How To Start An Online Business With $100 Or Less

Have you ever wondered how much it actually costs to start a business? Have you simply thought you don't have the time or the capacity to invest in your own business venture? Well, in this video, I'm going to be breaking down exactly how much it costs to start and run your own online business. I'm going to be proving to you that you can actually do it well under £100 or $100, depending on where you are from, all from the comfort of your own home.

I'm going to be referring to a knowledge-based business – if you have a skill set you want to share with the world, this is a knowledge commerce business. I'm going to be touching on a small business, like a micro business; it's just going to be a solopreneur like yourself or a small team delivering and running this online business. So stick around as this will be of interest to you if you're thinking of starting your own online business or if you already have started your online business and you're about to purchase a whole bunch of stuff that I'm gonna prove to you don't actually need.

Key Takeaways

• Starting an online business can be affordable, even under £100 or $100
• Having a professional website and email is crucial for presenting your offer effectively
• Setting up a reliable payment processor is essential for collecting payments from clients

Setting up Your Website

Securing a Domain Name

The first step in setting up your website is to secure a domain name. I would recommend using either GoDaddy, 123-reg, or domain.google.com. It's essential to choose a domain name that represents your brand or what you do well. Expect to spend around £10 or $12, depending on where you are in the world.

Domain Hosting

After securing a domain name, you'll need a place to host it. Most domain registrars, like GoDaddy, 123-reg, or Google, provide free hosting or offer hosting for a small fee. Alternatively, you can use a service like Cloudflare, which is also free and will host your domain while directing traffic to your website.

Building a Landing Page

Finally, you'll need a tool to host a landing page or sales page for your website. This could be a platform like Wix or Squarespace, which typically start at around £10 or $12 a month. These tools will allow you to showcase your offer and capture emails from potential customers. Spend time searching for the right domain name, hosting service, and landing page builder, and you'll be on your way to creating a professional-looking website for your online business.

Putting Your Offer in Front of Buyers

Email Marketing

In my opinion, you need to put your offer or service in front of your potential buyers, and the best way to do this is through email marketing. Email is still the number one marketing channel and beats social media hands down. If you aren't collecting emails and growing a list, you aren't growing a business. I recommend using a free email provider like Mailchimp, as it is free up to the first 2000 contacts.

Domain Email

For a more professional touch, it's better to use a domain email rather than a simple Gmail or Yahoo email. For example, instead of [email protected], it should be [email protected]. You can set up a domain email through services like Google Workspace, which starts at around £5 or $4 a month. This will make your communication with potential clients look more credible and trustworthy.

Delivery Mechanism

Lastly, you need a delivery mechanism to get your offer in front of people. If you're offering a series of videos or an online course, consider using a free YouTube channel. If you're coaching someone one-to-one, a free Zoom subscription will do the job. However, if you need longer meeting durations (beyond 45 minutes), Zoom offers starter packs starting at £10 or $12 a month. Additionally, a free Calendly account can help you appear more professional by allowing clients to book sessions directly into your calendar.

Accepting Payments

Checkout Page

To collect payments from your customers, you first need to create a checkout page or a simple landing page with an "Add to Cart" or "Buy Now" button. This would usually be included with most website packages, allowing you to create a professional-looking page where your customers can make payments.

Payment Processor

Next, you need a payment processor to handle transactions and transfer the payments to your account. The two main payment processors typically used are PayPal and Stripe. They both offer a free solution that only charges a fee based on the percentage of total sales for credit card charges or platform use.

Payment Collection

Finally, to collect your earnings, I recommend opening a business bank account separate from your personal account. This allows you to manage your revenue more effectively and pay yourself in installments. For instance, I use a Wise business account for multi-currency transactions, which has a one-time setup fee of around £16 or $18. However, you can choose the business bank account that suits your preferences.

By setting up these three elements – a checkout page, payment processor, and payment collection method – you'll be able to accept payments efficiently and keep track of your earnings as you grow your online business.

Conclusion

In my experience, there are three essential components for starting a knowledge-based online business. Firstly, you need a platform or a website to showcase your offer professionally. Securing a domain name should cost you around £10 or $12, depending on your location. I recommend domain registrars such as Godaddy, 123 Reg, or even domain.google.com. To host your domain, you can either use the selected registrar's hosting service or choose a free alternative like Cloudflare. For building a landing page, tools like Wix and Squarespace are user-friendly and affordable, starting at roughly £10 or $12 per month.

Secondly, you need a marketing channel to put your offer or service in front of potential buyers. My recommendation is to utilise email as your primary marketing channel. Services like Mailchimp offer free plans up to the first 2,000 contacts. I suggest opting for a domain email (such as [email protected]) instead of a standard Gmail address, as it appears more professional. Google Workspace is an affordable option for this, starting at around £4 or $5 per month.

Lastly, you need an efficient and reliable method for collecting payments from your customers. A checkout page with a "Buy Now" button can be easily incorporated into most website packages. The popular payment processing services, PayPal and Stripe, charge only a percentage of your total sales for credit card charges or platform use. To manage your finances, it's advisable to open a separate business bank account or use a service like Wise that charges a one-time fee of around £16 or $18.

So, with an investment of well under £100 or $100, you can successfully start and run your own knowledge-based online business. The key components - a professional platform, a reliable marketing channel, and a secure payment collection system - are all reasonably priced and accessible to anyone with the determination and passion to share their expertise with the world.