin. While it is possible to purchase a used food truck for $35,000-$50,000, it comes with its own package of potential problems.
A new vehicle with a chassis will run you an initial investment of $50,000-$75,000, and a new truck with a kitchen will set you back $100,000-$175,000. Now before you get irritated that we are discussing business ideas over the agreed $50k mark read a little further.
When you purchase a new truck, you have fewer hidden costs, such as repairs, warranty issues, permits, aesthetic concerns, and potential breakdowns. With a new vehicle, you are covered under warranty, you are guaranteed to pass inspection, and the setup is customized to your made-for-you order.
There are financing options available that provide you wiggle room and a new food truck. The choice is yours, but this article may offer further insight into the pros and cons of shelling out a bit more dosh for unused wheels.
Location is paramount for sales, but the average food truck will gross $300,000+ annually. This post offers further details on how to launch a profitable business.
28. Tanning Salon
There is no denying that if you have a tan, you not only look better but feel better. With a projected growth rate of 5.2% for 2020, it is abundantly clear that most American's agree with this sentiment.
This over $1 billion industry sees over 30 million Americans visit locations across the country each year, confirming that this is a profitable business venture. You will need $50,000 capital to fund your tanning salon. This cost covers essentials such as:
Spray Tan Machines-$500-$5000/each
UV Tanning Beds-$10,000/each (used ones can be found for sale at a much lower price)
Basic Items-$4000 (lamps, lotion, eye protection, timers, marketing, cleaning supplies, and incidentals).
Here is an article providing additional information on how to open a tanning salon. Given the popularity of tanning salons, location and your target market will be paramount to your success.
A salon hosting eight tanning beds and a spray tan machine will see net profits of $65,000+/year. Check out this publication for additional information on commencing with this profitable business model.
29. Fitness Boutique
Reported to be the world's largest health and wellness market, the industry is valued at $39 billion and growing at an annual rate of 4.5%. Fitness boutiques encompass 40% of the market and are typically high-end establishments smaller than your classic box gym offering specialized classes and group exercise.
The fitness industry is a competitive market, so your boutique needs to stand apart from the crowd-either in pricing or programming. By catering to a niche-specific market, you must research your targeted populace and determine the ideal location for your desired demographics.
Initial investment is between $20,000-$50,000 as per this post, which also provides insight on how to surpass the competition and be successful with your fitness boutique.
Gross profit margins are contingent on the number of clients and rates you impose, and range from $40,000-$100,000+/year. Check out this article, which applies to gym owners, but offers pertinent information and valuable suggestions for individuals interested in opening a fitness boutique.
Franchise options such as SPENGA offer 20-minute spin-strength-yoga and require an initial investment of $50,000 if you are interested in coupling with an established entity. Reports advise that owners earn an average of $58,464/year. You can learn more about this opportunity here.
30. Meditation Center
Meditation and mindfulness are hot trends, both in the global and American markets. Forecast to see annual revenue growth of 11.4% by 2022, this $1.5+ billion industry caters to individuals focused on self-development, and self-circumspection. With an initial investment of $30,000-$50,000, it is possible to open a 1000+square foot studio to offer patrons a place of solitude to practice.
This capital will cover your interior decorating costs, business insurance, rent/utilities, marketing expenses, and miscellaneous fees. While it is not mandatory to possess certification in mediation, it is highly recommended that you obtain accreditation in the field. Set yourself apart as an expert, and your potential clients will be more willing to trust and attend your classes. You can learn about mediation certification here.
Because meditation is so popular, it is also extremely competitive, so be prepared to do your market research and offer a unique atmosphere to draw in and retain your clientele. This article provides additional suggestions on how to open a thriving meditation center. The average mediation center grosses approximately $269,000 per year, suggesting that it is an eminently profitable business opportunity.
