How to Start a Home Business for Under $100

Starting a home business doesn't have to be a costly venture. There are plenty of great start-up ideas that require little more than some creativity and hard work. Sharp business acumen and experience can also take you a long way in starting a home-based business, which offers you immeasurable flexibility. Take your idea and bring it to fruition and reap the benefits of owning a home-based business.

Instructions

1. Determine your business type based on what you do well and what kinds of resources it takes to get your idea off the ground. For example, home-based businesses like freelance writing, house cleaning, after-school babysitting or event planning, require a minimal start-up investment and are businesses that are easy to begin. Once you've determined what you want to do, then draft a business plan that includes your goals, plans to get started and how you will grow financially with an initial $100 investment.

2. Research the market in your area to determine a need for your business type. There has to be demand in order for your business to supply that need. Do this by conducting polls among people you know, collecting demographics information for your town and researching the competition in terms of businesses similar to yours that operate from a storefront or out of a home office, as you plan to.

3. Figure out the most costly aspect of your business, so you have an idea of what to do with your initial investment. For example, marketing can be done for next to nothing, but supplies come at a cost. So, depending on your home business, you must prioritize what you need to get your business running so you can begin to get clients. Invest in a small supply cache to get you off the ground; then, you can invest more as your home-based business continues to grow.

4. Rely on grassroots marketing efforts to spread the word about your business. From word of mouth among customers to passing out fliers at community events, there are a number of ways to market your business. Create an email list and send out email blasts to potential clients. Set up a website (this will take a small chunk out of your initial investment) and keep people updated on business developments and special promotions on your site.

References

• ABC News: Start Your Own Business For $100 Or Less