Starting a small business is something many dream about for years and never quite get to accomplish. It provides you with a sense of freedom and control over your life that can’t be matched even with a lucrative career as an employee.

The main obstacle to starting a business is usually the lack of funding needed to start it and maintain it within the first few months. However, there are ways of doing this by making sure you choose an industry that requires little investment and by having a good credit score.

Event planning

A great thing about starting an event planning business is that it opens all kinds of doors for you pretty quickly. There’s almost no limit as to what kind of event planning you can get into. Many start with weddings and birthday parties but then end up pivoting to corporate and business events.

The key to starting this business is having employees that are able to organize an event and present your business in the most favorable light. It’s not enough to have the logistics for it, at the core of the business are the creative minds that set up the aesthetics of an event.

Social media marketing

Social media marketing is the most useful way to get the word about your small business out there. It’s the least expensive but also the most personal way to communicate with a customer and there’s money to be made there.

It’s a business that can be started with a rather low initial investment. You’ll need a few creative people on your team, a tax consultant, a lawyer and a pipeline of clients that you can grow and expand.

Renting a property

Renting a property is often considered to be a passive income source, but if it’s done on a large enough scale, it can be a proper business that will require all of your abilities and time. The most difficult part of starting such a company is to get the funding to purchase the property. It can be done with a small loan.

When it comes to the actual work of renting the property, it’s mostly about marketing your property and showcasing it in the best possible light. There are also always small tasks to take care of because there’s always something a landlord can fix and improve.

Tutoring

The improvements and advancements of technology have made it possible for almost anyone to learn almost anything using online resources. Tutoring is, therefore, one of the most lucrative businesses you can start. The only limit to such a business is the number of topics you can provide instructions on.

At the same time, it’s a business that can start small and be nothing more than a hobby that brings in a bit of money, but can grow to a full-time job that can provide for more than a few people and their families. This scalability is a key part of small businesses because it provides a chance to learn on the job and improve yourself.

Starting a small business could be a rewarding and lucrative process. The key to being successful in it is to choose the industry and the business that’s suited to your abilities and that has a niche market ready for you.