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How To Start an Online Business with No Money in 5 Steps

by | Jun 21, 2018 | Online business Tips

D id you know that there are over 3.9 billion users daily on the internet in the world?

I guess the reason why so many people use the internet is that it is a great equalizer with an opportunity for everyone even those who want to learn how to start an online business with no money.

Unlike traditional businesses where you must have capital to start one, there are many online businesses opportunities you can start with no money.

The good news is that even those online businesses which require money to start, this article will teach you how to start an online business with no money.

Also, below are two books you can use to learn everything related to online businesses, such as how to start them, build, promote and make money.

Starting an Online Business for Dummies

The traffic bot for online businesses

The Ultimate guide to online business for millionaires

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 Reasons why you should have an online business

  • It is inexpensive, and even some internet opportunities have no startup costs, yet you enjoy high-profit
  • Allows for flexibility because you can work from anywhere anytime
  • A source of multiple passive income sources which build high financial stability.
  • Has limitless freedom and scalability.
  • Gives you access to a broader global and international market.
  • Allows you to explore your interests in different opportunities because there are many side hustles you can seize online.
  • Allows for independence because you will be your boss.
Reasons-why-you-should-start-an-online-business

Five steps on how to start an online business with no Money

how-to-start-an-online-business-with-no-money-in-5-steps

1. Keep your present side hustle or job

I will not advise you to quit your job or go in without a part-time source of income because I want to teach you how to start an online business with no money the right way.

I know there are many get-rich-quick or overnight-success businesses, but from experience, I have learned that every online business takes some time to grow and begin making money online.

For this reason, I believe you must have an extra source of income before you think of starting an online business without investment because most have small returns at the beginning.

Therefore, a side hustle will reduce your chances of giving up because you will be able to fulfill basic needs as you continue to build your online business.

Also, a side hustle produces a passion for creating multiple sources of income, such as starting an online business, because it takes care of your present financial stability as you build more for the future.

In summary, before learning how to start an online business with no money, make sure that you have an extra source of income, which you will depend on as you build your online business.

how-to-start-an-online-business-with-no-money-in-5-steps-keep-current-job-or-side-hustle

2. Identify your online business idea or opportunity

There are two types of online businesses: those you can start with no money and those that need capital and investment to build.

Therefore, before learning how to start an online business with no money, you must identify online businesses without invest, which you can start with no startup capital.

For example, blogging, freelance writing, drop shipping, survey taking, data entry and affiliate marketing are some examples of internet businesses you can start from home with no start-up capital.

Visit the resources below to discover a comprehensive list of online businesses you can start with no money or with very little investment capital.

What if your online business idea requires high capital investment, which I guess you do not have because you want to learn how to start an online business with no money?

The good news is that there are several financing opportunities you can use to raise money to start your online business, see examples below;

  • Take a bank or online soft loan which you can refund when your online business picks up.
  • Use crowdfunding sites, such as Kickstarter and Indiegogo where you can get peer-to-peer lending partners, donations, rewards and other forms of income sources.
  • Look for partners who are willing to fund your business idea in exchange for some percentage of the returns.
  • Sell your services and get paid to help out other entrepreneurs to complete tasks you are skilled and expert at.
  • Borrow some capital from your friends and family.
  • Apply for government programs, which offer startup capital to businesses and other groups, such as youths, women and disabled among others.
how-to-start-an-online-business-with-no-money-in-5-steps-identify-a-business-idea

3. Test your online business idea

Before you can invest all your time, resources and effort in building an online business, you need to complete this step as you learn how to start an online business with no money.

Testing your business ideas means measuring if it is viable financially and if it will survive market pressures in the long run.

The advantage of this step is that it saves you chances of wasting time on wrong business ideas, giving up too early for choosing wrong business or making losses due to wrong investment decisions.

  • Research competition: Are other online entrepreneurs who have started the same business idea making money, what are their reviews and recommendations?
  • Evaluate yourself: Do you fully understand the business idea and are you ready to make every sacrifice it takes to build it? Are you aware of the challenges, your strengths, opportunities, and threats?
  • Gather feedback: Ask your friends, family members, social media fans and ideal customers for feedback about the business idea. You can use online data gathering tools, such as Typeform and Survey Monkey to create polls, campaigns, questionnaires, and surveys which you can share easily online.
  • Set up a landing page: There are many free tools you can use to create landing pages, such as Unbounce and Instapage, to test if your business idea will motivate your target audience to take any action, such as sign up to your email list or purchase among others.
how-to-start-an-online-business-with-no-money-in-5-steps-test-your-idea

4. Build your online business plan

After you have identified your business idea and tested it, the next step in learning how to start an online business with no money is creating a plan for your business.

A business is like a blueprint, which will help you to clearly define your goals, vision and business model in the following ways.

12 questions your online business plan must answer

  • What need, problem, market does your online business exist to solve or serve?
  • How will your online business satisfy/solve that need/market?
  • What is your unique selling proposition? In other words, how will your online business stand out from competitors and succeed in places they have failed?
  • Who is your buyer persona? In other words, who are the customers or clients you are targeting?
  • How is your online business going to make money online from your target market and audience?
  • What promotion/marketing strategies will you use to communicate with your target audience and get known?
  • What resources/tools do you need to get started or run your online business?
  • What is the SWOT analysis of your online business idea?
  • How will you measure success and audience engagement in your online business?
  • What are the economics of your business? In other words define capital needs, income sources, profit margins, expenses, capital, pricing models and costs margins among others.
  • What do you need to do to be successful in your online business? In other words, make projections and forecasts to define the course of action to meet them.
  • What is the nature of the market you are entering? In other words who are your competitors, potential opportunities and legal requirements in the market?
how-to-start-an-online-business-with-no-money-in-5-steps-have-a-business-plan

5. Implement your online business plan and get started

The final step in learning how to start an online business with no money is taking the real action of putting to work all the answers in your online business plan. All along in step one to four above you were building the business idea.

10 Tips to remember when implementing your business idea

  • Do not wait too long for the “perfect time” to start.
  • It is advisable and safer to stick to something you know first especially if you are a complete You can always diversify or change course as you understand the online business landscape more.
  • Keep learning it is the secret to keeping shinning and winning.
  • Avoid costly online business mistakes, which are easily overlooked by most entrepreneurs because they are small.
  • Avoid get-rich scams and tactics which can ruin all your efforts in one second.
  • Network more with other online entrepreneurs to learn from them and discover new opportunities or shortcuts.
how-to-start-an-online-business-with-no-money-in-5-steps-get-started

Conlusion

It is over to you! Now you know how to start an online business with no money using the five steps explained above.

Remember that you must have patience, consistency, and handwork to start a successful online business idea because I do not teach on get-quick-fast scams.

I think you may also like the related posts below;

Also, below are two books you can use to learn everything related to online businesses, such as how to start them, build, promote and make money.

Starting an Online Business for Dummies

The traffic bot for online businesses

The Ultimate guide to online business for millionaires

Feel free to leave a comment below asking a question, or even better provide a suggestion of a post you would like me to write about.

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My name is Hildah Mwende. I am a freelance writer and a coach. My expertise falls in the following subject areas, but it is not limited to them: WordPress, Search Engine Optimization and Social Media Marketing. Find a comprehensive list and description of all my competencies and specialties here.

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