How to Write a Small Business Plan (4 Key Elements to Include)

When you have a brilliant business idea, it’s tempting to dive straight into making your dream a reality. However, without a plan, you may struggle to motivate your new employees, attract the best partners, or secure investor capital.

This is where a business plan comes in.

By taking the time to create this formal document, you can transform your idea into something tangible, and convince everyone to get behind your organization.

In this post, we’ll explore what a business plan is and why every company should have one. We’ll then discuss the four essential elements of any effective small business strategy. Let’s get started!

An Introduction to Small Business Plans (And Why They’re Important)

At a high level, a business plan is a written document that defines what your company is, the activities it performs, its core objectives, and how you’re going to achieve those objectives.

Many startups create this document before beginning operations, to help them explore whether their brilliant idea might actually become a viable business.

This plan can be used internally, but also externally. If you’re seeking investment from third parties, an effective business plan can help you secure funding even if you don't have a proven track record:

An example small business plan.

Although they’re useful tools for startups, many established companies treat their business plans as internal road maps.

By constantly referring to this document, you can evaluate whether you’re on track to achieving your goals, or whether you might need to adjust your operations. For this reason, we recommend that all companies maintain an up-to-date business plan.

This document may also help you realize that your goals have evolved, and that you need to adjust your approach as a result. It’s not uncommon for an established company to create an entirely new business plan to reflect a change of direction.

How to Write a Small Business Plan (4 Key Elements to Include)

Before we get to the list, we thought we'd throw you an idea. While you can save money creating your business plan on your own, it might be worth it in the long run to consult with an expert.

Platforms like Fiverr are a great place to find someone who can help you make sure you're starting out on the right foot.

That said, no two business plans are identical. However, there are some common elements that you’ll typically include in your plan. To help you structure this important document, here are four key elements you may want to incorporate.

1. Executive Summary

This section outlines your company and its mission statement. It’s also a good idea to provide information about your products and services, plus an overview of your leadership, employees, operations, and location.

If you plan to ask for financial backing, you may also want to include a high-level overview of your growth plans and some basic financial information:

An executive summary.

Although all parts of your business plan are important, we recommend prioritizing the executive summary.

This is because busy investors, banks, and potential business partners may decide whether to study your business plan in more detail based on the executive summary alone.

As the saying goes: “You never get a second chance to make a first impression”. Therefore, if your summary doesn’t contain exactly the information a person is looking for, they may dismiss your plan from the first page.

2. Products, Services, and Market Analysis

Next, you can go into detail about your products and services. You’ll typically want to include pricing, benefits to the customer, and your unique selling point (USP).

And if you’re performing any research and development, now is the time to mention it:

A small business plan.

It’s also smart to disclose your plans for intellectual property, such as copyright or patent filings. For some industries, it may also make sense to go into detail regarding the production and manufacturing process.

In addition to defining what your business has to offer, it’s important to demonstrate an understanding of where your products and services will fit within the industry.

This means exploring the competition, their strengths and weaknesses, and how challenging it will be to acquire part of their market share. Throughout this section, it’s also smart to communicate an understanding of the expected demand for your particular products and services.

3. Financial Planning and Budget

Financial planning and future projections are an essential part of any business plan. Even if the document is for internal use only, this section can help you budget and balance your cash flow:

Financial planning and budgeting information.

As part of your financial planning, we recommend including staffing, development, manufacturing, and marketing costs.

If you’re seeking outside investment, you may want to go into more detail, and provide targets and estimates spanning the first few years of your business:

Projected financial data.

While you may feel passionate about your new venture, it’s important to be realistic. An overly optimistic business plan that ignores weaknesses, potential pitfalls, and threats is unlikely to be well-received by potential investors and business partners.

Even worse, if you overestimate your revenue, this can lead to increased overheads and perhaps even a cash flow crisis.

To help keep your plan grounded in reality, only make claims that you can support with hard evidence. You might weave this proof into your business plan or include it as part of an appendix.

