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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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                      Published on November 8, 2018

                      How to Answer the Tough Question: What are Your Salary Requirements?

                      How to Answer the Tough Question: What are Your Salary Requirements?

                      After a few months of hard work and dozens of phone calls later, you finally land a job opportunity.

                      But then, you’re asked about your salary requirements and your mind goes blank. So, you offer a lower salary believing this will increase your odds at getting hired.

                      Unfortunately, this is the wrong approach.

                      Your salary requirements can make or break your odds at getting hired. But only if you’re not prepared.

                      Ask for a salary too high with no room for negotiation and your potential employer will not be able to afford you. Aim too low and employers will perceive as you offering low value. The trick is to aim as high as possible while keeping both parties feel happy.

                      Of course, you can’t command a high price without bringing value.

                      The good news is that learning how to be a high-value employee is possible. You have to work on the right tasks to grow in the right areas. Here are a few tactics to negotiate your salary requirements with confidence.

                      1. Hack time to accomplish more than most

                      Do you want to get paid well for your hard work? Of course you do. I hate to break it to you, but so do most people.

                      With so much competition, this won’t be an easy task to achieve. That’s why you need to become a pro at time management.

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                      Do you know how much free time you have? Not the free time during your lunch break or after you’ve finished working at your day job. Rather, the free time when you’re looking at your phone or watching your favorite TV show.

                      Data from 2017 shows that Americans spend roughly 3 hours watching TV. This is time poorly spent if you’re not happy with your current lifestyle. Instead, focus on working on your goals whenever you have free time.

                      For example, if your commute to/from work is 1 hour, listen to an educational Podcast. If your lunch break is 30 minutes, read for 10 to 15 minutes. And if you have a busy life with only 30–60 minutes to spare after work, use this time to work on your personal goals.

                      Create a morning routine that will set you up for success every day. Start waking up 1 to 2 hours earlier to have more time to work on your most important tasks. Use tools like ATracker to break down which activities you’re spending the most time in.

                      It won’t be easy to analyze your entire day, so set boundaries. For example, if you have 4 hours of free time each day, spend at least 2 of these hours working on important tasks.

                      2. Set your own boundaries

                      Having a successful career isn’t always about the money. According to Gallup, about 70% of employees aren’t satisfied with their current jobs.[1]

                      Earning more money isn’t a bad thing, but choosing a higher salary over the traits that are the most important to you is. For example, if you enjoy spending time with your family, reject job offers requiring a lot of travel.

                      Here are some important traits to consider:

                      • Work and life balance – The last thing you’d want is a job that forces you to work 60+ hours each week. Unless this is the type of environment you’d want. Understand how your potential employer emphasizes work/life balance.
                      • Self-development opportunities – Having the option to grow within your company is important. Once you learn how to do your tasks well, you’ll start becoming less engaged. Choose a company that encourages employee growth.
                      • Company culture – The stereotypical cubicle job where one feels miserable doesn’t have to be your fate. Not all companies are equal in culture. Take, for example, Google, who invests heavily in keeping their employees happy.[2]

                      These are some of the most important traits to look for in a company, but there are others. Make it your mission to rank which traits are important to you. This way you’ll stop applying to the wrong companies and stay focused on what matters to you more.

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                      3. Continuously invest in yourself

                      Investing in yourself is the best investment you can make. Cliche I know, but true nonetheless.

                      You’ll grow as a person and gain confidence with the value you’ll be able to bring to others. Investing in yourself doesn’t have to be expensive. For example, you can read books to expand your knowledge in different fields.

                      Don’t get stuck into the habit of reading without a purpose. Instead, choose books that will help you expand in a field you’re looking to grow. At the same time, don’t limit yourself to reading books in one subject–create a healthy balance.

                      Podcasts are also a great medium to learn new subjects from experts in different fields. The best part is they’re free and you can consume them on your commute to/from work.

                      Paid education makes sense if you have little to no debt. If you decide to go back to school, be sure to apply for scholarships and grants to have the least amount of debt. Regardless of which route you take to make it a habit to grow every day.

                      It won’t be easy, but this will work to your advantage. Most people won’t spend most of their free time investing in themselves. This will allow you to grow faster than most, and stand out from your competition.

                      4. Document the value you bring

                      Resumes are a common way companies filter employees through the hiring process. Here’s the big secret: It’s not the only way you can showcase your skills.

                      To request for a higher salary than most, you have to do what most are unwilling to do. Since you’re already investing in yourself, make it a habit to showcase your skills online.

                      A great way to do this is to create your own website. Pick your first and last name as your domain name. If this domain is already taken, get creative and choose one that makes sense.

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                      Here are some ideas:

                      • joesmith.com
                      • joeasmith.com
                      • joesmithprojects.com

                      Nowadays, building a website is easy. Once you have your website setup, begin producing content. For example, if you a developer you can post the applications you’re building.

                      During your interviews, you’ll have an online reference to showcase your accomplishments. You can use your accomplishments to justify your salary requirements. Since most people don’t do this, you’ll have a higher chance of employers accepting your offer

                      5. Hide your salary requirements

                      Avoid giving you salary requirements early in the interview process.

                      But if you get asked early, deflect this question in a non-defensive manner. Explain to the employer that you’d like to understand your role better first. They’ll most likely agree with you; but if they don’t, give them a range.

                      The truth is great employers are more concerned about your skills and the value you bring to the company. They understand that a great employee is an investment, able to earn them more than their salary.

                      Remember that a job interview isn’t only for the employer, it’s also for you. If the employer is more interested in your salary requirements, this may not be a good sign. Use this question to gauge if the company you’re interviewing is worth working for.

                      6. Do just enough research

                      Research average salary compensation in your industry, then wing it.

                      Use tools like Glassdoor to research the average salary compensation for your industry. Then leverage LinkedIn’s company data that’s provided with its Pro membership. You can view a company’s employee growth and the total number of job openings.

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                      Use this information to make informed decisions when deciding on your salary requirements. But don’t limit yourself to the average salary range. Companies will usually pay you more for the value you have.

                      Big companies will often pay more than smaller ones.[3] Whatever your desired salary amount is, always ask for a higher amount. Employers will often reject your initial offer. In fact, offer a salary range that’ll give you and your employer enough room to negotiate.

                      7. Get compensated by your value

                      Asking for the salary you deserve is an art. On one end, you have to constantly invest in yourself to offer massive value. But this isn’t enough. You also have to become a great negotiator.

                      Imagine requesting a high salary and because you bring a lot of value, employers are willing to pay you this. Wouldn’t this be amazing?

                      Most settle for average because they’re not confident with what they have to offer. Most don’t invest in themselves because they’re not dedicated enough. But not you.

                      You know you deserve to get paid well, and you’re willing to put in the work. Yet, you won’t sacrifice your most important values over a higher salary.

                      The bottom line

                      You’ve got what it takes to succeed in your career. Invest in yourself, learn how to negotiate, and do research. The next time you’re asked about your salary requirements, you won’t fumble.

                      You’ll showcase your skills with confidence and get the salary you deserve. What’s holding you back now?

                      Featured photo credit: LinkedIn Sales Navigator via unsplash.com

                      Reference

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