Ask The Entrepreneurs is a regular series where members of those involved in the Young Entrepreneur Council are asked a single question that aims to help Lifehack readers level up their own lives in the areas of management, communication, business, or life in general.
Here’s the question posed in this edition of Ask The Entrepreneurs:
What is one type of business that an aspiring entrepreneur could create with just $100 in their pocket?
What are you really good at? What do you love to do? For $100 or less, you could easily start a business teaching people how to excel at your greatest passion. I find that most of us are much better at one or two things than we ever give ourselves credit for. What we lack is the confidence to start a business based on our passions, but most great businesses start that way!
– Shaun King, HopeMob
Without even having a website, you can find freelance work through companies like Elance.com. If you have skills in programming, writing, design, or editing, you can make money with little to no initial financial investment.
– Elizabeth Saunders, Real Life E®
Choose an industry in which you’re well-versed and start a consulting business with a blog. You can purchase a domain name for as little as $10. Get some inexpensive business cards printed up and open free accounts on social media websites. Post relevant content on your blog and social media accounts, network with other professionals via Meetup.com, and watch your business grow.
– Andrew Schrage, Money Crashers Personal Finance
4. Managing Web Design
You don’t have to be a web designer to have a web design business. Find people who want websites built and then find someone who will design them for cheaper than you’ve quoted your client. You make a margin for connecting the clients with the designers or managing the projects.
– Matt Wilson, Under30Media
5. Vlogging on YouTube
Now that you don’t need to be a partner to earn ad revenue on YouTube, anyone can start a channel, make videos regularly, and profit from them for a very limited investment. Don’t assume you need an expensive camera, either. Vlogging can easily be done using your computer’s built-in camera or a smartphone camera. Start vlogging regularly and see profits in your account.
– Erin Blaskie, BSETC
6. Creating Information Products
If you’ve got expertise in a given niche, you can create an information product, like an eBook, with minimal cash. It will take plenty of time, of course, but you can technically create a whole business without expenses if you set up a free website. Personally, I’d spring for a domain name and hosting, along with a little graphic design work.
– Thursday Bram, Hyper Modern Consulting
Some bloggers make a great living by writing strong content and selling ads. For well under $100, you can start your own blog online and build a reader base.
– Robert J. Moore, RJMetrics
Invest in a Udemy class to learn how to program. I recommend “Become a Web Developer from Scratch” – with a Facebook Offers coupon, it’s only $99. From there, the options are endless.
– Abby Ross, Blueye Creative
9. Domain Name Buying
An entrepreneur could start buying generic domain names for $10 and sell them to companies that could benefit from them. I started out this way, with 10 names at $10 each. This turned into a multimillion-dollar company that now develops domain names into living, breathing companies.
– Aaron Pitman, API Domain Investments
10. Flipping Websites
With a little bit of technical knowledge or some WordPress skills, it’s possible to build niche content blogs for a few dollars, and then “flip” them to a buyer for a quick, tidy profit. Blogs that generate a few dollars in revenue through something like Google AdSense or Commission Junction are particularly easy to sell through online marketplaces and forums.
– Matt Mickiewicz, Flippa and 99designs