As an alternative, you might simply have this data on hand in case a potential investor requests more information. The only rule is that this evidence must exist.

4. An Appendix

An effective business plan will strike a balance between providing enough detail and remaining focused on what the reader needs to know.

Creating a comprehensive, detailed, and extensive plan may feel like you’re setting your business up for success.

However, lengthy documents are notoriously difficult to maintain. By creating an exhaustive business plan now, you may find that this plan is rarely used in practice.

While creating the document, it’s wise to constantly ask yourself whether each piece of information might be better suited to an appendix. In particular, detailed financial forecasts, market research data, product literature, and technical specifications are usually better included in an index.

This ensures that detailed information is on hand for readers who want to delve into the finer points, without distracting from the flow of the document.

Conclusion

We’re not going to pretend that starting a business is easy. However, with some careful planning, you can maximize your chances of turning your brilliant idea into a world-class business.

To set you on the road to success, let’s recap four things to include in your small business plan:

  1. Executive summary
  2. Products, services, and market analysis
  3. Financial planning and budget
  4. An appendix

Do you have any questions about how to write an effective small business plan? Let us know in the comments section below!

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4 Top Tools for Small Businesses Just Starting Out

Finding the right tools is the best way to set your company up for growth and success. However, as a small business, it can feel like your options are limited.

Fortunately, there are plenty of world-class tools that cater to the unique needs (and budgets) of brand-new businesses. By being a savvy shopper, there’s no reason you can’t access the same features and firepower as established enterprises.

In this post, we’ll share advice on how to find the best software for your startup. We’ll then suggest four of our favorite tools for small businesses just starting out. Let’s dive in!

How to Choose the Best Tools for Your Small Business

As a new business, it’s essential that you catch the attention of potential new customers, convert them into qualified leads, and ultimately secure your first sales. To achieve all of this, you’ll need the right tools.

However, as a brand-new business, you may initially be working to a tight budget. To minimize your running costs, you might want to try free software over premium options. Some proprietary tools even offer entry-level or free plans with usage restrictions.

For example, the popular Mailchimp marketing automation platform is free for up to 2,000 contacts:

Mailchimp's range of subscription plans.

Another example is the Hootsuite social media management platform. This marketing tool has a single-user plan that’s perfect for solo entrepreneurs.

For small businesses just starting out, these plans provide access to professional tools without requiring you to pay top dollar for features you don’t currently need.

And the majority of these tools are scalable. As your business grows, you can upgrade to a more expensive plan without the added stress and worry associated with learning a new tool or migrating all of your data.

With almost 31.7 million small businesses in the U.S., it’s no surprise there are plenty of tools specifically catering to startups. To make sure you’re getting exactly the features you need, you may want to opt for tools that target smaller businesses rather than a general user base.

4 Top Tools for Small Businesses Just Starting Out

According to the Bureau of Labor Statistics, 20% of startups don’t make it to their first birthdays. Let’s give your business the best possible chance of bucking the trend!

Here are four tools that can set your brand-new venture up for success.

1. Yoast SEO

Yoast SEO is a top tool for small businesses just starting out.

When you launch a business website, your traffic will be a flat zero. The quickest way to get off the starting block is to appeal to search engines.

With over 53% of all web traffic originating from organic search, a solid search engine optimization (SEO) strategy can take you from zero to hundreds (or even thousands) of eager customers.

Yoast SEO has everything you need to optimize your business website for those all-important search engines. Every time you add a new page or post, you can use Yoast SEO to specify the keyword(s) that you want this content to rank for:

The Yoast SEO tool for small businesses.

Yoast will then provide actionable advice on how to optimize the web page for the specified keyword or phrase. In this way, Yoast SEO can increase your chances of scoring Google’s coveted number-one spot.

Features:

  • Readability and SEO analysis
  • Tools to optimize your Google previews
  • Automated technical SEO improvements
  • Ability to boost your branding with title and meta description templating
  • Full control over your site’s breadcrumbs

Pricing: The plugin is free, with a premium version available.

