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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

                      More by this author

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                      Last Updated on June 6, 2019

                      The Average Retirement Savings and How to Save Wisely

                      The Average Retirement Savings and How to Save Wisely

                      Are you on track for retirement?

                      If not, don’t worry, I’m not sure either. I save each month and hope for the best.

                      Fortunately, I’m at an age where most people don’t save so I’m ahead of the curve.

                      But, what if you aren’t in your 20s? What if you’re near retirement and are looking to gauge where you stand?

                      If so, keep reading. Here’s how to prepare for retirement and save wisely during the process.

                      What Does the Average American Have Saved for Retirement?

                      Saving for retirement is tricky.

                      Tell someone straight out of college to save $10k a year for retirement and it’ll be next to impossible.

                      Make the same request to someone decades older and they’d be more likely to be able to save this amount. But, a 20-year old college student can be “financially ahead” of someone saving more than them. Why?

                      Age matters in your financial journey. The younger you are, the more time you have to save and put compound interest to work. As you get older and have more saving power, you’d have less time to put compound interest to work.

                      Here are the average savings Americans hold by age bracket:

                      20’s – $16,000

                      During this stage, most people are paying loans and moving up the corporate ladder. Your best bet during this stage is to focus on eliminating debt and increasing your income. Don’t focus only on getting a high-paying job neither.

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                      Instead, focus on learning via Podcasts, reading books, and taking specialized courses. Doing this will make you more valuable and give you more career options.

                      30’s – $45,000

                      At this stage, you’ve hopefully escaped your entry-level salary and work at a career you enjoy. Your earning power has increased but you now have more obligations. For example, marriage, kids, and a mortgage.

                      Set a plan to pay off all your debt and focus on eliminating unnecessary expenses. Leverage financial tools like Personal Capital to ensure you’re on track for retirement.

                      40’s – $63,000

                      This is the stage where you’re at the prime of your career. Top financial institutions recommend you have at least 2 to 4 times your salary saved up. If you’re falling behind, start maxing out your 401K and Roth IRA accounts.

                      50’s – $115,000

                      During your fifties, you’re close to retirement but still, have time to save. You may be helping your kids pay college tuition and other expenses. Since you’re at the peak of your earning power, max out all your retirement accounts.

                      60’s – $172,000

                      By this point, you should have about eight times your salary saved up. If not, you’ll depend primarily on social security benefits averaging $1400 per month. Max out all your retirement options as much as possible before retiring.

                      Ways to Save Money on a Tight Budget

                      The sad reality is that most Americans aren’t saving enough for retirement.

                      Even high-earning power isn’t enough to secure one’s financial future. You need to have the discipline to save for retirement while time is in your favor. Don’t wait for you to have a high salary to save, start with having a small budget.

                      First, get a clear picture of where you stand. Write down a list of “needs” and “wants.” For example, Netflix and Amazon Prime are “wants” and a “cell-phone” is a need.

                      Use tools like Personal Capital to analyze your spending patterns. Personal Capital allows you to add all your financial data in one place–making it a powerful option to gauge where you stand.

                      Once you know all your expenses, organize them from highest to lowest expense. When you can’t cut more expenses, call your service providers to negotiate a lower price. If you’re not good at negotiating, use services like Trimm to lower your monthly expenses.

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                      How to Save Money Each Month

                      By this point, you know the average amount of money you should have saved for retirement based on your age.

                      But, breaking this down into monthly goals can be challenging. Here are some rule of thumbs to follow:

                      Aim to contribute 10%–15% of your salary each paycheck. Review your progress each week.

                      Why so often? The reality is that life gets in our way and you will have many financial setbacks. Your goal isn’t to be perfect but to get back on track instead.

                      Reviewing your finances weekly lets you know where you stand with your retirement. This doesn’t have to be a long process either. All it takes is login in Personal Capital to view your net worth and check how much you have saved for retirement.

                      Turn saving into a game and aim to save more each month. It will get challenging but you’ll get creative and find more ways to save.

                      Top Money Saving Challenge Tips

                      To prepare for your financial future and not be another statistic you need to be different.

                      How?

                      By adopting new habits that’ll help you become a saving machine. Here are some ways you can save more:

                      Automatically Contribute Towards Retirement

                      If you’re working for a company, you can automatically contribute towards your 401k. If you’re not currently contributing more than 10%, make this your goal. Contribute 1% more today and automatically increase this amount a year from now.

                      Odds are that you’re not going to be negatively affected by contributing 1% more. Many times we spend our money on things we don’t need. Contributing more towards retirement is a great way to secure your financial future.

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                      Use the Right Tools to Know Where You Stand

                      Once you’re contributing more towards your retirement accounts, gauge your progress. Make use of finance tracking apps to help you view the big picture of your retirement.

                      When I’d first signed up for the app Personal Capital, I didn’t know I had a negative net worth. Despite saving thousands of dollars, my debt brought my net worth to the negative. Knowing this motivated me to save more and spend less.

                      Now, I have a positive net worth. But, it was because I was able to view the big picture using the app. Find out what your net worth is using a finance tracking app and you may surprise yourself.

                      Bring in Experts to View Your Blind Spots

                      If you have too little or too much money saved, you should consider hiring financial experts.

                      Why?

                      You may need someone to hold you accountable to help you reach your financial goals. Or, you may need help managing your money as effective as possible.

                      Regardless of the reason, getting help may help improve your financial situation.

                      Before you hire an expert, find out which areas you need help the most. For example, if you’re constantly overspending, find a debt counselor. If you’re struggling with choosing the best investment options, hire a financial advisor.

                      Speed up Your Retirement Contribution

                      After learning how to manage your money well, the next best thing is to earn a higher income.

                      You’re capped at how much you can save but not much you can earn. Even if your employer isn’t giving you a promotion, you can still take charge of your financial future. How?

                      By starting a side-business.

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                      This will be something you’d work on after you’ve finished your day job. Once you start earning income from your side-business, you’ll be financially better off.

                      The best part is the more work you put into your side-business,[1] the more potential it has to earn more money.

                      So start a side-business in an area you’re familiar with. For example, if you enjoy writing, do freelance writing for small e-commerce businesses.

                      Once you’re earning a higher income, you can contribute more towards your retirement. Don’t wait for the right opportunity to secure your financial future, create one.

                      Reach Financial Freedom with Confidence

                      What if you were able to retire tomorrow with no problem, all because you’d have enough money saved up and little to no debt left to pay off? How would you feel?

                      My guess is that you’d feel happy and relieved.

                      Most Americans are falling behind their retirement goals for many reasons. They’re not prepared, they carry bad money-habits and are thinking short-term.

                      For you to retire successfully, you need to work backward and adopt better habits. Contribute more towards your 401K and focus on growing your income.

                      If you do, you’ll save money and pay debt faster.

                      Don’t beat yourself up if you’re behind your retirement goals. Take the first step today towards a brighter financial future. Isn’t retirement worth the hard work and sacrifice to be at peace?

                      Featured photo credit: Huy Phan via unsplash.com

                      Reference

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