The world is full of opportunities today. You have the ability to make money while in bed, sitting on your phone, or even while you are asleep.
More than half of the UK workforce desires to start their own businesses. But insufficient funds, fear of failure, and a lack of solid business ideas hold them back. If you want to break away from side hustles like doing surveys online and you are ready to take on a full business; check out these expert-approved business ideas that you can start with 10k or less to set yourself apart.
Business Ideas To Start With 10K
(smeloans.co.uk)
64% of UK workers want to be business owners. You’ll probably understand why so many people want that path now that you’re looking for the best business to start with 10k. Who wouldn’t want all the benefits that come with a profitable business? More money, a flexible schedule, working from home, being your boss, etc.
Sadly, nearly half of these aspiring entrepreneurs do not believe they will actually start a business for various reasons, including a lack of confidence in their abilities and capital. One in every four people in that research doesn’t believe they have a viable business idea.
Does this sound familiar? Don’t let such factors deter you from pursuing your entrepreneurial dreams! Read on to discover the top 12 profitable businesses you can start with 10k or less.
- Social Media Management Agency
The average social media user spends about two and a half hours daily on the platforms. This presents incredible opportunities for companies and brands in various industries to market products/services, engage with customers, and boost sales.
However, most brands struggle to establish a strong social media presence, keep up with changing algorithms, and achieve the desired ROI. That’s where social media management agencies come in. They offer different services to brands, for instance:
- Managing a business’s social media accounts
- Creating and scheduling engaging content
- Running paid ads
- Creating a content calendar
- Implementing social media marketing strategies
Not every agency will offer all these services. Each social media management company decides and clearly states what it can do for potential clients.
Don’t worry if you have no experience in social media management. You can start learning using an online course, offer services to brands in industries where you are more comfortable, and build a solid portfolio.
If your budget allows, hire experienced social media managers and other team members to work with you. The results you obtain for your initial clients will assist you in developing a unique value proposition, gaining more clients, and becoming a successful social media management agency.
- Virtual Assistant Agency
With the increasing demand for remote outsourced workers, starting a virtual assistant company is a no-brainer.
Virtual assistant businesses typically have a team of top-tier professionals for different job roles, especially administrative ones. But if you’re not ready to hire professional assistants initially, you can start by offering VA services in your area of expertise and scale later.
When hiring, you should carefully screen every candidate and ensure they can demonstrate proficiency in the tasks. Their performance will impact the overall outlook and growth of your business.
What VA services should your business offer? Companies are looking to delegate various tasks to virtual assistants, from simple tasks like scheduling meetings to more advanced services like project management. It’s up to you to decide which services your company will offer.
Below are the most popular virtual assistant services:
- Email marketing
- Graphic design
- Anything digital marketing and tech
- Project management
- Social media management
- Branding
- Equipment Rental Services
(Statista)
The UK has one of the largest equipment rental services markets in Europe. If you identify a good opportunity, offer in-demand products, and execute a solid business plan, you can enjoy a high-profit margin in just a few months.
You can rent any type of equipment, such as cameras, bikes, inflatables, fancy garments, camping gear, party supplies, etc. Think of the items that people would prefer to rent rather than purchase. Most of these will be items that people will only need for a short time or on rare occasions. A budget of 10k or less would be sufficient for most tools, but the exact start-up costs will depend on the equipment you choose to stock.
- Street Food Business
(Pexels)
If you love good food and are wondering how to start a business with 10k, consider starting a street food business. The mobile catering industry in the United Kingdom is currently thriving. You’ll see success if you approach the market with a well-thought-out plan and follow the law.
You can sell street food at corporate events, markets, special events, food festivals, parties, weddings, and street sides. Your income from this business will depend on the food you sell, your location, and the number of hours you put into it.
You’ll face stiff competition if you opt to sell generic fast food like hotdogs! Achieving success in such scenarios will necessitate finding your competitive advantage. The branding and customer service must be top-notch regardless of what you sell.
- Outdoor Adventures Organiser
(Pexels)
If you enjoy outdoor activities and are looking for the best business to start with 10k, starting an adventure company could be the perfect opportunity. These outdoor activities could include anything people enjoy, such as hiking, trips, camping, river rafting, etc.
