Start Your Own Business for $100 or Less

Tory Johnson started her company Women for Hire with very little money.

(womenforhire.com)

Get the Word Out

First step, put it in writing. Write a brief plan outlining your goals. You don't need anything formal unless you're going to seek substantial capital. In fact, researchers at Babson College found that in businesses started between 1985 and 2003, there was no difference in the performance of those that launched with or without a written business plan.

Go through a simple exercise of putting a few things on paper for your own good: describe your business in one sentence. Who will buy your products or service? How much money do you absolutely need to get started? How much can you realistically charge for your product or service? What will it cost you to deliver that product or service? In the worst-case scenario, how much can you make?

Don't assume the best-case scenario because more often than not, you won't meet those projections. A baker may dream of selling 100 cakes a week, but is five more realistic to start? A dog walker might assume he can handle 10 customers a week, but is two more realistic to start?

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Know the competition. Don't worry about reinventing the wheel. Chances are you're going to provide a service or product that already exists. That's OK. There are multiple banks, coffee shops, clothing stores and restaurants on every street. There are thousands of doctors and dentists in every major city. It's wise to know your competition, but don't be intimidated, especially if you offer a quality product or service.

Create marketing materials. You need a marketing plan to target the right people about your business. Because you aren't going to run expensive newspaper ads or Super Bowl commercials, think free and inexpensive.

Web site. When you're looking to buy something -- from a haircut to a custom cake -- you likely hit the Internet. So even if you're not selling online, every business should have a Web site. Before you decide on a name for your business, check the availability of domain names, because it could affect the name you choose.

A Web site can cost as little as $10 a month and many hosting companies offer free site-builder templates to get you up and running in a few hours. Register.com and GoDaddy.com are two services I've used.

Google's AdWords program is an affordable and measurable way to attract visitors to your Web site. Sign up for free and set a budget for how much you want to spend to appear in search results when Google users look for content related to yours.