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Got $200? Here Are 6 Businesses You Can Start Today!

If you think it takes money to make money, I have news for you: YOU DON’T NEED MONEY TO MAKE MONEY. Within the last three years, I have launched two businesses with less than $500 spent on start-up on each business.

My first venture was a commercial cleaning business which I started with $250 that was spent on some basic cleaning supplies, and business cards. Next came my personal finance blog a year later, which was a bit of a fluke start-up (I’ll admit), and I only spent $180 on a website, hosting, and domain registration.

Within three months, I got my invested money back, and since have made thousands of dollars more than I initially invested in either business.

There are plenty of small business out there that can be started for less than $1,000. And a lot of them don’t need gobs of green to launch their businesses.Today, I want to share with you 6 businesses that you can start for under $200.

Professional Consultant

This is a service industry so start-up costs can be very low. If you’re an expert at something, others will pay you to listen to your expertise by offering other businesses or people at home advice on how to approach, and do something.  More common and successful consulting businesses are for financial, computer, advertising, and tax consulting.

The beautiful part of being a consultant is that you carry no inventory, and if you already have a computer, then all you need is to give your small business a presence online, and some business cards to hand out to prospects.

Start-Up Costs:

$100 – Web domain and web hosting package

$100 – Business cards, and few brochures

Computer Repair Business

Technology is ever changing, and if you have a bit of a computer geek in you, then chances are that you keep up with technology to some degree. Let’s face it, majority of the people don’t care for technology to keep up with it, and instead just need technology to perform a task that will earn them money. Most business owners don’t care to know how powerful their computer might be, and instead just need it to operate everyday without any downtime.

Computer repair is a hot industry, because almost every household in North America owns a computer, and nobody knows how to fix it!  The average computer repairman can charge anywhere from $40 to $100 an hour depending on the problem.  Like consulting, running a computer repair business does not mean you need to carry inventory, and instead you’ll buy per usage or need.

Star-Up Costs:

FREE- Used of your existing laptop or desktop computer

$50 – Business card

$100 – Website & domain registration

$50 – Basic computer repair kit (screwdrivers, pliers etc.)

Personal Tutor

If you’re really good at Math, Sciences or English, then you may want to pass on your knowledge to others in need. Thousands of middle school and high school students in your community struggle with math and science courses every year, and parents are willing to pay BIG money to see their kids do well in school.  You can set your own hours, and sometimes you can get your students to come to you!

Start-Up Costs:

$100 – Website & hosting

$50 – Business cards

eBay Consignor

If you enjoy buying and selling items online, then becoming an eBay consignor may be your calling. You already know your way around online, and can tell a good deal from a bad one. So, why not sell other people’s stuff, and earn a commission from the sale. You can set the commission percentage to charge, offer to pickup the item(s), take pictures, list the item(s) online, and do the shipping.

The start-up is dirt cheap because you already own a computer, a digital camera, and now you just have to get your name out.

Start-Up Costs:

FREE – Use of your home desktop computer or laptop

FREE – Your digital camera

$50 – Business Cards

$100 – Website & domain registration

$50 – Advertising materials

Personal Trainer

If you are fit, enjoy spending time at the gym, eat healthy, and generally have interest in helping others stay fit, and lose weight- Why not help others, do what you already love, and get paid for it?

Canadian’s are becoming more overweight due to busy schedules, lack of exercise, improper eating habits, and poor sleeping habits.

If you are an expert at getting in shape and staying in shape, then you can make big money whipping people into shape.  A personal trainer can charge an expensive hourly fee, and others who’ve tried to do it them selves and failed will pay you to keep them inline.

Start-Up Costs:

FREE – Use of your home computer or laptop

FREE – Use of your personal cell phone

$50 – Business Cards

$100 – Website & hosting

$100 – Basic gym equipment such as kettle bells, jump rope etc..

Child Care

If you’re a stay at home mom (or dad), why not offer child care needs for other parents on your neighborhood. In Canada you can legally supervise up to 4 children for every adult. You’ll also need your CPR course, and first-aid training certificate. 

You’ll also have to childproof your house, which might involve fencing off stairwells and buying locks for cabinets with poisonous cleaning products. Insurance, which specializes in home child-care insurance. Finally, you won’t need to buy toys, because your little one already has toys that can be shared.

Start-Up Costs:

$50 – CPR training course

$50 – First-Aid certificate

$100 -  Childproofing your home, and other necessities

Final Thoughts

I hope this post has given you some basic insight that you don’t need a lot of money to make money. There are hundreds of other small businesses you can start up for next to nothing. Take a moment to ponder what you’re good at, and get out there to offer others your service.

Readers, what are your thoughts on these six small businesses? Have you started a small business before? What are you waiting for?

Eddie

Photo Credit ( Weewatch )

Now Is The Time To Start Your Own Business

Anytime we’re exposed to a new territory, it can be intimidating. Its like being a kid all over again, and entering a playground that you’ve never been to before. This intimidation factor is not any different when starting your own business. The fear of failure, start up costs, finding business, and many other reasons that come to your mind.

Despite a long list of discouraging reasons for not starting a business, the list for starting a business is equally as long. The time for starting a business is always now, and the longer you prolong starting your business, the more you will wish that you started it earlier when you finally get going in your business.

