How can you start your online business with minimum investment?
Let’s get one thing straight. Starting a business is no easy feat.
Any person who’s dabbled into the field of entrepreneurship can testify that the hardest part of any business is starting it. The situation gets even more tedious when you’ve got the tight leash of financial constraints holding you back.
However, differing from popular belief, multiple ways enable an individual to get their business started with low to zero investments. These ideas provide an entry point to beginners, and established businessmen alike to break into a new market, and allow them to pursue other opportunities without having to give up on their ‘day’ job.
With that being said, in an attempt to turn anyone’s dream of starting their own business into a reality, we’ve come up with five fool-proof ways which can do precisely that. As the little cherry on top, all of these methods require a minimum investment and are viable in the long run.
#1- Start a blog
Perhaps the most vital tip you need to keep in mind while looking for an unconventional and cheaper alternative to starting up a business is that most of these options are available online. Although that might seem too daunting to some, online companies are surprisingly easy to set up and get started, without having to spend half of your life savings on it.
One of the most successful ways to make it big in the world of online businesses might sound too simple, but it works like a charm- Start a blog!
We’ve put blogs on the top of our list since they are the easiest to set up. Any individual with a laptop and an internet connection can have their blog set up within a matter of minutes. According to Venturebeat, many platforms such as WordPress have such a high reach that they constitute about 30% of the internet.
However, before starting a blog, make sure that you pay your due diligence, and do your research. One of the fatal flaws you can make is to not have any particular niche. Instead of blogging about a bunch of random topics, pick one and make sure you stick with it.
Take inspiration from the blog of leather skin shop, they don’t talk about random thing. They have taken fashion as their main theme and all of their blogs run parallel to their primary theme. Similarly, you need to ensure that your blogs are in tandem with the rest of your website.
After you’ve chosen your site, it’s all a game of turning on AdSense, and you’re all set to reap the benefits of your hard work!
#2- Try your hand at affiliate marketing
Another easy method to solidify your position as an online entrepreneur is by incorporating affiliate marketing to your site. However, the concept of affiliate marketing is still relatively new, and most people are unaware of the business tactic that generated over 15% of the total revenue in digital media marketing.
To explain the phenomenon of affiliate marketing, let us demonstrate through an example. If you’re a beauty blogger with a broad audience, any recommendation you make will probably result in sales for the brand you’ve featured on your blog. If you partner with the brand and choose to sell their products by making a small commission- congratulations, you’re now an affiliate marketer.
Famous examples of affiliate market usually include beauty YouTubers partnering up with brands, in a business relationship which mutually benefits them both.
#3- Create online courses
If the thought of starting your business comes to you, chances are you likely possess a skill or two you’ve wanted to monetize. Well, with the internet at your hands, you can easily create and sell online courses, as well as make some cash in the process.
As a general rule of thumb, if you excel at something, people will be interested in learning about it from you. With the rise of unconventional methods of learning, more and more people are eager to educate themselves by enrolling in an online course.
With platforms such as LMS software, creating online educational courses has become a piece of cake. Using learning management software, along with several educational tools available, you can easily create interactive and informative courses catering to students from a variety of backgrounds.
Moreover, with courses such as SkillShare, you can share your course with thousands of students, without having to configure a single line of code.
#4- Create an eCommerce store/site
Although selling something online might sound to be a bit of a stretch, it’s quite a lucrative way to earn money with a limited investment. With estimates stating that the number of digital buyers will most likely increase to a whopping 2.14 billion people by 2021, you need to find your niche and create an eCommerce site as soon as you can!
However, similarly, to starting a blog, you need to do your research before creating an e-store. Perhaps the most critical thing you need to get sorted out is the good that you’re going to sell. After that, make sure that you know your market inside and out, along with pricing your items at a reasonable cost to ensure your business’s success in the long run.
Moreover, it would help if you also decided as to the platform, you’re going to host your website on. Most newbies usually rely on popular platforms such as Shopify, which enable them to cater to a vast audience and allow them maximum exposure.
So, where do you go from here?
Now that you’ve made it to the end of the blog, we can only hope that we’ve familiarized with some ways to start an online business without having to worry about finances. Aside from the four ways we’ve mentioned above, other alternatives to getting your business orchestrated, with the minimum investments include building membership websites, starting a podcast, or dabbling into the lucrative world of freelance graphic designing.
However, with that being said, perhaps the most essential quality necessary for sustaining your business revolves around the effort and hard work you’re willing to put in. As we said, starting and running is no child play, and you need to allow yourself time to turn your entrepreneurial dreams into reality!
Want to make your startup journey smooth? YS Education brings a comprehensive Funding Course, where you also get a chance to pitch your business plan to top investors. Click here to know more.