3 answers

What would be the best small scale business to start with an amount of 10000 dollars.

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Am aspiring my future in Business #business #business-idea #small-business #business-law

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3 answers

Monika’s Answer

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Even with a fewer budget you can kick off your business (as far as services are concerned). The most important thing is to be involved in business area that inspire you. Otherwise it would end up with a disaster. Many entrepreneurs regret they had to sacrifice too much time on getting to know new stuff they weren't really interested in. Every kind of business may be brilliant till you're master in that part of industry. Focus on your end-customers: create a potential persona who may use your product/services. Consider how you can satisfy them and why they should choose exactly your product/services.

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Eugene’s Answer

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Always first start with a problem that you want to solve. Try to choose one that you're passionate about, then you can try to figure out if people would pay to solve that problem and how much. If you have 1 customer and can see that can capture more, then you can calculate if it's worth using your 10,000 dollars to start this small business :) In short, it's a good idea to aim for a MVP or Minimum Viable product for your business . There's a few good books to start you off.

Eugene recommends the following next steps:

  • read the lean start up, lean canvas and lean analytics
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Melanie’s Answer

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It depends on what type of business you would like to get into. If you are starting a franchise, it depends on the start up costs. If you are building your own personal business you can start with any amount of money. As far as business is concerned you can move at the pace that your business requires. If you are starting a consulting business and working for yourself then you may only need marketing and advertising costs. I think it really just depends on the industry.

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