How to Start a Home Business with $1000Starting a business with less than $1000 is easier than you may think. Here's how to do it November 20, 2017
In today’s world, we don’t romanticise Romeo and Juliet anymore. Instead, we are full on admiring successful entrepreneurs who make our lives better on a daily basis. People like Bill Gates, Steve Jobs and Elon Musk are the amongst the names that every 15-year-old dreams to be like.
With entrepreneurship on the rise, new companies pop up every single day. It isn’t as hard if you are backed by big money, but most of us have far more humble beginnings, just as the above-mentioned men.
The fear of not being able to succeed financially makes potentially good business people quit immediately when they consider the costs. Thus, leaving them with an unachievable dream.
While running a business is not for everyone, in fact, most people fail, there is no reason you shouldn’t give it a try. Fails are supposed to be lessons, and today you can start a business with minimal investment.
How to Start a Business with $1000
Starting a new business venture can be super exciting. The great news is that you don’t need crazy amounts of cash in order to start something of your own. Many people are afraid that they will lose everything, however, today this is not the case.
The majority of people can spare, or save up $1000, and this isn’t the minimum. There are super cool ways where you can start your own brand with almost no money!
With this being the case, you just need to come up with an idea of what you want to do and decide how you want to execute your goal. And believe us, this is way harder than coming up with $1000 to start your business.
People always say to follow your passion when you are starting your first venture, but passion isn’t always profitable. After all, a business is supposed to make money in order to survive and grow.
Although there isn’t a sure way how to start a business, there are certain steps that are recommended in order to have a smoother start.
The first step is always to do your research before you start!
Depending on where you live people will have different needs. And sometimes, their needs might be completely different from yours.
You would never sell swimsuits in Antarctica, would you?
Research the market around you and what the people around you need. Some good questions that will help you better understand your target audience are:
- Are there people that need your product/service? It’s hard to sell a product that people need. It’s impossible to sell one that no one wants!
- What is the competition like? You are just starting out. While it’s possible to become successful in niches where big companies operate, most times it’s impossible.
- Does your business fit in the market? The swimsuits and Antarctica analogy apply here. Make sure you fit in the market, especially if you are going to operate locally.
- Is there competition that offers similar services? If there is, think of a way you can make yours better. That’s what will make you stand out from the competitors.
- Will you operate locally or on a bigger scale? It’s the 21st century. Online businesses are the thing and operating on a global scale has never been this easy.
- What’s your target audience? This is mandatory! Knowing your target audience means that you know who to market to, and how to build the image of your company.
In order to have a basic idea of how your future venture will look in the market, it’s recommended to answer these questions and be honest. People always favour their things and this is bad if you are trying to give a clear and realistic representation of how you would compete in your market. Make sure you answer the questions above as objective as possible.
The second most important thing is planning!
After you’ve done the analysis of your business it’s time for you to start planning. Most small ventures have small funding and because of this, you’d have to plan any mandatory future, and also some possible expenses.
Some of the money will go towards legalizing your future business and some will go towards hiring freelancers to do things that you can’t. It’s best to sit down and figure out what you will have to pay for and how much it will cost you. Unfortunately, for every company is different, so you will have to research it and roughly plan the expenses. What we recommend is that you always anticipate more than you plan.
Okay! You’ve got a big chunk of the things that you need to plan figured out.
Now it’s time to choose your company’s legal structure.
In Australia, we have four commonly used business structure. The reason why it’s important for you to choose the correct one is that this will determine a lot when it comes to how your business operates. Everything from how you are going to name your business to the way you file taxes is going to be different.
We would suggest consulting with a lawyer before you start, in order to choose the best option for you.
If you find yourself choosing a structure that isn’t ideally suitable for your type of business, or your business has grown and needs restructure then you can change it later by reevaluating! Make sure you choose the correct one because this is going to be an additional expense.
Of course, this is not the end of dealing with legal stuff…
It’s time to register your company and company name!
This is something commonly done when you choose your company’s structure. When registering your company name, make sure to think it through because there can be a lot of complications when you want to change the name later on.
Great! Now you have a registered business but you are not quite ready to work. There are some things that need to be finished and resolved in order for your company to operate as smoothly as possible.
Choosing the right accounting system is really important, especially for a small startup. As a new company, you need to be very precise with money and budgeting. That’s where a good accounting system plays an important role.
Another thing is setting up your physical location. This can be either a retail store, a home office or an office space (either private or shared). Depending on your business this will vary.
Buying a Franchise or Become a Contractor
So, you want to get in the services business, but you don’t have time and money to start a brand? That’s where the possibility of buying a franchise or becoming a contractor becomes a good option.
Paying for an already established brand and working your own branch is something that many people opt out for, and also many people totally dismiss. We, at Fantastic Services, offer such options for our handymen, electricians, plumbers, gardeners and landscapers.
Three Business Ideas That You Can Run From Everywhere
If you are looking for a business which you can run from anywhere, then here are our Fantastic suggestions:
Being a landscaper means that you have the ability to create beautiful and custom gardens for clients who will cherish your work. The front yard is kind of a statement for the homeowner and you are the creator of it.
Become a Fantastic Gardener!
At Fantastic Services we love to help our franchisees prosper with their businesses. With the ever-increasing demand for electricity, this is a type of business that will become more profitable by the year.
Become a Fantastic Electrician!
Owning a plumbing franchise means that you are set for growth. Although it’s a dirty job, it’s one that is in high demand, which means profits are going up. This is a great option for people who are willing to grow a company and are not afraid to get their hands dirty.
Become a Fantastic Plumber!
With cheap starting prices and availability almost anyone can start their own venture. It’s up to you if you are going to start, and it’s good to know that running a business is not for everyone!