19 Business Ideas You Can Start With Under £10k
In the modern world, everyone can be a business owner to balance the relationship between demand and supply in the economic world. To do this, people have to come up with great business ideas and implement them.
Although the market for some products seems saturated, being unique as a business person will help your business stand out.
In this article, 19 business ideas that can be implemented by teens, adults and the aged for creating and nurturing businesses to get bugs one day.
These business ideas are for people who have a budget of £10,000 and below and still seeking to start up a business for themselves. If you would like to register your business, kindly contact Incorpuk for help.
19 Business Ideas You Can Start with Under £10k
Below are some businesses that you can begin with £10,000 or less
1. Auto Repair
In these days where care is very important for moving around, opening an auto Repair shop will be very productive. Although some repairs require skilled hands, which you can learn for a while, some auto repairs require simple touches and simple tools to set up. You just have to know how to do it right and then you can get to your auto repair shop.
It is advisable to work in an auto repair shop and learn the skills and various tools necessary for fixing a vehicle before going ahead to get an auto shop of your own. This gives you the chance to do repairs ranging from simple to difficult and even complicated repairs. If you have worked at an autistic repair shop or have a family member running one, then this is your chance to get your skills right and get your auto repair shop.
An auto repair shop should be located in busy cities and close to busy roads or buildings to attract a lot of customers and be able to get noticed. Once you're able to do a good job, you can attract a lot of clients through referrals from previous clients and you can have a rapidly growing business.
You need to rent or buy a space you need for your business and buy the tools needed for repairs as well as spare parts that will be needed to change or replace a damaged vehicle part during repairs.
2. Tutoring
Online tutoring is a very good way of working remotely. You just need to have a great knowledge of what you're teaching, a good PC, a good video set and a powerful internet connection to keep you stable while tutoring. You just have to select a skill or course you are good at and tutor others for a token.
You can also choose to go for offline tutoring, any of these, you just have to make sure you have a good knowledge of what you're teaching.
You can also create tutoring materials yourself and sell them to your students or other persons who might be interested in your offer and want to learn. You can host daily classes, weekly classes or classes specified for a particular period like two weeks, three weeks or even a month.
All you need to do is get a good and accommodative space for tutoring, a good PC, and a very efficient, good and clear video set to help you communicate effectively with your students if you're opting for online tutoring or to create your tutoring materials. Above all, you need to provide for yourself a stable and strong internet connection that will be used to communicate with your students online and always ensure there is no break in transmission during your classes.
3. Fashion Designing
You can also open a fashion designing house if you have the skill. You must ensure you have the appropriate skill of fashion designing or you can open the house and employ fashion designers to work for you.
Your outstanding designs will attract more clients to you and your business. You just need to buy machines for making the designs, fabrics that will be used, necessary tools and equipment that are necessary for creating a fashion house.
4. Food Truck or Restaurant
In busy towns or cities or even parks, food is essential to people and a food business would be a great idea. You can purchase a truck and make the foods you want to sell out, come out to an open space, and start selling. Most food trucks have kitchens for easy making of the food.
Restaurants are also good in busy cities. Most working individuals eat out to save time and if your food is good, it will attract a lot of customers to your restaurant.
5. Car Wash
Some people are very busy and do not have the time to wash their cars themselves, so when they go out to take a rest or eat, they give out their cars to a car wash to get them cleaned.
A car wash should be situated close to a garage, a busy road, a very big company, a mall, a restaurant or close to places like churches, mosques, museums, courts, airports and other significant places where people visit more often.
As a restaurant owner, you can also choose to open a car wash and employ others to work for you since restaurants are mostly located on busy roads and cities, the car wash will get noticed easily
6. Create a Product
You can choose to create a product like groceries, snacks, or other high-demanding products. After creating your products, you should work on your branding and your target audience if it is a fast food should be adults, teens and kids.
You should try selling them close to schools, colleges, workplaces, parks or any other location where there will be a high population of teens and kids around. You can also supply your products to malls if they meet their requirements.
You can also choose to create an online product, advertise and sell it to your audience either through social media platforms or the web.