31. Boudoir Photography Studio
The photography business is uber cutthroat, so by choosing to do boudoir photography, you have narrowed your niche-specific target market and identified your ideal client base. Valued at over $10 billion, the photography market is expected to grow an annualized 0.3% in 2020. Plan on spending $10,000-$50,000 to establish your business. This cost includes:
Here is an article outlining how to start a boudoir photography business that offers valid suggestions and pertinent information.
Your gross profit margin will be dependent on the number of photo shoots you book each month. With the ability to charge upwards of $200/hour and sessions typically comprising a 1-2 hour time frame, there is potential to generate a significant income as a boudoir photographer.
32. Vending Machines
Despite a projected decline of 4.2% CAGR for 2020, the vending machine business is far from dead. The face of the industry is transforming. To remain competitive with cashless convenience stores/kiosks, the vending machine market is making advancements to its machines to accommodate American's harried lifestyles.
Worth an estimated $23 billion in 2020, vending machines remain a profitable industry. By stocking your machine with healthier options, you appeal to the population's increasing health-conscious mindset.
There are two ways to launch a vending machine business, but with both suggestions, you require a seller's permit, insurance and business license, which you can learn more about here.
You can purchase a vending machine from $2000-$10,000, and this article offers additional advice on how to open a vending machine business. Franchise options such as Healthier 4U Vending require an initial investment of $30,000-$50,000 and provide training, support, and a business plan.
If you prefer to associate with a reputable company, then franchising may be your best course of action. Vending machine owners report gross profit margins of 50-80%. Sales and location are vital to generate a semi-passive income with this venture.
Check out this publication for more information on how to begin a successful vending machine business.
33. CBD Business or Vending
The CBD market is exploding in the USA making this one of the best businesses to start with 50k. Valued at $553.7 million in 2020, this industry is expected to reach $4268.3 million by the end of 2026. With a CAGR of 107% by 2023, there is no better time to jump in on this cash cow.
One in five Americans is already utilizing the health benefits of CBD Oil to support mental health goals, and the 'boomers' are on their heels. CBD Oil will eventually minimize the need for prescription medication as FDA regulations iron out kinks, and distillery methods continue to advance.
An initial investment of $10,000-$50,000 will cover the costs of training, consulting, permits, product, marketing, and basic equipment. This front end capital will also include the cost of rent, utilities, and incidentals. Here is an article offering further startup cost dissection with additional details on how to open a successful CBD business.
Gross profit margins will be determined by sales so choose your location wisely and understand the demographics of your target market. With a 50% markup it is possible to clear $6000/month as per this publication which equates to a net income of $72,000/year.
Alternately you could opt to own a CBD Vending Machine. YEP-you, read that right. There are now vending machines equipped with age verification and online payment options. Franchises such as CBD Vending require $50,000 capital but report that this passive income equates to approximately $50,000/year.
34. Vape Shop
The vape and the e-cigarette market is valued at $12.41 billion worldwide and projected to see a CAGR of 23.8% from 2020-2027. Despite surgeon general warnings and social stigmatization, Americans enjoy their vape and show no signs of ceasing this guilty pleasure. With an investment of $25,000-$50,000, you can open and stock a vape shop as per this publication.
The typical vape shop estimates $26,000/month in sales. After deducting expenditures and taxes, your business can attain a $120,000+/year net profit. Check out this publication for additional information on how to capitalize on these best businesses to start with 50k for additional material.
35. Lice Removal/Treatment Company
Lice. Would not wish them on my worst enemy, but believe you me, they are a big-ticket payout with an industry valued at $1.9 billion and a growth rate of 6.5%. If you can stomach the task you stand to earn $100-$155/session. You can open your own lice removal and treatment store for an initial investment of $30,000-$50,000. Costs include:
Additional Training and Certification (recommended but not required)
If you prefer the franchise route, connect with corporations like Lice Clinics of America, who require an initial investment of $64,000-$105,000 which is more than our promised $50k but worthy of mention.
Add consumable goods to your store with a 50% markup on take home products to capitalize on your gross profit margins. Consider doing house calls, and you can raise that number even more substantially. This article offers additional industry information which is both applicable and fascinating.
