Who hasn’t dreamt of starting their own business?
Having all the free time and the freedom to work when you want, where you want, and how you want, without a boss constantly breathing down your neck and micromanaging everything you do…
But despite this unanimous dream, not too many people follow through with becoming an entrepreneur.
What’s stopping them?
Unfortunately, most people think that starting a business will cost them an arm and a leg.
Well, we’re here to tell you that you ABSOLUTELY can start a business with no more than $100 in your bank account.
Keep reading to find out how!
Choose Your Business Model
There are dozens of different business models and methods you can use to earn a profit when it comes to entrepreneurship.
Therefore, before diving in headfirst, you need to decide which type of business you’re going to run.
Do you want to sell products online? Dropshipping? Start an affiliate website? Build an entire brick-and-mortar store?
Regardless of how you run your business, deciding this is the very first step to launching your business. And, fortunately, making up your mind isn’t even going to cut into your $100 budget.
Then, once you’ve made up your mind, you can move towards putting things into action by creating a business plan.
Creating Your Business Plan
A business plan is essentially a broad overview of how you plan to operate, what products or services you’ll be selling, and how you plan to generate income.
Although many will overlook this step, it’s crucial to ensure that your small business will succeed.
Plus, having a business plan ready is essential if you want to eventually graduate from your $100 budget and start looking for financing from banks and investors.
Again, creating a business plan can be free, as long as you do it yourself. But even if you need to hire someone to help you out, it shouldn’t cost you all that much, and the benefits of having this done are guaranteed to open up the doors to the future of your entrepreneurial life.
Buy Your Domain Name, Web Hosting, And Online Workplace
To run a business in today’s digital world, it’s virtually impossible to attain success unless you own your domain name. This is vital if you plan on doing the majority of your business or selling products online.
You can usually buy domain names for anywhere between $5 to $20 per year. Although, prices may differ depending on the domain name you’re going after.
Then, once you’ve purchased your online property, you’ll need to buy web hosting and possibly the software required to build your website, which you can then use to promote and market your new business online.
Don’t forget that you’re going to need to design some basic marketing materials for your new brand, including a creative business logo, brand style guide, and other necessities to help you brand your website.
Business Name Registration And Licensing
Depending on your location, there will be different rules and regulations for starting a business.
However, you must take the time to register your business name and apply for any required licensing you may need.
You can usually register a business name for anywhere between $30 to $50.
For this, we recommend talking to your local small business resource center who can help point you in the right direction.
Launching A Business For $100
Of course, these are only the basics for starting a small business.
In reality, if you plan to grow and scale your business, you’ll eventually need to invest more than $100 into your business.
But with that said, don’t let funding or money dissuade you from chasing your dreams.
It certainly is possible to start and grow a business with no more than $100 in your bank account.
Just make sure to take the time to plan, implement and execute the steps we’ve mentioned here today, and you’ll be well on your way to taking the world of entrepreneurship by storm!
Also Read: 5 High Demanded Jobs In Australia