Four Ways To Start A Business For Under $10001. September 2017
The other day, I posted a question in the Become The Lion group page asking what people are struggling with. It came to my attention that members of the group are concerned with not having enough money to start their first business. Before I get further, I’d like to say this is an excuse. My first business commanded $100 to start.
It’s these excuses that hold people back from achieving their dreams. In 2017, there is no excuse why you can’t be making money online. This article isn’t for people who want instant gratification. Nor is it for the person who wishes to make a million in their first year. Albeit, you could make a million in your first year, it’s not likely to happen.
You can use the resources that are given to you to start your first business. While I don’t know every business model in the world. I’m sure there’s more businesses you can create with little money, I’ll share with you the four I know. If you have any other ideas, please share in the comments for our readers!
Import products from around the world
When starting, I came across the site Alibaba. The company will give you a direct access line to China. This is the perfect place to import products from China to sell. I’d like to say, please don’t try to re-sell branded products. There’s a good chance they’ll be knockoffs.
Looking for a product, you should find a niche item you haven’t seen before. For me, it was nautical themed bracelets and watches. I hadn’t seen them on Instagram and knew there was a market.
I created a website on Wix. Wix is an easy site to create your first website, but I switched over to Shopify. Shopify was recommended by other entrepreneurs I had talked to. Shopify is highly worth it if you’re creating an e-commerce site.
On a side note, I re-created the site multiple times. The trick is getting started. You’re not perfect and neither will your business. The sooner you can accept that, the more successful you will be.
With the products I imported, they were listed on the site. The time was to market. I reached out to accounts on Instagram such as quiet the chaos. You can find photographers who will be more than willing to take pictures of your product.
You need not pay photographers. If you contact enough photographers, you’ll be able to find ones who will take photos of your product for free. This will make your business look professional.
The product I had imported would cost around $1.50 and I’d sell for $18.99. With the profit I made, I’d buy shoutouts from larger accounts. A shout out is when an account with a large following 1-2+ million followers gives you a feature of your account on their account. This increases your follower rates and sales on your website.
Once you get sales on your site, you can re-invest back into the company. You can start with buying 3 or 4 products at a time. Once you sell those, you can buy 5-10. This is the exact process I used until I was buying 20-50-100 bracelets per shipment.
By this simple method of purchasing more inventory, you can check to see if proof of concept works. Once you know it does, you can go back and buy more.
It took almost eight months to sell over two bracelets in a month, but after that, it took off.
The earlier you start, the more your brand, product, or service can gain trust in the marketplace.
You need not become an LLC until you know your business is working well. You can start as a sole-proprietor for tax purposes until later on. Once you’re making around $1,000 per month, it’s time to file as an LLC.
You can use 1 & 1 to get your domain name.
The next business model you can start with very little money is your own t-shirt brand. You might think you need to get your shirts screen-printed and keep inventory, this doesn’t have to be the case.
You can use a site such as Fiverr. On Fiverr, you can hire someone to make designs for your company. The cool thing about Fiverr, is most tasks only cost $5. You’ll be able to get multiple designs for your business.
Once you have the designs, you use the company Printful. Printful allows you to dropship your inventory, allowing it to be made on demand and with no startup costs.
There is no cost to use Printful, all you need is your designs.
You can use the steps as stated above to grow your t-shirt brand. This includes the photographers and shoutouts. You can also find someone in your niche market to promote your shirt for free. This a product for promotion exchange. As you get bigger, you might wish to pay someone with a large following to promote your product.
Creating a blog
As long as you consistently work on your blog, writing each day, it’ll gain traffic. You can also write for other blogs in your industry to garner attention for yourself.
There are many ways to monetize your blog. You can promote other products you love to use. You promote your own products. Also, you can advertise. The possibilities are limitless.
If have a topic you love, a blog is perfect you. It’ll take time to gain traffic. But if you can show you’re an expert in your industry or topic, you’ll develop a following!
The trick is to be passionate in any business you start. Without passion, the business is likely to fail. I’ve been in it for the money and just for helping others. The money will come in when you put your focus on helping others.
Buy and sell textbooks
The last idea is something I tried a few years ago. You can buy textbooks on Amazon and Ebay and sell them on each other and vice versa. While you don’t make a huge profit and you take on considerable risk, it can still work out.
This idea can get your feet wet in entrepreneurship. I’d go on Ebay and buy books to sell on Amazon. You will have to do tons of research on textbooks if you wish it to workout. You can get started with your first textbook for as a little as $10-$15 and sell for around $25-30.
I don’t want to hear you don’t have money to start a business. Those were four ideas I used myself to start a business for under $100. There’s no time for excuses. The earlier you start, the earlier you succeed.