Okay, it may seem unrealistic to think that you could start a business in 2021 with just $120. But it is doable, And I am going to show you how.
First, understand why you need to have a business. Most people usually have a business to support their overall financial needs, while others just want something on the side. In this day and age, you always need to have something on the side if you want to do more than just survive. Now you may be scared to start something because you think it’s 2021 and all the ideas are taken. Or perhaps you think it’s too expensive to start a business.
Let’s bust some myths first before we get into helping you start your business.
– You don’t need a million-dollar investment to start any kind of business. Yes, any kind! You just need enough funds to ready your minimum viable product.
What is a minimum viable product?
It’s the basic version of your idea that you can show to investors and potential customers to give your business idea the right exposure. If dpne right, your MVP will attract investors.
– In most states in the US and in most countries, you don’t have to incorporate your company until it starts to make X amount of dollars. So don’t worry about getting any licenses or incorporation certificates in the beginning.
– The income you generate from your newly started business can be taxed with your regular income. (Until, of course, you start making a six-figure salary.)
– You don’t need a lawyer to explain anything to you. Business incorporation seems complicated, but it’s not. You won’t need a lawyer, again, until your bank statements start to show big numbers.
– The Only thing you need to have is a mindset.
- Decide what you want
- Find a name for your business
- Get your domain
- Get hosting
- Buy a theme
- Set up your landing page
Step 1: Decide what you want
If you are like most people, you probably don’t want to live on your active income for the rest of your life.
Your active income is whatever you make using your physical and mental capabilities.
You want to make passive income where you don’t have to use any physical or mental capacities.
To do that, you need to establish several income streams. These streams can include:
– A physical storefront business
– An eCommerce store
– A blog
– Online courses, consultation, and teaching
There are several ways for a side hustle, but we are only going to talk about the business models that will generate passive income in the long run. For example, a blog can help you make a passive income but babysitting won’t.
So as a first step, decide what you want to do.
Do you have a skill that you can use to teach, create courses and offer consultations?
Are you passionate about something so that you can write about it regularly on your blog?
Do you or your family/friends have enough resources to start a business from your garage?
Do you think you want to sell online rather than deal with the physical storefront?
Take a moment and come up with what you really think you can do with the time you have after your regular job. We are not asking you to quit your job at this point. Don’t worry, that time will come.
Whatever you decide to do, there are two ways you can start making money:
- You start selling from your garage with conventional word-of-mouth marketing.
- You create a full online presence with an eCommerce store or a website and use every tool in the arsenal to promote your business.
We are going to talk about the second way. Why? Because it doesn’t make any sense to just have a storefront when the whole world is slowly shifting online. In this day and age, You can’t survive with just a storefront. Even if you are a 60-year-old retired professor looking to teach, you need an online presence.
To be online, you need a domain and a hosting service provider.
Step 2: Find a name for your business
After you have decided what you want to do, you need to come up with an easy-to-remember name for your business.
The name should be the first thing. When a child is born, what do the parents do first? They name the baby. So, name your idea.
Here are simple rules to remember while creating a name for your business.
– It should be 10 words or less.
– It should relate to your industry or your skill. For example, June’s burgers. The word “June” tells us that it’s somebody. The word “Burgers’ ‘tells us that we can find burgers at this business.
Step 3: Get your domain ($8.88/year)
A domain is your business name registered online. For example, Junesburgers.com.
Go to Namecheap.com and register your domain name for only $8.88/year. We recommend Namecheap because it offers FREE WHOIS privacy that hides your name and location. You don’t want your private information made public, so it’s a good idea to have that protection.
Follow the following steps to register a domain with Namecheap.
Go to namecheap.com and look for your desired business name in the search bar.
If the name is available, you will see the following screen.
Scroll down and click “confirm order”. You may see other options including hosting and email marketing. Ignore those. In the next step, we’ll talk about hosting.
After you confirm your order, you will be asked to sign up. And after signing up, click checkout and pay for your order.
Congratulations! You are a domain owner.
