Updated: Jan 11, 2020
It takes money to make money, but it doesn't have to be a lot. Many successful businesses started out with a great idea and an empty pocket. Yours can be next. Here we discuss how to start a business with less than $500 and how to nurture your business into a profit-making machine.
When starting a business, one of the most daunting aspects is the investment cost. You need thousands of dollars to turn your idea into a reality, right? Well actually, that isn't fully true. There are some businesses with successful models set in place that are less than $500 to start.
Find your passion
Starting a business for less than $500 means you will need to be very involved in your first 3-5 years of operating until you can hire on employees. Make sure you pick something that you are passionate about, or else you will end up still hating your job. Who wants to leave a job they hate to be an entrepreneur only to end up hating their new job?
Make a list of business skills you have such as; customer service, writing, office work, accounting, and other such skill sets. From that list pick what makes you happy working every day and start there.
Having a passion for your work also shows in brand authenticity, customer service and the results of your work project.
Easiest startup jobs with the lowest investment costs:
Drop Shipping- Drop shipping is an extremely profitable business but involves quite a bit of dedication and technical savvy
Freelance Work - like web design, photography, writing, graphic art, social media management and more are very low investment and high-profit jobs.
Security Jobs - Whether it's being an independently contracted bouncer or security guard for a commercial contract, or you are house-sitting for a residential contract, security jobs are low cost high paying jobs to start
Athletic - Becoming a certified instructor in fitness, yoga, Zumba or more can open doors as a personal at-home trainer or independently contracted gym trainer. This can open up doors to starting your own online paid subscription channels as well as athletic sponsorship from large companies.
Notary- Become a notary from your home, In Florida, Maine and SC notaries can also officiate weddings.
Sitting Jobs- Babysitting, pet sitting, house sitting and more. Being a sitter is easy to start and a high demand field to get into. House sitting jobs can blossom into your very own property management gig as well.
As you are starting to see, there are a lot of jobs out there you can start for less than $500
Where to start:
-Create an assumed business name. You can place the ™ symbol there to represent that you plan to trademark this name for copyrights.
- Start your business by operating as a Sole Proprietor, this is free to form. Learn more about what a Sole Proprietor is and the pros and cons of the business structure.
- You will need an EIN otherwise known as a Tax ID which in most cases are free for sole proprietorships
- Register your business with the state
- Get a website and have it connected to Google! You would be amazed by how many sales this will bring you. Click here to get started building your affordable website
-Create social media accounts to reach potential customers
- Download a free virtual accounting tool to keep track of your incoming and outgoing money
- Create a Business Plan (read more)
This should incorporate market analysis comparing the competition in your area, average prices for your goods or service, your target market demographics
- Brand yourself (read more)
- Market and Network (read more)
-Practice sustainable management and growth methods (read more)