Your main responsibility is identifying fun activities for your target audience, organising the details, and finding clients. Depending on your interests and location, you can take a different approach to monetize your passion for the outdoors. You can start a travel agency or act as a tour guide.
- Digital Marketing Consultancy
The demand for digital marketing services is high and unlikely to decrease anytime soon. As more brands and businesses realise the value of investing in their digital presence, the competition heats up. This means companies are on the hunt for digital marketing professionals who can bring new ideas, help them stand out, and generate a high ROI.
Digital marketing consultancy is an excellent business to start with 10k or less and gradually scale up. No need to go on a hiring spree in the beginning! If you have no experience with digital marketing, you can invest in a good course and put the strategies you learn into practice on your digital presence. You’ll learn different skills, including:
- SEO
- Email marketing
- Google Advertising
- Content marketing
- Social media marketing
Keep in mind that you don’t need to master all these skills at once. You can specialize in one area and build your company around it. Once you have established a good foundation, you can hire experts specializing in different areas to grow your company.
- Aerial Drone Photography and Videography
(Pexels)
Offering drone photography and videography services can help you achieve your business ownership dreams. A passion for photography could go a long way, but you can hire professionals to work for you. The best part is that there are plenty of potential customers for such services.
Here are some examples:
- Real estate agents
- Construction and roofing companies
- Landscaping companies
- Wedding venues, commercial properties, and event organisers
- Tourism boards, companies, and hotels
- Marketing departments for different companies
You can also make more money from your stunning aerial shots while you sleep by uploading them to stock image websites. There’s no guarantee on how much you’ll earn. It all depends on the demand for your shots and the pricing on such websites.
- Online E-commerce Store
With global retail e-commerce sales expected to reach $8.1 trillion by 2026, now is the best time to start an online store business.
And you’ll be happy to know that you have an advantage! First, the UK has one of the most advanced eCommerce markets in Europe, with about 60 M eCommerce users. That’s a lot of potential customers for your e-commerce business.
Second, online shopping has grown rapidly over the years and shows no signs of slowing down. This opens up massive opportunities for aspiring entrepreneurs like you.
Why not take advantage of these trends and take control of your income? Your most critical initial tasks include finding the best products/services to sell, selecting the best eCommerce platform, and investing in marketing. You don’t have to sell through third-party marketplaces. It’s possible to create a store on your website.
A word of caution, though: the average business success rate for e-commerce stores is 10%. Setting up an online shop is blissfully easy, but there’s more that goes into making it a success. For example:
- Analysing the profitability of the products or services you intend to sell
- Making a competitive product or service offering
- Implementing SEO
- Having excellent customer service
- Establishing a solid business plan, including a marketing strategy
- Home Cleaning services
Most people are preoccupied with work and other responsibilities such as childcare and barely have time for mundane chores. As a result, they outsource home cleaning services on a weekly, biweekly, or even one-time basis.
Numbers don’t lie! The revenue for the home cleaning services industry was $1.45 billion in 2022 and is expected to grow by 7.03% per year. The market data makes home cleaning services a great business to start with 10k.
But what exactly do home cleaners do? The scope of services will differ from one company to the next. Some clients require a quick 30-minute cleaning, while others require a thorough deep cleaning. You get to decide what you can and can’t offer to your clients and market your company accordingly.
Here are the most popular tasks people outsource:
- Carpet Cleaning
- End-of tenancy cleaning
- Dusting and mopping
- Upholstery Cleaning
- Hoovering
- Ironing and folding clothes
- Kitchen and bathroom clean up
- Laundry
- Emptying bins
- Watering flowers
When expanding your business, you should hire professional cleaners and train them on cleaning products and procedures to ensure they consistently provide excellent service.
Remember that most people will look for a reputable cleaning company based on reviews, complaints, satisfaction, trust, etc. To establish a strong brand, you should focus on developing long-term relationships with each client.
You can also offer cleaning services to offices and other commercial properties.
- Coaching
Coaching is one of the best low-cost businesses you can start tomorrow. That is if you have a monetisable skill in which you are confident.
