Starting Your Business with Less Than $100: The Theory and Practice

business tips

Have you ever thought about having your own business? Indeed, this idea is very tempting no matter who you are: a student, stay at home mom, a retired or seeking for career changes. However, a lot of people decide to put it off because of the thoughts about initial capital needed for the equipment and advertisement. Do you really need that much to start? In fact, a lot of businesses were launched with less than one hundred dollars in the pocket. Here is what you need to know to do the same.

1. Business Resources You Already Have

Starting a business often requires investing money in the equipment but it is not always the case. One of the great recommendations from loan specialists at Personal Money Service for business owners is to check the resources you already have. There might be a lot of items at your house that could be used for starting an enterprise.

For example, a mower and a trimmer could be enough for opening a lawn care business. If you have a car you may become an Uber driver or start a delivery service. You can employ the instruments in your garage for auto detailing business or furniture flipping.

2. Use Your Knowledge

Your knowledge is sometimes the best equipment you may have. If you are good at math, grammar, science, or any other industry, you may start sharing your knowledge with others. Tutoring is a great idea for starting a low-cost business. If you do not have a degree and special skills in any area, think about your life experience that might be handy.

For example, if you are a mom or have a lot of siblings, you must be good with kids. Turning babysitting into a business would be a great idea for you. You may also not realize how valuable are repairing services. An ability to fix furniture or electronics may become a start of your own business – here is an inspiring interview with 21 years old Justin Wetherill.

3. Start a Business Online

business online presence

Thanks to modern technologies, you may start various types of business online. This may need a laptop, good Internet connection and your passion for something. If you are a creative person and like a design, you may become a web designer with the help of free tutorial videos. Your passion for writing could make you a freelance writer or a blogger. A lot of free hosting companies offer website builders you may use for creating your online store. In this case, you may either sell the items you already have or sell products provided by a drop shipper.

4. Create a Plan

There are a lot of activities that may bring you money, but if you do not have a plan, it is not a business yet. No matter how small your startup is, you need to think through your actions. Create a plan for developing your business. It may include the information about how much time and money you need to start, where to get customers and how to advertise your services.

Set a goal for a month, six months, a year and think through your steps. According to Bureau of Labor Statistics, 50% of small enterprises fail during the first four years. Starting a business is not difficult, but making it last long is a challenge. A plan will help you stay consistent, organized and make your entrepreneurship grow.

5. Promote Your Company

Another important factor that helps turn out a side job to a business is advertising. It does not necessarily have to be pricey. You may barter the products you produce for a service. For example, if you are a photographer you may take photos for some company in exchange for a small ad on their website. If you are a pastry-cook, you can make discounts on your home cakes for people who recommend your services on their social media accounts.

Ask your family members and friends to tell their colleagues about your business. Word of mouth is a powerful and free advertising tool. You may also use your printer and computer for creating fliers for your company.

Your business can be started with minimum initial funds but it still will require efforts and dedication. Do not be afraid to start small. You never know how big your entrepreneurship can grow and you never will, if you do not try.

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