How to start an online business with little or no money: Can it work?
The jury was out on whether it is possible to start a business without a clear business plan. There are certainly many different opinions on that matter. But as for starting an online business with little or no money – Yes it is certainly workable. Understanding opportunities to achieve this is the best place to start if you are interested to try this approach. That then puts you in a position to choose whether that is the best option for you to follow.
How to start an online business with little or no money: The Options:-
Crowd funding is a powerful way to generate start-up funds without needing to invest personal savings or take out bank loans. There are a number of crowdfunding businesses each with their own advantages and drawbacks.
Crowdfunding is certainly worth looking into more seriously if you already have a clear business plan and/or product concept. The success of a crowdfunding campaign is all driven by how well you can pitch the benefits of your concept to potential backers. But that said, some people succeeded even with the lowest of expectations when they launched a crowdfunding campaign.
In 2014, Zack “Danger” Brown started a crowdfunding spoof seeking support to merely raise $10 to fund his potato salad creation. Once launched the campaign quickly went viral and in the space of a month raised $55,492.
Affiliate marketing, is way to start an online business without having any product or service of your own to market. In affiliate marketing you are basically marketing somebody else’s product or service. If you follow this approach then you can very easily minimise your strart-up business expenses. But in affiliate marketing you need to research the demand for the product/service and the terms of engagement by the affiliate agency.
Drop-shipping focuses on marketing other people’s product online. In that sense it is similar to affiliate marketing. But drop-shipping allows individual marketers to set their own price for the product they are marketing. In affiliate marketing, the price for a product is set by the originator of that product.
Basic requirements for online marketing:
Okay, here we are getting to the bare minimum costs. These are the essential costs required to get established for online marketing.
Website builder – It is possible to build your own website for free through platforms such as WordPress. But to do so means that you are not able to create a unique identity for your site. The free WordPress website builder requires that you have ‘wordpress’ in your URL address which reduces the brand-strength of your marketing. Other limitations of creating a website through WordPress include the time taken to learn the process for building your own website – it requires patience and persistence. Otherwise there are simpler paid options that don’t come a huge expense which can be reviewed through search engines.
Domain name – Now while it is possible to build a website without purchasing a unique domain name, there is a reason why you don’t see any free WordPress domain names in online marketing spheres. But the cost of purchasing and securing domain names typically cost less than what you would spend on your groceries each week.
Domain hosting – The cost of hosting your domain can vary widely depending on what features you would like to have with your website hosting, ie. 24/7 customer assistance, autoresponder services (for email marketing), eCommerce functionality etc. Here it pays to research specifically what features would be most helpful for your online marketing business.
Can I do online marketing without a website?
Some people will state that it is possible to successfully run an online business without a website. But to do so carries similar limitations to building a website that you don’t purchase a domain name for. It similarly restricts your ability to promote your unique brand and identity to the online work. And without a means for standing out this significantly limits your ability to connect with an audience that will sustain your business success.
Working through the process of discovering how to build an online business with little or now money can be a great way of building your resourcefulness in online marketing. To do so however requires a greater effort on your part. And that is the other side of the online marketing training journey that needs to be weighed up. Many people find it less expensive in the long run by paying a significant financial investment into launching and advertising their online business. It is really up for each individual punter to work out for themselves. In the end neither approach needs to be considered better than the other. In fact both the highly leveraged and spend-thrifty approach both have the opportunity reach the same levels of success. Moreover both methods require the same single application of determination in providing a solution/s to market needs in the online community.
Are you ready to take control of your life? Building your own online marketing business is a great way to do that.
Getting trained in developing my own online marketing business has empowered me to embrace the shifting chaos of the world economy right now and set up multiple income streams. Click through on the link below to get access to my Mentor’s FREE Online Marketing Workshop