Introduction
In this guide, we’ll show you how to get started with a $100 startup and make it a success. We’ll cover everything: from finding the right idea to getting customers and continuing your business.
1. Define the problems you solve
The first step to starting a $100 startup is to define the problems you solve for your customers.
It’s tempting to think about solutions when we define problems, but it’s better if we focus on defining them as simply as possible. If you can’t clearly articulate what the problem is, chances are no one will understand either. You want to identify an issue that people have but have not yet been able to solve themselves in a way they like or feel comfortable with. It should be something that affects their ability to do something they really care about – like going on vacation, making dinner or getting their taxes done quickly and accurately.
2. Identify your target market
The second step to starting a $100 startup is identifying your target market. The target market is the population of people who will buy your product, and it can be broken down into segments. For example, the segment of people shopping for an alternative to traditional baby wipes could include parents with sensitive skin or those who prefer not to use harsh chemicals around their babies. You can find members of these groups by searching online forums and message boards, reading blogs or participating in social networks like Facebook and Twitter.
Target markets are usually easy to find because they’re already talking about problems your product solves. In fact, you may have already identified a problem without realizing it! Some examples include:
- Parents looking for alternatives to traditional baby wipes
- People who want relief from sunburns but don’t want to use harsh chemicals (like aloe vera) on their skin
- People who want healthier foods but don’t have time for cooking
3. Write your sales pitch
Then you should write your sale’s pitch because if you can’t write it, you can’t explain it to others. Period.
Your pitch should be short and to the point. Use simple language that is easy for anyone to understand.
Use a story that engages with your reader, while focusing on how you solve problems they face every day in their business life or personal life. The more relatable you make this story feel, the better chance you’ll have at getting them hooked on what makes up your solution/product/service/etc…
And finally: always include a clear call-to-action that asks people what they’re willing to do right now if they want more information!
4. Identify your unfair advantage
When you’re starting a business, it can be tempting to jump in headfirst. But by taking the time to consider your advantages and disadvantages first, you’ll be able to create an unfair advantage before your competition even knows what hit them.
If you have no experience running a business or working with clients, this may seem like an impossible task. However, there are many ways that even inexperienced entrepreneurs can build up their unfair advantage over the course of just one week or less:
- You have access to new technology that other people don’t (yet) use. A current example of this is the app Clubhouse (currently only avaliable to IOS users). This app allows you to create an online community for your business and connect with possible clients, employees, and other entrepreneurs. It’s a great way to build relationships that can lead to new opportunities in the future. In fact, I personally use clubhouse to market this blog!
5. Understand the competition
To start your $100 startup, you need to know the competition. To do that, answer these questions.
- Who are my competitors?
- What do they do?
- What are their strengths and weaknesses?
- Who is their target market, and how big is it?
- How much money do they charge for their products or services, and how does that compare to mine (will people actually buy something from me)?
6. Know your Numbers
Now that your idea is finalized, it’s time to start working backwards from your goals. This will help you determine how much money you need to make and what kind of product or service you can provide for your customers.
The first thing that should come out of this process is a set of numbers that show how much money you think each month will be spent on the business (which we’ll discuss in more detail later). From there, these numbers will be used as the basis for future calculations regarding revenue and profit.
Once those figures are established, take them back through the process outlined above until they reflect what needs to happen in order for you to reach your target revenue number at the end of each month/quarter/year etc.
7. Create a low cost solution
At this point, you should know your big goal but every big goal starts with a small one and ,fortunately for us, the small solution is usually cost effective. Low-cost solutions are extremely beneficial to businesses, especially new businesses, because they allow you to have higher profit margins due to lower fixed cost. By finding creative and cost-effective ways to save money, businesses can keep their budgets in check and still provide their customers with the best possible service.
The best way to create a low cost solution is to search for free resources from other websites and base your product off of those. Remember, nothing is orginal. Feel free to use my resources to inspire your own, I will be creating a course later on this topic for my premium members.
If there is not already a low cost solution avaliable for your problem, create it. Canva is an excellent site for document or image based content and can be used to start your online business ASAP.
For example: If you want to help people remember important task consider creating digital planners on Canva and selling them on Etsy. Boom. Low cost solution.
Low Cost Startup Ideas
You can start a business with very little money down. In fact, you could start your business with less than $100 and still get started. Here are some ideas you can use:
-Canvass the neighborhood for work
-Start a blog and monetize it with Google AdSense
-Sell digital products on Etsy
-Ask your friends and family if they need help with anything
-Start a drop shipping business with Shopify
– Affliate Marketing (Clickbank, Amazon, etc.)
Conclusion
I hope this article on how to start a $100 startup has been helpful in your own entrepreneurial journey. Remember that business are hardwork and you must stay consistent to see the results you’re after. If you need help with marketing your new business, I recommend taking a look at this article.
