When deciding on an online business, it’s best to take up something you’re confident about and familiar with or at least something that provokes passion in you. Passion and confidence are among the biggest drivers of success.
Fear is the greatest challenge when starting a new business. To begin with, you’re on a shoestring budget. That’s enough to make you have qualms about it. The risk seems high, and you doubt yourself. You ask people you know for advice, but it has the opposite effect: they make you feel even more scared.
Silence your inner voice
If your inner voice is insisting you won’t make it, find a way to silence it. You start a business by having a solid plan in place, not by tormenting yourself with “what ifs.”
The main reason many businesses fail isn’t a bad product or a bad start: it’s the lack of a start at all. To overcome your fears, just do it – there’s no other way.
Keep it simple
Staying focused and keeping things simple is crucial, considering how many angles there are to approach a new business from. Increasing your efforts only wears a thin budget even thinner. Although starting an online business is a very general topic, there are two main options: selling products or selling services. You can do both on a budget, but when it comes to choosing an angle and a market, you need to be careful.
Make a website
When you decide on the main purpose and target audience of your online business, the next step is to create a website. Here are a few technical details.
Choose your hosting provider wisely
Since you’re on a small budget, you need to choose between a virtual private server (VPS) or a shared hosting plan. The latter is cheaper, but the quality is also lower. If you expect your business to grow, choose a VPS.
Some hosting services will offer a domain for free for a certain period after signing a contract with them. This option can be appropriate. Make sure you are aware of what the exact period will be.
The most expensive domains are .com and .org. Some hosting providers’ prices are more reasonable than others.
Choose WordPress as the platform for your site to keep costs as low as possible. Some providers have a combination of website creation and managed to host.
You can choose any location to host the site if you download the site-building tools from WordPress.org.
Ask for a detailed quote
Your hosting provider can be local, national, or a company with servers all over the world. It’s recommended to ask for detailed pricing information.
Maintenance and scalability
WordPress sites have the additional advantage of requiring little administration once they’re up and working. The interface might take some getting used to.
In the way of maintenance, all you need to do is keep important plugins updated and install the most recent security patches. Your hosting company might offer a plan that includes a security bundle.
If you choose WordPress, you’ll find all the important plugins are free of charge. If your business grows and your site reflects that, you can pay for extra functions or download paid plugins.
Tips on selling products
Facebook ads can help you promote your business. Compared to other social media, they hold the highest value for consumers.
You could start a shop on WooCommerce, Shopify, or another platform and use drop shipping. Suppliers provide product listings directly, and you make them available for sale in your shop. When someone buys something, the supplier has to fulfill the order.
Tips on selling services
Huge marketplaces like Upwork and Fiverr make it possible to offer all kinds of services to all kinds of people. You find a niche, see what people are already offering, and offer a similar service, but with a twist so you stand out. Eventually, you’ll start making big bucks.
Here are a few popular business ideas, which are also low-cost to boot:
- Copywriting
- Digital marketer
- Social media manager
- Stock photography website
- Branding and design
- Website design and hosting
- Tutoring
- Mobile DJ
- Gift basket design
Research the market
Market research is an ongoing process. You can start with it and do it continuously as you set up and launch your business. Explore who your potential clients might be, the competition, your potential client's needs, their location, and more.
You can research the market for free; it will not strain your budget further. Ask the following questions, among others:
- Where are my potential clients located?
- What do they like or hate about the product or service currently on the market?
- How much do they earn?
- What problem do they have?
- How much would they pay for my solution to their problem?
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