The way most things including business are done has changed drastically over the years. Before it was just brick and mortar (offline) business. Today the internet has made the online business possible. In fact, any serious business today is either a full fledged online business or a click and mortar business.
With online business all you need are computers and internet data to start. It requires little or no additional logistics, cost or documentations. However, an online business may not require a lot of money to start but it surely requires a lot of time and hard work. Also, financial commitments may increase subsequently if you decide to scale up.
There is a Nigerian blogger, Linda Ikeji, who raked in tens of thousands US dollars monthly using a free google blogging platform, Blogger. Therefore, If the only reason you have not started your proposed business is money, you are making a big mistake. The last thing you need to start a business is money, especially in this 21st century knowledge based global economy.
Why Money Should Not Stop You From Starting A Business
Before the advent of money business transactions were made. The idea of money came for the purpose of general acceptability and ease of process of transactions. Money is a resource and a medium of exchange. So also is an idea, time, talent, relationship, skill, energy, virtue, information and knowledge. Other forms of currency may not be generally acceptable as money. They carry equal, if not greater value if tendered to the right people or at the right place.
To an investor, a well articulated business idea with ready-made market is priceless. At the beginning, CEO of Facebook, Mark Zuckerberg, only had an idea, relationships and may be some computer skills. Today, Facebook is a multibillion dollars world class organization. To a record label, a gifted singer is a currency. A multi-talented actor is money to a movie producer. Also, to a publisher, a prolific writer is cash.
The basic resources you need money for in business are in form of products, services and information. At the back of every product or service is knowledge. This is why knowledge is the driving force of the present global economy. To start online business you must first seek information about the online business model that suits your skills and interests. Online business models you can start with little or no initial financial investment are listed below.
1. Freelancing
This is an online business model where you offer your value adding skills as services to clients (individuals or companies). Viable skills you can offer include writing, copywriting, content marketing, proofreading and editing. Others include graphic design, web development, search engine optimization (SEO), social media marketing e.t.c. You can either create a profile (website or social media platforms) and pitch potential clients directly. Alternatively, create a profile on any of the already established freelance network sites. Freelance network sites include Upwork, Fiverr, Freelancer, Craigslist, Guru, Toptal, 99designs, Peopleperhour e.t.c.
2. Create and Sell Digital Products
Based on your skills set and wealth of knowledge you can create a valuable digital product that solves specific problem. Digital product can be a shot report, ebook, ecourse, video, audiobook, image (photo), application, web elements e.t.c. Web elements include themes, plugin, brushes, wallpapers, logos, social media packs, banners ads e.t.c.
In this online business model you can offer your products as downloadable documents on your website or online stores .
Online Stores
Ebook: Amazon, Bernes & Noble, ibooks, Kobo, Google Play, Smashwords, Clickbank.
Audiobooks: itunes, Audible, Spotify, Playster, Bernes & Noble.
Online Courses & Videos: Udemy, Teachable, Thinkific, Skillshare, Learnopia, Udacity CourseCraft, Ruzuku.
Images: Shutterstock, istockphoto, Photocrati, Rawpixel.
Web Elements: Graphic River, LogoCowboy, Luvly, Design Bundles, Keboto, Photo2drive, Placeit, Flatcon, SketchDeck, Icons8. Creative Market, CodeGrape, StockUnlimited, MediaLoot, DesignCrowd, Fontstore ThemeForest, WordPress.
Application: Google Play, Apple Apps Store, Amazon, Microsoft Store, AppStream, Steam, Setapp, Shopify.
You can also upload digital product to a membership software or WordPress membership plugins where clients gain access by subscription.
Membership Software :MembersGear, MemberPlanet, Wildapricot.
WordPress Membership Plugins :Ultimate Member, Paid Membership Pro, WP-Members.
