New Entrepreneurs: How I Built My Business Startup With Less Than $100 Capital That You Should Know
Design Your Future
Business Startup For $100 or Less
Business startup costs new business owners need to know.
Over eight years ago I left my highly successful job as an ex-pat executive for 16 years & began my business startup from home.
Now that I’m a little older and experience, I just thought to share my business startup journey with you.
When you’re starting out a business it can seem pretty confusing.
Ask yourself an extremely important question – what do people pay for?
People buy thousands of different things.
So how would we know if our business can be profitable?
There are several reasons why people buy like – they want to feel better, to protect themselves, to make more money, to save their time, to experience something, to have better relationships, to look better, to have fun, and the list must go on…
Business Startup Cost You Should Expect
What Your Target Clients Will Potentially Buy From You?
It’s hard to answer this.
But if you understand the core reasons why people buy, then it will be easier for you to build a startup.
Let me give you an example…
You bought one cup of ice cream to satisfy your boredom, and you bought some financial books designed to get your finances into good shape in preparation for your retirement and how you handle money better to retire comfortably when you reach 60.
If you will analyze the above example, “boredom” & “money” are the two core reasons why you buy things.
People pay for something to satisfy their desires, wants, and needs.
4 Business Startup Challenges
There are several reasons why new entrepreneurs fail even before they get started. I will just tackle briefly some of the challenges business startup faces.
Startup Challenge #1: Money
This is the no.1 reason why most business startups fail.
When money becomes the no.1 issue, this can lead to procrastination and worst to failure.
Many entrepreneurs also find that success comes easier when they have money to invest in their businesses.
But is it possible to build a startup without any money?
If you continue reading, the startup business model that I will share with you today, will tell you how to build a business startup for less than $100.
Startup Challenge #2: No Business Plan
Many future business owners struggle to create a business plan.
Here’s the thing…
If you build your business startup without understanding why people should buy from you, your startup is doomed to fail from the start.
You truly don’t know what type of product is accepted by your target customers or how many units you can produce if there is a demand.
I purposely didn’t start my startup with any business plan.
Because I knew that I would only get a sense of real income once I tested my business idea in the marketplace.
And not on paper for me to see if someone will pay me.
Once the income stream is up and running you can then make a better business plan and create a more accurate sales projection.
For me, that’s more important than a complex business plan.
Startup Challenge #3: Shiny Objects
Most business startups (including myself) are susceptible to shiny objects and destructions.
The key is to determine what goals you want to achieve.
And setting time frames also allows you to work towards your goal more efficiently.
If you know what you want and why you want to build a startup, then you can remove all those destructions around you.
Use your time working towards your goal, your system, and your outcomes.
Constantly compare your outcomes to your goals and continue to evaluate your system.
Your system is your own machine that will give you results.
Startup Challenge #4: Your Mindset
Building and growing a startup it takes courage and right mindset.
Your mind matters to your own transformation from your old identity to your new identity as a business owner.
There are imaginary obstacles and action obstacles.
Imaginary obstacles are things you think will happen that will get in your way. This is your belief system.
Imaginary obstacles are not real.
You are just making this up.
While the action obstacles are actual obstacles that you encountered along your journey.
Many successful and famous people had to fail over and over again before they achieve their successes.
Thomas Edison’s teachers called him “stupid” and he was fired multiple times “failing” 1000 times attempting to invent the lightbulb.
We need to control the way we think and recondition our minds because successful people take their full life to build their own mental structure.
Persistence is something that can only be learned through failures.
If you never fall down, you can’t learn how to get back up and evolve for the better.
Once you decided to start a business, expect hardships, and never give up.
Own your outcomes!
What is the Best Business Startup?
Actually there are plenty of ways how to start an online business and most of them are difficult to make a living from it and it will take much of your time.
So today, I am showing you the simplest & more practical business startup that has the potential for you to get started.
Now, it is up to you if you want to take this path or not.
The #OwnRule Business Startup is about testing your ideas for profitability and personal fit through done-for-you consulting.
