When you think of building a business, you often imagine that you need a significant amount of upfront capital to get the ball rolling. What if I told you that’s actually not true? That perception is, simply put, holding you back. Instead, you really only need $ 100 to get up and running – and that’s for the administrative startup costs, such as a domain name, an email address, and maybe a few other subscriptions to get your landing page up. But with that $ 100 alone, magic can happen.
How, exactly? Well, once you’ve committed to building a business, you should be able to come up with a sales strategy that sells itself. Here is where some entrepreneurs get it wrong: they think they need a big budget for ad spend from the minute they launch, which is actually not true. If your product or service is something that your target customer really wants, the right offer will take them there – and you won’t need ads or any other startup costs to begin.
How A Truly Great Business Needs Only $ 100 To Open Shop | Stephanie Burns
1. Craft An Irresistible Offer
Now, everyone wants to have an “irresistible offer.” Like the name suggests, it’s an offer that customers can’t resist. Entrepreneur Russell Brunson simply called it something you “have to have” – and therefore, you don’t mind what you have to give up to get it. This doesn’t just have to be for what you’re selling – maybe you offer a downloadable PDF with five must-know tips for starting a YouTube channel, and you offer it in exchange for people’s email addresses. If that downloadable PDF is desirable enough, that’s considered an irresistible offer.
It comes down to knowing what your customer wants, and what they will do to get it. This may require some upfront market research and interviewing to really understand their pain points, but again, that doesn’t require any more money – just time. From there, seek to fulfill all of their wishes and offer more than they’d hope for at a low cost to them. That’s what creates a truly irresistible offer.
2. Make Your Product No Risk
What’s one reason that first time customers may hesitate in making a purchasing decision? Well, they might not trust you yet. It’s okay – it’s just human nature, especially if it’s a large upfront investment. They want to make sure you won’t just take their money and run, and no one wants to be disappointed. So, how can you eradicate the risk of what you’re selling?
Tony Robinson says making his service “no risk” is his secret weapon in sales and building his business. “Begin by thinking through any of the risks that your customer would have, whether through logical assessment or based on objections they’ve said. These risks could include losing the investment, not getting results, or not being satisfied with the results they do get,” Robinson said. “Then, create core principles of your business that will remove those risks – whether it’s “100% satisfaction guaranteed,” a promise to offer their money back if they don’t hit key thresholds… whatever takes away the risk takes away the objection.” If you’re nervous about alleviating this risk, think about your business model. Does your product or service really provide what you say it will? You should have total, unencumbered faith in what you’re selling that makes the “money back guarantee” or alleviation of risk easy to promise.
3. Prove Your Credibility
It is far easier to sell if you can prove that you are a leader in your field. Credibility is built through online publications, speaking gigs, testimonials, and lists of past experience. Since you’re just getting started, you may not have testimonials or any press recognition for your new business. But you do have some form of credibility, otherwise you wouldn’t be starting the business. Sell yourself, and be anything but humble. Craft an “about me” section on your landing page that shows everyone why you’re the ideal entrepreneur to build this business or offer this product. Again, that just relies on your past experiences or perhaps your education – it doesn’t require any money.
Then, distill a few of the key points from this “about me” section to include in your cold emails and marketing messages. Perhaps you spent ten years in corporate America so you know exactly how to help companies create culture. Perhaps you published a book that soared to the top of the Amazon charts, so you can help other aspiring authors do the same. Rely on what you’ve done and show your customer how you can do it for them.
Essentially, starting a successful business comes down to knowing what your target audience wants, proving you’re the one to give it to them, and creating an irresistible offer at no risk to them. If all those boxes are checked, there’s no reason a potential customer won’t purchase from you. In that case, you’ll be making money right out the gate, and may have some money to spare from your initial $ 100 investment.