36. Slumber Party Celebrations
Children's birthday parties have become legendary events in many parts of the country. It's all rainbows and unicorns as business owners capitalize on this trending industry and provide one of a kind overnight sensations for girls and boys 3-16 years of age. The children's entertainment industry is valued at $8.15 billion globally, with a projected CAGR of 8.4% from 2019-2026.
Launching a slumber party business is not only profitable, but it is also ingenious. Children will always celebrate parties, and with franchise options available in the United States with companies such as Elite Teepees, the legalities and equipment are part of the package.
Plan on an initial investment of $10,000-$15,000 to align with a franchise, and roughly the same if you opt to go alone. With the benefit of flexible hours and a work-from-home situation, your income will be dependent on the number of parties you are booked to host.
Market yourself and your brand wisely, and the only leg work will be setting up, tearing down and cleaning the equipment. With estimated income between $26,000-$225,000+ per annul strike while the iron is hot and you will be the owner of a very lucrative business.
37. Cell Phone Repair Store
Worth an estimated $4 billion in the United States, the cell phone repair industry is reported to increase by 1.6% in 2020. Establishing a cell phone repair business has a couple of options-storefront or mobile, each with pros and cons, but each easily attainable with an initial investment of $1000-$30,000+.
Costs for equipment and inventory are minimal so the bulk of your expenditures would be spent on rent or an appointed travel method. Profit margins are insanely high with net revenues reported to be $800+/week on average as per this article.
Everyone and their uncle has a cell phone, but not all are in a position to purchase new in the event their existing device becomes damaged.
With a steady influx of potential clients, your ability to market your business and price point will dictate how fortuitous you are with this enterprise. Here is a post outlining additional information and suggestions on how to open a cell phone repair business.
38. Co-working Space
5.1 million Americans will be utilizing co-working spaces by 2022, with 40% of employees offered the opportunity to work from home. When you factor in freelance and contractual work, this number rises significantly.
The reality is Americans love the autonomy of working remotely, but as social creatures, yearn for human interactions, hence the continued demand for co-office space.
With an initial investment of $30,000-$50,000, you can establish a smaller scale co-office space, and as you see an increase in your ROI expand as necessary.
This number covers the cost of rent, furniture, utilities, and amenities. By renting out desks-perhaps to more than one individual-you maximize the use of your space and eliminate unused areas.
Gross profit margins will vary depending on the size of your location, the number of people you serve, and the rates you charge. This article offers some additional information and statistics regarding office space, which you may find beneficial.
There is a failure rate in this industry, but if you do your due diligence and choose your location with care you can be among those successful with this endeavor.
Keep it small to start (think 1000 square feet) and expand only when you have recouped your investment as per this publication. You have the potential to generate a significant income stream from this business model.
39. Tailor/Alterations Services
Reports advise that the clothing and apparel industry is worth an estimated $1.5 trillion worldwide and has seen a CAGR of 3.5%-4.5% from 2016-2020. With American consumerism at an all-time high, individuals are willing to spend money on high-end fashion.
The reality is that they 'don't make it like they used to,' creating an increase in the need for alterations and repairs. Additionally, with 45% of the American population classified as obese, there is an ever-growing need for custom made clothing.
Opening a tailoring and alterations shop is not only a low-cost investment opportunity but a profitable business venture if executed correctly.
With an initial investment of $10,000-$30,000, the cost of rent/utilities, industrial sewing machines, additional equipment, marketing expenses, business insurance, and incidentals is covered. Check out this article for tips on how to start a tailoring/alterations business.
While the average hourly salary for a tailor is $12-$18, there is every potential to earn more like $25-$35/hour as per this publication. Your skill, experience, location, rates, amount of service, and client retention will dictate how successful you are with this undertaking.
40. Freelance Drone Pilot Service
Projected to reach an industrial value of $43 billion in 2024, the drone market is slated to see a CAGR of 20.5%. The growth will occur in the two main areas of the drone industry: consumer and enterprise (commercial), creating over 100,000 jobs.