2. Mailchimp

Top tools for small businesses include the Mailchimp platform.

The number of email users is forecast to reach 4.6 billion by 2025, and those people are spending a lot of time in their inboxes.

According to Adobe, the average American spends over five hours a day checking their inboxes. This makes email marketing a powerful way to promote your startup.

You can use Mailchimp to design beautiful, engaging messages using a straightforward drag-and-drop editor. This is ideal if you don’t have access to a graphic designer or a programmer:

The Mailchimp email editor.

You can also use Mailchimp to create automated email campaigns. This can be a life-saver for busy small business owners, who may not have the time to send a personalized message to every contact.

Features:

Pricing: Various subscriptions are available, including a free plan that’s perfect for small businesses.

3. Google Analytics

The Google Analytics platform.

Google Analytics provides detailed insight into the people who are visiting your website. This can be invaluable for understanding your audience and the kind of content that generates the most engagement.

Armed with this information, you can fine-tune your marketing and advertising strategies, and optimize every part of your site to drive conversions:

The top tools for small businesses include Google Analytics.

Google Analytics can also reveal how people find your site (for example, via organic search or by following a referral link). You can then focus your efforts on the channels that are proving the most lucrative.

Alternatively, you might decide that it makes more sense to focus on the channels that are currently underperforming.

Features:

  • Custom reports
  • Event tracking
  • Site speed report
  • Site search tracking
  • Ecommerce tracking

Pricing: The core Google Analytics platform is free. There’s also a premium Analytics 360 subscription available.

4. Buy Now Plus

Buy Now Plus is one of the top tools for small businesses.


In 2020, worldwide ecommerce sales totaled $4.28 trillion. If you want to tap into this lucrative market, you should aim for a seamless shopping experience.

Buy now buttons can be powerful tools for providing a stress-free purchasing journey and boosting your sales. Today, these simple-but-effective buttons are widely used by some of the biggest companies in the world, including Amazon:

A buy now button on the Amazon website.

If you want to learn from Amazon’s success, you may want to take a look at Buy Now Plus. You can use our free service to quickly and easily create an Amazon-style buy now button:

The Buy Now Plus dashboard.

You can then deploy this button across multiple platforms. This includes all of your social media accounts and your email marketing messages.

Features:

Pricing: You can sign up for free. Note that Buy Now Plus charges a minimal 2% fee for each sale.

Conclusion

Starting a new business is never easy. However, the right tools can help you secure those all-important first customers and sales, and set your business on the path to success.

If you’re not sure where to start, let’s quickly recap our top four tools for small businesses that are just starting out:

  1. Yoast SEO: Make sure your site is appearing in relevant search results with this free WordPress plugin.
  2. Mailchimp: Use a popular mailing platform with a focus on automation that is perfect for the busy small business owner.
  3. Google Analytics: Get insight into your audience and learn how to drive more people to your site with this widely-used analytics service.
  4. Buy Now Plus: Ensure that the purchasing process feels effortless by creating buy now buttons for your website, social media accounts, and email marketing campaigns.

Do you have questions about any of the tools mentioned on this list? Let us know in the comments section below!

If you liked this post, be sure to follow us on Twitter, Facebook, and LinkedIn.

How to Start a Membership Business (In 3 Steps)

If you sell products online, you can benefit from a strong, dedicated customer base. One of the best ways to do this is by creating your own membership site. However, you might not fully understand what that undertaking involves.

Fortunately, this format can be quite simple and accessible even to beginners. By understanding the basic format of a membership site and using the right tools, you can get your own business up and running in no time.

In this article, we’ll cover a few reasons you might want to start your own membership business. Then we’ll take you through three steps to help you begin with confidence. Let’s get started!

Why You Might Want to Start a Membership Business

A membership site is any website that has member-exclusive content. They make a profit by charging users to become members. One example of this kind of page is You Are Nourished by Lauren Gayfer:

An image of Lauren Gayfer's membership site, You Are Nourished.

