How to Start a Business for Less Than $100?
Discover how to start a business for an investment of less than $100, step-by-step instructions plan to get to your goals fast.
All businesses start with an idea.
But turning that idea into a money-making machine isn’t easy (or free). However, the good news is…
Thriving businesses don’t have to start with a spot on Shark Tank, millions of dollars, a team of investors, or venture capitalist funding.
In fact, you can start a business for less than $100.
Believe it or not, some of the most successful companies in the world began with a shoestring budget. So, it’s not crazy or impossible to turn that $100 into a sustainable lifetime income for you and your family.
If you’re not sure how to get started or what you need for your new business, you’re in the right place.
Ready to learn how to start a business? Let’s get started!
How to Start a Business on the Cheap?
If you have a business idea, you probably researched how much it costs to get started. However, your Google results might be a bit misleading.
According to one estimate, the average price tag for a new business is around $30,000.
However, we don’t believe that’s true at all. Many of the “new business” costs you see in these types of searches are unnecessary. In many cases, you can trim away thousands of dollars in expenses right off the bat.
1) Principle #1: Avoid the Shiny Objects
When people build businesses, they tend to focus on the wrong things. To be honest, you don’t really need:
1) Business cards
2) A fancy business bank account.
3) A business line of credit.
4) An LLC registration.
5) A branding specialist.
7) Web design services.
8) A copywriter.
9) Or an expensive business coach.
These are all shiny objects you don’t need at the beginning stages of starting your business. They look nice and can be incredibly beneficial, but you don’t need them right now.
When you start making a profit, you can then (and only then) invest that money back into your business.
All you really need right now is a website (we recommend Bluehost, which we’ll talk more about in a minute), an email address, and a list of people who want to buy from you. For real. That’s it.
At this stage, it’s critical to focus on the things that get your business off the ground—and ignore everything else.
However, you can (and should) come back to these things when you can justify the cost and proof that you have a profitable idea.
2) Principle #2: Land Your First 3 Customers
A business without customers is just a hobby. That’s why you should be completely focused on getting your first three customers. From there, everything gets a lot easier.
This is a crucial step in proving your business idea is profitable. If you can’t land three customers, you’re never going to land hundreds or even thousands.
It doesn’t matter if you’re a graphic designer looking to launch that design firm, or you’re a dog walker looking for clients.
Spend time focusing on what you need to do to land those first three paying customers or clients. And leave everything else for later.
3) Principle #3: Gather Social Proof and Testimonials
Now that you’ve landed your first three customers, it’s time to start gathering social proof you can use to market your business.
Why is Social Proof so Important?
As a small business owner, you’re a marketer. And there’s an increasing trend in consumers not trusting marketers. It sucks, but it’s part of the game.
Social proof and testimonials are the easiest way to gain trust and break down that barrier. Here are some statistics to really drive the point home:
* 92% of people trust non-paid testimonials more than anything else
* 88% say user reviews hold the same weight as personal recommendations from friends and family
* Testimonials can improve conversions by 34%
* 97% say online reviews affect their buying decisions
* People will pay 31% more for services or products with good reviews
The more testimonials and reviews you have, the easier it is to convert visitors into paying customers or clients.
Now, there are several ways to go about doing this, but the easiest way is simply asking your first three customers or clients for testimonials. You can do this via email, text, on the phone, or in-person, depending on how you typically communicate with your customers.
Most people are more than happy to talk about good experiences, especially with small businesses. But… you have to be straightforward and ask for what you want.
Once you have social proof, you can proudly display it on your social media profiles, on your website, and when speaking with potential customers.
Speaking of websites…
What Do You Need to Start Your Business?
Firstly, a website and an Email Address.
While you don’t need much to get a new business up and running, you do need a few things. Here’s a rundown of essential items necessary for launching a new business for under $100:
1) Web Hosting — $59.40 (for the first year)
2) Domain Name — Free for the first year through Bluehost
3) G Workspace — $6 per month
Read more here.