Myth #3: Starting a Business is Expensive

  • It doesn’t need to be.  In the book: $1,000 Start-Ups (available on Amazon.com) I’ve provided detailed information for 60 businesses you can start for less than $1,000.
  • For each of these, there’s a list of the estimated start-up costs. This includes everything you need to get started including your licenses, insurance, and the materials you’ll need to produce the product or service you’re going to sell.
  • If it’s a business that sells products, I make the assumption you’ll use the proceeds from your initial sales to buy additional inventory and pay the recurring costs to keep your business running.
  • The businesses I’ve outlined in the book can be started for less than $1,000; however, you can easily spend more than that. It takes discipline and creativity to stick to the budget you commit to in your business plan.
  • For some businesses you will need a computer. If you already have a computer you can use the money elsewhere. If you make the decision to buy an expensive computer rather than buying an inexpensive computer you’ll overspend your budget right out of the gate.
  • For some businesses you’ll need a vehicle capable of moving your merchandise or equipment. If you don’t already have a vehicle capable of doing this, select another business.
  • Prioritize your expenses and manage your cash flow. Yes, you can buy 100 widgets at a time for less than you can buy 10, but if you only sell 10 a month, you’ve just tied up that capital for 10 months.

Published by Leah Ward-Lee

Leah Ward-Lee, the author of "$1,000 Start-Ups", is a serial micro-entrepreneur. She opened her first business at ten after lobbying for and receiving a shoe shine kit for Christmas. She pulled her wagon through the neighborhood, going door-to-door, offering to shine her neighbor’s shoes for twenty-five cents a pair. Once her wagon was full, she took the shoes home and polished them. Unfortunately that business was short-lived. She hadn’t tagged the shoes and couldn’t remember whose shoes were whose, so her dad went with her to retrace the route until every pair was returned. Since then she’s had businesses developing and teaching college courses, instructing aerobic classes, owning half a plane that was rented to a flight and maintenance school, and renting homes. She’s also owned a consignment store, a gift shop, a gift basket business, a consulting firm, hosted The Executive Toolbox (a weekly radio show), and a publishing company. She also spent twenty years in the US Army, served as the Chief Information and Technical Officer for two major insurance companies, and has a second career as a management consultant. Leah resides in Dallas, TX and on Amelia Island with Sammy and Goliath, her two rescue dogs.

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