Do you want to start your own business? Many Americans long to pursue their dreams of independence with their own business, but it can seem like an unattainable fantasy. If you feel the same, you can take heart. In reality, there are many businesses you can start for $1,000 or even less. How so?
Here are four steps to starting a great enterprise with only a small nest egg.
1. Find Something You Know
The first step to starting any business with little investment is to use your foundation of knowledge and skills. This talent can often serve as your primary goods sold, making the financial investment much smaller. Don't think you have a salable skill? You're probably wrong.
Do you enjoy photography as a hobby? Start a photo business. Do you have experience researching and preparing your own complex taxes? With a little more training, you can prepare taxes for others at a profit. Are you good with social media? Then make your money managing businesses' social media lives. Like to organize your life? Then advertise as a professional organizer. Know a second language? Be a translator. Are you good at your job? Consult for others.
The point is that by monetizing what you know, you can start a side gig with little to no additional investment.
2. Create a Business Entity
The second step to start a business is generally forming a business entity. The good news is that most states make this easy and inexpensive. You can generally start a sole proprietorship simply by choosing a business name and registering with your secretary of state.
Want the additional protection of an LLC? You can generally follow many of the same steps as a sole proprietorship but may have a few additional forms to complete, such as your Articles of Business.
3. Advertise Cheaply
Social media has made small business advertising very cheap or even free. Sites like Facebook and Instagram are great platforms for starting a business page for free. Customers increasingly look for a web presence, search through internet sites, and find out about products through online word of mouth, so focus your efforts on these media.
You'll have to invest time instead of money to do this advertising, of course, but that's a small price to pay. Set up a social media account and then prepare fresh content several times per week. As you build a following, you can use it to promote giveaways, contests, new products or services, and examples of your work.
4. Find a Work Space
No business can exist without somewhere to work. It could be as basic as a desk for your computer, or you may need to store inventory or make products. While many entrepreneurs end up working in their living room, bedroom, or the kitchen table, you'd do well to find a separated location.
Look for space in the spare room, the garage, or even an outdoor shed. It doesn't need much - just freedom from distraction.
With modern technology, you can work from home and have few - if any - customers or vendors know. Subscribe to a virtual office service that answers the phone, takes messages, handles emails, and even schedules or takes orders all without a physical location. Visit customers in their homes or places of business. And schedule meetings in public locations like coffee shops or restaurants.
Ready to start planning your low-cost business startup? Begin by learning more about financing through Service Finance Co. and Employee Finance Co. today. We can help you get financing to pursue your dream of being your own boss - all as easily and quickly as possible. Visit us today for more information.