Starting an Online Business on a Budget

Have you ever planned starting your own business and then gave up because you thought that becoming an entrepreneur is too expensive? You should give that a second thought and start the business online. While the upper limit for running an online business is determined only by the amount of your funds, the fact remains that there are dozens of legitimate businesses that can be founded for just 40 AUD. So, given that the internet has leveled the playing field so much that even the people with very limited funds can enter the game, let us see what steps they should take in order to succeed.

 

start-business-with-no-money-selling

Find the Need and Provide an Answer

We know that it is much harder than it sounds on the paper, but finding the right niche for your business to exist in, is probably the most important choice you will ever have to make. What you will have to do is look through the online forums and determine what people are asking for, do keyword research to find out what they are searching for, and finally analyze the answers your future competition is giving to those needs. Only after doing that will you be able to take an unbiased look at your own desires and skills, and find out what your business should be about.

Create Your Website

Now that you know what your job will be, you will have a much clearer understanding where your money needs to be spent. Still, regardless of other expenses you have in mind, building a website should be your priority. Get yourself familiar with the basics of DIY website design, and choose some of the free website building tools like WordPress or Tumblr, to apply your newly acquired skills. Hiring professional developers to build your website may come further down the road. For now, it is important that you minimize the costs, and learn about branding and basic development yourself.

Establish a Secure Payment System

If your business features e-commerce in any capacity, you should make sure to create the safest possible environment or your business will be very short-lived. Ideally, you should opt for Escrow, the safest way of doing business online. Luckily, the rise of competition in this niche left us with a number of affordable escrow, so you should not have any problem finding the ideal third-party to monitor your transactions.

Attract the Visitors to Your Website

Since you are just making the first steps, there is an obvious need for the largest possible amount of people to become aware of your presence. One of the easiest and cheapest ways of doing this is by blogging. Providing useful, regular, quality content will attract far more visitors than your products, and give you more opportunity to turn those visitors into customers. Making your brand present on all the relevant social media will drastically affect your follower base. Once you reach a core audience, organize various contests and calls-to-action to create a self-sustainable word-of-mouth.

Do Your Best to Turn Your Visitors into Customers

Unless your business is primarily focused on blogging, you should encourage your visitors to spend money. To do that, you will first have to streamline the buying process as much as possible. Second, you should ask your visitors to leave their email in order to create an opt-list. Just keep in mind that while email marketing is a very cheap and efficient way of engaging your potential customers, you should offer some value for the visitor’s participation. If you do not offer some quality content along with the marketing message, you will just come off as annoying.

As you can see, starting your own online business is really not that expensive or too hard to pull off. The real problem is finding what your business should be about. If you, however, manage to answer this billion-dollar question, just follow the tips listed above and you will make a huge step towards a brighter future.

Matt Hendry

Matt Hendry

Staff reporter at Startup Dope
Matt Hendry, takes a keen interest in following tech startups and loves covering their travails, as they succeed. Matt, also loves photography, indie films and jazz.
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