One of the primary reasons people hesitate to start a business is their fear of needing huge amounts of cash in startup money. If you’re starting a brick-and-mortar business that requires a physical location and inventory, yes, those startup costs can be very expensive. However, if you’re starting an online business, working from the comfort of your own home, then the startup costs are minimal.
Here are 5 steps to starting an online business on a budget.
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5 Steps to Starting an Online Business on a Budget
1. Purchase a Domain and Web Hosting
Every business should have a website as part of their online presence so invest in a paid domain. Don’t settle for platforms that offer free domains. Those will look similar to ‘www.mynewbiz.wordpress.com’ and these tyoe od domains don’t look very professional. Invest the money to purchase the ‘www.mynewbiz.com’ instead.
Domain registrars will generally offer you a hosting package too. Always check about their percentage of downtime and how quickly it takes to get a customer service response. If you have an emergency with your site, you don’t want to wait days for an answer. To help you get started, check out the affordable prices and stellar support at Namecheap.
2. Invest in an Autoresponder
An autoresponder is an email service that gathers email addresses from people who fill in an opt-in box on your website. Create a giveaway in exchange for their email. It’s a nice incentive and showcases your talents and knowledge. Some platforms are free up until you reach a certain number of list subscribers. Others are free based on how many emails you send each month. Do your research carefully because free platforms usually have more rules and regulations to follow. Choose a platform that matches your budget but also have a plan to use this tool.
Growing your email list should be a continuous cycle so you can stay in touch with prospects and clients. You just never know when a prospect will make a purchase and move to client status, so staying in touch is paramount. Check out this free guide to learn more about using email marketing to quickly grow your business.
3. Start A Blog
Content is an essential part of online marketing. If you have nothing worth reading or sharing, you’ll never be able to build an audience or sell any products or services. The best place to create content to share is your blog. Your blog is the primary way to get your customers’ attention and connect with them.
Think about your target customer. Who are they and what do they need? What you can do to make their lives better or easier? When you write great blog content it helps people on such a level that your readers simply can’t help but take the action you recommend. Your blog can be spotted by your audience via search engines and social media. Blog posts are longer and more informative while posts on social media today are precise and short.
4. Drive Traffic To Your Website
So now, you’ve got a well-designed, easy-to-use website with lots of great content tailored towards a specific target market. But there’s a problem. How do they know it exists? There are countless numbers of websites online, and you need prospective customers to visit your website. There are two main tactics you can use to generate website traffic to take. You can use free website traffic methods or paid website traffic methods. Both have their advantages and disadvantages and it’s always best to use a combination of both.
5. Become an Affiliate for Products that are In Demand
Many people start their online business on a budget by using the affiliate marketing business model. This is where you promote other people’s products and services on your website and if you make a sale, you get paid a commission. You don’t have to create the products or services you’re selling or sort out any payment systems. It’s all been done for you. Your job is to find the right product for your chosen audience and direct them to the product sales page with your own unique affiliate link.
You’re called an affiliate because you’re associated with the product or service but you’re not directly part of the product creator’s business. There are millions of products that you can promote that are perfect for your audience and you can have hundreds of products to sell in a matter of minutes. Each time someone clicks through your link and buys a product, you earn a commission.
Learn More: Free Online Busines Workshops
With some basic website and online marketing skills along with a little maintenance know-how, almost anyone can start an online business on a budget and get it up and running in only days. To learn more, check out these free On-Demand Online Business Workshops to help you start, grow, and scale your income by developing a recession-proof skillset and leveraging the power of the internet.
