What Business Can I Start With $1000?
This is the million dollar question most starting business owners get asked all the time. And it’s not surprising. Starting a new business requires funding and finding a good source of income to pay for overhead, rent, taxes, utilities, and other business expenses. But it can be even more confusing when you realize that there are so many things to consider. Here’s a list of some questions you may want to ask yourself when thinking about starting your own business:
What are the Costs? The costs of starting a business is one of the biggest deterrents many people have from jumping in. From equipment, supplies, advertising, and marketing to location, everything comes at a price. How much do you really have to spend starting up your business?
How Much Can I Earn? This is probably the most important question you’ll have to answer when you’re thinking about starting your own business. How much can you make in the first month, year, or month-long period of time before you burn out? You need to have a realistic projection of your sales and expenses to determine if you have enough money to get started. Will you need to take a loan out with a bank or credit union? You need to budget for this as well.
What Type of Ecommerce System Do I Need? You must decide if you are going to use a brick-and-mortar store front, an online store, or both. Each system has advantages and disadvantages, but neither is better than the other.
What Types of Customers Will I Get? Knowing what types of customers you’ll have is critical. Will you sell to full-time employees, freelance writers, home-based entrepreneurs, teens, grandparents, college students, etc? Will you target a specific region, state, city, or country? Once you determine your target market, you can research the competition in the industry and choose a business model that is most likely to generate sales.
What Tools Do I Need for Ecommerce? There are a few things you’ll need to get started in the ecommerce world. If you don’t have an ecommerce site already established, it’s time to build one. Depending on the type of business you want to run, you may want to consider hiring someone to build and maintain your site. You will also need a merchant account, a shopping cart, and some basic software for accepting credit cards. Depending on what you’re selling, there are a variety of payment options including PayPal, Google checkout, and other merchant accounts.
What Other Skills Do I Need? To be successful, you will also need good communication skills, good writing skills, a passion for your topic, a business plan, and a great marketing plan. Marketing is the backbone to any successful business. Without a strong marketing plan, you can have a product that you’re selling and no one will ever know about it.
So what business can I start with $1000? Ecommerce is by far one of the fastest growing and easiest ways to make money online. Ecommerce stores have the potential to earn huge profits. Follow these simple tips, and you’ll soon see your online store generating plenty of profits!
Step One – Pick an ecommerce platform. Start by selecting an ecommerce platform that has plenty of examples. This way you know what it looks like and how it works. When looking for a platform, consider how many products it offers and whether or not there are any sign up bonuses for members. Also, check out ecommerce price checker tools that will let you know whether you are getting the best deal on prices.
Step Two – Build your store. There are three things you need to get rolling. You need a website, a product and a payment system. After you build your store, you can then go and monetize it. Monetizing your store can be as simple as adding banner ads or affiliate links, or as complex as building a full blown website that includes shopping cart software and database features to keep everything in order.
Step Three – Invest in your business. Your business will fail if you don’t have the right knowledge to back it up. Invest in hiring a marketing consultant or software developer, get a full book on ecommerce, join a conference or learn more about building a store on the Internet. The knowledge you get from these experts will set you on your way to running a successful online business. So, that’s the answer to the question, “what business can I start with $1000?”
Negou Seid is a Software Engineer, Business owner and loves writing useful blogs.