How To Start An Online Business With No money
There are loads of people that are earning lot of money with an online business. It is natural to have an interest in doing it yourself, but, it can be difficult to see where the starting point is. In this post I am going to go through all the steps on how to start an online business with no money.
Step 1 - Decide What You Want To Get Out Of Your Business
There is no point starting a business if it doesn’t give you the lifestyle that you want. If you pick the wrong business, you will get bored and won’t work hard enough to make a success out of it. Therefore, you need to set some rules for your new business. For example, when I was looking at online businesses to start, I set some prerequisites that it should fulfil, these were:
- Give me the flexibility to work when I want
- It had to allow me to work from anywhere
- It had to be worth it, with regards to earning potential
- It had to be legitimate and not some scam that I will fall for, or involve me trying to get somebody else to fall it
- There had to be good training materials out there, as I was going to be starting from scratch
You need to make a list like this for yourself and stick to it. This will help you decide what business to start.
Step 2 - Research Your Options
For the moment, put aside the fact you haven’t got much money to invest in to your business. The beauty of an online business, is that they are relatively cheap to start (depending on what you choose). I will go in to this a bit later.
This step is going to take quite a lot of research on your part. You need to get a list of businesses you may be interested in. There are lots to choose from, but below I have listed some that you may be interested in:
- Drop shipping – Selling products through an online store, but the supplier sends the product to the customer. This means that you don’t have to buy a product until your customer does.
- Copywriting – Creating content for businesses to inform their clients or to get them to take action.
- Social Media Agency – Managing the social media accounts for businesses
- Affiliate Marketing – Promoting other people’s products and services in the form of blogs, guides, reviews etc in return for a commission.
- Blogging – Starting your own blog and monetising it or writing blogs for businesses in order to attract traffic to their website.
Once you have a short list, you need to make a list of the pros and cons of each. This will help you decide if the pros are good enough for you to put the effort in to conquer the cons.
Step 3 - Make Some Start Up Cash
I know this post is titled “How To Start An Online Business With No money”, but realistically you are going to need a bit of money. So, you need somewhere to start, I am going to assume that you have access to a computer with an internet connection. If you have no money at all to start your business, don’t worry, there is a few good starting places to get you going.
With whatever online business you choose to start, you will need a hosted website. These are not expensive, but you will need to pay for it (check out Bluehost for quality and well priced hosting). To make some quick money to pay for this, you may want to look in to the following:
- Filling in online surveys – Companies pay people to fill in surveys for market research
- Data entry – Processing information using spreadsheets and word documents
- Proofreading – Checking for spelling and grammar mistakes in documents and papers
- Amazon Turk – Perform certain micro tasks that include helping Amazon to teach its artificial intelligence (be carful with this one, it can take over your life in a bad way)
- Selling stuff on Ebay – Get rid of old stuff or flip products to make a profit
For more information on these check out my guide on how to make money by working from home.
These methods won’t make you rich, but they will easily pay for your website hosting, a marketing budget or some training until your business starts to make you some money.
Step 4 - Get Started
Once you have got a bit of cash to get started, you need to get to work. Many “gurus” say that you should’t wait around and you should get started as soon as possible. Their argument is, that if you start your business, even if you have no idea of what you are doing, you are one step closer to your goals.
I agree with this to a point. But I believe that you should put some ground work in to be prepared. If you do some homework before you start, you will be able to avoid some rookie mistakes. But, don’t strive for perfection or try to find a winning formula before you get going. You will never get started. So, get some good understanding and then take the leap. Whatever you choose, there will be a learning curve to go through. There will also be mistakes, but don’t treat them as failures, treat them as something to learn from and don’t make them again.
Step 5 - Refine
Once you have been working with your new business for a while, you will have learned a lot about it. You will know what is working and what isn’t. Use this new knowledge to make improvements. You will then be able to scale up and make it profitable.
Step 6 - Don't Stop Learning
Even if you learn a small thing per day, you will build up your knowledge massively. All the little things add up and you will find that your time is used better and you will be meow productive.
There are lots of sources of information online. From Youtube videos, blogs and training courses. Some top these training courses have free memberships to help you get started or to give you an insight in how it all works. A good example of this, is the Wealthy Affiliate Free Membership. This is a great training course that will tell you how to launch an affiliate marketing business from scratch.
That Is How To Start An Online Business With No money
This information should get you going. But if you have any questions or thoughts on this subject, please let me know in the comments section below.