Many Americans have already received or will soon be receiving their tax refunds. Many people use the “bonus” money to go on vacation, buy expensive items, start an emergency fund or get new clothes. You might think that all these options are great, but they don’t provide long-term benefits.
Now that you have calculated your tax return amount, you are wondering what you should do with it. You can make a long-term investment in yourself. This is possible by starting your own business.
Imagine the possibilities: No more cubicles, no need to live paycheck to paycheck and, most importantly, you can be your boss and manage your own life. Why not complete your tax return and create a business plan if this sounds appealing to you? You don’t have to get that much money from your tax return. However, you can still start your business by applying for title loans.
Consider what passions you have and the skills that you can offer. You should make a list of all the resources available and consider what obstacles you may encounter along your journey. You might consider moving to a new city that offers many opportunities. Philadelphia, for example, is home to a vibrant startup culture. It’s also close to New York City. There are 80 universities within an hour drive. And there are well over 100 apartments available for rent at less than $800 per month.
Here are six small businesses you can start for less than $5,000 if you need some help with brainstorming.
1. Online Courses or Tutoring
Online tutoring and learning are great business opportunities. You can even get seed money from your tax return. You may be able to teach English online or in-person if you are a strong student of math and language. You could also create a course on a subject you are interested in and then offer it as part of a set of tutorials. The steps for either option are fairly straightforward.
- Figure out your target audience (for example, children, high schoolers, college students, adults, DIY crafters, non-English speakers, etc. ).
- Create your course outline and offer.
- Your online infrastructure will be built. This could include a basic website or Skype, another communication app or a screen-sharing or video platform.
- Use your marketing skills to reach potential clients.
You can make these preparations with a laptop and some planning. Find your unique knowledge and share it!
2. Create a product, and then sell it online
You might have a unique creative talent, such as jewelry making, knitting or quilting. Why not make some extra money from your hobby? While you can still enjoy your hobby, you will design and create items with the intention of selling them. These are the steps to follow:
- Get started with a well-thought-out business plan.
- You can accumulate many items in your inventory.
- Photograph your products clearly, in good lighting, and with attractive images
- Make a clean, simple website that people can find you.
- You can join a platform such as Etsy and Ebay to sell your products.
- Spread the word about your products!
You can market your products and business online to gain exposure to potential customers.
3. Start a consulting company
Are you a specialist? Many potential customers are looking for expertise in everything from landscaping to accounting and payroll work, and they will pay for it. These are the top opportunities consultants could pursue:
- Organization and efficiency in the home or office
- Home security
- Landscape design and construction
- Public relations and marketing
- Organizational management and human resources
- Insurance
- Interior design, color and decor
- Green living
- Career counseling
To get started, you won’t need much overhead. Start by creating a website that clearly shows your expertise. Get some business cards printed and then start building a solid social media presence. Once you have the basics down, you can start building your client base.
4. Make an app or a game
Mobile technology is now a regular part of our lives and will not disappear anytime soon. This is similar to the global appetite for digital entertainment. A good number of consumer products today are focused on connectivity due to the constant growth of the Internet of Things. This combination offers almost unlimited business opportunities for game or app developers. These are the steps to get you started:
- Choose a topic.
- Research to find out if your idea is a good fit for the market. Consider whether your idea can be improved upon by looking at other apps that are in the same niche.
- You should have the programming or coding skills to build the actual building.
- If you don’t know who to contact, find the service or person that can help.
- Establish the right methods to market your app and sell it.
The app market is growing rapidly at the moment. Apps will be in high demand for many years. This is a great opportunity for those with the right skills and tech knowledge. You can even start with a small budget.
5. Become a real estate mogul
Although $5,000 cash is not going to make you a millionaire, it can help you get started in real estate. For example, you could use it for a down payment on a property. You could purchase a vacation rental property using certain types of loans with as little as 3 percent down. You can also enjoy the following benefits in return:
- Renting steady income
- Property owners get additional tax deductions
- You can rent a vacation spot already prepared for you (and save rental fees)
You can aim to collect rent every month and pay off your loan. This will allow you to save money for the purchase of additional properties. You can achieve your dream of being a real estate mogul.
You can achieve success by understanding how real estate investments work, researching vacation properties options and investing wisely in them. You can also build a network of trusted contractors.
6. Virtual Assistant
Many companies use virtual assistants for administrative tasks that they do not have the expertise or time to complete. This game requires only a few assets:
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- An up-to-date computer
- A reliable Wi-Fi connection
Many Americans have already received or will soon be receiving their tax refunds. Many people use the “bonus” money to go on vacation, buy expensive items, start an emergency fund or get new clothes. You might think that all these options are great, but they don’t provide long-term benefits.
Now that you have calculated your tax return amount, you are wondering what you should do with it. You can make a long-term investment in yourself. This is possible by starting your own business. Imagine the possibilities: No more cubicles, no need to live paycheck to paycheck and, most importantly, you can be your boss and manage your own life. Why not complete your tax return and create a business plan if this sounds appealing to you? You don’t have to get that much money from your tax return. However, you can still start your business by applying for title loans.
Consider what passions you have and the skills that you can offer. You should list all the available resources and consider what obstacles you may encounter along your journey. You might consider moving to a new city that offers many opportunities. Philadelphia, for example, is home to a vibrant startup culture. It’s also close to New York City. There are 80 universities within an hour drive. And there are well over 100 apartments available for rent at less than $800 per month.
