One of the most common misconceptions about starting a business is that it is expensive, but this is not always the case. Much of it depends on what you are providing and whether it requires you to purchase products beforehand or invest in capital. Currently, one of the cheapest ways to start a business is to base it solely online, that way you don’t have the overheads associated with a brick-and-mortar store, and could even work from home or remotely. But you are definitely not limited to this. Believe it or not, it is possible to start a business for less than £100! If successful, you would likely have to invest more, but the fact of the matter is that there is very little barrier to entry in doing so, as we will see below.
1) Buy and sell
This could either be online on platforms such as Ebay and Gumtree, or in person; this is one of the older and simplest forms of business. It is pretty much free to use these platforms, so all you need to worry about is procuring products. You could even start with old items from home and sell them to fund the purchase of more products.
One of the most popular industries to buy-and-sell for are motor vehicles. Many people have turned their hobby of buying and fixing up cars into fully fledged businesses. If you can’t find a car for under £100, consider car parts – these can be just as much in demand and you could make a pretty penny by sourcing and reselling in-demand parts.
2) Affiliate marketing
The premise of affiliate marketing is promoting other people’s products (usually, but not limited to online) and then when a sale is made you claim commission for directing the buyer to the seller. It is relatively cheap to start up a business such as this by creating a website through which you could advertise the products. The bulk of your costs would go towards building the website and marketing, but with the many free website builders available, that is already a considerable cost removed. You could then go on to market anything from Samsung TV’s to a Pronestor room booking system, and earn commission for every sale using your referral link.
3) Providing trade services
If you have some useful skills such as carpentry or painting, you may be eligible to start a business with these skills, even without a certificate, although having one would increase your credibility. All you would really need are tools, good work ethic and a pleasing attitude to ensure top customer satisfaction. Save on marketing costs by going door to door offering your services or create some leaflets to hand out in your local area.