How to Start a Business on a Low Budget?
This is something that young entrepreneurs ask very often, and there are many people writing about it. Here we are going to give you some unique tips from a different perspective.
One of the simplest ways is starting an online business based on your expertise and interest. The first tip, probably the most important one - Don’t try to make a perfect product before you start selling it.
You build a website for your business ideas. There are quite few websites that allow you to create a website even for free. Search for Tilda, Readymag, Wix, and many other platforms, you can even build your own branding. If your budget is under 25 dollars to spend on your website each month, you can use these websites’ branding for free.
You will have a basic website structure to start your funnel. It will pump some traffic to your website and through this you will see if the product is something that people need, assess the demand situation. If the demand is very low, there is no point in spending a lot of time to promote this product, and instead turn around to work on something that has enough market demands.
After your website is built, you start testing, improving and operating it as soon as possible. If you only focus on improving your website in order to make it perfect, you will never start your business. Know when to move on to the next step. You might think that your website has poor design and you're embarrassed of your product, it's normal, and it’s good, most startups feel the same, actually most of entrepreneurs do.
You try testing the market. Analysis is a must for both online and offline businesses, and it's a little bit simpler for online business, as you can check on the Internet to get information on almost anything you need. When you test the product and you already see the need of your product in the market, then you can try building the funnel trend.
Try to collaborate and to attract more traffic. And how you generate free traffic? If you don't have the fund to start or you can start under a limited budget, you can start developing some of your blogs. And it doesn't matter if it's personal or it is a business blog, you can choose one of the platforms.
Don't try to develop all the platforms at one time. It is a trend nowadays to execute multi-platform marketing, but you should start from one and focus on it first, otherwise you will be distracted from the very beginning. Later, you can develop anything you want and with this platform to build some audience. And there're different techniques, too.
Here we are going to skip on mentioning how to build your audience on Instagram of Facebook or something like that, we suggest that you start working with bloggers that are about your size. Even if they are very small, they are very engaged. Even if the bloggers only have audience of 500 people, but there are multiple small bloggers, just choose certain bloggers with targeted audiences. It is crucial to start building your email database immediately.
Have you thought about this, any platform can just shut down someday, for example, Instagram is having problems many times, and you never know what will happen? If you have email database, phone number database, it's much easier to approach people for product sales. After testing your products, you can start to attract first customers.
For example, you can offer your potential clients a few free consultations or free products to try, in return, ask them to give some reviews of your product or service and publish them on your website, social media to gain and grow credibility. Later on, you can even upsell similar products to them. Start from something small for people to test if your products are good.
Basically, do not try to approach people with your kind of master couexamplerse or biggest item that you have, or biggest consultant as support that you have. You should start from something small for people to test if you're good. And there's a very important thing that I actually share another tip that I shared in my courses is how to build your expertise around yourself to show people that you're someone reliable and stuff, and that actually is very good for you and one of the things that I mentioned is actually gather all the information, all the things whom you work, have been working with, your previous clients, different kinds of reviews, schools, different courses, certificates and all these stuff that you've been thinking isn't actually needed, it actually is. So, basically, try to gather all this information and, also, publish it on your website. If you're the person actually that is dealing with flies, this is super important.
How to Start Online Business?
Let's move to the other tips on online business. How to start it? The core tip I think is to build a community. It's not only about getting leads, it's abot building community, because your first fans will be or community members, they will be most kind of loyal. I think, this is a cruicial thing that no one is thinking about and starting of selling businesses. On the other hand, when you're starting a price and services, and you want to reach faster income, then maybe, just maybe you should thinkg of as well as getting various pricing categories. Starting from the smaller ones, I spoke a bit about it already that you should sell something smaller and then upsell.
But in general, if you try to sell, there's category of products that would be very helpful for your clients to kind of decide which package they want. And you should remember that VIP package is sometimes what you should have if your services allow to have it, because you don't know who comes to your website. You never know what services do they need. And, also, it's better to keep up to three products in the line, because if it's more, it's very hard for people to decide what they want. Especially, if it's online product and you sell it with packages. It's better to keep three products, three various packages of the products, so people will not go overwhelmed with what you offer.
And last, but not least tip is to follow up. If you follow up with clients, it's kind of increases your sales. It's not even 5-10%, it's massive because you should follow up not only one time, but you should follow up like multiple times to get your customers to acknowledge you. And, basically, there're different strategies on follow up and different models on follow up. You don't just call to people and say: "Oh, I just called to follow up." No, it doesn't work. You should actually propose something different, test market.
When you have a sales people in your team, you should tell them that the follow up is actually a part of testing. You can check what is the product they need, what is being developed and stuff, you know. And upgrade your product as well, which will really, really help you. And then, on the other hand, when you actually start developing your product and following up, you build even stronger community, because people maybe some of them will feel irritated, but in general, I don't think it's a problem. So, once again. Those all tips are mainly for online business or some business that are built around you are somehow expertise. And, remember, the core thing is just not choose to be stuck with developing an over developing product. You know, all these steps I mentioned, are quite simple to accomplish and to achieve.
You can build a website, OK if you did never try to do that, you can do it within a day, but the core thing is actually for you to be kind of very persuasive and to create something people need, instead of creation of product that was not tested at all. So, raw product is something very crucial. You just sell the raw product and then you develop a pro upgrade and stuff. So, that people will be more comfortable with that.
Same with if you start courses probably isn't worth your time of pre recording everything, just doing more in a workshop and then testing, also, understanding what are people needs, same with consulting. But consulting is much easier because you are kind of doing it at person-to-person. And, it's much easier for you to understand and to change your offer when you talk to poeple. So, basically, just remember about those tips and these tips can bring you profits probably not immediately, but then, if you do approach in a correct way, you can get results quite fast.
Article by Olga Fleming