Drone pilots are becoming an in-demand occupation suggesting that now is the ideal time to launch a drone flying business. Cost allocations look like this:
Aeronautical Knowledge Exam-$150
Drone Licensing fee-$5
Depending on the number of drones you choose to own/operate and staff, you can expect to shell out an initial investment of $10,000-$50,000. This article offers step-by-step instructions and specifics on how to become a drone pilot and commence with a profitable enterprise.
Part-time drone pilots earn an average of $500+/week, but if you land contracts with large corporations, you could be looking at payouts of $3500+/day as per this publication.
Location and competition are your two main challenges, but if you are a lone wolf and there is the need for this service in your area, you have hit pay dirt with this best businesses to start with 50k suggestion.
The Internet & Online Opportunities
The average American spends two hours and twenty-four minutes a day on social media and the internet. The introduction of online and technological information has opened a realm of endless possibilities for ambitious and resourceful individuals.
With people scouring the internet immersed in searches for everything from employment opportunities to the oldest person alive, now is an ideal time to capitalize on this goldmine and carve out an online business. Here are a few of the best businesses to start with 50k online for 2020 designed to generate substantial earning potential for your consideration.
41. Digital Marketing Arbitrage/Re-seller
Retail arbitrage or reselling is simply a person or company purchasing goods or services to resell versus consume them. Essentially you are scouring the web, stores, warehouses, etc. on the hunt for the best deal.
You buy items at a discounted price and then download pictures/descriptions on to your website with your chosen markup value. Genius right? Immensely competitive, but it can be done, and if done well, it can generate significant profits for you and your potential counterparts. Plan on an initial investment of $2000-$10,000+ to cover the costs of:
High-Speed Internet Connection
Website Development and Design
Rent/Utilities (should you choose to operate outside of your residence)
Staff Salary (where applicable)
This article breaks down further cost specifics and offers additional information on how to generate a successful business. Gross profit margins come down to the deals you can land and the mark up you secure on goods sold.
Sales play a considerable role in your income, so be sure to choose hot selling, easily packaged goods with product listings that convert to actual money in your pocket. Here is an excellent post delving further into the world of digital retail arbitrage, offering valid tips and tricks to get you going in the right direction.
42. Chat Bot Developer
Americans love chat bots. They enjoy the 'always on' characteristic and instant response to their queries. Valued at $2.6 billion with a CAGR of 29.7% between 2020-2024, chat bots in the customer services segment are expected to be the fastest-growing of the chat bot industry.
Developing a chat bot is a meticulous and somewhat time-consuming endeavor but has the potential to be a lot of fun if you enjoy the behind the scenes tech-stuff and have a creative mind.
Plan on investing between $6000-$15,000 to fund your chat bot development as per this post. This price tag includes your time, design, development and integration processing costs.
This article provides further information on how to develop and launch a successful chat bot marketing agency. The potential for income, both passive and semi-passive, is astronomical if you design a chat bot meeting businesses criteria.
Marketing your product and chat bot platforms can earn you $2000-$10,000+/month or sell outright for $5000-$50,000+.
43. Web Development-Design & SEO Firm
Website development/design and SEO is a $38+ billion industry and forecast to see a CAGR of 4.4% in 2020. This market is not dying, but it is splintering into specialized areas. By optimizing this fragmentation and developing a business offering specific services, you will narrow your target market, augment niche-specific projects, and elevate yourself from the competition.
With a unique skill set and scalability option, you can open a website development/design and SEO agency with $5000-$50,000 capital. Consider the size of your business and budget for the following:
High-Speed Internet and Telephone
This article offers some suggestions on how to open a website development/design and SEO firm. Reputable conglomerates charge anywhere from $100-$150/hour for their services, so your gross profit margins will reflect your monthly expenses and number of paying clients you can consistently retain.
Check out this publication for additional ideas on how to make your company deviate from potential rivals and become a successful entity.