7. Electronic Repair Shop
With the rise in technology, more electronic devices are being used daily and there are also faults developing in electronic devices every day. If you know how to repair electronic devices, then you should open a repair shop.
You can also do home repairs for people in the comfort of their homes. All you need to get is a preferable location, the tools needed and the right skills for repairs. Since repairs for electronic devices are very critical, you need to have the skill before you can start a repair shop. Or you can start a repair shop and employ someone who does repairs.
8. Freelance Services
You can choose to offer freelance services either remotely or on-site. These freelance services include writing, graphics, web designing and development, virtual assistant, product management and other services.
You need to first get the necessary skills needed to offer these services, get a good working space, a PC and a good and stable internet connection. Though some of these freelance services can be done even with a smartphone for an efficient and easier job, get a PC.
Web designers and developers can create apps or software that have a high demand and make income off it or sell it to other interested parties.
9. Finance Manager
As a finance manager, you are responsible for managing the finances of your clients and also rendering financial advice to your clients when needed. Most people are so busy with business that they do not have time to manage their finances. You can manage your client's finances and get paid.
10. Agriculture
Agriculture is one of the most profitable businesses in the world, although it needs a whole lot of effort to see good results. You can plant crops, harvest them and sell them off. You can also rear animals and sell them off for meat.
Rearing of pet animals is profitable since pet bonding is one of the most important forms of therapy these days, most people need pets and offering them one will be great.
11. Personal Trainer
Everyone wants to stay fit and healthy, and being a personal trainer that helps others stay fit is also a great business idea.
12. Blogging
You can create a blog and share important information with people. Since people search the web for answers to their questions more often, then you can create a blog and research what people search for more often and provide them with the information.
13. Dropshipping
This is buying products from suppliers and selling them at a higher price for profits.
14. Content Creation
You can start content creation on YouTube, Tik Tok or other social media platforms.
15. Chef
You can be a personal chef and prepare meals for people upon request.
16. Makeup and Artistry and Photography
In recent times when women care about their looks a lot, you can learn Makeup artistry and offer this service to people in need.
You should locate your place close to spas, hair-dressing salons, malls and boutiques or where the female population is very high.
17. Spa
You can offer massage and therapy services to people. Everyone wants to stay fit and healthy these days and they would want to opt for a massage. You should situate it close to a beauty shop, mall or boutique.
18. Company Formation Agent
You can offer to help entrepreneurs form and create their own companies. They provide you with the necessary information and you do the job of the application.
19. Personal Shopping
You receive orders from others and help them shop and then deliver to their doorstep
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Steps to Starting a Business
Here are some steps to start your business.
Discovering an Idea
Discovering a business idea is a very important aspect of creating a business. Once you get your business idea, you'll weigh the possibilities and the impossibilities then you will know if you're to proceed with your business plan or if you need to change an idea or spice up your business idea.
You have to research and come to a conclusion if customers find the product valuable and are willing to spend on the product, how saturated is the market, the activities of competitors and how important the product is to the public depending on the demand for the particular product.
After getting your business ideas, for some of these businesses, you have to establish a legal structure. The following are steps you should follow
Select a Business Name
Choosing a business name is very important as it gives your business an identity to hold on to. Your name can also give your business a unique identity and also give the public a hint at what the company does.
When choosing a company name, you have to be careful not to choose a company name that has already been used or a company name that does not follow the rules and regulations of the authorities. Your company name should be unique, simple, easy to pronounce and understand and also give the public a glimpse of the company's activities.
Your business name should also not contain offensive, sensitive and provocative words or else your business might be rejected from registering with the UK's Companies House. Words relating to criminal activities should also be avoided.
Business Plan
A business plan is a very important aspect of a business. A business plan outlines all the activities and structures of a business. It also includes the possible problems and limitations of the business and states the solutions to these problems and limitations of the business shortly.
A business plan is important and keeping to your business plan as a business owner is very important since it is more like a map of the activities of the company within all years of operations of the company. You can change or add to the business plan in the later operation of the business.
