You shouldn’t let a lack of capital stand in the way of your dream to start a business. Running your own company, realizing the flexibility that comes with self-employment, and the empowerment of being your own boss is most definitely attainable. What if we told you that you could start - right now - with as little as $100?
Bootstrapping: starting a company with little cash while making judicious use of the resources you do have available. Those resources tend to fall somewhere within the context of the following categories: sweat equity, your own talents and skills, your ability to be both flexible and creative in terms of discovering new revenue streams. Consider the following formula as a good guideline for getting started:
The Bootstrapping Formula
Stay within your wheelhouse. Make sure your business idea builds on strengths you already possess. Have a talent for art? Perhaps graphic design is the way to go. Maybe you’ve got a knack for sales. Ecommerce is all the rage right now.
Brainstorm ways to earn money that don’t include overhead. Take notice of some of the businesses with which you interact on a daily basis. How do they do it?
Carefully analyze the strategies that some brand new businesses employ in getting their ventures started. Which could realistically work for you - create a list.
- Reinvest your revenue. Take what you earn and put it back into the business.
One thing to remember as you bootstrap your way to success is not to lose faith. Sure, you may be able to borrow money from your friends and find resources on the web, but one thing that you can't source from anywhere else is perseverance. Imagine being able to look back and say that from an initial $100 investment, you emerged a million-dollar juggernaut.
The Wisdom of The Side Gig
When starting your own business there are risks that you need to take and there are also those risks that you need to consider carefully first. Quitting your day job is one such risk you may want to mull over a bit before simply leaping off the edge of that particular cliff. Side gigs are a great way to test the waters, so to speak. For example, if you dream of opening a restaurant someday, take on a one-off catering job first to see how you do, prior to investing your life savings in a building and that ultra-expensive walk-in cooler.
Of course, there are those businesses that do require a full-time presence right from the get go. This, my bootstrapping friend, is where your creativity and flexibility come into play. Maybe rethink how you use your free time. Perhaps you can find a way to merge parts of your ‘day job’ with your new business endeavor. Or even work with a partner, two part-times equal one full. Thinking outside the box and maintaining your determination are key.
Drum Roll Please...Businesses You Can Start With Just $100
1. GET T-SHIRTS DESIGNED, SELL THEM ONLINE
What is one thing that virtually everyone does…shop online. What’s more convenient than ordering a product from the palm of your hand or right from your laptop while lying on the sofa? Provide a fast and easy shopping experience for users, and you just might have all the makings of a profitable business venture.
Not sure where to start or how to create an engaging website? Hire an ecommerce web design freelancer to help you on a simple, per project basis. Need that next big t-shirt design…hire a freelance graphic designer and let the magic begin.
2. GOT SKILLS? BUILD YOUR CONSULTING OR FREELANCING EMPIRE
Everyone has something of value to offer. Even if you’ve only worked in an office, you have marketable skills that people need. Perhaps you’re a great typist. A savvy marketer. Or you’re awesome when it comes to handling customers. Whatever your talent or skill, use it to reinvent yourself as a freelance consultant. And then all you need is a freelance web development expert to help you create an amazing platform through which to showcase your portfolio.
Social media management, content writing, marketing, and graphic design are all areas wonderfully suited to freelancing. Is your particular skill an offline one? Plenty of consultants/freelancers earn money through on-the-ground services: giving music lessons, providing cleaning services, managing accounts payable are terrific in-person freelancing options.
3. WRITE AND SELL EBOOKS
Ebook sales generate millions of dollars per year. The great thing about getting into the ebook business…there really is no limit as far as what field or subject you can write about. As long as you have knowledge about something - literally anything - you’re golden. Have you been in real estate? Do a series on buying and selling. Do you know about dog grooming? Create an ebook that offers insider advice.
If you think you have the next great ebook idea but just aren’t certain how to begin…hire a wordsmith by way of a creative freelance copywriter to help. You can even find a talented freelance graphic designer to develop the face of your project.
4. LAUNCH YOUR SUBSCRIPTION BOX SERVICE
There really is nothing better than when you receive that package in the mail containing a few of your absolute favorite items. From beauty supplies to food items to products for your beloved pet, opening that monthly box brings back Christmas morning all over again. Why not be in the business of making people smile!
Find just the right niche products, have a super stylish package designed by a talented freelance packaging designer and you’re off. The next step of course is to get the customers. Not a problem, as long as you have a website that engages and sells. That’s where enlisting the services of a creative web designer with experience in this particular industry comes into play.
5. BUILD A MOBILE APP PROTOTYPE AND RUN ADS
Got coding skills? It seems that everyone on the entire planet needs a website or app developed. And when it comes to apps, you want to ensure that yours is not only attractive and functional, but developed employing the latest techniques in UX/UI design. Hiring a skilled mobile app developer to assist you when it comes to creating that ultra responsive app is definitely going to benefit your business venture in the long run. Side gig-friendly, this type of business is without a doubt in high demand.
Don’t have the time to advertise or promote your new venture…no problem, hire a freelance marketer to help you get started.
Start Bootstrapping Your Way to Success Today!
Certainly, you have to be frugal; consider carefully which services you wish to hire out, which freelancers are providing the most value per dollar spent. You want to stretch every penny so that $1 feels more like $100. Getting a business started on a small budget is easy, it just takes a little strategy and some creativity.
One of the smartest first steps you can take is to hire the right talent. Freelancer.com gives you instant access to a sea of uber-talented, cost-effective web designers, app developers, graphic artists, marketers and content writers who have the skills and expertise to help get your new business off the ground.
Simply post your project and in a matter of seconds the bids will start rolling in.
We can’t wait to see what you can do in just a couple of months. Tell us what business you launched in 2017? Did you find success bootstrapping your idea?