Entrepreneurial methods may have been brought into the public eye in the 1960s, when Richard Branson first discovered his potential as a businessman, but the concept has actually been around for centuries. Much has changed since those days however – and with the potential of digital services, starting an online business can now be one of the most effective ways for entrepreneurs to maximise their profitability.
How to Start a Business that Operates Online
According to Foundr’s market research based on the early techniques of Mr. Branson himself – apparently you’ll simply need roughly $150 to get started as an online company (or at least get your efforts underway). But how is this cash spent and can you use it to maximise your potential to enjoy an entrepreneurial lifestyle?
Conceptualise your business idea
There’s no set rule for this; in fact, you could begin brainstorming at home, in an office, or from the comfort of your own bed. The conceptualisation process is free of charge, so you won’t even need to dip into your $150 just yet.
Formalise your business
Once you have an idea, a starting point and possibly a name, it may be a good time to formalise your business proceedings and register it. This can cost anywhere between $10-$30 and once your business is registered, you’ll have a platform to begin trading from. It’s a good idea to note that at this stage, you will probably want to have your MVP ready (a minimum viable product) – and this is what you’ll begin selling or offering to start making a return on your investment.
Take advantage of research
You could apply for a library card for free, use the services of an internet café for a few dollars an hour, or take the Richard Branson route and utilise a local phone booth to conduct your business. Whatever method you choose – research is key and the more knowledge you learn, the better equipped you could be to hone-in on your target market. And with this information to hand, you’ll be ready to take your business to the next level.
Sign up to social media
Instagram, Facebook, Twitter and Pinterest are all fantastic options for those hoping to publicise their products and services – and the most appealing thing of all is that they can be entirely free to sign up to and use. If you don’t mind dipping into your initial investment, you could take advantage of these opportunities by paying for advertisements to display strategically to potential customers.
Set up your own website
For just $50 you could set up your own small website with a page or two. Thanks to drag and drop design options, you won’t need experience in HTML or coding; you’ll just need an eye for design and the ability to promote what you have to offer.
Cultivate leads and promote
If there’s one thing that most marketers will prioritise, it’s their mailing list. The same could be said for any list of customers that they have – and for good reason. The more people that you have access to as a business owner, the more eyes you may be able to get on your product or service.
The more eyes that pay attention to what it is you have to offer, the greater your chance will be of enjoying conversions (viewers to buyers). This process can be as cheap as collecting email addresses from websites and then paying for email marketing software.
With these tips, your online business could quickly take on a new level of success – and with persistence, you may well find yourself reaching even greater heights than you initially expected.