5 businesses to start with less than 20K

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4. TRANSLATION SERVICES

The demand for translation services is booming. Business owners in this field saw revenues rise more than 18 percent in the last year. The primary market for translation services today is the federal government, health care professionals, and businesses interested in importing and exporting.

You don’t need to be multilingual as you’ll be hiring translators and managing their work. In the beginning, hiring independent contractors rather than employees will save you a lot of money.

5. MOBILE FOOD SERVICE

Food on wheels has become a huge business in the last few years—and this is hardly your father’s roach coach. These days, we’re talking gourmet goodies like creme brulee, Kobe beef burgers, Korean barbeque, or even good old comfort food staples like cupcakes and grilled cheese. The trend is so big that many big food franchisors are now dispatching their own food trucks.

The key to a low-cost startup is getting a used vehicle that you can fix up. (One Seattle-based entrepreneur rehabbed a used Airstream.) Your other costs—marketing (mostly done on social networks like Twitter) and labor—are almost non-existent, unless you launch with a fleet.

Don’t overlook good, old-fashioned food carts either, which you can purchase used for around $2,000. In the right venue, you can really clean up with these. I know one entrepreneur who makes about $200,000 a year selling cotton candy from a cart.

There are plenty of low-cost ways to start your own small business. I’ll be featuring more of them in future columns, so stay tuned.

(By The Houston Defender)

 

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