How to Start a Business with £100
So, you want to be a business owner? Better yet, you want to be a business owner who started the whole thing with a measly £100 in your pocket. A little harder than if you have lots of funding, but perfectly doable despite any misgivings you might have. How you use the money just has to be a little more clever than your average Joe.
Setting up a business with a small amount of money needs one key factor to make it work: information. You can’t buy as many materials, manpower or whatever else you might need to make it work. Which means that you have to have a considerable amount of knowledge or key info instead.
Find a Product
The best product for you to sell when starting out with little capital is always a free one. Well, free to you anyway. If you have a particular skill to use then it’s advisable to try and profit from it. On the internet, writing is always a good option. All you need is a computer, internet connection and some sort of word processor. You have to be a good writer to make this work, but that’s the point of finding a product that you can sell.
If you’re a designer, composer, artist or whatever - find your niche and work out how you can profit from it online.
Of course, now you have a website you need somewhere from which you can sell it. This means you need a website. This is where you will be using some of your initial capital in the first instance. A domain name and hosting for a year will cost you around £50 - that’s half of your capital gone in your second step. But, a website can pay for itself in the long run and is vital to your success.
Once you have a website, go about a little bit of light design work - it doesn’t need to look incredibly professional at this point - and then create content for your site. A homepage, about me page and a selling page, should be sufficient for now. This content is what will help you to sell your product/service, so make sure it is as persuasive and interesting as possible!
Market Your Product
Okay. So, now you have a product and a website from which to sell it from. Now all you need are people willing to buy it. This means marketing your product. Marketing can include, but is not limited to:
Social media sharing and interaction with your audience. This can also include paid adverts to try to reach a bigger audience who might be interested in your product.
SEO to help your website rank for your particular product.
Ads on websites to help draw in repeat customers or those that ‘abandoned cart’ - this is display advertising (a part of PPC).
Actively going out and selling your product. Cold calling, print adverts, etc.
Ultimately, starting your business on a small budget is only a three-step process. If you put enough effort into these steps, then you should be making money by the end of step three and quickly earn back your initial deposit. Of course, this small internet business could one day blossom into something much larger - even an industrial ventilation systems business if that’s what floats your boat!