Gayfer offers food-focused advice to help people live healthier lives. Her customers pay a membership fee to access the expert content and advice.

However, you can use a membership site to sell virtually any kind of content including physical items, online courses, podcasts, even a personal blog! As long as you have an audience that's interested in your content, the potential is nearly limitless.

You probably won't be surprised to know, then, that this model comes with a range of benefits. One of the major advantages is that running a membership site can enable you to be own boss and pursue your passions.

In addition to this, starting a membership business can put you in touch with other enthusiasts in your niche. Membership sites can be a great way to build an online community and network with like-minded individuals.

Finally, for business owners there's one obvious benefit: profit. Membership sites can be extremely lucrative. For example, a recent study showed that 85% of people are willing to pay for a dating membership that fits their needs. Moreover, nearly a quarter of respondents are willing to pay over $25.

For all these reasons and more, membership sites are an effective way to do what you love and make a living from it.

How to Start a Membership Business (In 3 Steps)

Starting a membership site can be a great way to make money, and it doesn't have to be complicated. The steps below should give you a general idea of how to get started.

Most importantly, you'll need a basic WordPress website set up before you begin.

Step 1: Choose a Profitable Niche

A niche is your area of focus. This is the field in which you'll offer expertise or products. With so many options available to your customers, it's a good idea to fully embrace your niche right from the beginning.

We highly recommend choosing a focus that you have a real passion for. This will make it easier to produce the large volumes of high-quality content that members may expect. However, there are other considerations as well.

It's important to consider how profitable your niche is. Even if you love something and put out stellar content, you'll need an audience that's willing to pay for it. A smart way to gauge interest is to see how many affiliate programs exist for your niche.

Moreover, it's also important to set yourself apart from competitors in your niche. Try to think of why a customer should choose your membership site over another.

For example, the popular code-learning site Codecademy offers a membership model based on computer languages. However, its landing page also emphasizes how the service will help users with the learning process:

The Codecademy membership site home page.

Codecademy also offers value in terms of user growth. This service offers multiple different coding languages. So, a user doesn't have to find a new membership site once they complete a course.

Also, consider going with a niche that is fairly broad and can be easily scaled up. Doing so may provide opportunities for business growth and increased profits in the future.

Step 2: Establish Your Membership Plans

Once you've chosen your niche, you can start thinking about your membership offerings. Most membership sites offer several pricing plans in different tiers. This system gives your audience the option to pay more for additional content.

It can also be helpful if your niche is skill-based. This is because you'll be able to target different people based on their expertise.

Alternatively, you might create tiers based on how long users will gain access to your content. The piano learning program Pianu demonstrates this approach with its pricing plans:

Pricing tiers for the membership site Pianu.

Multiple membership plans also enable you to cross-sell and upsell. As long as you don't overwhelm your audience, more tiers can mean more profit potential.

Nevertheless, a freemium model can be equally powerful. With a freemium site, you provide some of your content free of charge. Other content is placed behind a paywall.

Free content can give interested customers an idea of what your membership site is like. If you're not ready for multiple pricing plans, consider offering only one that includes a freemium element.

However you decide to organize your plans, the most important part is also the hardest: setting a price. The aim is to strike a balance between good value and healthy profits, which isn't always easy. Try keeping the anchoring effect in mind to find the perfect balance.

Step 3: Install and Set Up MemberPress

While our Buy Now Plus tool can help you accept online payments without a dedicated page, you'll also want to download a tool that can help you to set up your site for members. Fortunately, there's a powerful WordPress plugin that makes this easy – MemberPress:

The MemberPress homepage.

MemberPress is the all-in-one solution for starting your membership site business. You'll have access to all the infrastructure you need, including:

  • Fine-grained control over who has access to what content
  • The ability to sell everything from online courses to digital downloads
  • A long list of integrations to help you leverage your favorite tools

MemberPress is also user-friendly. There's no need to worry if you're not a tech whiz – that won't stop you from starting an excellent membership site business.

