Up until around 2010 onwards, there was a common misconception that in order to start a business, you would need a lot of capital. Whether it be to purchase stock to sell, hire employees, or purchase manufacturing equipment, the barrier to entry in most people’s minds was that they wouldn’t be able to afford to start a business, but this past decade has turned this idea on its head.
In the past decade we have seen various business models arise that require a minimal amount of money and effort to set up. Below are 5 businesses you can start for less than £100.
Dropshipping has become hugely popular due to the fact you don’t need to hold any inventory and make a profit by essentially being the middleman. Sure, it can and does get a lot more complicated than that, and you may eventually get to the point where you are spending a huge amount on marketing, but in order to get started, you could comfortably get up and running for under £100. Websites such as Shopify allow you to set up an e-commerce site in minutes and the biggest cost you’ll incur? Purchasing the domain name and paying for the website hosting, which all in all could cost as little as £50 for the first month. All you really need is a laptop or smartphone and a good internet connection and you’re up and running!
2) Creative Agency
Creative agencies have also been formed with graphic designers, AV technicians, content writers and video editors combining to provide services geared towards advertising. This may range from logo creation, website development and videography for use as marketing materials. How can you start such a business for less than £100 you ask? Well, such an agency is comprised of skilled professionals who rely on each other and would likely have their own equipment. Videographers would have their own cameras and computers, graphic designers would have their own computers and pen tablets, and web developers would usually have their own computers. As you can see, a computer is the main piece of equipment needed and workers are likely to already have their own. If the employees already own the equipment needed for the business, then the main cost of starting has basically been removed.
3) Affiliate marketing
What is affiliate marketing? It is the process of earning a commission for marketing another person or business’ service or product. One can start such a business with the bare minimum financing as technically all it takes is an affiliate URL being posted on a website or social media. The biggest cost would be marketing, just like dropshipping. Pretty much anything can be sold using affiliate marketing – think that whatever you can find on Amazon you can earn off their affiliate program. From books to bikes to even something as niche as meeting room booking systems, starting an affiliate marketing business requires such little start-up cost but the income can be huge if done correctly.