Step 4: Get your hosting ( $66.72 for 4 years)
There are a lot of hosting providers, but we have tried and tested Hostinger. It is not only one of the cheapest hosting providers out there with just the best support. We did a comparison of various hosting providers, you can check that out here.
If this is your first time building a website, choose Hostinger with your eyes closed. The reason is, many other hosting providers use C panel or third-party servers, but Hostinger has its own dashboard. In addition, Hostinger just adds several features packaged into a valuable offer. If this is your first time, you only need to worry about SSL to ensure that your website is secure. You can upgrade to advanced features later.
If you are an entrepreneur and you feel like you will be starting multiple websites at a time, we recommend Hostinger’s business plan.
With the business plan, you can get Free CDN, Daily backups, 100 free websites, and much more. If you are building serious websites, it’s important to have automatic backups, which come FREE with Hostinger.
Since we are considering that you are just getting started, go ahead and get the single shared hosting.
Step 5: Set up your WordPress website
Go to hostinger or whatever hosting provider you have chosen for your website. Since we are using Hostinger as an example, we’ll show you how to do it in hostinger.
Login to your hostinger account. Click “Hosting” and then click “Add Website”.
On the next page, add your domain name and choose a password, as shown below.
Make sure to add the complete domain name; for example, kontenthill.com. After you are done, click on “Hosting” on the main menu and you should see your website added as shown below.
Now when you click “Manage” you will notice a notice stating that your domain isn’t pointed to Hostinger.
In the next step, we’ll be pointing the domain to Hostinger’s servers. In this case, we will be using Hostinger’s nameservers, which you can find on the left panel as shown in the screenshot below.
Go to your hosting provider, let’s take the example of Namecheap, and click “Manage” next to your domain. See the screenshot below.
On the next page, go to Nameservers and select “Custom DNS” from the drop-down menu. Here you will add the DNS from your hosting provider, as shown below.
Please note that it takes about 24-38 hours for the DNS settings to take effect. So go do something else and come to it later.
After 24-48 hours, go back to your C-panel. We are using Hostinger as an example here, so I’ll show you how to create a website there.
Again, log in to your Hostinger account, and go to “Hosting” in the top bar. It will lead you to all the domains that are hosted in your account. Click “Manage” next to your domain name.
On the next page, locate “Website” and click “Auto installer”.
And then on the next page, click on “WordPress” or any of the other options based on what you want to install.
This will open a dialogue box as shown below.
Choose “https” from the drop-down menu.
And set up your username and password for your WordPress website and click “Install”.
Note on the same page, you’ll see that your website’s URL will appear. Click the three dots and click
Click “Manage” and you will see this next screen.
From here click “Edit website” to go to your website.
And that’s it, you have a website. You can do whatever you want to do with it.
Step 6: Buy a theme
Themes range from anywhere between $15 to $300, sometimes even more. But at this stage, you only need to get your site ready for clients and customers, so there’s no need to spend on high-end themes. You can get a high-end theme when you start to make some money or your idea starts to gain traction.
To find the right theme, Google “Best WordPress themes under $20”. Choose a simple theme. You can customize it using elementor later. The actual goal of the theme is to give your website a unique look without any WordPress copyright tags. If you want to use a Free theme that’s fine too, but it will probably come with the copyright notice, which can look a little unprofessional. You can choose to remove it but we don’t recommend that as it requires playing around with PHP code.
Step 7: Set up a landing page
This is the most important part of your business. A landing page is where you announce your business idea or set up a form to collect customer emails. This is something you can show to your clients and get them to invest in your idea.
Let’s say you want to build a mobile app, what you’ll do is create mockups using Canva (you can read my guide about how to use Canva to create a whole range of marketing and branding materials) and just put them on your newly created website. This will be your MVP (minimum viable product) for your business.
Read my guide about how to build a landing page that gets traction.
Total cost breakdown:
- Get your domain ($8.88/year)
- Get your hosting ( $66.72 for 4 years)
- Buy a theme ($25/one-time price without long-term support)
Total cost = $100.6
And that’s it, you just launched your first business! Now build it.