I currently work a regular job, and have two of my own businesses that I run on the side. My days are full, but I still have plenty of time for my friends and family. As one who put off the idea of starting my own business for far too long, I thought it might be helpful to outline for you some of the best reasons that I see why now is a great time for starting your own business.

Income Without a Second Job

Lets put things into perspective – you will never be motivated working for someone else as you will be working for your self. There are many part-time jobs available, but it could be months before you finally land one. Valuable time will pass you by, which you can put towards starting and growing your business.

Starting your own business allows you to generate more income for yourself without having to send out resumes, fill out applications, and attend interviews. And the best part will be that you can set your own hours, proceed at your own pace, and never have to worry about having another boss.

Strong Job Security

When you’re the boss, the only person that can fire you is you yourself. Starting your own business now can also provide a safety net, or a hedge, against this struggling economy.Back in 2009, I took a 20% pay cut in order to keep my job. It was a scary moment, and one that has lead me into starting multiple businesses in order to bring in more money and security as well.

Today, with my two side businesses producing consistent incomes, this fear is gone from my mind. Sure, I‘d have some rough moments if I were to lost that job tomorrow, but it would be a lot worse had I not had these other sources of income.

Anything Is Possible

We all have a fear of something. Most people have a fear of heights, and fear of snakes. I’m afraid of both. Intimidation comes second to fear, especially when starting a business. You wonder, ‘How will I take on those in my industry who have been around for a lot longer than me?’. But guess what? Fear and intimidation can be overcome.

Everyone can overcome their fears and intimidation if faced head on. We all carry a unique talent that is unique to us. We all perform similar tasks, but everyone does it differently. That’s something that you should never forget. You are unique, and you don’t need to go invent new products or services. Instead find something you’re good at, do it, and ensure you do it differently and better than those who are already doing it. That’s what will make you stand out from the rest.

Final Thoughts

Anytime someone asks me why I’m a business owner, my answer is plan and simple – I enjoy seeing something develop from start to finish. I’m fortunate enough to see a business go from start up, and grow along the way into a profitable venture. I enjoy being part of the different stages of business ownership. I enjoy the touch, feel, emotions, and sometimes smell of business growth.

Readers, what’s holding you back from starting your own business?

Eddie

Photo Credit (jkunz, artnoose)

6 Start-up Tips For New Entrepreneurs

How did you become an entrepreneur? Was it something you always wanted to do or did you have an ‘ah ha’ moment that propelled you into a new career path?

For my self was it was a comfort level I already knew existed. Having been employed full-time out of school for nearly five years, deep down I had an itch to become my own boss. That’s how I imagined it growing up as a kid with dreams of business ownership and the ability to create something out of nothing.

Despite the failure rates surrounding any start-up business, I wanted to give my business idea a go, and succeed while avoiding to become another negative statistic.

Almost four years later after the launch of my commercial cleaning business, the drive to continue being a business owner still exists within me, and the business its self is thriving. That’s why I wanted to take a minute today, and share with you 6 tips when starting your own small business.

1. Research Ahead

Research is typically dull and boring, but researching your market, competition, industry trends, target market is essential to inform you on what steps you need to take to make your business a success.

2. What makes your different?

Every industry has its big players, and the bottom feeders that get a bone thrown their way. In order for your business to succeed you need to have a clear idea about what problem your business is solving, and how are you going to do it differently than your predecessors

Ask your self: What am I going to do in order to do things better than my competition?

3. Listen & Accept Feedback

You’d be surprised at how many people have poor listening skills. They let their egos get in the way. Rather than being students of the business, they throw their half-ass knowledge out. You can be different though, by simply listening, asking and accepting feedback. Trust me, this is where you’ll learn a lot about your business and possibly about your self as well.

You’re probably thinking now; “This is so obvious.” However, you’d be surprised at how many new small business owners forget about basics like this.

4.Try to Have a Debt Free Start-up

Poor cash-flow is one of the biggest reasons why small businesses fail to make it to the next level. Failing to manage money properly in the early stages of your business can make the numbers hard to stack up. One sure way to avoid cash-flow pitfalls is to have a debt free start-up or with little debt as possible. Maxing out credit-cards will only make it harder down the road as the monthly bills keep on piling up. Eventually you’ll be paying everyone else, and have nothing left over for your self.

5. Outsource As You Need To

In the every early stages of your small business you’ll probably be the marketing person, accountant, advertising rep, sales rep and the general office clerk. Eventually business will start to pickup, and your skills will be more useful elsewhere. This is the point where you need to suck it up, accept it, and spend a little money by outsourcing certain tasks.

More importantly, you as the small business owner needs to recognize that you won’t be great at everything. So, why not pass it onto someone who’s more skilled and knowledgeable.

Develop a relationship with your accountant, graphic designer or your printer, treat them as a business colleague vs. an expense. Eventually through time and many business transactions, you’ll develop a relationship beyond a business, and these people will become someone you can bounce ideas off, and someone who’ll make recommendations for your business as well.

6. Test and More Test

Thousands of people right now are holding down full-time jobs while starting a small business. I was one of those people, and for the most part still am today. My day doesn’t end at 5. It instead continues sometimes well into the night. People who work like this are often referred to as the 5-9 shift, although in reality the hours are much longer.

The beautiful part of testing the 5-9 shift is that you don’t have to commit to your business full-time, still earn a living, and more importantly test whether your small business and being an entrepreneur is right for you.

Readers, can you suggest anymore tips for new entrepreneurs?

Eddie