It’s about creating something people are willing to pay for.
Most business startups have a tendency to make things complicated.
It’s about the simplicity of putting together what you know (experience or knowledge) and matches it with what people’s needs.
1. Come Up With A Business Idea To Test (Cost: $0)
Whether you have hundreds of business ideas or just one, you don’t need to be emotionally attached to any of these ideas.
These ideas are free.
So what you need to do is pick one to get started.
And release attachment to the perfect idea at this time.
If you cannot come up with any business idea, there are several places or industries that you can check to start a business.
Make an inventory about the problems you’re facing in your life, whether it’s something that you cannot sleep at night.
See if you can find a solution to that problem.
Because if you’re experiencing that specific problem, you can be pretty sure there are others out there who are going through the same thing.
The market only cares about its own needs and desires.
If you can find a problem & you have the solution to solve it.
You are in business.
The Idea Needs To be Simple.
Because the more complex the idea is the greater chance that it won’t work.
Complexity creates chaos.
2. Validate Your Business Idea (Cost: $0)
Once you’ve got an idea, it’s time to validate it.
Your idea is the solution to solve a specific problem in the field of your interest.
First, go out and discover the no.1 problem that people face.
Remember that you need to know the root cause of their problem – better ask “why” 5 times.
Does it match your idea?
If it is, then simply ask if they need help from you.
Becoming a consultant is what most people daydream about… because of the flexibility, the freedom, and the money it could give.
Independent consultancy is becoming a popular business startup.
The Consulting business startup model does not have to be as complicated as we tend to think.
In fact, it can be really very simple.
In Consulting, what's important is...
- See how the market reacts when you put your message
- Be visible to ONLY those people who need your help, and
- Provide the value they expect from you
More people are getting into the consulting field because of job uncertainty
If you think this business startup model is for you, here’s “How to start your own consulting business in 3 easy steps“.
It’s a good read.
3. Create Your MVO - Minimum Viable Offer (Cost: $0)
According to Josh Kaufman, #1best selling business author – a Minimum Viable Offer is an offer that provides the smallest number of benefits necessary to make a sale.
This day & modern age, you can be a consultant if you have a certain knowledge that you can help someone else with.
The market doesn’t care about your degree program, certification, or about you at all.
Creating a minimum viable offer helps you gather feedback from potential customers quickly.
This is useful because it’s impossible to predict the accuracy if your business idea will work or not.
It will also help you to minimize the risk by keeping the investment small and quickly discovering what works and what doesn’t.
Don’t make it hard for you if your first idea doesn’t work.
Because having a million-dollar idea, it’s completely free.
The reality is…
You definitely won’t get it perfect the first time.
Just iterate until you get the perfect market match and you feel happy about it.
4. Strategy Session (Cost: $0)
Just simply bring potential clients to your free 30-40 minute strategy session.
Imagine that you have a great product that solves a problem of a specific group of people in your field.
And imagine that you don’t tell people about it.
Imagine the lives of those people who you could help.
But nobody knows that you have the solution with you to help them.
Now, picture their lives 3-5 years from now…
The struggle…
The pain this person had to face because he or she never knew about your services or product?
This is why you need to bring your potential client into a strategy session with you – how you will fill this gap for them.
5. Setting Up A Business Website & Funnel (Cost: $35)
Yes, you need to have a website and a marketing funnel (eventually).
Most business startups set up their website first hoping and praying this website will generate the right traffic for them.
Actually, traffic is the easiest part of your business because you can drive traffic as much as you want as long as you have the budget.
Here’s the thing…
You might have a great product or service but it is not for everybody. That’s ok.
This is something that when you go to a dress shop and you started fitting one dress and it doesn’t fit you, there’s no big deal.
That shop will not close because the dress doesn’t fit you.
It doesn’t need to fit everyone right?
So it’s important that you need to understand this as a new business startup.
So all you have to do is find people who do fit at this time.
