Many Americans want to own a business but may not know how or where to start. Financial expert Codie Sanchez is on a mission to help aspiring entrepreneurs achieve their dreams.
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Here are five business ideas that she says are low in risk with minimal barriers to entry.
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A new bookstore can be as simple as a pop-up stand inside a coffee shop.
For a small pop-up store, you may need:
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Rent: varies (try to partner with an existing business)
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Shelving and fixtures: $500 to $2,000
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Inventory: $5,000 to $10,000 (thrifting can help lower your costs)
Ryan Holiday started the Painted Porch, a bookstore that’s filled with books he personally recommends. Because he lives in a small town, his rent is cheap, and he’s able to capitalize on a unique shopping experience that online stores can’t match.
Beginning as a pop-up can help you test your profitability while partnering with an established business lets you leverage its existing traffic. Additionally, print book sales are on the rise, so now may be the perfect time to start a bookstore.
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Mobile food services range from simple coffee carts to fully equipped food trucks.
For a basic coffee cart, you might start with:
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Cart and equipment: $3,300 to $12,000
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Inventory: $500 to $2,000
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Permits and fees: subject to local regulations
Known as the Ice Cream Lady, Catherine O’Brien sells ice cream out of a custom bike-cooler combo. She started in 2015 with an initial investment of $8,500, which covered her bike, permits, supplies and inventory. Since her launch, she’s sold more than $1.6 million of ice cream, and her business continues to thrive.
Mobile food services can meet customers where they are, eliminating the need to establish a fixed location. This makes your market extremely flexible. However, you’ll need to familiarize yourself with local business requirements to evaluate whether the permits and fees are cost-effective for your situation.
You can start a flower shop right from home and scale up if needed.
To start at home, here are some expected costs:
