What kind of business could you start for under $500 and why should you start this business now?

Here’s a great little tip I posted on the Derrick Hayes Blog [I'm# 47] in response to his question>>> “What kind business could you start for under $500 and why should you start this business now?”

I believe the best businesses to start right now are service professional businesses, for example: coaching, consulting, web design, training, human resources consulting, financial strategist.

You can use your existing skills to get your business off the ground in a few days or less.

I would use the $500 to get a domain name and a hosting account (preferably on a month-by-month basis for now) and get a Word press template.

Simply posting valuable content every day and using free tools like Twitter, Facebook and LinkedIn will drive traffic to your site.

Getting out and networking, free speaking opportunities and joint ventures should be enough to get you started until you start making money.

Getting some business cards from Vistaprint is a great networking resource for those managing their budget.

This is the right type of business now because:

• the costs are fairly low,
• the speed to market is immediate,
•  I can learn whatever (web-based) skills I don’t have as I go,
• people right now need the help both in their lives and in their businesses

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To become a true entrepreneurial accountant, you must do 2 things (1) transform your time-sucking practice into a profitable business and (2) generate other sources of revenue so you can finally start to enjoy your life free of so much stress.

I hope this post and the others on the blog will get you thinking in the right direction.

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