First, you'll need to choose your pricing plan. Each option has different features and limitations, so we recommend you read through each one closely.

Afterward, you can download the plugin, then install and activate it on your WordPress website. When the program is ready, there are a few main steps that you may want to take care of first, such as:

  • Establishing a payment method
  • Adding restricted access rules
  • Creating a registration page

For more information on how to perform these tasks, we highly recommend following the MemberPress setup guide. This document can help you start your membership site business in as few as five minutes.

Conclusion

Starting a membership site business can seem like an overwhelming task. Between the technology involved and the planning required, you might feel like it's too much to keep track of. Fortunately, you can simplify the process by taking the right approach.

In this article, we covered three steps to help you get started with a membership website:

  1. Select a niche that is both enjoyable and profitable.
  2. Lay out your membership plan structure.
  3. Choose powerful software such as MemberPress to equip your website.

Do you have any questions about starting a membership site business? Let us know in the comments section below!

If you liked this post, be sure to follow us on Twitter, Facebook, and LinkedIn.

4 Tips From Successful Small Business Owners

Many people dream of becoming their own boss. However, with 31.7 million small businesses in the U.S., your new venture will likely face some stiff competition.

By making smart decisions early on, you can give your business the best possible chance of finding a place in today’s crowded market.

Regardless of your entrepreneurial idea, there are several universal best practices that can set you up for success.

In this post, we’ll share four tips from successful small business owners. We’ll look at how to drive more customers to your website, reduce those sky-high cart abandonment rates, and even explore how your closest competitors can actually help your business succeed. Let’s get started! 

1. Prioritize Customer Support

Customer service is the direct connection between you and your customers. Get it right, and you’ll have no problem transforming one-time buyers into loyal repeat customers.

When it comes to delivering five star customer service, speed is everything. According to research, 66% of shoppers state that valuing their time is the most important factor in customer service. In fact, when they reach out for help, 82% of consumers expect a response in ten minutes or less. 

If you’re going to meet these expectations, it’s vital that you make customer service a priority. However, as a busy business owner, it may not always be feasible to respond to support requests immediately, especially if you don’t have a large customer service department. 

If the ten-minutes-or-less rule feels impossible, a chatbot may be the answer. With the help of a bot, your customers will have instant access to support at any time of the day or night. 

These bots can be a lifesaver for overstretched small businesses, but they also appear to be popular among consumers. According to research, over 67% of shoppers used a chatbot in 2019. 

There are various WordPress chatbots to choose from, including the Tidio plugin. This popular chatbot is customizable, so you can update its User Interface (UI) to reflect your company’s branding:

Many small business owners choose to use a chatbot plugin.

Alternatively, you can create your own chatbot. This may sound complex, but there are services to help you build your bot, including the Botsify platform and HubSpot’s marketing plugin:

The HubSpot WordPress plugin.

Self-help resources can be another way to provide around-the-clock support. Online documentation, FAQs, knowledge bases, and video tutorials are all popular self-help methods.

2. Learn From Your Customers

No matter how much time and effort you invest into your small business, there’s always room for improvement. To keep moving forward, you'll need to be willing to learn from your customers.

This may involve asking consumers for their feedback. Wherever possible, it’s smart to integrate these feedback requests into your normal workflows. For example, you might use your email automation software to request a product review every time a customer makes a purchase. 

Some customer-focused tools can even request feedback automatically. For instance, it’s not uncommon for chatbots to ask the customer to rate their interaction when they try to exit the chat window. This can generate valuable information, which you can then use to improve your small business. 

However, this information can be biased. Humans are subconsciously influenced by social conventions, and may tailor their feedback to align with the expected response. 

For this reason, you may also want to monitor your audience using a tool such as Google Analytics. This can provide an insight into subconscious customer behavior, and how users respond to your content and campaigns:

Many small business owners use a tool such as Google Analytics.

