Yahoo Finance Jaspreet Singh Reveals the Best Way To Spend $100 When Starting a Business
You don’t need a lot of money to start a business — you just need to know how to use the capital you do have wisely, even if it’s just $100.
Jaspreet Singh, money expert and founder of Minority Mindset, shared how he would spend $100 when starting a business.
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Sell Things in Person
Singh recommends selling products in-person, rather than trying to launch an online business.
“One hundred dollars won’t go a long way if you’re trying to start an online business, because you can have to buy a domain website, hosting website, design, inventory, credit card payment system, before you even start marketing,” he said in a YouTube video. “So start off with selling things to your friends and people around you.”
To choose what to sell, first think about what there is a demand for.
“Ask yourself, ‘What do people in your area want?’ Or what can you provide that people need?” Singh said. “Remember supply and demand. You don’t need a lot inventory to get started. If you have something that people want and you can build a waiting list for it, you can charge more for the product, because now there’s demand for it.”
Once you’ve decided what you will be selling, buy these items in bulk.
“You can buy things in bulk at a discounted price, and then resell them individually at a higher price,” Singh said. “For example, you can buy a 24-pack of water bottles for about $6 in my area — that’s only 25 cents a water bottle. You can then take that bottle and sell it for $1 to $1.50 each.”
While a $1 profit might not be much, Singh said, “You have to start somewhere.”
“This is what hustling is,” he said.
If you sell 100 or 200 water bottles a day, that’s $100 to $200 that you can now take and invest in something that will make an even bigger profit.
“A lot of us have to start small,” he said. “I started off by delivering newspapers. I was making seven cents a house. Mark Cuban sold garbage bags.”
The most important thing is to just get started.
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Provide a Service
Alternatively, you can use $100 as an investment to provide some sort of service for people in your area.
“A service-based businesses is another good place to get started,” Singh said. “Go around your neighborhood and start knocking on people’s doors and ask if they need someone to pull the weeds, cut the grass and shovel the snow, and then start building relationships with the clients.”
Look for ways to turn this service into guaranteed income.
“Tell them you’ll give them a discount if they hire you for the whole season,” Singh said. “Treat it like a business, because it is one. … Offer them the first month service for free, and then get a testimonial from them, and then take the testimonial and show it to your other prospective clients.”
Whether you decide to sell something or provide a service, it’s all about meeting an existing demand if you want your business to be successful.
“Every business comes down to supply, demand and presentation,” Singh said. “Can you provide something that people need and then present it in an attractive way? You need to think with the mind of a consumer and then be a provider.”
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