3. Affiliate Marketing
This is promoting the sale of products or services from other individuals, companies or affiliate network sites for commission.This can be achieved using email marketing, content marketing, social media marketing or ads. Most popular earning methods in this online business model include pay-per-sale, pay-per-lead and pay-per-click. Some of the favourite affiliate program sites are Clickbank, Moreniche, CJ Affiliate, Peerfly and Amazon Associate. Others are Markethealth, Avantlink, Nutryst, Ebay, ShareASale, Viglink, JVZoo, Avangate,Offervault, Flexoffers e.t.c.
4. Membership Sites
If you are an expert or authority or knowledgeable in a particular niche, subject or profession, and can chunk out helpful and valuable contents on a regular basis, this online business model may be right for you. To start you will need to create a platform (blog, Learning Management System e.g. LearnPress, LifterLMS, or social media) where you can offer helpful and actionable contents for free on a regular basis to build reputation and trust.
Subsequently, people begin to see you as an authority. Then, you can introduce a membership platform (membership software such as MembersGear, MemberPlanet, Wildapricot; membership plugins such as Ultimate Member, Paid Membership Pro, WP-Members; or social media group) which your audience can subscribe to on a monthly or yearly basis to access your premium contents.
5. Dropshipping
This online business model is an ecommerce business. The merchant offers products of his choice for sale without stocking or owning any inventory. Any time he receives an order and payment for a product, he transfers the order and shipment details to a third party of his choice at a reduced rate. The third party who is usually a manufacturer or wholesaler then ships the product directly to the customer. The merchant makes money without manufacturing or stocking any product, or deploying any logistics.
To start you will need an ecommerce store which you can set up using WordPress ecommerce themes and plugins. Also, you will need to either partner directly with manufacturers or wholesalers that offer dropshipping. Alternatively, partner with dropshipping companies such as Wholesale Central, Oberlo, Dropship Direct, Dropify, Doba, SaleHoo, Wholesale 2B, SunriseWholesale e.t.c. Learn more here and here.
6. Virtual Assistant
A virtual assistant is similar to a freelancer as both of them operate remotely. While a freelancer is a self-employed worker engaged on a short term, per task and one-off basis, a virtual assistant is engaged for a specific support position on a permanent or long term, day to day task basis within a specified schedule. A virtual assistance role could be administrative, bookkeeping, research, content marketing, social media marketing, personal or customer service.
Unlike a freelancer, the client may need to provide the training and tools required for a virtual assistant to play his role. Therefore has control over the modus operandi. It is easier for a freelancer to work with several clients at a time than a virtual assistant. Because a freelancer has absolute control over his time, tools, procedure and many other factors except the client’s assessment, feedback and review of his final output. As a virtual assistant you can either create a profile (website or social media platforms) and pitch your skills directly to potential clients. Alternatively, create a profile on any of the already established virtual assistant network platform such as Zirtual, Fancy Hands, eaHELP, Timeetc, Habiliss, Perssist, VirtualHelper247, Intelligent Office, Avirtual e.t.c.
Information And Support Required
The good news is there is no information you need to kick-start any of the above online business models that is not available on the internet. Online business tools from website setup, social media, mails, down to images are all available free.
Basic skills like graphic design, web development, content development, social networking, SEO e.t.c., can be developed by using the search engines (Google, Youtube, Bing, Yahoo, Ask, Aol e.t.c.). Really, you don’t have to outsource. Because most of the software you need are available for download online free.
There is no useful application online that doesn’t have a free version or a free alternative. You don’t need to be tech savvy. Because most applications are user friendly with simple interface that anyone can handle. Besides, there are enough free tutorials on how to use most of these applications.
There are websites in your niche you can subscribe to for free for articles, newsletters, courses and webinars. Also, you stand the chance of access to premium products and services for free once in a while. Other important platforms are professional fora and social media groups for professional and helpful tips and answers. Furthermore, adverts opportunities abound free of charge on all social media platforms (Facebook, Twitter, Linkedin, Whatsapp, Pinterest e.t.c.).
Finally, former U.S. President, Theodore Roosevelt wrote, “do what you can, with what you have, where you are”. What are you waiting for? Rise up, take responsibility and fulfill your dreams.