10+ Best Business Ideas to Start With $70K [2023]

Discover 10+ lucrative business ideas you can start with $70K in 2023. Turn your investment into a thriving venture with our expert guide!
Nick

By Nick Cotter
Updated Aug 13, 2023

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Hey there, aspiring entrepreneur! Got a cool $70K burning a hole in your pocket and a head bursting with dreams? Well, you've landed at the right place. As we gear up to welcome 2023, it's time to turn those dreams into reality. We're here to help you navigate through the maze of startup ideas and pick the one that resonates with you the most. So, buckle up and get ready to embark on this exciting journey!

Now, you might be wondering, "Why $70K?" Well, it's not a random figure we've plucked out of thin air. It's a sweet spot that offers a balance between risk and opportunity - a budget that's substantial enough to launch a solid business yet not too hefty that it'd leave you in ruins if things go south.

Whether you're a tech whizz, a foodie with a knack for unique recipes, or someone with a unique talent, there's a business idea out there waiting for you to seize it. And guess what? We've compiled a list of over 10 of the best business ideas you can start with $70K in 2023. So, are you ready to take the plunge and become your own boss? Let's dive in!

Start a food truck business

Starting a food truck business with a $70k investment is a smart decision for several reasons. This type of business offers a lot of flexibility and has the potential for high returns. Additionally, the food industry is always in demand, and food trucks specifically have become increasingly popular.

  • Lower Initial Investment: Compared to a traditional brick-and-mortar restaurant, a food truck requires a significantly lower initial investment. With $70k, you can cover the cost of the truck, kitchen equipment, initial inventory, permits, and licenses.
  • High Profit Potential: Food trucks often have lower overhead costs than restaurants, which can lead to higher profit margins. You can also adjust your prices based on event, location, and demand.
  • Flexibility: With a food truck, you're not tied down to a single location. You can move around to different events, neighborhoods, or cities, and change your location based on demand and profitability.
  • Increasing Popularity: Food trucks are trendy and have a growing customer base. They're popular at events, breweries, and in urban areas, and they offer a unique dining experience that many consumers enjoy.
  • Brand Development: A food truck can be an excellent way to build a brand and test your concept before investing in a permanent location. You can also use the truck for catering and special events, which can increase your revenue and exposure.

Open a small boutique or retail store

Starting a small boutique or retail store with a $70k investment is a good business idea for several reasons. This type of venture allows for a great deal of creativity and personalization, as well as the opportunity to build a loyal customer base. In addition, the initial investment can cover a significant portion of the start-up costs, making it a financially viable option.

  • Inventory: A large part of the investment can be used to purchase inventory. This could include a wide variety of items, depending on the type of boutique or store you wish to open.
  • Rent and Utilities: The initial investment can also cover the cost of rent and utilities for the first few months, giving the business time to establish itself.
  • Marketing and Advertising: A portion of the investment can be allocated to marketing and advertising efforts. This can help attract customers to the store and increase sales.
  • Store Setup: The investment can be used to create an attractive and welcoming store environment. This includes the cost of fixtures, furniture, and decor.
  • Operating Expenses: The remaining funds can be used to cover operating expenses, such as staff salaries, until the business becomes profitable.
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Examples of successful businesses:

In a business landscape characterized by variety and opportunity, entrepreneurs are leveraging creativity and market insight to establish successful ventures. From the culinary arts to specialized fitness and local courier services, these real-world examples offer inspiration and demonstrate how innovation and determination can lead to business success:

  • Start a food truck business: Cousins Maine Lobster, a food truck turned franchise offering authentic Maine lobster dishes.
  • Open a small boutique or retail store: B8ta, a retail store focused on allowing customers to experience and buy cutting-edge tech products.
  • Launch a specialized fitness studio or gym: OrangeTheory Fitness, a studio providing heart rate-based interval training.
  • Open a microbrewery or wine bar in a trendy neighborhood: Brooklyn Brewery, an internationally recognized microbrewery located in Brooklyn, New York.
  • Open a franchise of a well-known brand: Tim Hortons, a popular Canadian coffee franchise with numerous locations around the world.
  • Invest in rental properties for Airbnb: Sonder, a company offering Airbnb rental properties in different cities, focused on design and consistency.
  • Invest in a fleet of vehicles and start a local courier service: Shyp, a startup that offered streamlined shipping and courier services in select cities.
  • Custom Furniture Manufacturing: Vermont Woods Studios, known for handcrafting eco-friendly solid wood furniture.
  • Open a coffee shop or bakery: Levain Bakery, a renowned bakery in New York City famous for its oversized cookies.
  • Start a mobile car wash and detailing service: Spiffy, an on-demand car cleaning, technology, and services company.

