Last updated on May 27th, 2020
In this digital age, almost all businesses have their presence on the web. This is because potential customers research and shop for products or services using the Internet. Therefore, even most brick and mortar shops have business websites to get customers. However, the question is how to start an online business that does not require funding.
How To Start An Online Business That Does Not Require Funding
You, as a budding business person, need to address this question, considering its all the major aspects. At the face of it, starting an online business looks easy. It seems that all you need to have is a website. The fact is that a lot of preparation goes when you want to know how to start an online business. This is especially so if you want to start it quickly without money.
In fact, many online businesses do not require money to start. After all, you do not have to spend on office space, licensing, permits, supplies, equipment, etc. That advantage is missing in setting up a brick and mortar shop or company, requiring huge funding from banks. Since most online ventures do not need funding, freelancing has become a norm.
Here Are Some Key Tips To Find Out How To Start An Online Business
01. Get The Right Business Idea
When figuring out how to do online business, first get your online business idea. Pick an idea that provides a solution to a problem that people are facing. It would be advisable to think of something you are good at. Your hobby or any skill is the right idea.
However, make a little market search. You can find out which niches are still mostly uncovered by businesses. Find out how you can help people resolve their problems with your products or services. Find out what type of business will help you build a brand identity at the earliest. That will help in driving more traffic to your website. Above all, you should know which is the best online business for you.
There are sites such as Springwise, IdeaWatch, Trendhunter, and Producthunt to help you decide on a business idea. When seeking information on how to start a business without money, then look for the skills that you already have. This way, there is no need to invest on learning skills afresh.
In fact, a lot of modern businesses do not require money to start. Drop shipping and affiliate marketing are some of them.
02. Research Your Customer
Know your ideal or target customer when finding out how to start an online business. Find out more about the economic and social background of the customer. Remember that you will be writing content to promote your new business. That will require you to identify your customer precisely. So, carry out a thorough research
You should visit social networks, online forums, and blogs to know customers’ reaction to products offered by your rival companies. With this help, make sure that you come out with an improved product or service.
03. Name Your Business
After you have zeroed in on the idea of an e-commerce business, name your business adequately. In fact, this is equally important to address the question of how to start an online business. The name should clearly tell customers about what you offer to them.
You can sit with your friends to brainstorm a perfect name. Avoid picking an easy to pronounce a name that people can spell on phone or talking. Prefer a name that has not more than 4 to 5 syllables. Choose a name that looks good in the logo design.
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04. Get Your Business Registered
Another thing to consider when knowing how to start an online business is its registration. Once, you have named the business, get it registered at the first opportunity. It is better to first have a shortlist of a few names. Then, check which of them you can register with the authority. A registered name has its own advantages. No one can steal your business name and idea once you have registered it properly.
Visit USPTO [ U.S Patent and Trademark Office ] site to check your name for registration availability. The cost of registration is generally cheaper. Then, there are businesses that do not require registration. But you need to follow the law and pay tax.
05. Get A Domain Name
A domain name holds a significance value for your e-commerce business. The fact is that without having a domain, your business will not have a proper web address. This address is important for your customers to find what you sell online.
Most business owners prefer a .com domain. But if your business name is already taken up as .com, then try the extensions such as .co and .net. You can check domain name availability on sites such as InstantDomainSearch, Namecheap, and Freenom.
06. Have A Logo
When asking how to start an online business, do not forget your business logo. Your logo will be the identity of your business for customers. They will first see it on your website, products or services you sell, and in your marketing campaigns later on.
But create a unique logo design that can catch the otherwise people’ wavering attention. An innovative design of your logo also helps in giving out the desired brand message to customers.
You can use some templates to create your own logo online without spending on it. You can use an online logo maker tool that usually comes free for new businesses. These tools work on drag and drop basis in a simple do it yourself way.
Do not forget to get your logo registered too. Your logo is your identity in your niche market and amongst customers. So, after you have finalized the design of your logo, register it as your trademark. Visit your federal or state government website to get the logo registered.
07. Build Your Website
Another advice in response to how to start an online business is to have a nice website. There are many online design software tools that you can use to build your own website. You do not have to spend money over it. In fact, thousands of plugins and design templates are available for free to create websites.
You can also use Content Management Software [CMC] such as Joomla and WordPress free to design your website. Building a useful website is how to start a business without money as you can get the site free from many sources.
You can use free eCommerce tools such as Magento or Prestashop as your online store after you customize them.
08. Have A Business Card
A business card has contact information of a business. Make sure that the card is your website address, phone number, fax number, etc contact details. But a modern business card design is more than being a simple card. It is a tool to make the best online business impression on a potential customer.
When a client gets your card, he or she must have a good feeling about your new brand. It helps in building your new businesses’ brand identity. This is also the way to generate word of mouth publicity for your new company. That is how to start an online business as a professional.
Once you have the card, distribute it among your friends, relatives, and anyone else. Give these cards to the people randomly on the sideline of a business event. You do not have to spend a lot to create your business card ideas. There are many free templates that let you create your cards on your own.
09. Promote On Social Media
Another major response to how to start an online business is to use different social channels. Social media is the platform every new or old business is exploring to get customers fast. Just one viral video is capable of driving an unprecedented amount of traffic. A few impactful tweets about your newly launched product can lure people to it. Your useful post on Facebook can draw people’s attention to what your business sells.
So, open accounts on Twitter, Facebook, Instagram, YouTube, and others. Then, start posting content regarding your business regularly. It will help in generating a lot of traffic in a short period of time. However, make sure that you hire graphic design services of a professional to create your unique social pages.
Note that social media promotion is free. But you need to write the post and submit them frequently to different social platforms. This is how to do online business exploring social channels.
You can also make good use of your contacts on Whatsapp, Snapchat, FB Messenger to spread the word about your business.
These are some of the basic things to consider when addressing the question of how to start an online business. Give your time to each aspect to get the desired results.
To Wrap Up…
When seeking information on how to start an online business, it is important to consider its many aspects. You should sell your own skills and hobbies as your business. Create a website for your business using free design tools. Have a logo and business card as well and promote your products or services on social media.