How to starting your business for under $1,000?
Without a doubt, the Internet is the most powerful tool in the world. One amazing aspect of the Internet is how easily it allows you to quit your day job and start your own business venture that you have always wanted to start, all at a low risk.
You may wonder how I can start a business without employees or even a website; the answer is simple: outsource. Websites like E-lance and Freelancer have made it incredibly simple to get the services you need to launch your business at a low cost. Even if your company involves complex tasks such as software development, you can find someone reasonably priced to assist you in creating the first version. I once spent less than $1,000 developing my own iPhone app.
Outsourcing Your Business
Consider this: the Internet is brimming with potential employees; all you have to do is hire them as needed. Assume you want to start your own graphic design firm. To begin, you could outsource your web development, marketing, and design to your specifications. Then, once you’ve secured a client, post your job description on E-lance, wait for offers from all over the world, and select the one that best fits your situation. When the work is finished, return it to your client, and everyone is happy.
The only risk you took was creating an online face for your business, aka a website and marketing materials, which could all be done for less than $1,000, an investment that can easily be repaid. Once your client list and revenue stream have grown, you can gradually begin to hire people in-house and even get your own office space. Outsourcing is a growth strategy that allows you to assess the market potential for your product or service.
Promoting Your New Business
Another issue you may encounter is determining how to promote your new business; once again, the Internet is full of solutions. If you keep looking, you will find answers; even the resources on Work Awesome are sufficient to get you started.
Calling people you already know is one of the cheapest and simplest ways to find your first customer. Don’t be afraid to reach out to people in your network in order to find potential customers. Additionally, social media sites such as LinkedIn can be extremely beneficial in raising awareness for your new business. It doesn’t take much more than being brave and putting yourself out there.
Don’t stop now if you’ve already come this far! Another option is to have a few of your friends or colleagues post about your new business on Facebook or LinkedIn. You’d be surprised what even 5 people can accomplish.
Pay Per Click Advertising is another extremely effective tool. Many people I know have used Google Ads to test the marketability of a new product. They accomplished this by developing a landing page and tracking user engagement. Google Analytics can provide a wealth of information about the visitors to your website. This is just another method for determining whether it is worthwhile to go all in on your business. Google Ads, Facebook Ads, and LinkedIn Ads are all excellent ways to begin driving traffic to your local or online business. Many of these services even provide first-time users with free credit. If you tried all three, you could make close to $250 in free advertising.
For a product, your outsourcing strategy may look very different. Products can be difficult to design, and it can be difficult to raise enough capital to begin your first production run. However, the Internet has also created another simple route to success. Crowdsourcing is a term that has recently gained popularity.
Crowdsourcing has assisted entrepreneurs in raising millions of dollars in funding, allowing them to launch their dream business. It only takes a well-thought-out idea and some marketing.
Kickstarter is a well-known crowdsourcing platform. Kickstarter allows entrepreneurs to pitch their idea and have people pre-order their product at no risk to the entrepreneur. Either they raise all of the money they require, or none at all.
The link between Kickstarter and outsourcing is that you can outsource everything you need to be featured on Kickstarter. You only need to come up with an idea to bootstrap almost any start-up. Don’t you think that’s a great way to start your own dream business?
I’ve only mentioned a few of the many options for starting your own business with little risk. Dream big, take a chance, and watch what happens.
What other options do you have for starting your own business? Please leave your suggestions in the comments section!