Starting a business takes time and energy, and one must undergo periods of extended self-reflection to find a business idea that’s both realistic and viable. Sometimes inspiration isn’t the problem, it’s determining whether you actually have a good idea or not.
It’s important to be critical of your idea and ask for feedback from as many people as possible. Several experts weighed in on other strategies to help you determine if you have an effective business idea. How much money would you need to start a business?
One of the biggest obstacles faced by the many people is finding enough money to get a company off the ground. Finances are a huge concern for start-up entrepreneurs, and the good news is that you don’t need to spend thousands of dollars to launch a new business. Contrary to popular belief, there are many low cost online startup business ideas you can work on with just a little money, without splashing all your cash.
Here are a few you should try
SOCIAL MEDIA MARKETING
You probably think of social media as a fun way to kill some time, but nowadays you cannot deny the power and influence it has on our day-to-day lives. For a low-cost business ideas, it’s a way to leverage influence to make money for close to nothing.
Companies know this all too well and are willing to pay good money to enlist others to promote their own offers. That’s the entire business model of becoming an “influencer”. They are the people who amass loyal armies of followers that they develop strong relationships with.
If you can build a following on any reputable social media platform like Instagram, you can make money from it. Aside from your time, the costs of growing an Instagram account are negligible. All you need is a phone (maybe a camera), editing software, and your creativity.
There are no direct costs associated with starting your Instagram following. All you need is to publish the right content for your audience and have a bit of patience. The amount of money you can expect to make will depend on your space, engagement rate, audience size, and the offer. Gaining followers an Instagram or any other social media platform can take time, but with the right tools and strategy, you can see real results.
Some of these skills you have developed over the years can be used to generate profit. That’s what a freelancing or consulting business is all about: Using your knowledge and talents to solve the problems of other people: your clients.
Sadly, many people who decide they want to become freelancers end up realizing the harsh truth of the globalization era: that you’ll have to compete with cheap labor from far off countries. If you try to compete with these people by undercutting yourself, you’ll lose. If you want to make five or six figures from your freelance work, you need to think strategically, like you’re running a business. You’ll have to charge what you’re worth.
LAUNCH DIGITAL PRODUCTS
Providing services can be very lucrative, but another equally profitable and low-cost way to deliver a solution using your skills is through a digital product. Whether that’s an ebook, a course, an article, a template, or anything in between; you can help people by digitizing your knowledge. Interestingly enough, some of these experts are consultants themselves.
This means they are sharing the exact same ideas they use with their own clients, so you can learn from them and then implement them in your own startup business. In contrast with traditional methods of teaching and sharing knowledge like seminars, books, or consulting; digital products allow you to help people at scale. This means you create the product once and then you sell it as many times as you want with almost no recurring costs involved.
With over 30 million daily active users, YouTube is one of the most popular websites in the world. It works not only as a site for entertainment but for education as well. For the past 10 years, thousands of independent channels have been launched by regular folks with nothing but a camera and a computer. And the results have quite often been spectacular.
Many YouTubers have made thousands, if not millions, of dollars from a mix of advertising, sponsored videos, affiliate offers, and the sale of their own products. Obviously, you don’t need such a large audience to succeed with YouTube. Just like with Instagram, the goal is to have a loyal audience that trusts your brand, regardless of its size. In this case, as in many other cases in life, quality trumps quantity.
To start a YouTube channel, all you need is a camera and editing software. The camera doesn’t have to be like the ones used in professional television production. Your phone camera is enough for you to get started in launching your next big online businesses with low startup costs. Lighting equipment can make a big difference in the quality of the video, so consider picking up a basic ring light. Ring lights don’t cost much and can make all the difference in a video.