Getting started with $100K can seem like a daunting task but there are ways to make it happen. In this article, we’ll show you 13 of the best side hustle ideas that are proven to gross at least $100,000.
One of the businesses you should consider starting with $100K is an educational consultancy agency. This is a business that will help your clients gain admission to colleges or universities of their choice, obtain work permits and so on.
Consignment Shop
If you’re a fan of second-hand goods and are creative with merchandising, you might want to consider opening your own consignment shop. This business offers a low start-up cost, allows you to be your own boss and it is highly profitable!
As a consignment shop owner, you’ll be buying and selling used clothing, electronics, furniture, home decor and more. Your success depends on a few factors such as your display and merchandising skills, your customer service skills and your ability to negotiate with shoppers and consignors.
One way to boost sales is to offer a higher commission percentage to consignors than other stores do. However, you must understand that a higher percentage doesn’t always mean more profit.
Digital Marketing Services Company
If you have a few thousand dollars to start your business, you have a wide range of choices. However, if you have several hundred thousand, your options become even more expansive.
One way to begin is by reaching out to your friends and family who own or work for businesses that could benefit from digital marketing services. This is a great way to build your brand and gain clients without investing too much money upfront.
Another option is to hire freelancers or contractors for specific tasks. This can help you keep costs down and give you more flexibility as your business grows.
Before you hire new employees, make sure that you have a clear process for them to follow. This is important so that they understand how you want them to handle each client project. Creating these processes early will save you time in the long run.
Home / Building Inspection
The home inspection industry is one of the fastest growing in the country. It provides a safe and lucrative way to start your own business while being backed by a proven company.
During a home inspection, your inspector will check out the condition of your home from the outside in. They will look for any signs of damage, missing parts and safety issues.
If your home has an attic, it will also be inspected for any insulation-related issues or structural damage that may be hiding behind the walls or in your crawl space. The examiner will also make sure the area is properly insulated and has proper ventilation.
A home inspection is an important part of the buying process for new construction homes. It’s the best way to find any problems early, so you can get them fixed before moving in.
Mortuary Transportation
Starting a mortuary transportation business can be a good way to make money if you are a person who likes caring for people and helping them deal with their grief. The industry is a profitable one and if you start a well-run business, it will not be long before your brand becomes nationally recognized and your network spreads across the length and breadth of the United States.
The competitiveness of the mortuary transportation business is determined by your ability to transport dead bodies swiftly and safely, your business process and of course your pricing model. Having these things right will guarantee you a lot of success in the industry.
Generally, the funeral home services industry is a large one with the demand for mortuary transportation service increasing year over year. However, competition from discount retailers and online ordering from casket manufacturers is affecting revenue generation for this industry. Nevertheless, with proper marketing and promotion strategies, the funeral home services industry is still very much thriving in the country.
Knife Sharpening Business
A knife sharpening business is a great way to earn extra money. The demand for this service is growing as people buy more expensive knives, so there is a lot of potential to grow your business.
One of the most important things you will need to do when starting a knife sharpening business is develop a plan. This will ensure that you have a clear understanding of your goals and can focus on them.
You will also need to choose the best business structure for your business. This will influence your taxes, personal liability, and business registration requirements.
The most common legal structures for small businesses are sole proprietorship and limited liability company (LLC). Both offer a wide range of advantages, but LLCs have the advantage of protecting you from personal liability.
Selling Artworks
Selling artwork is a great way to make money as a creative person. It can be done through various platforms and websites.
Society6, for example, is a site that allows artists to upload their work and sell it on a variety of products like yoga mats, coffee mugs, calendars, and framed prints. It also offers royalty agreements on art prints and stretched canvases.
Another way to sell art without gallery representation is to partner with retailers who sell your work in their shops. This could be through consignment (where you share the profit with the retailer) or wholesale accounts (when the retailer purchases your work and marks up its price to sell to the public).
Whether you’re selling art online or offline, it’s important to know who your target market is. This will help you decide what types of pieces you should create and the topics to focus on.
Bridal Rental Shop
A bridal rental shop is a business that allows brides-to-be to rent high-quality wedding dresses at a fraction of the cost of buying them. This business can be profitable and offers a great opportunity for entrepreneurs to start a new business with minimal startup capital.
A wedding gown rental business should have a wide selection of dresses in various sizes and styles. This will attract a diverse range of customers and help increase your sales.
Another way to improve your chances of success is to advertise your business. You can use social media platforms to promote your business and connect with potential customers.
In addition, you should look at the competition in your area and see if there are other bridal dress rental businesses operating in the same community. This will help you find out how your business will fit in the marketplace and determine whether it is worth your time to invest in a new business.
Security Camera Installation Business
There is a great demand for security cameras in homes, businesses, and commercial establishments. As a result, starting a security camera installation business is a great idea for a small investment.
A CCTV system includes a camera, a recording device, and a network connection. These components need to be properly installed and set up to provide the best protection for clients.
Installing cameras is a complicated process, and some jobs will require running wiring throughout the walls or building. This can be done in a number of ways, including using conduit pipes and running wires through drop tile ceilings.
In addition to hiring the right people for your business, it’s also important to have a strong marketing strategy. This will help you attract new customers and maintain current ones. Use social media to promote your business and advertise in local classifieds.
Dessert Bar Business
If you are a big fan of desserts, then opening a dessert bar business could be a great idea for you. It will require a lot of creativity and hard work, but it can also be extremely rewarding.
Despite the fact that there are a lot of bakeries, ice cream parlors and supermarkets out there that sell desserts, a successful dessert bar is one that offers something unique to its customers. The key is to have a strong focus on customer experience and fresh ingredients.
Aside from that, you need to hire good chefs and front-of-house staff for your dessert bar. These people will be responsible for handling orders and providing excellent service to your customers.
Besides, you need to have sufficient start-up capital for your business. This will help you to get started quickly and make a profit in a short period of time.
Bottom line
The best way to start a business with $100k is to consider all the options that are available. You must also know your market and take into account the competitiveness of the industry.
The key is to start with a minimum amount of start-up capital so that you can minimize operational costs. For example, you can run a small cake shop with minimal capital.
Another feasible business to start with 100k CAD in Canada is a bridal rental shop; this type of business has a very low barrier to entry and it is an excellent option for entrepreneurs who want to get into business with very little start-up capital.
One of the best ways to invest your money is to buy stocks or mutual funds. You can choose from various options, including a robo-advisor that will monitor your portfolio and automatically rebalance your investments for you.
In addition to traditional stocks, you can also invest in alternative assets like cryptocurrencies and NFTs (non-fungible tokens). These are not listed on exchanges, so you will need to research them carefully.
A good financial advisor can help you invest your money in a way that aligns with your goals and timeline. Some of these opportunities can generate monstrous returns, but they require a lot of time and effort.