In this post, we’ll show you how you can launch a new online startup for less than $100!
Essential Costs for Your Online Startup
Let’s pretend we’re building a business called Charisma Builder. It’s focused on coaching young men and women to develop confidence in social situations.
The following are the absolute bare essentials of the things you need to start Charisma Builder — or really any online business. Remember, though, this is going to change depending on what sort of business you start. For now, we’re focusing on creating an online business for your coaching services.
To start, we’re going to need a website.
Having a website and blog gives you the ability to own your own platform so you won’t have to rely on third-party sites for traffic and customers. And though having things like a Facebook page or YouTube channel can be helpful later on, you really don’t need it now.
When creating your website, you need just two things:
- A domain. The name people use to find your site.
- A web host. The website itself.
You can have a domain without a website but you can’t have a website without a domain name. That’s why your first step is going to be to purchase a domain.
1. Domain
COST: $12.99/year (on average)
I recommend you use Hover for your domain. Its simple interface and affordable domains make it a great deal. Also, it integrates seamlessly with WordPress (more on that in a bit).
The typical price for a .com on Hover is going to run about $12.99 per year, but this varies, as more popular keywords will understandably require higher prices.
A few other great options to buy your domain
- Namecheap. Domains as cheap as their domain suggests — with some as low as $0.88/year. A .com will run you about $12 / year.
- GoDaddy. Skeezy commercials aside, they’re a tried-and-true domain registrar. A typical .com there runs for around $12 / year.
So we have Charisma Builder’s domain. Now it’s time to point it to a website. For that we’ll need a good web host.
2. Web host
COST: $30/month
I suggest WP Engine. It’s a simple web host that offers easy integration of your domain to WordPress, a powerful website platform.
WP Engine offers a basic plan at $30/month or $360/year.
Of course, this isn’t the only web hosting service out there. A few other suggestions:
- BlueHost. A popular web host for entrepreneurs with stellar customer support. Prices start at $5.95/month.
- DreamHost. Great web host with unlimited websites, storage, and web traffic. Prices start at $7.95/month.
Now we have Charisma Builder’s website up and running. Now it’s time to build a list of loyal followers who’ll be throwing elbows to buy your product.
3. Email service provider
Your email list is going to be the soul of your online business. Without it, it’s very hard to share your ideas and get people excited by your products.
While there are a lot of great platforms out there to gather subscribers, we suggest you use ConvertKit
They’ll provide you with all you need to build a list, including landing pages, and sign up forms. The best part is that ConvertKit’s latest plan allows you to use their services for $0/month if you’re starting off with less than 10,000 subscribers.
Let’s recap, we now have Charisma Builder’s website with the following basic tools:
- Domain – $12.99/year
- Web Host – $30/month
- Email Service Provider – $25/month
We’ve set up the business for less than $100, with a monthly operating cost of around $55/month. Awesome!
That’s the bare minimum though. Let’s take a look at our options if we really want to make Charisma Builder shine.
Costs for Everything Else
The following are things that you don’t necessarily need for your business — but having them elevates your business to the next level.
No, we’re not talking about business cards or Facebook ads either. We’re talking about things that are going to help make your website and business great.
1. Simple, attractive website theme
COST: Free – $1,000+
Two great places we suggest shopping around for themes are:
- StudioPress. Great platform for WordPress themes.
- ThemeForest.Comprehensive theme aggregator across a variety of web hosts.
If you’re not sure what theme works for you, I suggest you purchase Genesis Framework for free from StudioPress. It’s a good, customizable website theme that’s perfect for new businesses.
Of course, you can always hire a designer to create your website. Though doing this before you have customers is something we don’t recommend as it’ll burn a hole in your pocket, and independent designers usually charge a fortune.
2. Audio / video products
COST: $15/month or $180/year
Say you want to develop a four-video course for Charisma Builder about starting amazing conversations. For that, you’re going to need two things:
- Video recorder. This is what you’ll use to actually record yourself.
- Video host. Where your videos will be stored.
If you want a one stop solution for all, try using Loom’s Premium Plan. It costs only $15/month with unlimited screen recordings and library storage for your videos. Note that the editing functions for this are basic but definitely worth it for that price especially if you’re just starting out.
If you want a separate video recording + editing software, try out Camtasia. It comes with powerful video editing abilities if that’s what you’re looking for, but you’ll need to commit to an annual subscription to start and will need to purchase a separate video hosting platform.
To host your videos, we recommend you use Wistia. This site allows you to store your videos and embed them onto your WordPress page easily.
Wistia’s plans start out FREE but the free only hosts up to 10 videos at a time. If you want to move up to their Plus plan, that will cost you $24/month for more storage.
How We Run Our Online Courses at IWT
At any one point in time, I’ve used (and still use) some of these tools mentioned above! These tools have shaped the backbone and growth of our business here at IWT.
Selling online courses has been one of the most reliable business models for us over the years. We have various programs you can choose from depending on what aspect of your life you wish to work on, from personal finance, to starting your own business.
I’ve helped thousands of students build their businesses with my most popular course, Earnable. You can take a sneak peek behind the scenes below:
Check out one of my latest videos on starting a business as well while you’re here!
It’s one of the best things I’ve published (and 100% free), just tell me where to send it:
