Running a business doesn’t have to cost you a huge amount of money. Of course, startup costs are usually quite high, but most of these are one-off expenses. If managed properly then expenditures can reduce dramatically.
See Also: How to Run an Effective Business Meeting
In fact, if you are careful then you can run your business for $100 per month. Running a business on just 100 dollars may seem too good to be true, but it is possible if you follow the steps below.
So, let’s have a look at how it is done shall we:
1. Work from Home
Working from home is an excellent way to save money when you are planning to work on a small budget. When there are no additional costs such as renting a workplace, you get to save a lot of money. You don’t need to move into a bigger space until you start expanding. You can then start thinking about renting a workplace to accommodate your business – and potential employees.
2. Get an Affordable Website
Squarespace allows you to maintain your business website for just $16 a month. While it doesn’t come with a domain name – which you will have to pay an additional $10 for – it offers unlimited pages, storage and bandwidth as well as an e-commerce site that allows you to feature up to 20 products. Bluehost is another good choice that offers a free domain name and it only costs about $4 per month.
3. Get a Free Phone Service
Did you know that a Google Voice number can forward phone calls to your cell phone and allow you to check your voicemail online? This service can be extremely convenient for busy entrepreneurs who might be getting more than 50 calls per hour. You could purchase a separate business line and even get a second smartphone, but that would probably cost you hundreds of dollars. This means that the easiest and cheapest option is to go for Google Voice. It is free to set up, and if you wish to change your Google Voice number at any time, there is a one-time $10 fee.
4. Store Files Online
The big data revolution has had a huge impact on the way people work. Today information can be stored in digital folders and not just in office cabinets. This digital revolution allows you to have easy access to even the most important files you need for your business anywhere in the world. Whereas printing documents would inevitably cost you money, by keeping them on Dropbox you get unlimited storage and access from anywhere there is an internet connection for just $15 per month.
5. Appoint an Appropriate Meeting Space
Since you probably don’t want to have business meetings at your house, you might want to try LiquidSpace, which is a service that helps you find office spaces in diverse locations (around the U.S.) where you can have your meetings. So, instead of getting clients or other professionals to come to your home, you can keep it professional by investing $15 per hour.
7. Find the Right Bookkeeping Service
Once you become familiar with the basics of accounting, you can use an online bookkeeping service that makes the whole process of calculating profits and loss much easier for you. Instead of hiring an accountant or partnering with a bigger accounting firm and as such ending up paying a whole lot of money, you can easily get the job done with Wave, which offers free accounting and invoicing services.
8. Hire a Virtual Assistant
If you are working on your own, then you will need an assistant to help you out with all of the paperwork that is piling up. Hiring a virtual assistant using job-matching websites such as Elance and Upwork will help you find a freelancer. By investing $29, 99 in Fancy Hands you get help on sorting your to-do lists with five 20 minute requests per month.
Technological advances have made life a lot easier for entrepreneurs today. The tools you need to build and sustain your business are now available for you online, and they come to you either freely or for a small fee. That you can be successful while spending a relatively small amount of money by making the most of online resources is a huge advantage.
Are you an entrepreneur and familiar with these online, cost-effective services? Do you think it is feasible to run a business for around $100? Let me know in the comments section below…