When it comes to starting a business, it’s a common misconception that entrepreneurs need a lot of money to start out. Aside from sizable capital, there are other prerequisites that are other expenditures that new business owners need to consider such as business plans, a physical office, complicated legal matters and much more.
However, there are small home businesses ventures that you can embark on that only require $100 to begin, which Chris Guillebeau cited as the ‘$100 business model’.
How do you start a small home business project?
Firstly, you need a product or a service that people want to buy or that addresses a particular need. While this may seem basic, many entrepreneurs still get stuck at the all-important first step. As a small business, it’s a must to be able to sell right away rather than spending years perfecting something that no one wants to buy.
Secondly, identify your target market. Even if you have the most brilliant product idea at hand, if there’s no one who will pay for it, then expect your business to fail. At the end of the day, businesses must be profitable.
Lastly, will your business idea survive an unstable economy? Although you are only starting a small home business, it’s ideal to weigh up the chances of your proposed product or service running into problems if the economic landscape changes in the coming years. For example, those in Europe and the United Kingdom could be impacted by implications of Brexit.
FXCM stated both a hard or soft Brexit come with economic impact that is evident with the weakening of the British pound against other major currencies. This in turn may potentially affect business confidence, growth, and investment opportunities. Thus, it’s essential to check the capability of your home business to fail or succeed even in an unstable market.
Armed with the right information, the next step is to identify the products or services that you can sell with your limited capital. Online businesses are a great way to get started with very little capital as they generally only need a computer (which you might already have at home) and a reliable internet connection. This will allow you to either sell something or provide a service to people.
Here are the home online businesses you can consider:
• Business Coaching – If you have a strong knowledge and experience in the field of business, then utilize it to assist aspiring entrepreneurs to find success and help experienced entrepreneurs in keeping up with the demand. To get leads and build your reputation, you can write business-related articles on LinkedIn.
• Virtual Assistant – Do you have impeccable organizational skills? Can you efficiently carry out tasks? Then, it’s time to put these skills to good use by becoming a virtual assistant or task manager. There are different platforms online where you can signup and get tasks you want to complete and build clients as you go along.
• Remote technical support – Many companies, especially small businesses, do not have enough budget to hire and maintain a full-time IT employee. You can actually fill positions such as these if you have a strong knowledge and experience in fixing computers and networks as a remote technical support assistant. There’s always a strong demand for IT experts in almost all fields.
• Freelancer – Almost all companies are crying out for freelancers nowadays. Many businesses have shifted their business models from office-based work to remote work, so the need to employ freelancers has become increasingly in demand. There are a plethora of career and recruitment sites which you can upload your CV and portfolios to so that you can get your skillset in front of the right eyes.
• Web design – Are you experienced in building websites via HTML and have a good eye for design? You can launch a service to create easy-to-use and engaging websites for small companies. Start off by building a comprehensive portfolio of your work by designing your own website and launching it online.
The easiest way to reach success via a home business is by treating it like a fun job that enhances the skills you already have. Take note that starting a low-investment business requires hard work rather than money; so be ready to put in the work to help your business reach its full potential.