Launch a specialized fitness studio or gym

Launching a specialized fitness studio or gym is an excellent business venture to embark on with a $70k investment. The fitness industry continues to grow as more people are becoming health-conscious. Moreover, specialized fitness studios or gyms cater to a specific demographic or type of fitness enthusiast, which can make the business more appealing to potential customers.

  • High Demand: Fitness is a high-demand industry. As people become more health-conscious, the demand for gyms and fitness studios increases. This can result in a steady flow of income.
  • Specialization: Specialized fitness studios can target a specific demographic or type of fitness enthusiast. This can make your business more appealing to potential customers and can allow you to charge higher prices for your specialized services.
  • Low Operating Costs: Once the initial investment has been made in equipment and space, the operating costs for a fitness studio can be relatively low. This can result in higher profit margins.
  • Membership Fees: Fitness studios typically operate on a membership model, which can provide a steady, predictable source of income.
  • Personal Satisfaction: If you have a passion for fitness, running a specialized fitness studio can be a personally satisfying venture. You can help people reach their fitness goals and improve their health.

More resources:

Open a microbrewery or wine bar in a trendy neighborhood

Starting a microbrewery or wine bar in a trendy neighborhood is a great business opportunity for a $70k investment. This business idea not only has the potential to generate a good income, but it also offers the chance to create a unique space that brings people together and contributes to the local community. Here are some reasons why this is a good business to start:

  • High demand: Craft beer and quality wine are in high demand. People are always looking for new tastes and experiences, and a microbrewery or wine bar can provide just that.
  • Profitability: Despite the initial investment, the profitability of a microbrewery or wine bar can be quite high. The cost of producing your own beer or sourcing quality wines is often lower than what customers are willing to pay for these unique experiences.
  • Location: A trendy neighborhood is a perfect location for this type of business. These areas often attract a crowd that values unique, local experiences over generic, mass-produced products.
  • Community building: Microbreweries and wine bars often become local hangouts, helping to build a sense of community. They can host events, support local artists, and contribute to the overall vibe of the neighborhood.
  • Passion project: For those passionate about beer or wine, this business not only offers a way to make a living but also provides an outlet for creativity and a chance to share your passion with others.

Open a franchise of a well-known brand

Starting a franchise of a well-known brand with a $70k investment is a great business idea for several reasons. This type of business model offers a plethora of benefits that make it an attractive opportunity for potential investors.

  • Brand Recognition: One of the major advantages of franchising is the immediate brand recognition. Customers are more likely to patronize a business they recognize and trust. This means you won't have to spend as much time and money on marketing and advertising to attract customers.
  • Proven Business Model: Franchises come with a proven business model. This reduces the risk of failure as you'll be implementing strategies that have already been tested and proven to work. This can be particularly beneficial for first-time business owners.
  • Training and Support: Many franchises offer training programs and ongoing support to their franchisees. This means you won't be left to figure everything out on your own, which can be a huge advantage if you're new to running a business.
  • Greater Buying Power: As part of a large network, you can benefit from the franchisor's greater buying power. This can result in lower costs for inventory and supplies, which can help to increase your profit margins.
  • Potential for Growth: With a franchise, there is often potential for growth. Once you have successfully established your first location, you may have the opportunity to open additional locations and increase your earnings.

Related business ideas:

Invest in rental properties for Airbnb

Investing in rental properties for Airbnb can be a lucrative business opportunity, especially with a starting investment of $70k. This venture offers an array of benefits that can result in a steady income stream and potential long-term profitability. Here's why:

  • High Demand: Airbnb has revolutionized the travel industry. Millions of people prefer Airbnb rentals over traditional hotels for their accommodation needs. This high demand can translate into regular bookings and consistent income.
  • Profitability: With a $70k investment, you can purchase a property in a location with high Airbnb demand. The rental income can cover the mortgage, taxes, and maintenance costs, with profits left over.
  • Property Appreciation: Over time, the value of your property can increase, providing additional profit when you decide to sell.
  • Flexibility: You have the flexibility to use the property for personal use when it's not rented out.
  • Tax Benefits: Rental property owners can take advantage of tax deductions, including mortgage interest, property taxes, operating expenses, depreciation, and repairs.
  • Control: Unlike other investments, you have direct control over your property. You can make improvements, adjust rental rates, and choose the best times to rent out the property.

In conclusion, investing in rental properties for Airbnb with a $70k investment can offer a profitable and sustainable business opportunity. It's important to conduct thorough research and consider factors such as location, property type, and local regulations to maximize your return on investment.