By deploying these two techniques simultaneously, you can gain a deeper understanding of your target audience. This is essential for improving the overall customer experience and optimizing your business website.

3. Spy on Other Small Business Owners

Chances are your business has several close competitors. While these organizations may feel like the bane of your existence, they can also be a valuable learning tool. 

With over 40% of revenue for most stores originating from organic traffic, it’s important to get your SEO right. You can set yourself up for SEO success by using a tool such as Keyword Explorer to discover the terms your competitors are ranking for.

You can then analyze those high-performing keywords and identify any that are relevant to your business:

The Moz Keyword Explorer tool.

By targeting these keywords, you may be able to improve your search engine rankings.

Backlinks are another valuable way to boost your traffic and secure extra sales. You can identify competitor content that has generated lots of backlinks using a tool such as Link Explorer:

Link Explorer can be a useful tool for small business owners.

This can help you pinpoint topics that generate the most buzz. If you can produce similar content to a higher standard, then you stand a good chance of earning valuable backlinks.

Once you’ve refined your SEO and content marketing strategies, it’s time to turn your attention to social media. With over 2.7 billion monthly active users, Facebook can be an effective way to reach new customers.  

If you’ve created a Facebook page for your small business, you’re off to a good start. However, it’s not enough to simply post content and hope for the best. It’s also important to identify the days and times your customers are online, and the content that generates the most engagement.

You can use Facebook’s Pages to Watch to record when your competitors post, how often they post, and the subsequent engagement. You can then use this data to create a more effective social media strategy, without having to learn through trial and error.

4. Simplify the Purchasing Process

Cart abandonment rates are a serious problem for online businesses. Some industries even report a 96.88% abandonment rate! There’s also evidence to suggest that some customers may fill their baskets with no intention of completing the purchase, making it the digital equivalent of window shopping

This is where buy now buttons come in. These simple-but-effective buttons completely eliminate the add to basket stage, and whisk the customer directly to the checkout. This gives the consumer less time to reconsider their purchase, which is great news for your conversion rates:

Am example of a Buy Now button.

You can create a range of high-converting buy now buttons using our free Buy Now Plus service.

To create your first buy now button, just register for a free Buy Now Plus account. If you already a existing Stripe account, you'll be prompted to connect the two accounts in the sign up process. If you don't have Stripe yet, you can automatically create a new one during the signup process.

Then, just create your buy now first button to publish on your online store, website, or even your social media platform. One of the best things about Buy Now Plus is that you don't even have to run a website to use it!

Conclusion 

Launching a new business isn’t easy, and the line between success and failure can be fine. However, with the right tools, techniques, and know-how, you can achieve start-up success.

Let’s quickly recap four tips from successful small business owners: 

  1. Prioritize customer support by using chatbots.
  2. Learn from your customers by requesting feedback.
  3. Spy on other small business owners by doing keyword research.
  4. Simplify the purchasing process by using Buy Now Plus.

Do you have any questions about how to grow your small business? Let us know in the comments section below!

If you liked this post, be sure to follow us on Twitter, Facebook, and LinkedIn.

5 Small Businesses You Can Start for Under $200

If you're tired of working for an employer, you may be looking to start your own business. However, this can be expensive, with many small businesses costing at least $2,000 to set up. If you don't have that kind of capital, you may be looking for more affordable options.

Fortunately, there are plenty of business ventures you can explore without spending a lot of money. You can tap into your creative side, share your professional expertise, or coach other people. By identifying your skills and strengths, you can monetize them and start generating income.

In this guide, we'll take a look at five different small businesses that you can start for under $200. We'll also outline the skills and resources you will need for each one. Let's get started!

1. Consulting

Many companies hire experts to help them with their business strategies. If you have expertise in a particular area, like finance or law, you can offer your consulting services to different companies in your industry.