44. Crowdfunding Platform
Crowdfunding is the practice of funding a project or venture by raising small amounts of money from a large number of people, typically via the Internet. Crowdfunding is a form of crowd sourcing and alternative finance-Wikipedia. Many businesses, non-profit, and even individuals utilize crowdfunding to generate capital to invest in their endeavors.
Valued at over $10 billion globally in 2018, this market is projected to reach $28.8 billion by 2025, suggesting that now is a great time to invest in this money-making schema. Here is an article breaking down specifics on how to build your crowdfunding campaign with an initial investment of around $50,000.
The premise is to cut the queue, beat more well-established platforms at their own game, and launch the "next great consumer product." Done correctly, businesses, non-profits, and individuals will utilize your platform to create their crowdfunding campaigns, generating a semi-passive income.
Gross profit margins will depend on the scale of the project, agreed compensation, and popularity of your platform. Here is an interesting post describing crowdfunding in more detail for those interested.
45. Copywriting Agency
Everything is online, and business owners know that the digital market can make or break them. Hence the ever-growing blog posts on websites, new and authoritative content, more press releases, PBNs, and content-content-content.
Statistics suggest that e-commerce sales will reach $4.5 trillion by 2021. If business owners hope to survive and thrive, most need the services of a skilled copywriter. Plan on an initial investment of $10,000-$50,000 to open a copywriting agency. These costs will include:
Fees For Merchant Accounts
Content Management Systems and Programming
This post highlights suggestions on how to open a copywriting firm. Consider adding specialty a la carte services such as editing, translation, and transcription to your portfolio to maximize earning potential.
Copywriters charge anywhere from $25-$100+/hour depending on expertise and experience. The number of individuals you employ, clients you service, and rates you implement will dictate your gross profit margins.
There is the opportunity to earn substantial payouts with these business suggestions, as per this article.
46. Software Engineering & Development Call Center
The software development industry is valued at over $500 billion worldwide and employs over 600,000 Americans for APP development alone. With a CAGR of 21% forecast from 2018-2028, this is a business suggestion worth investigation.
An initial investment of $2000-$50,000 is required. However, the size of your call center will govern your start-up costs which include:
Internet and Telephone
Website Hosting and Data Storage Fees
Specialized Programs per Project
Copyright-Trademark and Patent Fees
Here is an article offering additional information on how to start a software engineering and development business. With big-name corporations such as Google and Reddit in search of qualified individuals and willing to pay big bucks for your brilliance, the average salary for a software developer is over $100,000/year.
Python developers are a prime example of creating niche-specific services. With a growth rate of 19% in 2020, the more upscale the software, the higher the compensation.
This article speaks to some interesting facts from a consumer perspective regarding choosing a software development company for those curious about this market.
47. Graphic Design Firm
Graphic design is worth over $11 billion in the United States and is projected to see an increase of 1.5% in 2020. Competition is intense, but like most digital trends, there are 'a lot of asses but few horses.'
If you are an expert in the field, can offer unique and diverse results with a portfolio and reputation to back your expertise, you have the potential to be quite successful in this market.
With annual wages for a graphic designer averaging $27,000-$78,000+/year, the staff you employ and projects you secure will determine your gross profit margins. Check out this post on how to capitalize on your skill and earn top dollar for your artistry. Plan on investing between $10,000-$50,000 to develop an agency.
Of course, there are low-cost options such as freelancing, online, from home or contractual, but if you have $50k to invest, why not hold the 'go big or go home' mentality? This article offers a breakdown of startup costs and recommended software for those interested in creating a graphic design firm.
48. Social Media Manager
Social media is on fire! With new platforms emerging, you need to be on your toes to stay in touch with the latest trends, algorithms, and consumer spending. These statistics are staggering proof of the magnitude of this industry:
Social media spend equated to over $89 billion in 2019
Ad spend will see a CAGR of 8.7% in 2020
86% of Americans appreciate social media transparency
77% of Americans use social media
Advertisers will spend $16+/mobile internet user in 2020
2020, advertisers will likely spend $16.85 per mobile internet user
This publication offers additional statistics that are mind-boggling. Social media is the wave of the future, and if businesses hope to remain competitive, they need to capitalize on these social platforms.
