One of the most frequently asked questions that seems to surface again and again is \”How do I start an online business with very little money?\”
Unlike brick and mortar businesses that frequently require retail or office space, inventory of products and an in-house staff, an online business can be run from home with no inventory and outsourced staff.
This entry will lay out the absolute bare essentials needed to start your own online business and provide you with a few optional suggestions which can help accelerate your business.
Please note that there is nothing new here. I am simply illustrating the absolute basics of what you need to get started.
1) Decide what your business is going to be about.
Evaluate your own gifts, talents, abilities, passion, knowledge and skills to determine if there is something that is a natural fit for you.
The main methods of making money online include content sites, information products, affiliate marketing, membership programs and coaching programs. The easiest ways to get started are with content sites and affiliate marketing.
What is the content model?
It\’s creating content that others will find interesting, valuable, humorous or some other adjective that would indicate they will enjoy what you write and want more.
For most people starting with a content site is best. Once you have a content site it can be leveraged to launch out the other four types of businesses.
It doesn\’t cost you a dime to figure out what you want to be when you grow up. It just takes imagination and desire.
Believe me. I am always reevaluating what I am doing and figuring out what I really want to do next. Hopefully this is a process that never fully ceases.
And once you get into content-creation mode, it can be monetized a number of ways.
2) Register a domain and set up a hosting account.
This is the first item that is going to cost you some money. The good news is that we are talking very little money.
Once you decide on your business model, select a domain name that effectively represents who you are. I recommend sticking with a .com domain extension and avoid hyphens and long domains when able.
When you select your domain name, it isn\’t a bad idea to consider keywords that should appear in your domain. It\’s not an absolute must, however. Some of the most popular websites have names that were never seeking to get search engine traffic for their name. After all, what\’s a Yahoo, Amazon, eBay or Google? Yet they have all become household brands due to the quality and value they provide.
Always seek to provide value first and foremost. You will have a much better chance at succeeding.
You can register your domain name at any of dozens of places, but it makes sense to do it where you are having your site hosted. (If you are totally new at this, hosting just means the place where your website resides. It has to live on a computer somewhere so that people can access it!)
I use and recommend HostGator. It will cost you approximately $8 for your domain registration which is good for one year. And their Baby Hosting Plan gives you unlimited domains, disk space and bandwidth for just $7.95/month.
Because I use their service (I have FOUR HostGator servers) I am comfortable affiliating with them and recommending their service. Click the link below and use coupon code \”joelcomm\” at checkout to save 10% off your order.
Joel recommends HostGator
3) Install and use WordPress to create and publish your content.
WordPress is the easiest way to get your content online. Best of all, it is free. You can download the software right away at WordPress.org.
Once you have the software, you will want to select a template. This will determine how your WordPress blog is laid out. You can purchase professionally created templates, but there are also a number of free ones you can choose from.
If you don\’t know where to start, simply Google free wordpress templates.
With software and template in hand (or at least in mind), ask yourself if you are technically able to set these up. If so, good for you! But if not, you\’ll want to hire this task out. Remember that this is a one-time setup. Once your blog and template are set up, you are good to go.
So I recommend outsourcing it to a pro on Elance.com. Elance is a great place to outsource everything from graphic design and html to articles and accounting. You name it and you can find someone who can do the job at a fair price.
Expect to pay no more than $50 to have WordPress software AND your template installed on your HostGator server.
Note: Due to the number of people interested in pursuing this model we are in the process of putting together a program that will provide hosting and a WordPress template fully installed. I\’ll let you know when it is ready to go.
4) Have your site professionally designed.
With a template installed you will need someone with graphic design skills to make it look sharp. Do NOT skimp on this. First impressions mean a lot. If people see amateur design they are not likely to look upon your blog favorably. If its worth doing, its worth doing right.
Once again, graphic design can be outsourced on Elance. However, I have two other sites I recommend to get graphic work done.
