Can I start an Online Business with less than $500?
How to start an Online Business for less than $500?
Today you are listening to episode 75, where I have a question from a friend
Today’s question comes from my friend Marco.
Marco lives in Europe and he was asking what kind of online business can he start with a $500 investment.
Marco’s currency is actually Euros but after talking to him he said it was actually 400 euros but he rounded it to $500 USD
Well Marco, believe it or not, it is still possible to start several online businesses with $500 or less.
But… with that said, none will be an automatic passive income ROI.
Just letting this out there before we even start.
There are no passive businesses you can start and make real money without doing work
Unless this was 2010, and you wanted to buy $500 worth of bitcoin and wait for 10 years.
but, 2010 is long gone so we have to focus on the reality.
A few ideas come to mind, depending on what you know about each niche.
Build yourself a WordPress website, announcing that you can build websites for others.
in this option, you need to remember that your site will be your best selling feature because people will judge you by the look of your own site.
In this situation, your only costs will be the server (about $40 for a year) and of course a lot of social media.
If you want organic traffic, that will take a while to start pouring in, so meanwhile I would say: write at least 300 words per day with lots of SEO (search engine optimization)
Another option for your Online Business is to start an advertising agency
Create and run other people’s ad campings of Google or Facebook
Again the cost would be below $500, but you would need to find your clients by selling your services in person or over the phone.
I know most millennials prefer to just text or email, but it is still way more effective to gain a client by doing a face to face or a phone call
Ok, One more Online Business idea:
Dropshipping is not dead yet.
Now, I don’t recommend the WordPress anymore.
Just because when it comes to dropshipping you want to automate as much as possible so you can scale.
What I mean by this is, there is only so much you can do by yourself, without screwing up, orders, addresses, emails to suppliers, returns, complaints, long delivery times, etc
So, I recommend getting a Shopify store.
You can always try the store for free for 2 weeks
Then if it is working you will start paying $29 per month.
Now you will need to get Oberto (I am only recommending these tools, I do not make any commission of any of them)
Oberlo will automate about 80% of everything you need to do, but it will also have a monthly fee.
So, after you get the free trial of |shopiffy and Free trial of Oberlo, you need to find products with a high demand and low competition!
The way I said this, almost made it sound simple!
The ways to verify that something has low competition and high demand are actually pretty simple once you get used to doing it, but I would need to make a full episode about it just to explain.
Actually, I cant just say this and move on to a new topic… I will make a full episode tomorrow on how to source a winning product to dropship.
ok, another business idea.
If you hadn’t mentioned online businesses I would have a few more ideas that would work perfectly.
I actually have done one myself.
A few years ago, I decided to start a physical business that I could do on the side, so I bought a gas powered pressure washer with 3500 PSI, a latter, a few brooms and a very tall telescopic pole.
I made a WordPress site and facebook page and started washing the exterior of houses for $550.
On my second week of doing it, I was asked to quote an airport hanger, which I quoted for $4500, and I ended up doing it all by myself on a weekend with a rented man basket.
One more idea that does not require any investment is
Social Media Manager
Offer your services to manage other peoples Social Media accounts.
My nephew does it for $500 a week per customer.
All you have to do is post great and unique content ( not really unique but at least original), post some viral looking pictures, lots of questions to engage with their audience, and maybe even reply to messages, comments and make comments on influencer profiles, in order to be seen
I think I could come up with ideas all day, as I have done most of them myself over the years.
I think I will leave you with these options today, and I hope you will listen to tomorrows episode where I will do a full product sourcing episode.