For instance, Bain & Company is an international consulting firm that works with organizations in various industries, including finance, healthcare, and retail:

Homepage of a consulting company called Bain & Company

In the United States, freelance consultants make an average salary of $78,922. Therefore, if you have the skills and knowledge to offer, you could potentially set up a very profitable business.

To get started, you'll need to set up a website to promote your services. WordPress equipped with a membership plugin is a great option.

You'll also have to spend some money on a domain name and web hosting service. However, many hosting companies offer very affordable plans for first-time buyers.

2. Tutoring

Tutoring can be a lucrative business if you're qualified in a particular field. For example, you could teach a foreign language to students or professionals.

Tutors make an average of $18 per hour. However, if you have a degree you may be able to charge much more.

To get started, you can sign up with an established tutoring company, such as Tutor.com:

Homepage of tutoring website Tutor.com

You could also create your own website to advertise your services. Remember that you'll need to pay for a domain name and a hosting service to keep it running.

As a tutor, you can create your own lesson plans and host your lessons online or in person. You don't need a large investment to set up this business, and you can purchase additional resources like textbooks as your company grows.

3. Freelancing

Freelancing is one of the most flexible businesses you can start. Rather than working for one company, you can deal directly with different clients and work on your own terms.

There are many freelancing options, including writing, blogging, graphic design, programming, and working as a personal assistant. You can also draw upon your skills and experience from previous jobs .

Freelancers make an average of $21 per hour. However, if you are an expert in your field, you may be able to charge much higher rates.

There are various ways to find jobs as a freelancer. For instance, you can join an established freelancing marketplace like Upwork:

The Upwork homepage

Alternatively, you could try to source your own clients through advertising and reaching out to your personal network. You might also want to set up a LinkedIn account and pitch your services to potential clients.

4. Selling eBooks and Other Digital Products

If you have writing talents and great ideas, you could make money by publishing e-books or other digital material. You can write in any genre, from short novels to travel guides, depending on your interests.

As the creator, you can set your own prices for your ebooks. In 2020, customers purchased more than 191 million ebooks in the United States, so there is a large market for this material:

The eBooks homepage

Creating and selling ebooks doesn't have to be expensive. You can create the template for free through an application like Canva. Then you can approach publishers or use a self-publishing service like Amazon's Kindle Direct Publishing.

Alternatively, you could sell your digital products on your site. We recommend using our Buy Now Plus service to add high-converting buy now buttons to your product pages:

The Buy Now Plus homepage

Our program is free to use and very easy to install. Moreover, Buy Now Plus is powered by Stripe and charges a flat 2% fee on your transactions.

If you want to maximize your ebook sales on the cheap, you might want to consider setting up an affiliate program. To do this, you can use a plugin like Easy Affiliate, which helps you create a self-hosted affiliate program and manage your affiliates from a user-friendly dashboard.

5. Fitness Coaching

If you love fitness or have professional accreditation, you could create an online fitness program. For example, you could upload videos of yoga routines and workouts:

The Glo fitness website homepage

At the end of 2019, the online fitness market was worth approximately $6 million. Analysts predict it will grow in value to $59 million by 2027, so there is an opportunity to make significant profits in this industry.

An effective way to make money from your online courses is to build a fitness membership site.

With this type of site, you can upload instructional videos and customize your subscription settings so that only paid members can access this content. Additionally, you can offer a discounted or free trial period to attract new business.

Conclusion

Starting your own business doesn’t need to cost a fortune. By capitalizing on your existing skills and interests, you could quickly set up a small business and start making money.

Let's recap our main ideas for starting a business for under $200:

  1. Offer your consulting services to other companies.
  2. Give online lessons to students and professionals.
  3. Freelance in your area of expertise, such as web design and photography.
  4. Write e-books and sell them on your site, using Buy Now Plus.
  5. Create an online fitness program and set up a membership site.

Do you have any questions about starting your own business? Let us know in the comments section below!

If you liked this post, be sure to follow us on Twitter, Facebook, and LinkedIn.