I have $20,000 to start a business, what are my options?
I'm about to complete my Bachelor's in business and I want to start my own business in Nepal. I don't like working under others which is why I want to run my own business. What is the best option for me?
First, be very careful with your money. Just by posting the question opens you to shark attack. You might have posted "Can I open a business with less than $20,000?" Or what's the minimum amount needed...
Next, be very careful of partners. I deal with partnership problems and most start in situations like this. Somebody will come along with some money and offer to form a partnership. People think, "great, more money, better opportunity." A couple of years later, the trouble starts. Go it alone.
Next, learn to get by with as little as possible. If you sink your entire fund into the business, you'll regret it. We all make errors. Be conservative with your spending.
Finally, forget the money. You ask the wrong question. The key to business is to learn to ask the right questions. Ask, "What is there a need for that I love doing?" Then, "Can I start a business of doing that with 1/2 of the money I've saved?"
Good luck with a long and successful career.
Chris is right, never say a dollar amount there are people who will take advantage of you.
I started my first company with 10K and grew it to a multi-mill company. I was able to do this by;
Knowing my customer base. Who is your customer?
I had a need for many people. Can you offer them a need or a service that fixes their issue? Is this a need that the masses are looking for?
I knew my business. So many people open businesses and don't know anything about them. People open a restaurant because of their grandma meatloaf recipe. They know nothing about food safety, cost, marketing, other foods and so much more. They lose more than the initial investment.
Can you sustain the business with this money?
Make sure the business is something you understand and is something you can be passionate about it.
Check into franchising.
Most importantly, sit on your money until you know for sure what it is you want. you may find, at this time, it is better to invest in something, gold, Cryptocurrencies, stocks bonds? That's what I do with my money.
I wish you the best of success.
You may find this article from Business News Daily to be helpful: https://www.businessnewsdaily.com/5767-business-ideas-low-cost.html
I agree with Manish Amgain, nowadays startup ideas that revolve around users problem are the most popular ones.
Take Uber, for example, they had a simple idea but since it solved people’s problem it became famous. Also, you don’t necessarily have to launch a global business, start small to try to come up with a solution that will help the local and then you can make it big if you want
For ideas, I have to say now launching a business is easier then ever there are so many options now you can start a salon and allow people to book your services from apps, you can also start a logistics business or taxi service, etc.
You can also get ideas for your business through this website: https://www.odtap.com/
You can start online activity booking marketplace business. As Nepal is famous for adventure activities.
Adventure tourism has taken a rise in the past few years and people have started to visit the places which remained undiscovered by people from many years. Adventure travel is the fastest growing category when it comes to the travel industry. Adventure tourism also attracts high-value customers. According to reports, adventure operators have reported an average of USD 3,000 spent per person, with an average trip length of eight days.
Adventure tourism has opened new business opportunities as the travel industry is just not limited to hotel or flight bookings and travel agents. Activity hosts and tour operators are high in demand.
Looking at the demand for adventure tourism and the impact of digitalization. FATbit Technologies have developed a travel activity booking system known as FunAway to launch online travel activity marketplace. The website like viator.com and peek.com are earning lots of profit by running a travel marketplace in the adventure tourism industry.
Travel activity marketplace launched using FunAway has activity operators to list their activities online. Customers can find book activities online of their choice from a different location. All the details about host and activity will be available from the website while booking.
Admin will commission from each booking and various other revenue channels like subscription fees, advertisement, etc. All the things will be manageable from the website.
Yes, this is enough for a small business. And to get information about website hosting visit at http://www.onedollarwebhostings.com/rs-99-web-hosting-domain-godaddy-india.html. This will give you the best deal on web space.