Do you dream of starting a company? You know, being your own boss. If others can do it, why can’t you? After all, Facebook started in a dorm room and Microsoft was founded in a garage. In fact, many iconic companies were born in garages. So, what’s stopping you?
Starting a company doesn’t always mean having access to capital. You only need around $100 or so to get your business off the ground. Ready to start earning an income from your very own business? If so, we’re showing you how to turn your idea into what’s hopefully a thriving business.
Should You Start a Business?
If you ask someone like Microsoft’s Bill Gates or Meta’s Mark Zuckerberg if starting a business was worth the time and stress, their answer is probably a resounding yes. Sure, starting a business isn’t easy, regardless of the niche or industry.
Even if you’re dreaming of starting a business supplying cats with hats, yes this is a thing, getting it off the ground can take over your life. This brings us to the question of if it’s worth it. Only you can answer this question.
Before you jump on board, ask yourself if you have the time. Starting a business is a full-time job and you still have other responsibilities. You also need to consider the stress and worry. Be prepared to deal with plenty of self-doubt. You’re probably going to constantly question the wisdom of your decision. At least, until profits start rolling in.
So, are you ready to handle the stress, worry, and seemingly never-ending tasks? If so, we have some tips on starting a business when you don’t have access to a ton of financial help.
Starting a Business on a Budget
Surprisingly, you don’t need a whole lot to start your business. You do need an idea. In other words, you can’t wake up one morning and decide starting a business is a great idea. You need to know what products you’re going to sell or services. If you’re interested in a niche like hats for cats, do a little research. Find out how many pet owners are dedicated to dressing up their cats.
If only a few hats are selling each month, you may want to give up this business idea and head back to the drawing board. Okay, you have a business idea so what’s next? This is when you’re probably going to need to start spending some money. Don’t panic! Your $100 or so is going to go a lot further than you expect:
- You’re going to need a business plan. You’re also going to need to come up with a name for your business. Don’t be afraid to get a little creative with your business name. With that being said, don’t get so creative your business name is a tough one for consumers to remember. Play around with some names and run them by your family and friends. If eyebrows aren’t raised and you’re not hearing snickering, you may have landed on the perfect business name.
- Social media accounts are also free. Why does your business need a social media presence? These platforms are a great way to introduce your business, connect with consumers, and advertise your products, all for free.
A quick tip: Create a separate social media account for your business. Don’t use your personal profile. Linking the accounts is fine but your business should have its own presence.
After taking advantage of these freebies, it’s time to break out your debit/credit card. You’re going to need an email address for your business. Google Workspace provides the service for under $10 a month. You also need web hosting services and this is also your biggest expense. We recommend shopping around.
You can often find deals for the first year of services, often under $70 per year. Best of all, a domain name typically comes free with the hosting services. See, for around $100 you can establish an online presence and be ready to start processing orders.
Business Expenses You Don’t Need
The second some organizations figure out you’re starting a business, they’re blowing up your inbox with offers. While it’s totally up to you if you take advantage of any of these offers, most are unnecessary expenses.
For example, you’re probably not going to need business cards. While not exactly outdated, they’re not the most effective way of advertising your business. Around 96% of consumers rely on their mobile phones when searching for a business, product, or service. Chances are you’re business cards will simply end up in the trash so don’t waste your money:
- You may be tempted to splurge on a professional website designer. However, your business is just getting started, and professional web services aren’t cheap. You can always go back and redo your website once profits start rolling in. For now, take advantage of free web design services. Remember, you’re working with a tight budget.
- Having a great business logo is a necessity. A business logo is often more recognizable than a name. Just think of Amazon’s arrow resembling a smile. You think of Apple everything you see the fruit’s image and don’t forget about Nike’s swoosh. Unfortunately, if you’re not exactly artistic, creating a unique logo can be tough. Hiring a professional also isn’t cheap.
This is something that can wait a bit. Your logo should reflect your business whether it’s the products, services, or company messaging. Once you have a better feel for your business, and have some spare capital, go ahead and invest some in creating a one-of-a-kind logo.
You Can Start a Business Without Spending a Lot
Starting a business doesn’t mean finding a ton of investors or taking out a loan to get off the ground. If you have around $100 to spare without going hungry, you can get your business up and running in not much time at all.
Remember, Facebook started in a college dorm, and other businesses were founded in garages. If these entrepreneurs can be successful, there’s no reason why it can’t happen for you.