Your business structure has a very huge impact on your tax. If you're creating a very large company, then you should expect a huge tax and if you want a small company, then you'll have a lesser tax to pay than a larger company. You should also decide what type of company you want to create and this will help you in legally securing your business and also limited liability.
The business plan should also include the budget and running course of the business. Financing is very important in a business as it is the major fuel of the business and without financing the business can come to a halt. You should also make sure to provide an official account for your company or business to ensure your company's income and outcome do not affect your income and outcome.
Financial goals at the end of every financial year should be mentioned and everything possible should be done to achieve the financial goals of the company. When stating the financial goals, also make sure to add the possible expenditures of the business and running costs required for the normal functioning of the business.
Product or Service
When you've structured your business plan and every important information included in the business plan, the entrepreneur can then proceed to design or structure out the product and services of the company.
This includes the payment method, price for the product or services, delivery and other considerations that need to be met to ensure a successful delivery of products and services from the company to the customers or clients.
You should always make your products unique to have a higher chance of success in the competitive market. If your products stand out in the market, there is a higher chance that they will be noticed by customers and potential clients and this will increase the visibility, reach and sales of your business.
Keep to Rules and Regulations
There are rules and regulations governing businesses. Rules from the Company House, HMRC and the government must be kept to ensure free food for businesses.
When these rules are broken, it can attract sanctions which might include financial sanctions and even forceful closure of the company. If a company is forcibly closed by authorities, the company can no longer function and will be closed down forever.
You should be able to have the required licenses for your business to ensure everything in your company is legally okay and cannot attract any form of legal punishment or sanctions.
Software Systems
As a business in the modern era, you should have software that can take care of your company's record-keeping or accounting as this will make the job of secretaries and accountants in the company easier and faster.
You can also make use of emails, social media platforms and websites to help advertise your company and increase visibility and sales of your company. Social media platforms have a greater advertising power since close to all populations of the world are on social media platforms like Facebook, X (formerly known as Twitter), Snapchat and WhatsApp.
Having a website is also very important, on your website, customers can go and take a look at your products and their prices and this saves time. You need to explain products and their prices to customers who are interested in the product.
Location
A business location is very important as it has a great influence on the size, growing capacity and functioning of the business. You should open a business where transportation is easily accessible and areas that are close to big or popular places like stadiums, churches, mosques courts, airports, train stations, bus stops or other very important places. This is because you will have a lot of people coming around that area and your business has a higher chance of visibility.
Also situating your business on a busy road, a junction or an intersection can increase your visibility since a lot of people will be around those areas often.
Team Size
When creating a company or business, you need to determine the size and this should be greatly influenced by your business budget. If you want a large-sized company, then you should be expecting 50 employees or above and if you're going for a small-sized company, then 20 employees or below will be okay for your business.
You can choose to have less than 10 or 5 employees based on the workload of the company and you can have more employees as the company expands.
Launching Your Business
If you're going for a small-sized company or a large-sized business, then you should register your business as a company with Companies House. This ensures that you're legally permitted to trade, carry out business activities and pay business taxes.
To register your business at Companies House, you must decide all of the above because it has to be included in the registration form. Also, you must have a director for your company. You can choose to be the only director of your company during incorporation and you can add the directors during future operations of the company.
Once you register your company at Companies House, you should also register your business at HMRC for taxes. Once you register your business at HMRC, you're to report annual accounts and statements at HMRC every tax year and failure to do so will attract sanctions.
Once you launch your business, you can then proceed with public awareness and advertising. You can choose to employ a professional advertiser for your company but if you know advertising, you can advertise for your business.
You can make use of social media posts, social media ads and bonus giveaways to the public to attract more attention to your business. You can also hold campaigns to promote your business. Advertising has a very great effect on business.
Marketing is also very important. Even with good advertising and poor marketing, there will be low sales. Marketers are available and can be employed by the business lender or the staff can take the roles of marketing.
Conclusion
Starting up a business is very important and although most of these businesses mentioned above do not need up to £10, 000 to start up, some need capital and a workforce to start up. Once you get your desired business idea, then you should start working toward making your business idea a reality. Do you have any questions on businesses you can start with £10,000? Kindly contact one of our Incorpuk experts here.