HOW TO START A BUSINESS for UNDER $500

Do you like organizing cluttered garages? Do you make mouth-watering cakes? Do you love to make jewelry? Are you good at planning special events? If you’ve been thinking about starting a business as your next career, now could be a great time to turn one of these hobbies into a thriving small business — even on a bare-bones budget.

Starting a business on the side is a smart way to get your feet wet as an entrepreneur. Look first at the services and goods you already provide for free to friends and family. “The best way to start a business for less than $500 is to figure out how to get paid for what you love to do,” says Clyde Anderson, a financial lifestyle coach and CNN contributor in Atlanta. “It’s crucial for anyone who’s looking to start a business to determine what gifts and talents they already have and to convert them into an actual business.”

Here is one cool business to start on a shoestring.

1. Baker
Cakes and cupcakes are the highlight of any party, and reality foodie shows such as Cupcake Wars have made baking a popular new business idea. Brooklyn blogger and cupcake expert Nichelle Stephens says you can start a cupcake business for $500 or less, as long as you aren’t trying to open a storefront. “You spend more time than money when starting a baking business,” says Stephens, who shares baking and business tips on her blog. “You need to find a neighborhood where there is a limited number of baked goods available and identify your niche.” Once you get your mixer, the next expense is quality baking pans and cooling racks. Use your co-workers as your test market and promote your business in the groups you belong to, especially if you have children. Other parents are a great potential customer base. Keep in mind it’s illegal in most jurisdictions to bake and sell food from your home. Here’s a website where you can research commercial kitchens in your area.

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