In 2024, it doesn’t cost an arm and a leg to start a business! If you have a great product or business idea, you can compete with much larger companies for very low upfront expenses. We put together a checklist of all the items you’ll need to start your business for less than $500.
Don’t believe us? Read the rest of the article to find out how you can officially start your full-time business or side gig for cheap! Here’s the checklist to get you started…
Starting an LLC gives you limited liability protection and credibility. Forming your LLC gives more authority to your business and helps you separate and protect your personal assets. This first and most important step of starting your business is only $99 + state filing fees with MyCorporation! You can also use LegalZoom or other online services to complete this step of the process, but we pride ourselves on having customer service you can reach anytime by phone, while most of our competitors are either much more expensive, or they make you wait for days to weeks in customer service emails back and forth.
Once you’ve gotten your LLC paperwork finalized, you’ll need to get an Employer Identification Number so you can set up a bank account and pay any employees you may have. We offer this service for $79 to complete your EIN application. Once you have that number, you can go to a bank like Chase or Bank of America and set up a business checking account to process transactions and store funds for your business.
Then you’ll want to purchase a domain name that’s relevant for your business. You can use a service like GoDaddy or Squarespace to purchase your domain for as little as $12. This doesn’t need to be purchased on the same platform that you build your website, but depending on how you plan on building it, having it all live on the same platform can be helpful.
Once you’ve purchased your domain name that anyone can type into a web browser to visit your site online, you’ll build the website on a platform like WordPress, Wix, or Squarespace. Squarespace offers premade templates you can base your website on that you can adjust with your brand colors and content for as little as $36 a month. While Squarespace and Wix are great for people that are less familiar with website development, you may want to consider using WordPress if you want more flexibility when it comes to designing your website and more integrations you can build into it later on.
The great thing about creating social media accounts for your business is that it’s 100% free! Claim your Facebook Business Page, Instagram Business Profile, LinkedIn Company Page, Twitter/X account, and TikTok account and have links to all of them from your newly designed website. Having these accounts helps with your website Search Engine Optimization and can be a fantastic way to grow your following and get you noticed quickly right out of the gate.
Having a verified listing on Google is one of the best ways to get found while people are searching for a business that offers your products or service. Go to Google’s business profile center and apply to have your listing published on their platform. They may require you to receive a postcard at your official business address or send a video verifying that you have the authority to operate a business from that address. But once you have that listing established, you can start collecting reviews, add photos to your profile, and have your business contact information publicly available to potential customers using Google’s search engine.
Fun fact: YouTube isn’t a social media site. It’s a search engine! Having a series of educational videos and portfolio work on your YouTube channel is a great way for your potential customers to learn more about your product or service without even having to talk to you on the phone. And all you need to start creating videos about your business is your smartphone! Show people what you’re working on, share video testimonials from your customers, and give video examples of your product or service to show people exactly what they can expect from your company. Checkout YouTube’s official video on how to create your channel here.
Lastly, you’ll want to make sure to secure any business licenses that are required for your specific industry. If you work in food service, real estate, or niche business areas, check with a business advisor or do your own research to see what licenses you need at the national, state, and local levels. Costs for these licenses can vary depending on your industry and location.
After we tally up all of these expenses you have:
This adds up to $266, leaving you with room to spare if you’re required to pay for any other startup costs of licensing fees. If you have a great business idea or product, there’s no reason for you to wait! If you are ready to get your business launched, our team is standing by to give you the support you need and the speed to make it happen quickly. Whether you use MyCorporation or another service to start your business, we wish you luck on your new venture!
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