Don’t just rush to search for the best high-ticket coaching niches. Instead, think about your strengths, passions, relatable experiences, problems you successfully navigated, and areas of expertise to discover what you can offer.
If you can solve a problem people are willing to pay for, you’ll have a successful coaching business in no time. You can know if people are willing to pay for what you intend to offer by conducting research.
What is your target audience talking or asking about in online spaces like Facebook groups and forums? Are they mentioning anything linked to what you intend to offer? During the research, you can have that “Aha!” moment and validate your coaching business idea.
Remember that your clients will bring you more business if completely satisfied with your coaching. One study shows that 46% of clients find their coaches through referrals and word of mouth.
- Freelance Agency
If you want to start a work-from-home business that doesn’t rely solely on you, you should consider starting a freelance agency. Instead of doing all the client work yourself, you’ll have a pool of freelancers working on various projects for different clients.
You can focus on leadership and management of the agency or delegate that role to experts too.
Getting your first client when you don’t have a portfolio is one of the most challenging aspects of starting a creative agency. But don’t let that hold you back. You can always find ways to work around it since every successful agency started in the same place.
You’ll also need to vet the freelancers carefully to ensure they can provide excellent services at all times. That way, your creative agency will develop long-term relationships with clients, receive positive feedback and gather referrals from current customers.
- Resume Writing Services
A resume is a crucial document for anyone looking for work. Most people aren’t confident that their resume will pique the hiring manager’s interest and demonstrate that they are the best-qualified candidate for the position.
That makes the resume-writing business a lucrative one. The business concept is simple! You gather information about the job seeker (education, work experience, skills, hobbies, and certifications/awards) and then create a professional resume.
You will have an easier time in this business if you have a background in writing, recruiting, human relations, etc. But you can still start a resume writing business without experience in these areas. You need to know what employers look for in candidates for different roles and craft resumes that position your clients as the best.
Resume writing is excellent for anyone wondering how to start a business with 10k or less. The best part is that you can get clients from anywhere in the world with proper marketing.
When scaling, you can use AI, hire professional resume writers, or add additional services such as cover letter writing, interview preparation, and career counselling.
- Business Plan Writing Services
Business plan writing services are always in high demand. Entrepreneurs must have a well-thought-out business plan when seeking funding, which also helps run a company successfully.
One survey revealed that having a business plan doubles a company’s chances of growing or obtaining funding.
Your target market will primarily consist of new and established entrepreneurs seeking funding, and plenty is out there. It’s one of the services business people are happy to outsource to the right expert.
Don’t be fooled by the low start-up costs of a business plan writing service. It can generate six figures per year, and you’ll keep most of it because the ongoing maintenance costs are low.
- Furniture Flipping
Furniture flipping involves buying used furniture for cheap and reselling it for a profit. The business is best suited for creative people who love DIYs. Having good negotiation skills is also advantageous.
Typically, the furniture flipping business entails the following:
- Finding potentially profitable used furniture
- Cleaning furniture or refurbishing
- Photographing and posting it to marketplaces
- Negotiating with potential buyers
Knowing where and how to find good deals is one of the most important skills you’ll need to run a successful upcycling furniture business. Most people use Facebook marketplaces and local charity shops. Some successful flippers can even get furniture for free, which gives them an edge. In other words, take your time to understand how successful flippers find furniture.
You can refurbish the pieces before reselling them to get the maximum profit. It’s about transforming old furniture into a masterpiece for which buyers are happy to pay a fair price. Additional work (sanding, priming, painting, etc.) will depend on the furniture’s condition and the desired final look.
If your profit margin allows, offering a free local delivery service can make customers choose to work with you over and over again.
Bottom Line
There are many businesses you can start with 10k and scale slowly like the ones covered above. These business ideas are proven to be profitable, in demand, and easy to start. In fact, you can start by offering the services yourself and bring the best talent when you’ve laid a foundation.
Keeping costs low at first is a critical success factor in business. So don’t hire if you don’t need to.
Remember to do your research, understand your target market, and develop a detailed business plan before getting started.
