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Entrepreneurship is tough, but it is not only for the super intelligent and overly educated. You also need to have wisdom and enough courage? There are a lot of businesses you can begin on a small budget and without specialized skills or a fancy degree. Here are 20, some of them quirkier than others, care of Richard Walsh, author of The Start Your Own Business Bible, published in June 2011 by Adams Business, a division of F+W Media. For each we give: a description of the business, the startup capital required (as little as $5,000 in some cases), the typical fee structure, initial equipment needed, hidden costs and an operational tip.
1. Networking Services
Startup Costs: Between $5,000 and $15,000
With the increase in unemployment rate at 9.1%, you’ll find a wide market of people fighting for a leg up. Give it to them by arranging a series of small after-work mixers at a local hotel and advertise them on a consistent basis. Make available a few light refreshments and a speaker, and then let people network.
Fees: admission fee. Offer discounts to those who leave their business cards so you can build a mailing list.
Resources Needed for the Trade: Phone, computer, database software.
Tip: Works well in a metropolitan area where you can hold multiple mixers a month in multiple locations.
Hidden Costs: List rental fees and insurance.
2. Virtual Assistant
Startup Costs: Between $5,000 and $15,000
Do you have great organizational and time-management skills? You could make a lot of money doing everything from making customer/patient contacts to coordinating travel arrangements to maintaining databases.
Fees: $20-$35 per hour or on a project basis.
Resources Needed for the Trade: Computer, high-speed Internet access, fax/printer/scanner, and office software.
Tip: Make your schedule parameters clear from the outset and keep careful records of your time, just in case any questions should arise about how you’re spending it.
3. Career Counselor
Startup Costs: Between $5,000 and $15,000
Begin with a personality assessment and then work with your client to match his or her motivations and interests to a new career.
Fees: $85 to $200 per hour for your services; flat fee, roughly $350 per session.
Resources Needed for the Trade: Computer, high-speed Internet access, fax/printer, and office software. Books and DVDs on career planning.
Tip: Build your credibility by offering seminars on career change and writing a career-centric blog.
Hidden Costs: Building a professional website.
4. Medical Transcriptionist
Startup Costs: Between $5,000 and $15,000
Medical Transcriptionist is a $50 billion industry and is fast growing. Transcribed copies of dictated notes related to examinations and procedures give doctors a quick way to review of patient histories, as well as legal evidence of patient care.
Fees: $15-$30 per hour, depending on the difficulty of understanding the speaker.
Resources Needed for the Trade: Computer, specialized medical word-processing software, transcribing unit and reference books.
Tip: Turnaround time is critical–and that may mean working nights and weekends.
Hidden Costs: There is no room for error–a simple misspelling could mean the difference between life and death.
5. Residence for the Elderly
Startup Costs: Between $15,000 and $40,000.
Making your home available for older people who do not wish to live alone can be a lucrative business if they don’t need the level of care offered by either assisted living facilities or nursing homes.
N:B: Each state licensing agency has its own definition of the term it uses to describe assisted living.
Fees: Monthly rent of $450-$1,000 per client, depending on facilities and geographic location.
Resources Needed for the Trade: One or more easily accessible bedrooms, suitable furniture, bathroom with special handrails, dining space, efficient kitchen.
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