Setting up an online business? Sounds like an investment. How much money do I need? Don’t have enough saved up. I don’t think I can.
These are just some of the thoughts that might be going through your head and let me tell you, you are not alone. Setting up an online business seems like a daunting task especially when you do not have enough capital to begin with.
What if I told you that is a thing such as a 100 dollar startup? In fact, you don’t need a heavy investment to have the most profitable online biz. This isn’t click bait. Keep reading to find out.
In this blog post, I will provide you with a step by step guide for setting up an online business while keeping in mind the claim that I made earlier: a 100 dollar startup.
So let’s cut to the chase shall we?
In 2020, everything is online and many people are starting to move their businesses online as well. People have realized the effectiveness of this platform and it is high time you do to.
What do I need while I am setting up an online business?
Definitely a lot less capital than you would need otherwise. In fact, a lot less than a lot less. Even 100 dollars would do!
I will tell you four things you need to do that all the best internet businesses do.
Why do people need this product/service?
A common mistake that people make is that they focus on the marketing of their product from the get go. This is what you will NOT be doing. What I want you to do first is to identify the need for your product or service.
So ask yourself, why this product?
Another way I would put it is I’d ask myself, do people really need this? The reason you are doing this is that you are checking whether there is a viable market for your services. You not only want your business to thrive but you want it to be the best internet business. Like they say, aim for the moon.
Brainstorming costs nothing and you don’t even need to hire anyone to do that for you. I think nobody will understand your business better than you do.
The next thing you need to do is to google it. Go online and join relevant groups or forums. Check the kind of questions people ask. What they are looking for and what issues they want to be resolved. See if your product has the same issue and fix it!
This way you are preemptively dealing with the problems. Trust me, if you are able to do that the most profitable online biz will be yours.
Exploring online will also help you check your competition. You can check what they offer and how you can stand out. See what they are missing out on and go for that.
So how much money have you spent so far? Google was free the last time I checked. Our 100 dollar startup has cost us nothing so far. Great, right?
How to write an engaging copy and not copy paste?
Starting an online business doesn’t mean that you stop engaging. In fact, all you should do is engage, engage and engage. Remember your engagement should be with your target audience! Yes, that’s the only engagement I’d be worried about!
You must write a sales copy that makes your readers become your customers as soon as they read it. It should be compelling. Think of it as the only chance to impress. Forget about dress to impress and focus on write to impress.
I know you must be thinking, I am no writer. How should I even begin?
The answer is simple. Start with a headline. Your headline should grab the readers’ attention. It is the cover of your book and trust me, people do judge books by their covers!
Your sales copy should also include testimonials of people who have benefited from your service. It should be credible and focused on how it solves the problem that it targets or help/facilitates the audience.
Assume it is your baby
Present it like it is your baby. Highlight all the good things about it and give a guarantee!
I would strongly recommend you add pictures and videos to make it look interesting. Nobody wants to buy from a boring person. You have to make sure your page has a personality. It is your baby, remember?
By having a personality I mean share relevant pictures, articles and small tid bits that make people buy your product.
Let’s calculate the cost. If you are a good writer, this will cost nothing to you. However, if you think you cannot write you can hire a writer. You can go to freelancing websites and get the job done for as little as $10.
Now one thing on which you would be spending money is on paid keyword ads so that your content has a wider reach. I would say don’t even think about missing out on this one because there is no point in investing if people don’t even see it.
So if you want your business to be the most successful online biz or even be among the best internet businesses now is not the time to be frugal. Save it for later! I know I would.
The average cost-per-click in Google Ads is going to be around $1 to$2. There are obviously both cheap and expensive keywords available. I would suggest that you start with cheap ones and see where it goes from there.
Of course I won’t recommend starting with long tail keywords if you are just a beginner so start small and then adjust accordingly.
Let’s do a recap, so far setting up an online business has roughly cost us about $40 or less.
How do I build my own website?
Now that I have walked you through the initial steps of setting up an online business, it is time to create a website for it. I know you all know what a website is so I will spend most of the time telling you what it isn’t supposed to be.
While making your own website make sure you don’t do the following:
- Create a tacky website because I know for a fact that it makes people lose credibility
- Create a website that is difficult to navigate (stresses me out the most)
- Add more than three steps in the checkout (I would be frustrated)
- Forget to add trust badges such as MasterCard Secure
I would suggest you use open-source systems like WordPress to create your website. I know I had zero experience with coding and using WordPress was easy for me. You can also check Wix out.
I know you’re wondering what the cost is. The expenses that I would be worried about include domain name, security badges, and hosting. The range you must keep in mind is $3-$20 per month. Small business funding online is really that cheap.
What about building my online community?
Setting up an online business is no different from other businesses. From my experience, I can tell you that building your online community is very important.
I think the best way to build an online community is to engage with social media accounts of businesses and bloggers that are relevant to your business. The more you interact, the more contacts you will end up making.
I would suggest you start collaborating with businesses or bloggers that have a similar target audience. This will help your business to grow. I know some of you may think they don’t have great communication skills but trust me this is for your own good.
I networked for my business both in person and online. This is the reason why I was able to foster a very engaging community. The only investment I made was of my time and it was worth it.
Let’s start with the easiest lot. Actually, I started with my friends, colleagues, and family. I told them about my new venture and it wasn’t salesy at all. I just told them that’s what I am doing. It was super easy and it also helped me tackle potential questions and problems I had to address.
Starting with people I knew gave me a trial run and their questions and suggestions helped me refine my presentation and business.
I know when you talk about your business in front of new people you can feel a bit ambushed by all the questions they have. That is why starting from your inner circle can be a good ice breaker.
And guess what…it doesn’t cost a penny.
You can also look for events happening near you and attend them. This will not only give you additional info but also new contacts.
Setting up an online business has never been cheaper! So what are you waiting for, follow the steps I have shared in my article and start running your 100 dollar startup today.