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10 Businesses You Can Start with under 100 Dollars

10 Businesses You Can Start with under 100 Dollars

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?

1. Teaching

Shaun King

    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

    2. Freelancing

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    Elizabeth Saunders

      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®

      3. Consulting

      Andrew Schrage

        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

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        Matt Wilson

          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

          Erin Blaskie

            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

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            Thursday-Bram 2

              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

              7. Blogging

              Robert-J.-Moore

                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

                8. Programming

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                Abby Ross

                  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

                  Aaron Pitman

                    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

                    Matt Mickiewicz

                      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

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                      Last Updated on April 3, 2019

                      How to Nix Your Credit Card Debt in Less Than 3 Years

                      How to Nix Your Credit Card Debt in Less Than 3 Years

                      Debt is never a fun thing to be in. But, there are many actions that you can take that will help you rid yourself of the burden of debt once and for all.

                      By coming up with a set plan, eliminating your debt can feel much easier than constantly thinking about it.

                      This post will provide some tips on how you can do this to help you nix your credit card debt in less than 3 years.

                      Hint: there are ways that are easier than you think.

                      1. Consider Consolidating Multiple Credit Cards If Possible

                      This may not be applicable to you, but if you have multiple cards – it is something to consider. Keeping up with multiple bills is time consuming.

                      It will depend on the balance you have on each. Consolidate ones you can but do not do it to the point that you get too close to the maximum limit. Also, it is ideal to pick the card with the lower interest rate.

                      Consider if there are any fees or alternatively, rewards, with transferring a balance to another card. Watch out for fees. Note that some cards offer rewards for transferring a balance to them. This is extra cash that can help go towards paying off your debt.

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                      Having one or two cards can make nixing your debt much simpler than keeping up with the balance of a bunch of cards. Keeping track of paying the minimum towards a bunch of cards is time consuming. Spend the time to consolidate instead to make the overall process simpler going forward.

                      My tip: Have one main credit card. Have a second one that you use for necessities – such as groceries or gas – that offers rewards for those purchases (a lot of cards do) and set the second one on auto-pay. You should be able to pay off a smaller amount on auto-pay if it is a necessity. If you think you cannot, then you may need to cut down a lot on expenses.

                      Why do I suggest doing this? Having one thing set to auto-pay is one less thing to think about. One less thing to waste time on. Same idea with consolidating to one main card. Tracking down too many is a hassle.

                      2. Try to Pay the Full Balance You Spent Each Month at the Very Least

                      You need to pay off the amount you are spending each month when that bill comes in. This is the amount you spent THAT month.

                      Do not let the debt keep accruing while you work on paying any unpaid debt that has accrued. It will become a never-ending battle. Try as best as you can to be current on paying for each month’s expenses when that month’s bill comes out.

                      If this is a strain, consider why. You may need to cut expenses. Or you may need to consider other cards. Or look at where this money is going.

                      3. Pay Extra When You Can – Every Small Amount Counts

                      This cannot be emphasized enough. If you are looking at a lot of credit card debt, it can look daunting, but each extra amount that you can put towards the debt will really add up – no matter how small it is.

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                      It does not just reduce the principal amount that you have left to pay off, but it reduces the amount that is collecting interest. You will always save money with that reduced interest.

                      4. Create a Plan on How to Pay Extra

                      Back to the main point, having this plan is giving you one less thing to think about.

                      This plan should be a plan that works for you. If it does not work for you, your spending habits, and your views on debt, then it will not be an effective plan.

                      For instance, if a set plan of an extra $50 (or another amount that you know you can afford) works for you, then do that. Set that aside every month and pay that extra amount. Treat it like a bill. Choose an amount that works for you and pay it like clockwork as though it was a bill you had to pay each month.

                      Little amounts will not nix it entirely, but they will help tackle it and having a set plan can make it less of a chore. Creating a new plan of how much to put towards it each month is an unnecessary added stress.

                      5. Cut out Costs for Services You Do Not Use

                      If you are signed up for subscriptions that you do not use because of some free trial or for some other reason, cut it out. Your overall financial position will look better.

                      In turn, that will make cutting your credit card debt easier. Look at your statements to find these expenses. If you do not use them, you may forget you are paying some unnecessary amount each month. Cutting it out can really add up in savings that you can put towards other needed expenses.

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                      6. Get Aggressive About It

                      Consider these points:

                      Depending on the interest and the level of debt, you may need to give up a few indulgences. For example, instead of ordering delivery or going out to eat, cook at home. Everything adds up.

                      Other things may be more of a sacrifice. It may be a trip you wanted to go on, or a daily latte habit you’ve picked up. In these instances, consider how important it is to you and if it’s worth the sacrifice. And if it is a costly expense, think whether you can wait to indulge.

                      Cutting an extravagant expense can really help make a dent in your overall debt. Try not to add to debt when you are trying to pay it off. It will be a never-ending battle. Make it less of a battle with these tips and it will feel easier.

                      Bottom line: Do what you can to make this process easier for you. Implement steps that do this. It takes time now, but will help overall. Also, keep track of your spending and paying down of your debts. Which is the next point.

                      7. Reevaluate Your Progress at Set Intervals

                      Doing a regular check-in can help you see your efforts pay off or maybe indicate that you need to give this a bit more effort. If you check every 3-6 months, it will not feel so much like a chore or feel so daunting.

                      By doing this, you will be able to better understand your progress and perhaps readjust your plan. Bonus: if you see it pay off, it will feel great to do this check-in. You will get there.

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                      Finally (and most importantly)…

                      8. Keep Trying

                      Do not get discouraged. Pushing it off will make it worse. Just keep trying.

                      Once your debt becomes lower, each monthly payment will reduce the balance more. Why? You are paying less towards interest. It will be a snowball effect eventually and it will become much easier to manage. Just get to that point. And know once you do, it will feel easier and motivating.

                      Start Knocking out Your Debt Today

                      The best way to eliminate debt is to get started right away. Begin by implementing the above steps and watch your debt just melt away. Try out some of the above strategies and see what works best for you. Soon you’ll be on your way to a debt free life.

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                      Featured photo credit: Pexels via pexels.com

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