Understanding the nuances of social media marketing is a skill set with study, keen eyes, comprehensive awareness, and analysis of market data.
You can start a social media management firm for $2000-$50,000, depending on the size of your enterprise and the number of people you opt to employ. At a minimum, consider hiring a:
Social Media Marketing Specialist
With the ability to charge between $40-$60+/hour, your gross profit margin will depend on the number of clients you serve and your pricing. This post offers additional information on how to get started with this advantageous business idea.
49. Virtual Assistant
Virtual Assistants are the way we are moving. With 18% of the American workforce now working remotely, digital opportunities and online platforms have granted business owners the convenience of outsourcing mundane tasks to remote workers anywhere in the world.
Why not keep that capital in the United States and open a virtual assistant agency?
Plan on an initial investment of $500-$50,000 to cover the cost of rent or shared office space, computers, telephone and internet, marketing, office furniture, supplies, and staff salary. If you opt to work from home and allow your staff to do the same, you slash your initial costs significantly as per this article.
The more individuals you have working for you and retaining clients, the more profits you will earn. The average income for virtual assistants is $19,000-$66,000+/year, suggesting that there is money to be made within this industry. Here is a post offering some additional suggestions on operating a virtual assistant agency.
50. Selling Information Products
Business to consumer online product information is a $3 trillion+ global industry. If you can educate and entertain or are willing to guinea pig yourself virtually as you learn a new skill set, then you may have an information product to share.
The key to being successful with this enterprise is to study market trends-what are people searching for-what are they interested in learning?
Watch those algorithms like a hawk and set your platform up with exact precision and attention to detail. This article offers some interesting insight into how to market information products online.
Plan on an initial investment of $1000-$50,000 depending on the platform you utilize and how much you want to invest in ad spend.
SEO, keywords, and quality content are necessary not to flop with this. Here is an additional post with valuable information if this business idea has piqued your curiosity.
Earnings will be sales driven, so be prepared to perform your due diligence and work consistently. Maintain focus, and the more you sell, the more you will make.
Lead Generation. We are creating simple web sites-ranking them online-producing leads and selling those leads to local business owners for cash-a sliver to deliver if you will.
There is no simpler business model able to produce a higher ROI than Lead Generation.
It helps if you have some understanding of basic computer skills, website design and development, and simple SEO, but if you do not-no matter-we teach you everything, and I do mean everything.
This skill set is outlined in a comprehensive, easy to follow online teaching program that is unlike any other in the industry. Continued support and weekly live streams confirm that this program is the gift that keeps on giving.
With an initial investment of around $5000-$10,000, your gross income is determined by your level of commitment and willingness to hustle. There is cash for the taking if you choose to invest in yourself and create an online, recession-proof empire.
The above is a photo of a site I built using the skills I learned with Lead Generation. By utilizing on and off-site optimization, keyword research, and quality content, I leverage Google and dominate the online market for this industry.
The information I have learned and applied as taught from Lead Generation has enabled me the ability to provide a local business owner a steady stream of leads. All of this was done with my laptop, around my schedule, wherever I wished to work.
Months later, I am still collecting a passive income from this website, and this is one of many. There are individuals in this group, earning upwards of $30,000/month.
There is no cap on your income potential with lead generation.
If you have been searching for a new technique to break away from the monotony of your 9-5 J-O-B and create financial freedom only found in your dreams, then you need to learn more about Lead Generation.
50k is no small chunk of change and offers numerous possibilities. These proposals are just the tip of the iceberg on how to invest your hard-earned capital. You can establish financial freedom and the ability to become the boss of your own show.
Of course, this is not an exhaustive list, but I do hope it has helped get your creative juices flowing and provide you with the best businesses to start with 50k models that are both in compliance with your budget and highly profitable.
If you have a recommendation that is not on the list, please feel free to drop it in the comments-always a pleasure hearing from our readers.