Friday, February 4, 2011

Start a business for about $100? Really?

This article states that entrepreneurs don't need thousands of dollars to begin their businesses, the 3 talked about in the article each started theirs with under $150. The authors did have some regulations though: "The entrepreneurs had to be either paying themselves a salary or reinvesting substantial profits in the business, as well as planning to continue down the entrepreneurial path for some time to come. We also nixed people who opened consulting firms in fields where they had already built careers. While that's certainly entrepreneurial, we wanted people who were truly starting from scratch."

Kael Robinson was givin a bracelet as a gift, then started selling them for $2.50 after spending $40 for 100 of them.

These days, her products are for sale in more than 500 stores world-wide. The company has a more sophisticated website and two full-time employees who handle order fulfillment, new-business development and bookkeeping. Last year, Live Worldly racked up $60,000 in profits on revenue of $160,000, compared with $10,000 in earnings on revenue of $50,000 the year before.

Read the full article here.