99Designs.com and Design OutPost are both populated with professional designers looking for work. The cool thing about these sites is that you can post a project for a nominal fee and some designers will create a look and feel for you on spec. That is, they will compete for your business and you get to choose which designer to work with based on their prototype. It\’s a great way to see a number of different concepts for your site without having to pay to see them. You only pay once you select a designer to work with.
5) Add content. And then… add more content
Content is king. And content is Ka-Ching!
Information makes the web go \’round. People search for information online non-stop. It\’s your job to create compelling content that others will find interesting, valuable or humorous.
Why do you read my blog? Content.
What\’s stopping you from doing the same thing in your niche? Nothing.
You can write it yourself, outsource it or make it user-generated. But whatever you do, make content creation an ongoing part of your online business.
6. Establish and maintain a social media presence.
In order to make money with your online business, you must have site visitors. Traffic is the Holy Grail of the Internet. You could have the most beautiful site with the most compelling content in the world. But if no one knows your site is there it just won\’t matter.
Since we are discussing launching your business for less than $100, you should look to the best sources of free traffic. This is where social media comes in. It\’s all free.
I use a four-prong approach to social media. It consists of Twitter, Facebook, LinkedIn and YouTube.
I\’ve conducted webinars on three of these and happy to offer them to you for free. Visit Joel\’s Social Media Bootcamp to get instant access.
And if you haven\’t read Twitter Power, I invite you to download two chapters for free.
7. Monetize your site.
Once you have a content-based site it becomes an organism that grows over time. As long as you continue to add valuable content to your site, each new article or entry becomes another opportunity for people to find you. The more value you add and the harder you work to get the word out, the more likely your success.
At this point you will want to monetize your content. There are a number of ways to do this.
Google AdSense, Kontera ContentLinks, Chitika Premium Ads, Banner ads, Affiliate links and paid links are just a few of the ways you can monetize your site. To download my free books on several of these, read this blog entry.
8. Take it to the next level
What does this mean?
It means if you have the time, resources and money to get very serious about your online business, there is no end to activities and tasks you can do.
Search engine optimization, traffic generation strategies, monetization strategies, social media, affiliate marketing, product generation, list building and more await those who want to dive in and go for it.
This is where it can get very confusing for people. That\’s why I recommend that you nail down the basics first and then learn what next steps are needed to get where you want to be.
I\’m going to insert a shameless plug here because I do have something which I believe will be of great use to you, regardless of where you are in your online business.
The Secret Classroom is a product of mine that was created during the filming of The Next Internet Millionaire.
Since we recently released it in digital format (for instant access) and lowered the price to $47, I\’ve been getting numerous compliments and kudos on how valuable this content is.
Just yesterday, the following comments appeared on this blog…
\”I subscribed to your newsletter just a few days ago. First I joined The Secret Classroom and watched all the videos. This was really impressive, energizing and inspirating. I din\’t had a clue of who you are actually before I joined. Sorry about that, but I was quite new to this whole blogging thing. But I liked what I saw and decided to check out your blog. BTW: I really love The Secret Classroom. Now I\’m actually watching some of the videos the third time…\” – Mariam
\”Now that I know what was in there (cause I\’ve watch every single minutes of it), I seriously would be ready to pay 25K for it. No kidding. Maybe it\’s because I\’m a newbie, and everything in there was new to me, but still. It was at minimum an incredible short-cut to the info needed to start flying on your own on the internet. Avoiding many \”not to do\” and \”not to go\”. So Joel, for that, thank you, and your a sick human being to give that away! Cause yeah!, 47$, it\’s a freaking gift!!!\” – Mathieu Arseneau
\”I only recently started getting your newsletter. we have been watching Secret Classroom – that\’s awesome stuff and great information. thanks for putting that together and making it available.\” – Angie
These are just some of the comments we are receiving related to this system.
I\’ve shown you how to get started with your online business for less than $100. In fact, you\’ve still got enough money left over to invest in The Secret Classroom.
Go check out the page at SecretClassroom.com and be sure to let me know what you think.
And of course, I invite and welcome your comments related to the content of this post. Helpful? Not so much? Want more? Let \’er rip!