In today’s economic environment, individuals with entrepreneurial mindsets are exploring new ideas for businesses that will not only survive in a recession, but will also thrive. The key to starting a new business is maximizing its resources while remaining lean in operations. Let’s face it: most people do not have $100,000 sitting in their pockets. So, how is it possible, then, to start a business with a minimal amount of capital? The good news is that there are literally hundreds of business concepts that can be created with less than $5,000 in start-up costs.

Businesses under $1,000

Yes, believe it or not, it is possible to start a business under $1,000. According to BusinessTown.com, there are 82 business categories that do not require more than $1,000 in start-up fees. For example, to become a Merchandise Demonstrator, start-up costs are estimated between $500 and $1,000. However, earnings can rest between $20,000 and $35,000 per year. This business requires a person who has garnered a network of business contacts to demonstrate products for one or more specific companies at trade shows and seminars. This business can be learned first by handing out samples at grocery stores, which typically pays up to $50 per day. By beginning here, the person has a launching point from which to establish relationships with larger corporations, with the ultimate goal of merchandising their products. Other examples of inexpensive businesses under $1,000 entail Lawn Care Services, Toy Cleaning and Repairing Services, Reminder Services, Professional Organizers, Motor Vehicle Transportation, and Roommate Referral Services.

Businesses between $1,000 and $5,000

The good news is that there are literally hundreds of business concepts that can be created with $5,000 or less. As reported by the aforementioned online source, 136 businesses cost between $1,000 and $5,000 in start-up fees. Most of these concepts only require a phone, desk, and a few other tools such as a list of established contacts and a passionate drive to build a steady pipeline. Some of the more interesting businesses that stood out include a Resume Service Provider, a Mobile Hair Salon, a Meeting Planner, a Mover, a Window Washing Service, a Vending Machine Owner, Flower and Tree Cutting and Trimming Services, and Speechwriting Services. Now, these are only eight of the 136 businesses listed, but are businesses that may appeal to a larger number of entrepreneurs, than the more concentrated, niche-targeted businesses such as an Adoption Search Service firm.

The antiquated notion that a business cannot be started without a large lump sum of money is no longer the reality. Many businesses today have flourished based off of lean operations and low start-up costs. Today’s world does not require every type of business to begin its first day in operations out of a 10-story office building with leather couches and a glitzy waiting room. Companies can start out of one’s home and see immediate results. Entrepreneurial expert Bonny Alpo, who has owned her own copywriting service since 2005, reports that the least expensive business concepts revolve around pet care, home care, and delivery and moving services.

There’s no excuse for not being able to start your own small business either as a full time effort or start off part-time until it grows.

Quick question: When you hear the phrase “Board of Directors” do you think of Fortune 500, Mega-Sized, enormous conference table companies?

Show of hands?

It sounds impressive to have a Board supporting you. To provide direction, guidance and support to you and your business. But that’s just for the big guys, right?

What if you - small business entrepreneur - could have your own Board of Directors, AND stay the size you are?  Receive all the support and benefits the big guys do without the “bigness” of the big guys?

Enter the “Virtual” Board of Directors.

Any business can have a Board of Directors - a set of respected professionals who serve in an advisory capacity for your business. Yep, even you.

Why should you have a Board of Directors?

1. Reality Checks - Board members can bring your feet back to the ground wen you are flailing, unfocused or scattered (it happens to the best of us). They’ll keep you on track so you don’t lose traction.
2. New Insights - When Board members from different backgrounds, have different experiences.  They’ve seen different successes and failures, and have different ideas you can use in your business.
3. Provides Stability - Financial folks like when small businesses have support from seasoned professionals. It gives them confidence knowing you’re not out there on your own.

You may be wondering “why would somebody do that for me? Who am I to ask that of another professional?”

First things first….who are you not to ask that of another professional? You’re no less important than any other entrepreneur.

So, why would they agree to be on your Board?

1. Networking - being on a Board allows fellow members networking opportunities with other professionals. Make your Board appealing to other members so they’ll want to join you, and they will also benefit from the experience.
2. Leadership Experience - Professionals are continutally seeking leadership opportunities. Boards are great ways to do that.
3. Honor - What an honor to be asked to be on a Board, particularly by a business owner who is taking the initiative to take their business to the next level!

What types of industries should the professionals on your board represent? The usual suspects are industries like finance, law and human resources. Don’t forget about asking other successful entrepreneurs who have navigated the waters and make it (in non competing industries, of course). They have great insights on how to make it through the tough times, how to grow, and how to make the most of the high times.

How can a Board serve your business?