Invest in a fleet of vehicles and start a local courier service

Investing in a fleet of vehicles to start a local courier service can be a potentially profitable business venture with a $70k investment. This business model is attractive for several reasons:

  • High demand: With the rise of online shopping and e-commerce, there is a growing demand for reliable and efficient delivery services. This trend is expected to continue, providing a steady stream of potential customers.
  • Low start-up costs: The initial investment can cover the purchase of several used vehicles and the necessary equipment. Additionally, the ongoing operational costs such as fuel and maintenance can be relatively low, especially if the business is managed efficiently.
  • Flexibility: A local courier service can operate in a specific region, allowing for more control over routes and schedules. This can also lead to better customer service and faster delivery times.
  • Scalability: The business can start with a small fleet and expand as demand increases. This allows for gradual growth and reduces the risk of overextending resources.
  • Profitability: With a well-planned pricing strategy, a courier service can generate substantial profits. The potential for repeat business from online retailers and other commercial clients can also contribute to long-term financial success.

Custom Furniture Manufacturing

Starting a Custom Furniture Manufacturing business with a $70k investment can be a lucrative opportunity for several reasons. This business not only allows creativity and craftsmanship to flourish but also caters to a niche market of customers seeking unique, personalized pieces for their homes or offices.

  • High Demand: There is a high demand for custom furniture as more and more people are seeking unique, personalized pieces for their homes or offices. This trend is driven by a desire for individuality and quality, which mass-produced furniture often lacks.
  • Profitable: Custom furniture can be sold at a premium price. The investment in high-quality materials and the time spent on crafting each piece allows for a higher markup compared to mass-produced furniture.
  • Niche Market: Custom furniture caters to a niche market. This means less competition and more opportunities to establish a strong brand and customer base.
  • Scalability: With $70k, you can start small and gradually expand your business as demand increases. This could involve investing in more advanced equipment or hiring additional staff.
  • Flexibility: As a custom furniture manufacturer, you have the flexibility to choose which projects to take on. This allows you to align your work with your personal interests and skills.
  • Job Satisfaction: There is a high level of job satisfaction in creating custom pieces of furniture. Seeing a project through from design to completion is a rewarding experience.

Open a coffee shop or bakery

Starting a coffee shop or bakery is a great business opportunity for a $70k investment for several reasons. It's a business that's always in demand and offers plenty of room for creativity and personalization. With the right location and marketing, it can be a highly profitable venture.

  • High Demand: Coffee and baked goods are staples in many people's daily lives, creating a consistent demand.
  • Profitable: The mark-up on coffee and baked goods can be quite high, offering the potential for good profit margins.
  • Low Overhead Costs: After the initial investment in equipment and space, the ongoing costs can be relatively low, especially if you're able to source ingredients locally.
  • Flexible Business Hours: Unlike some businesses, a coffee shop or bakery can potentially operate on flexible hours, catering to early morning commuters or late-night studiers.
  • Creativity and Personalization: This business allows you to express your creativity through unique recipes and presentation. You can also personalize your shop to create a unique atmosphere and experience for your customers.
  • Community Engagement: Coffee shops and bakeries often become local gathering spots, allowing you to engage with and give back to your local community.

Start a mobile car wash and detailing service.

Starting a mobile car wash and detailing service is an excellent business venture for a $70k investment. This business model offers a wide range of benefits, making it a lucrative opportunity. Mobile car wash and detailing services are in high demand and have the potential for high returns.

  • Low Overhead Costs: Since it's a mobile business, there's no need for a physical location, which significantly reduces overhead costs. The primary expenses would be the cost of the vehicle, equipment, and supplies, all of which can be covered within the $70k investment.
  • High Demand: With the increasing number of vehicle owners, the demand for car wash and detailing services is on the rise. People are also seeking convenience, making mobile services more appealing.
  • Flexible Schedule: As a mobile car wash and detailing service, you can set your own hours and work schedule. This flexibility can help improve work-life balance and increase job satisfaction.
  • Scalability: The business model is easily scalable. As demand increases, you can invest in additional vehicles and hire more staff to expand your service area and customer base.
  • Eco-Friendly Appeal: With the right equipment and supplies, your mobile car wash and detailing service could be marketed as an eco-friendly business. This could attract environmentally-conscious customers and give you a competitive edge.

Nick

Founder and CEO

I'm Nick, co-founder of newfoundr.com, dedicated to helping aspiring entrepreneurs succeed. As a small business owner with over five years of experience, I have garnered valuable knowledge and insights across a diverse range of industries. My passion for entrepreneurship drives me to share my expertise with aspiring entrepreneurs, empowering them to turn their business dreams into reality.

Through meticulous research and firsthand experience, I uncover the essential steps, software, tools, and costs associated with launching and maintaining a successful business. By demystifying the complexities of entrepreneurship, I provide the guidance and support needed for others to embark on their journey with confidence.

From assessing market viability and formulating business plans to selecting the right technology and navigating the financial landscape, I am dedicated to helping fellow entrepreneurs overcome challenges and unlock their full potential. As a steadfast advocate for small business success, my mission is to pave the way for a new generation of innovative and driven entrepreneurs who are ready to make their mark on the world.