Top 10 Ways to Start a Business for Less than $500
By Rhonda Winn
We’ve heard numerous success stories of Internet entrepreneurs like Jeff Bezos, who started Amazon.com from his garage, using cheap plywood to construct desks. There are scores of others, and they never fail to make new entrepreneurs feel a little overwhelmed, or even jealous.
Well, not every business has the moneymaking potential of some of these successful businesses, but it’s no reason for you not to have a profitable business of your own. After you read this article, you’ll never again have to ask, “I’m barely making ends meet — how can I start a business?”
Unfortunately, the bills don’t stop coming in just because you’ve decided to start a business. In fact, they seem to increase exponentially. Your success, as a budget-conscious entrepreneur, will depend on thinking and planning smart.
Here are 10 ways to start a business for less than $500. You may have to make some sacrifices, but that’s what business is all about, at least at first.
- If you don’t already own a computer, purchase a used or refurbished computer. With computer prices dropping everyday (new computers are starting at around $500), you can easily obtain an affordable, and fairly up-to-date computer for less than $200. If that’s still more than you’d like to spend, check what local agencies provide computers for the public to use for free. Start with your local library!
- For a professional website, use a template before hiring a professional. Templates can cost as little as $25 a piece. You can always hire customized design services once you grow.
- Use business document templates to provide professional invoices, letters, and contracts that you can easily customize.
- Submit articles like this one to various ezines for free traffic.
- Operating solely on the Internet is the best way to dramatically reduce startup costs. You can find affordable and feature-packed hosting for less than $10 a month. And custom domain names can be registered for under $10 per year.
- Offer your expertise on various website forums for free self-promotion. Make sure you adhere to the submission rules of each site.
- Submit free press releases regarding your new business on PRWeb.
- Starting a service business means you don’t have to invest in any initial inventory!
- Start a small pay-per-click campaign for under $200 to test your offer and bring in initial traffic.
- If you have a retail business, make the initial orders on-demand, meaning you don’t buy any inventory until someone makes a purchase. Make sure you include the additional “production” time in your calculations when you estimate the expected delivery date for your customers.
The idea is to keep thinking creatively about how to invest your dollars so you can avoid spending too much in any one area before your business has proven itself. You can redevelop your budget as you go along and feel relatively secure doing so. You never know, you could be the next big success story!
Rhonda Winn has been helping small business owners since 2000. She is the author of the popular eBook, “How to Live Your Dreams and Achieve Unlimited Wealth in Small Business.” Get the first chapter free when you join her bi-monthly newsletter.
