How to Start a Business with $100
If you’ve read this blog, you will find a lot of different business and startup how-to’s, including advice from some of BizTV’s show creators, but there’s something we haven’t covered.
How do I start a business?
Even more specific, how do I start a business when I have limited funds?
Before you decide to jump on to Kickstarter, there are ways to start a business with only $100 in your pocket.
1. Focus your idea
Before you quit your day job to pour your heart and soul into your entrepreneurial venture, take a look at your idea. Is it something that can support a business? If your ideas are too broad, you will spend most of your first five years focusing anyway. Save yourself some work on the front end.
Ask yourself some questions:
Why am I starting a business? What is my product? What is my target market? What does my competition look like?
While you start by answering these questions for yourself, you can also use the answers to approach investors later down the line. They’ll see you more than a dream, you have an action plan.
2. Set a time limit
You can build a business pretty fast. And, if you don’t have much money to start with, you don’t have time to waste. Buy your domain name and build a website for free on WordPress or another free space (tumblr might work for you, too). Get your message up where people can see it. People aren’t going to run away from your business because your website is free.
With a time limit, you don’t have time to second guess yourself. Keep moving forward.
3. Find out where your customers live
With the Internet, you can reach millions of people. Find out where the people interested in your product congregate. This way, you can go directly to them. Show them what you have and let them see how it will work for them. Don’t just preach at them. If they seem like the kind of people passionate about your product, they’re probably passionate about the same things you are. These are the people that will later become your advocates.
Get on social media. Start your website. Give people a place to go.
4. The payment is in the sweat equity
You may not have a lot of money to put into your business at the beginning, but there is one thing you do have. Sweat.
When you don’t have the funds for a startup, you have to make up for it with the work. Find the content for content marketing and post it. Write an ebook that supports your product and offer it for free. Volunteer services to potential customers. You are the face and the expert of your business.
Hopefully, these four tips will help you get started. If you’re looking for more business advice, stay tuned to this blog and we’ll keep them coming.
Have you started a business with limited equity? Tell us about it in the comments!