If you are really motivated to put in the work and do something with your time to grow a business then what are some opportunities that allow you to turn $500 into $1000?
Probably not in one shot but I’m curious hear your answers. Does it exist? I’m not looking to get rich overnight but has anyone had success putting in the work to make it happen?
How did you do it and what changes did you have to implement in your business to keep things going? Are you constantly growing over time? What’s holding you back from the next stage? What are you reading currently? Do you have a coach or mentor in your circle?
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I started a hot tub service company with $500/mo… I have a few employees now and I only work at it for around 5hrs a week and it jets a good bit of profit.
Your best bet is a digital service agency of some sort.
Or a physical service like auto detail
Start putting your name on waitlists for antique stores, start selling random stuff, learn how to target an ausience
You put your name to be notified about specific items? How do you know what’s valuable? It’s a matter of experience I guess?
Yeah I’ve been a collector, skateboard military big music guy hipper. I know a little bit of everything but you nailed it.
If you really want to build a business, you don’t even need $500 or the college degrees. All you need to do is identify a very specific problem for a very specific person and you’ll figure a way to make a profit from that. One this that helped me along the way is to learn as many skills as possible.
I started a company for $0 that makes more than anything I’ve ever done.
I wouldn’t take $500 and say what can I make with it. I would say, “what’s something I can build now where I can get traction without capital outlay?”
For example, I’m in the tech business and we sell people’s solutions for them. We are good at it…we charge a lot for this service. We partner with companies and we have them pay monthly retainers to pay for our sales labor. We collect $, then 45 days later pay people. That’s free float. $0 cost. We have a handful of these. It’s floated the while business.
Day 1 $0 cash or revenue
Day 60 $60K monthly retainers signed
Day 90 $100K in monthly retainers signed and we had paid out $42K so far on $160K collected, all recurring
Then it kept going, fast. Then commissions rolled, then it ran up quickly. We will be over $10MM this year and it makes money
Take bigger swings and make a bigger impact. You don’t need a lot. Also, you can raise $, it’s easier than you think but you want to create traction first.
I’d be interested in hearing more about that. Third party sales as the business model? Or did I misunderstand
Yep
But couple tweaks to trad’l models and we go super deep on a theme so that we have a big people and dozens of warm ins as new projects start up.
This might be because I’m oblivious but what does “we have a big people and dozens of warm ins” mean? Not trolling, genuinely clueless.
Sry was working out. Fat thumbs.
We come with clients and pipeline.
lol gotcha. I’m in consulting, started my own firm. One man show and it’s going incredibly well, but I’d love to diversify a bit. That’s why I was asking about your model.
What sort of consulting?
In the next year we want to maybe buy an ecommerce consultancy and apply our performance model to it. Curious about what some decent shops are in ideally Canada but we’ll start researching the USA next year for companies. So easy now with AI to make lists and pull data.
Pressure washing houses, lawncare, snow blowing, painting etc…etc.
most of the time selling knowledge doesnt require money
One attribute of small business is the ability to cover its monthly operating expenses.
Consequently, one of the fundamentals of starting up is having sufficient capital to cover operating expenses until the business is cash flow positive.
I can’t think of a legitimate business that could be started for $500 and meet this criteria.
For example, it is possible to start mobile carwash business for as little as $500 and work out of the trunk of your car. However, most end up spinning their wheels and go bust.
Experience shows it takes at least $10,000 to start up mobile carwash that has chance of being sustainable.
If you put in work you will get paid for your time.
You can do it with less than 500, making a social media account and uploading engaging content, be it blogs or YouTube (filmed on your phone and edited with free software) you can start a carreer. You can do all the reaearch for it online too.
Of course it rakes a lot of time and commitment, like, your lifes-work-type of commitment and on that time span $500 is very insignificant. Considering all the other sacrifices and opportunities you let slide
You will need to put in the work. Time is money. Or you can bet 500 on red at your local casino. One of those might work a bit better but who knows.