Ensure that your business has a legal structure, even if it’s just as a sole proprietor, which can often be done at little to no cost.
Step 3: Branding on a budget (Cost: $20)
Your brand’s first impression counts, but it doesn’t have to cost much.
Key actions:
Design your logo: Use free tools like Canva to create a simple logo.
Set up a basic website: Use free versions of WordPress or Squarespace; consider spending around $20 per year on a domain name for a more professional presence.
Social media accounts: Set up free accounts on major platforms like Instagram and TikTok to promote your business.
Investing about $20 in a domain name while using free tools for other branding elements keeps costs low but increases credibility.
Step 4: Networking and marketing (Cost: $0 – $20)
Use your existing networks and free marketing channels to spread the word about your new small business.
Key actions:
Word of mouth: Ask friends and family to share your business.
Social media marketing: Create content that promotes your services or products.
Flyers and local ads: If applicable, use a small part of your budget to create basic marketing materials. This could set you back about $20 depending on how much you print. Or, consider email marketing software like MailChimp with free plans for small businesses.
Focus on free promotional methods initially. If you opt for printed materials, keep the design simple and the quantity manageable within your budget.
Business ideas under $100
If you’re looking for a way to bring in some extra cash, choose a business that aligns with your skills and passions. Initial costs can be extremely low, especially for service-based businesses or online platforms that charge fees on sales rather than upfront.
Here are some business ideas that you can start with minimal investment:
General freelancing (e.g., virtual assistant, writing, tech support): Use platforms like Upwork to offer your services. It’s free to set up a profile, with a 10% freelancer service fee on earnings.
Graphic design services: If you’ve got a good eye, use free software to start designing for small businesses. The only real cost is a fee if you want your own domain.
Tutoring or online courses: Share your expertise in a specific subject through platforms like Udemy or Teachable. It’s free to start, though you’ll pay platform fees on your sales.
Seller on Etsy: Turn your crafting hobby into a business. It costs $0.20 to list your first item, with additional fees upon sale.
It is more than feasible to start a business for under $100. It’s a testament to your entrepreneurial spirit and creativity. Use these steps to launch your venture strategically with minimal financial risk. Focus on leveraging free resources and reinvesting your earnings for growth. Your journey from small startup to successful business is just beginning.
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