Launching a business can be very costly, if you don’t know what you’re doing. Most people are naïve and lost, when following their dreams of being a small business owner. When I started my business almost six years ago, I knew very little about business in general, let a lone, starting an online resale boutique. There were very little books that referenced online businesses like mines. Now, there is a plethora of information that you can readily get your hands on. zz
If you’re wanting to start a business this year, and you have less than $1000 to do so, this article is just for you. If you’re wanting to start a business but don’t quite have the funds yet, I recommend reading the article, How To Make $1000 in 45 Days Legally. This will help you accumulate the funds you need to launch your business.
Legal
This is one of the most important parts of launching a business. Having your legal aspects in order to safe guard you and your business. I personally have had some great lawyers in my life that have helped guide me with my business. However, I know everyone that can not afford legal services out the gate. What’s great is if you live in a town with a law school, you can go there and use their services and their help for a fraction of the cost.
Legal Needs
- Acquire EIN
- DBA – Doing Business As
- Legal Entity – Sole Proprietor, LLC, corporation and etc.
Depending on your state you could handle all your legal needs for under $300 dollars. When I started my business my LLC cost $150 and my DBA was $7. To learn more about your specific state needs input in Google “setting up small business in (insert city here)”, and you will be linked to thousands of sites. Find the local state government website. Their information will be the reliable and valuable to you.
If you need to do trademarks and copyrights that is going to exceed the $300 minimum cost in the legal area.
Graphic Design
Your brand identity is everything when it comes to your business. My website, logos, and more have changed a million times as my business has grown. It’s important that when you do your logo and color scheme that it can stand the test of times. Don’t worry about being trendy or hip. Think of the simplicity of Nike, Chanel, Gucci, Mercedes-Benz and others.
Graphic Design Needs
- Logo
- CTA – Call To Action Banners
- Business Cards
- Flyers
- Stickers
- Thank You Cards
Some great options to help save you money are TailorBrands, Fiverr, and Bluchic, whom all offer Marketing Suite + Logo Suites at very affordable pricing. At most, you should spend $200 on your graphic design. Please Note: This is just some of the graphic design work you will need depending on your business.
Website Design
This has become the most easy aspect, in my opinion, of launching. When I first started I was learning Dreamweaver and all this other stuff. Shopping cart companies are launching left and right. I shared my thoughts in an article on Bigcommerce, WordPress, and Squarespace on here a couple of months back. Those are the top three places I refer people to right now.
Website Needs
- Email Address
- Domain
- Hosting
- Theme or Template ‘
- Website designer or developer – (optional)
Shopping carts such as Squarespace and Bigcommerce, give options of templates to choose from. You can edit the CSS files in their system or by using your website backend. If you’re going to launch on WordPress you have Template Monster and Bluchic as options to buy templates and to tweak the templates with. WordPress is not that overwhelming. In the article, “Launch On WordPress“, I provided a step by step guide for you. I did the same with the article “Launch on Squarespace“. Depending on which platform you pick and if you build your website yourself, you’re looking at around $300. When you launch on shopping cart platforms versus your own, you save money because you don’t have to buy hosting.
Marketing
I personally believe that marketing your business has become a whole lot easier in recent years, with the help of endless free tools, resources, and platforms. You don’t need a heavy marketing budget when starting out. Being consistent in your efforts will produce the most results for you. I still don’t do paid advertising or marketing, yet and still I bring in more than $10K a month with a small audience.
Marketing Needs
- Email marketing – Mailchimp
- Social Media
- CTA – Call To Action Banners (website)
Start-up cost for marketing is fairly low, since you can do most of this for free. You can create a free Mailchimp account. Both of these articles “Mailchimp Email Marketing” and “Email Marketing Guide” are great resources. Social media is relevantly free unless you need to add a schedule app or plugin such as Coschedule or Buffer. Call to action banners can be designed for less than $5. $100 will go very far when it comes to marketing needs.
Product Based Company
Launching a product based company will cost slightly more than the $1000 depending on the product you’re establishing. I have clients who have product based companies that launched between $1500-$3000 dollars. You have to be extremely mindful of where your money is going when it comes to products, especially if you’re making the items versus buying from wholesale.
Service Based Company
As a service based company, launching a business is a lot more easier for you versus your counterpart product based companies. You can have your business launched and ready to go within days or even hours if done right. One of the best things you can do for your site is to invest in great photos even styled stock photos. Especially your headshot, you want people to trust you and that photo will be the starting point. In addition to, great copy for your website. Focus on solving the problem and listing benefits.
The most important thing about launching a business with less than $1000 is staying within a budget. Know exactly what you want to do, before you end up spending money frivolously.
