There are so many great resources online that are available for free, or almost no cost, that it’s even possible (in some cases) to launch your way into a profitable business for as little as $100.
In this post I’ll look at a few tips to help you achieve this amazing feat. Hint: it’s not as hard as you think.
Cash Flow Mindset
The first step to launching a business for next to nothing is to have the right mindset about what you’re doing and how you approach your product or service sales.
Ultimately, this comes down to having the right cash flow mindset, and figuring out a way that your business can be profitable from day 1.
With a $100 budget, there’s no way around this, since you have absolutely no room for error.
The trick is to figure out how to presell your product, or take fees up front for a product or service you will sell in the near future. Some techniques include offering an exclusive intro offer, or giving a discount for paying up front.
If you don’t have to build the product yourself, but are selling an existing product, you can also negotiate delayed payment terms with your provider. This may turn out to be slightly more expensive, but that way you can receive an order, receive cash, place an order, and have the product shipped, all without you needing to supply the cash flow.
Your $100 Budget
With a budget of $100, you need to make sure that every aspect of your business is planned to the smallest detail.
You’re probably going to wind up investing more of your time up front, without receiving payment for that time, in order to bootstrap your company.
In general, your budget has to lok like this:
- $12 domain
- $50 hosting
- $38 marketing/advertising.
This means you have zero budget for product or website development, so you need to either take care of these yourself or convince a friend to do you a favor.
You also have to hustle quite a bit in order to get those first few sales, since you have a very nominal budget to bring in new customers via normal advertising methods.
Conclusion: It’s Doable
At the end of the day, however, it is definitely possible to start a company for $100 or less. I’ve done it. I have friends who have done it.
It just takes a little bit of creativity, the right mindset, and a willingness to put in the time to get things off the ground.