Whenever you think of floating a business the first element that comes to your mind happens to be investment capital. However, most of the successful business entrepreneurs have agreed to the fact that more often than money is not the central aspect that guides business. It is the concept and ideas that drive a business and just not money.
This is a fact that is rather pertinent and applicable in the context of online business. Often people ask a very simple question how to start an online business with no money? The answer is more than simple. It delves into the fact that business is a collection of functions done in a parallel and a relentless manner. This is the theory that supports the idea of starting an online business with no money.
Steps To Start An Online Business With No Money
1. The example of Shopify serves to be the best answer or the question how to start an online business with no money? The very first thing to do is to is to create a business plan. This is one of the integral parts that requires a huge amount of planning and careful assessment of the market, that will help you to float the right kind of business in the right manner. Hence the very first step is that you must carefully analyze the market and the basic requirements of the customers whom you would like to cater to. This is imperative if you want to float a business that has a good and continued demand in the market. Often people make a mistake of deciding on the product first.
2. In the second step, you must be decided on the product and the service that must be offered to the customers. The product or the service has to be such that it will solve some type of problem or requirement of the customer. This is the key to a successful online business. Look at the example of amazon.com, www.shopify.hk. This is the brand that has taken the market by a storm. As a result of the great endeavors of the brand today this is the online brand that can offer you almost anything under the sun. The huge diversity is the solution that it is offering to the rest of the world. It is the single window solution provider for a large number of requirements of the global customers.
3. Build an e-commerce website in five minutes that is easy to use and also highly interactive. This is the only process through which you can attract a large number of customers. Getting websites created does not require any cost. However, if you are looking for professional experts to do the job then you might have to shell out some money. For startup entrepreneurs, this is a task that could be done with the help of a good friend.
4. Build a business on the basis of relationships. In the case of Amazon, they entered into a
deal with a company and has a logistics partner. The initial margins of profit were very low
and the working hours were flexible. Keeping the profit margins low, now Amazon has the
suppliers of the products and also the logistics companies which could deliver goods at the
5. This is the exact process and the model that could be used by you. You can use the
framework where you could have a steady supplier or the brand itself and a good logistics
partner. Often a group of friends can come together to do the delivery part. Always
remember to keep the margins of the profit low. Work in groups and give your business
some time to roll out profits. This is one of the best mantras that could be followed for
business profit in an online business.
On a final note, it can be said that you must have smart and realistic goals. Please do not expect to become online giants overnight. This is never feasible and was never a reality even for the successful online magnates in the current times. Play hard and play slow for a long-term sustenance. Money is important but never the final key for business. This is the idea that can help you float a successful business online. As a result of the same, you have a strong business idea even if you don’t have sufficient money.
Hari Prasath has been a full-time Internet Entrepreneur and Life Hacker since 2014. He is a self-taught web developer and Marketing expert building many Online Businesses and testing greatest strategies with Clients during the day and at night, build Niche websites.