If someone said no to you, what they are saying is…
The idea doesn’t fit them right now.
So you have to look for the right market fit.
What you really need to do first is master the basics...
Test idea, validate your idea, offer outstanding value (solution to a problem) until you close a client and repeat.
A business website is for you to pre-qualify your potential customers.
Once you’ve got a proof of concept meaning your business idea works, then you are now ready to set up your business website.
Below are some resources on how to build a website from scratch.
RESOURCES:
How to build a website beginners guide
Custom responsive website how much it really cost
6. Create A Social Media Buzz About Your Business (Cost: $0)
You’ve been working for 6 months for your startup, and the big day is here at last. Your business website is finally ready to launch
.
Now, you need to build online social buzz well in advance of your actual business launch.
Let people know about your business, create excitement, and you’ll have customers queuing up.
Of course, it will take works.
But if you have the right message to only those customers you want to serve…
Now’s the time to kick off your online marketing campaign by creating a buzz through free social media like Facebook, Instagram, Twitter, Pinterest, or Linked-in, and watch the customers roll into your marketing funnel.
7. Lead Magnet & Email Marketing Software (Cost: $15)
A lead magnet is your pre-selling one page where you will provide a compelling message (your hook) to attract the right customers & give them something for free in exchange for their contact information.
Email marketing is an efficient & effective way to enrich business communication, target specific key markets, and it is the most cost-effective way to stay connected with your prospects, existing clients, and future buyers.
There are several email marketing software out there that you can choose from depending on your budget and comfortability.
Having your own customer database is one of the most important business assets you can have.
This is how you can build and retain your customer’s loyalty.
People on your email list are not only more likely to be customers, but you can use the power of email to build trust by regularly sending them quality content that brings value to them.
Make sure users understand what they will get from you and why they will benefit from it.
8. Google Adwords Advertising (Cost: $5-$10/day)
Once you already started generating some profits from your startup, you need to reinvest 10%-20% of that profit to Google Adwords Advertising.
Google is the no.1 hottest and highest conversion traffic in the world.
People go to Google if they are looking for something whether it’s for their convenience, pleasure, problem-solving, for fun, boredom, happiness, or looking for services or products to buy.
Google is your best friend when it comes to building, growing, and scaling your business.
Based on Statista, Google has 87% market share as the world-leading search engine tools compared to Bing, Yahoo, Baidu, and Yandex.
So it is just a no brainer why NOT use Google for business.
Nowadays, business startups are becoming cheaper with the use of technology.
You don’t need any big budget on how to get clients to promote your business
You can stand in front of those lasers targeted traffic as long as you have the right system in place.
If you can convert a total stranger into paying clients, why not spend $5.00 per conversion with Youtube via Google Adwords?
This is one of my video campaign with Youtube where I’m paying about $0.05 average cost per view.
Advertising is when you combine the perfect message to your laser targeted audience.
Successful business owners don’t care about how many likes, followers, or shares on Facebook.
What do they care about is…
Their business bottom line (profits) if they are making money or not.
Your profit comes from finding fits in matching the value to the right group of people in your field.
That’s why people will buy your product or use your services.
Nobody will spend money without solving their problem, for convenience, serving their hunger, boredom, make them feel good, or give them happiness.
CONCLUSION
Regardless of the terms, people are using, there are certain ways of approaching problems at a high level that work.
Your website layout will get people to take the action you want them to take or why certain messaging or copywriting techniques work — because they push on buttons that solve their issues.
So why many future business owners get stuck in building a startup?
Because most business startups face some challenges in their personal development to choose to change and venture into the undiscovered areas of themselves.
People think they only have one shot at this so the pressure of that misconception is paralyzing them.
If you are choosing to go into business because you think it will be easier than going to work – Don’t do it.
The reality is most successful entrepreneurs had multiple ideas that go wrong before they had something go right.
The main key strategy to use for your own business startup is persistent to secure your future.
Hopefully, this guide has taught you how to build your own business startup.
Create your own rule and own your outcomes!
