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| 7 Ways to Start a Business With $200 or Less |
Starting your own business can be daunting, but it doesn’t have to be cost-prohibitive to be successful. Depending on your industry and the products or services you offer, you may not need much more than a few hundred dollars to launch and grow your business into something sizable. But, how do you come up with those few hundred dollars in the first place? Here are seven ways to start a business with $200 or less!
1) Research the Market
Before you start any business, you need to research the market. This includes understanding who your target customers are, what needs they have and what solutions you can provide. You also need to understand your competition and what makes you unique. All of this research will help you determine if there is a viable market for your business idea.
Once you’ve done your research, you can decide if you want to proceed with your idea. If so, it’s time to get started! However, if after doing your research you realize that there isn’t enough demand for your business idea in its current form, it may be time to pivot and reconsider how you are going about fulfilling that need.
2) Pick your Niche
A great way to start a business on a shoestring budget is to niche down and focus on a specific market. When you niche down, you can start to become known as an expert in your field which will help you attract customers who are willing and able to pay for your products or services. Here are seven ways you can start a business with $200 or less:
1. Start a blog and monetize it with affiliate marketing.
2. Create a digital course teaching something you’re passionate about.
3. Offer demonstration videos for products you sell on Amazon.
4. Be a pet-sitter or dog-walker in your local community.
5. Manage social media accounts for small businesses. 6. Sell vintage clothes at thrift stores or online through Etsy.
7. Deliver food from restaurants that don’t offer delivery service themselves (restaurant owners love this!).
3) Brainstorm Product Ideas
1. Look for products that you can make yourself with inexpensive materials. For example, you could make jewelry, soap, candles, or lotions.
2. See if you can find a low-cost franchise opportunity.
3. Look for business ideas that require little upfront investment, such as pet sitting, child care, or running errands for busy people.
4. Start a blog or website and sell advertising space to businesses related to your niche.
5. Offer your services as a virtual assistant or social media manager.
6. Sell products through an online marketplace like Etsy or Amazon Handmade.
7. Do some research and see if you can start a business in your area for less than $200.
4) Create a Facebook Page/Twitter Account
Creating a social media presence for your business is one of the most important things you can do. Not only does it give you a platform to share your product or service with potential customers, but it also allows you to connect with other businesses in your industry. Plus, it’s a great way to build brand awareness and get people talking about your business.
Facebook and Twitter are two of the biggest social media platforms but don’t forget about niche options like Instagram and Pinterest. Having accounts on all four can help your business reach more customers. Depending on what you sell, you might want separate Facebook accounts for your business and your products. For example, if you sell cosmetics for women under 40, then you may want to create separate Facebook pages for each because their target markets have different interests and needs.
5) Create an Amazing Landing Page
Your landing page is often the first impression potential customers will have of your business, so it’s important to make sure it’s amazing. Here are seven tips for creating a killer landing page – Offer a Free Trial: Potential customers want to try before they buy, so give them the opportunity with a free trial.
– Showcase Testimonials: It’s also good practice to include testimonials from satisfied clients on your landing page. Use visuals and quotes from real people who enjoyed using your product or service.
– Design for Mobile Devices: No matter how much traffic you generate, there’s always an increasing number of visitors who are accessing websites through their mobile devices. Make sure your website can be viewed easily on any device—from desktop computers to tablets and phones—by making sure all text is legible and there aren’t any clunky menus that frustrate touch screen users trying to scroll through pages with their fingers.
6) Get Local Reviews
One way to start a business on a shoestring budget is by getting local reviews. You can do this by asking friends, family, and acquaintances if they’d be willing to write a review for your business on Yelp, Google, or another site. If you don’t have any connections in the area, try reaching out to the Chamber of Commerce or other local business organizations. They may be able to connect you with someone willing to help.
The local press may also be willing to write about your business for free. Reach out to local magazines, newspapers, and blogs that are relevant to your business idea. Offer them an exclusive story that will interest their readership in exchange for some coverage. Most businesses won’t be able to afford a full-page ad in the newspaper or feature spot on primetime TV; getting some media attention is another way you can stand out from competitors who might not have any funding at all. Also look for opportunities such as contests and awards where you could win some free advertising—for example, if your small business is green and eco-friendly, check with groups like Sustainable America on how you can submit yourself for consideration.
7) Advertise Online
You can start promoting your business online for free or for very little money. Use social media, email marketing, and search engine optimization (SEO) techniques to reach potential customers. You can also create a website or blog and post relevant content that drives traffic to your site. Paid advertising is another option, but it can be expensive and you’ll need to track your results carefully to make sure you’re getting a return on your investment.
