What do I need to start my own online business? I get this question a lot, especially from individual entrepreneurs who don’t have the money to invest in an online business. Additionally, I get questions about how can I start an online business with no money. Fortunately, there are dozens of ways you can start for free or cheap.
Starting a business from home has become more and more popular as the internet continues to become more prominent in our lives. The experience of starting your own business can be exciting, but it can also be scary. Before you jump into the world of entrepreneurship.
it’s important to take some time to learn about how to start a business for free.
Start a business that fills a need.
Most people who are just starting out make the mistake of looking for a product first, and a market second.
To boost your chances of success, start with a market. The trick is to find a group of people who are searching for a solution to a problem, but not finding many results. The internet makes this kind of market research easy:
- Visit online forums to see what questions people ask and what problems they’re trying to solve.
- Do keyword research to find keywords that a lot of people are searching, but don’t have a ton of competition with other sites.
- Check out your potential competitors by visiting their sites and taking note of what they’re doing to fill the demand. Then you can use what you’ve learned and create a product for a market that already exists — and do it better than the competition.
Write copy that sells.
There’s a proven sales copy formula that takes visitors through the selling process from the moment they arrive at the moment they make a purchase:
- Arouse interest with a compelling headline.
- Describe the problem your product solves.
- Establish your credibility as a solver of this problem.
- Add testimonials from people who have used your product.
- Talk about the product and how it benefits the user.
- Make an offer.
- Make a strong guarantee.
- Create urgency.
- Ask for the sale.
Throughout your copy, you need to focus on how your product or service is uniquely able to solve people’s problems or make their lives better. Think like a customer and ask “What’s in it for me?”
Choose a Business Name
Choosing your business’ name is an important step in the startup process. Because your business will primarily function online, your chosen name must be available for registration as a business name in your state and within the digital space.
This means you will need to check whether the name you want is available as a:
- Business name in your state
- Domain name
- Username on each of the social media platforms you plan to use
If your chosen name isn’t available as a domain name or social media username, consider different permutations of the name, and remember that many domain name extensions beyond the original “.com” are available. Additionally, it’s important to check that your name and domain name aren’t impinging on any registered trademarks.
Take Care of All the Legal Tasks
Like a brick-and-mortar business, you will need to file all the appropriate business-formation documents and other paperwork to ensure your new business has a solid legal foundation. This includes:
- Registering your business with the appropriate government authorities
- Obtaining all the required permits and licenses
- Meeting all federal and state tax requirements, such as applying for state and federal tax ID numbers
Since these requirements vary on a state-by-state basis and the nature of your business, it’s important to do your research so you meet any applicable requirements. Again, it’s often helpful to consult with an attorney with experience in business startups in your particular industry to make certain you’re on the right track.
Design and build your website.
Once you’ve got your market and product, and you’ve nailed down your selling process, now you’re ready for your small-business web design. Remember to keep it simple. You have fewer than five seconds to grab someone’s attention — otherwise, they’re gone, never to be seen again. Some important tips to keep in mind:
- Choose one or two plain fonts on a white background.
- Make your navigation clear and simple, and the same on every page.
- Only use graphics, audio or video if they enhance your message.
- Include an opt-in offer so you can collect e-mail addresses.
- Make it easy to buy — no more than two clicks between potential customer and checkout.
- Your website is your online storefront, so make it customer-friendly.
Use search engines to drive targeted buyers to your site.
Pay-per-click advertising is the easiest way to get traffic to a brand-new site. It has two advantages over waiting for the traffic to come to you organically. First, PPC ads show up on the search pages immediately, and second, PPC ads allow you to test different keywords, as well as headlines, prices and selling approaches. Not only do you get immediate traffic, but you can also use PPC ads to discover your best, highest-converting keywords. Then you can distribute the keywords throughout your site in your copy and code, which will help your rankings in the organic search results.
Establish an expert reputation for yourself.
People use the internet to find information. Provide that information for free to other sites, and you’ll see more traffic and better search engine rankings. The secret is to always include a link to your site with each tidbit of information.
- Give away free, expert content. Create articles, videos or any other content that people will find useful. Distribute that content through online article directories or social media sites.
- Include “send to a friend” links on valuable content on your website.
- Become an active expert in industry forums and social networking sites where your target market hangs out.
You’ll reach new readers. But even better, every site that posts your content will link back to yours. Search engines love links from relevant sites and will reward you in the rankings.
Use the power of email marketing to turn visitors into buyers.
When you build an opt-in list, you’re creating one of the most valuable assets of your online business. Your customers and subscribers have given you permission to send them an email. That means:
- You’re giving them something they’ve asked for.
- You’re developing lifetime relationships with them.
- The response is 100 percent measurable.
- Email marketing is cheaper and more effective than print, TV or radio because it’s highly targeted.
Anyone who visits your site and opts in to your list is a very hot lead. And there’s no better tool than email for following up with those leads.
Increase your income through back-end sales and upselling.
One of the most important internet marketing strategies is to develop every customer’s lifetime value. At least 36 percent of people who have purchased from you once will buy from you again if you follow up with them. Closing that first sale is by far the most difficult part — not to mention the most expensive. So use back-end selling and upselling to get them to buy again:
- Offer products that complement their original purchase.
- Send out electronic loyalty coupons they can redeem on their next visit.
- Offer related products on your “Thank You” page after they purchase.
Reward your customers for their loyalty and they’ll become even more loyal.
Conclusion
Starting your own business is the best thing you could ever do for yourself. The idea of having financial independence can be very appealing. Allowing you to become your own boss, control over your schedule, and the ability to make your dreams a reality are all great motivators for starting an online business.