In the old days, you needed to have a lot of capital to even think of starting a traditional brick-and-mortar business. Today, thanks to the Internet, you can launch a business with very little or no money.
The cost of buying a domain name and one year hosting for a website today can be as cheap as your lunch. With the number of free services available online, you don’t even have to pay for a web designer and developer. You can get a beautiful template and a ready site from WordPress or Shopify for a small price.
So all you need to think about is your business proposition and what you aim to sell on your website.
Now you’re probably thinking – in order to sell something online, you need to stock up on products and that costs money. That’s an old school of thought actually. Today, smart entrepreneurs are not throwing down their life savings on a huge stockpile of products that they have to sell to make a profit.
With your website, you can test demand first by offering products for sale and only purchasing them when you receive an order. This safer way protects you from bad investments and allows you to test various markets to gauge which products sell better.
Now that you have your website and product, you need to think about how to market them. Once again, you don’t have to fork out thousands of dollars to promote your website and products. The advertising model on the Internet is different from traditional media. With traditional media, you usually have to pay top dollars for airtime (on radio or TV) or ad space (in newspapers or magazines). Online, however, you usually bid for ads so you can control how frequently you want to engage audience and who you want viewing your ads. Because you decide on your ad budget, you can settle for as little as $10 a day to promote your website on google or social media.
With your website, product and marketing in place, you now have the basics to launch your low budget business. Is it enough to be successful? It’s enough to get started. How far you go depends on your own efforts. You can read up about online marketing strategies from free resources on the web. Your knowledge will enable you to spend little for maximum results.
Remember, having a lot of knowledge on how to use the web to sell is better than having a lot of money to spend but not knowing how to spend it.
If you stay focused and determined, your little site will soon grow bigger than you can ever imagine and make you more money than you thought possible. So don’t let a lack of capital stop you from pursuing your dreams. You can do it!