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Happy New Year! It’s officially 2022! Along with a new year come all the resolutions which people hope to accomplish. Whether it’s finances, relationships, career ambitions, or general well-being, it’s a good time to start mentally preparing for those goals. A great goal many people set is starting a new business. Whether it’s getting tired of the 9-5 or wanting to dive into something you have a passion for, starting a business can be a great next step in your life. Unfortunately, not everyone has an unlimited budget or a lot of ideas to start their journey. That’s why we’re going to go over business ideas that can be started today, for less than $100
If you have a knack for writing, you can start a blog. Pick any topic you have an interest or expertise in. It can be cooking, photography, politics, etc. Once you have a decent amount of traffic coming to your blog you can generate revenue in a few different ways. You can sell advertising on your site or charge a membership fee for your readers. Based on how much you charge and how big your audience is, the sky is the limit on how much you could earn. The best part about this is that you can start a blog for practically no money. You can start on Squarespace or WordPress for free and just pay for hosting for as little as $2.95/month. This comes out to less than $36/year.
Another profitable business you can start cheap is a window cleaning business. All you need is some cleaning supplies (rags, towels, paper towels, and various other chemicals). If you purchase the basic supplies, you can do this for $100 or less. There are more things to buy such as uniforms, business logos, more heavy-duty equipment, and cleaners, but that can be done later after generating more business. Remember, we’re just talking about starting a business, not purchasing all of the bells and whistles. To generate business you can do it in a couple of different and affordable ways. Create flyers that have your business information and a good contact number. Or you can cold call potential customers; whether it’s homeowners or business owners.
You may have heard of drop shipping, an e-commerce business that can be potentially very lucrative. Dropshipping involves selling a product without having to hold the inventory. Your responsibility is to make the sale, connecting the buyer with the product, and that’s it. The sale price minus the cost of the product is your gross profit. The beauty of this business model is that you do not have to buy the product until you make the sale, making it easy for a beginner to get started. The only thing I would encourage here is that you become knowledgeable and even gain experience in the industry you are competing in. Simply throwing a product on eBay is not going to guarantee you a sale. Ideally, you would build your following and make those people your customers.
Become a sales rep for a desirable product. This can include beauty products or solar power, which are popular examples. The key skill to succeed here is the ability to network and of course the ability to sell. And the best part is that it cost very little, and in some cases, $0 to get started. With solar, for instance, there are a few different companies where you can start selling door-to-door and all you need is a permit from your local municipality.
Teach What You Know
For the last example, it’s a bundle of three products/services rolled into one. Consider monetizing your knowledge and experience in your career. Say, for instance, you have a finance background and are experienced in analyzing traditional investments (stocks, bonds, CDs, etc). You can generate revenue from this in a few different ways: build a newsletter, write an ebook, and/or sell a relatable product via affiliate marketing. You make money by either selling a subscription, charging a price for the ebook or making a commission from a product/service you sell along the way. This will take time/effort to produce results and of course, you will need to market yourself well compared to competitors. However, the beauty of this route is that you are selling online, which provides infinite scalability and the comfort of working from home. It can be extremely rewarding if you put in the work and stick with it.
All-in-all, perhaps you are considering starting a new business this year. Congrats if you are and best of luck, it will be a lot of work but it can make a huge difference in your life. I outlined 5 different paths/business models you can start with little to no money. Hopefully, you consider one of them after reading it.