Issa Asad Shares 6 Entrepreneurs to Launch Successful Businesses with Less Than $10,000
Have you ever wondered how much it would cost to start your own business? If you are looking to start a micro-business, the startup cost can be around $3000 and if it is a home-based business you have in mind, the cost could range anywhere between $2000 to $4000, as stated by Small Business Administration. However, the typical cost of a business startup was calculated to be around and above $30,000 by a study carried out by Ewing Marion Kauffman Foundation.
For those of you potential entrepreneurs, who find this figure prohibitively expensive, don’t give up on your plan of starting a business yet. There is some good news bound to give you hope: you can start your business with a lot less cash in your pocket than $30,000.
“If you have a good idea and the determination to succeed, you can launch your business and watch it grow, requiring very little investment,” said Issa Asad Florida entrepreneur and businessman since 1996. Asad is the CEO of Q Link Wireless, Hello Mobile, and Quadrant Holdings, all located in South Florida. He is also the author of 4 e-commerce and marketing e-books that can be purchased on Amazon.
Here, Issa Asad Shares 6 Entrepreneurs to Launch Successful Businesses with Less Than $10,000:
The largest chewing gum manufacturer in the world had a startup cost of $32 in 1891, roughly equalling around $850 today. In 1891, William Wrigley Jr. sold soap and baking powder as a salesman, offering his chewing gum as a premium. However, when demand for his chewing gum grew, he focused his business on it, launching his first chewing gum flavor two years later. By 1908, Wrigley Spearmint’s annual sales revenue was $1,000,000.
2. Plenty of Fish
Plenty of Fish is one of the largest online dating companies today, with its dating app available in more than 20 countries and in 11 languages. Marcus Frind launched this business in 2003 and he reportedly invested a total of $5o0 back then, which equates to roughly around $690 today. In 2015, Frind sold his business to Match Company for a staggering $575 million.
3. Pizza Hut
One of the most popular brands in the world, Pizza Hut was the brainchild of the Carney brothers, Dan and Frank. Interestingly, the brothers knew nothing about the pizza business. In fact, they found someone to teach them how to make a pizza just two weeks before opening their first pizza place in 1958. Their startup cost was the loan they took from their mother of $600, which equals $5,330 today.
The business was a success and the brothers decided to expand through franchising. By 1971, Pizza Hut was the number one pizza chain in the world in terms of sales. In 1977, the Carney brothers sold their business to Pepsi Co for a whopping $300 million.
4. John Paul Mitchell Systems
John Paul DeJoria and Paul Mitchell had an idea for the luxury haircare market but failed to find investors for it. Ultimately, they decided to start their business on their own with just $700, which translates to around $2,180 today.
Their haircare products focused on quality and they targeted the specialists; hairstylists at hair salons. The business was a huge hit. Soon, John Paul Mitchell Systems was selling around 100 products and had a presence in over 100 countries.
In 1984, Michael Dell was 19 years old, studying in University of Texas, Austin. It was there, in his dorm, that he started his business, Dell Computer with a startup cost of $1,000, equivalent to around $2,470 today.
Four years later, the company went public. Michael Dell was the youngest CEO to feature in Fortune 500 in 1992. In 2016, the company merged with EMC Corporation to become Dell Technologies with a market cap of $37 billion.
Steve Jobs revolutionized the tech industry. He started out with his friend Steve Wozniack in 1975 from his parents’ garage. Their total investment was $1,350 at the time, translating to $6,450 today.
10 years later, Jobs left Apple due to souring of relations but he returned to it in 1997 and the company grew beyond imagination. When Jobs died of pancreatic cancer in 2011, he left behind one of the most valuable companies in the world, worth more than a trillion dollars.
Some of the biggest businesses in the world have started with investments of less than $10,000. The companies mentioned above are proof that the right idea, commitment to the dream and hard work can grant you success even if all you have to start with is the meager amount in your pockets.