How to Start Your Own Small Business on a Shoestring Budget

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It’s ironic that many people suffer from a sense of economic frustration. They are either unemployed or underemployed. As a result, they earn less than they need to pay their living expenses. They live lives of quiet desperation because they just can’t make enough money to live better.

It’s ironic because we are in a new century when anyone with a modest level of computer skills can earn a full-time income working from home using an Internet-based computer.

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5 Common Objections

Here are some common objections and responses to the idea of creating a home business:

1. “Most advertised offers to set up a business online are scams.”

Yes, this is true. Most offers for courses to create your own business just don’t give you all the information you need to be successful.

However, there are genuine online businesses that you could start up from scratch without buying courses on social media or in your inbox.

2. “Computers frustrate me. I don’t know how to deal with technical problems when they occur.”

There are all kinds of retail services, available online and offline, to help you with any hardware or software issues you might be having, ranging from fixing a painfully slow computer to external hard drive recovery.

3. “I don’t know how to use a computer well enough to set up any kind of online business.”

There are many classes available on how to use computers, ranging from using common office suite apps to surfing the Internet.

4. “I have set up an online business and failed miserably. It just doesn’t work for me.”

There are a number of reasons for this scenario:

  • * You bought a get-rich quick program that had little chance of working.
  • * You set up an online business the right way, but it collapsed because you did not know how to promote your small business.
  • * You created a business that did not fully engage your interest.

5. “I don’t have any good ideas on what type of small business to set up.”

One excellent way of setting up a home business is to create your own online retail store. You sidestep many of the problems associated with setting up an authority website in a particular niche.

Let’s take a closer look at the steps you need to take to start.

How to Get Set Up

Like any legitimate business, setting up your own online retail store requires hard work and persistence to be successful at it. However, if you’re tired of the most popular ways of making money online, you’ll be delighted at how much more likely you are to succeed using this business model.

Here are the steps to take:

1. Find a product you want to sell.

When thinking of products to sell, you have to make sure you sell a product that interests you and that other people want to buy.

2. Evaluate your idea to see if it is a good idea.

Is there a sufficient market demand?

3. Acquire your product from a fair and reputable supplier.

4. Research what other stores are doing.

5. Write your business plan.

If you don’t know how to write one yourself, then get help from a government agency like the SBA, the Small Business Administration.

6. Register your business.

Look into all the costs and benefits of incorporating your business.

How to Build Your Store

Here are the steps to take to set up your business:

1. Pick a name.

Find something that will attract attention and tell people what you do.

2. Create a logo and a slogan.

Research logo ideas and come up with a catchy phrase that describes your business.

3. Learn Search Engine Optimization.

Research the keywords customers will use to find your store from the major search engines.

4. Create a retail website.

The easiest and cheapest option is to use a service that gives you eCommerce business platform you need to set up a retail store.

How to Launch Your Business

Finally, the last step is to launch your business.

Here are the basic steps you should take:

1. Get your first customer.

You can do this by using a marketing and advertising campaign. Since you have already set up your store—from building it to arranging payment processing and fulfillment, these processes will run on autopilot, either through software or some other party taking care of the details.

2. Market your store.

Getting your first customer has to be followed up with some good marketing. For instance, persuade them to sign up for your newsletter, where you can send an effective welcoming email. Marketing can also include things like sales, special offers, and upsells and cross-sells.

3. Drive organic traffic to your website.

You can do this through content marketing on a blog and social media websites. Your content marketing can range from articles on your blog or as a guest post to videos that you share on YouTube.

4. Optimize conversions.

Try things like A/B testing, various price points, different sales, etc.

5. Use analytics to keep track of what is happening in your business.

Treat it like a Real Business

There is a lot of work that goes into building a successful retail business. However, there has never been a cheaper, more efficient way to create one. Although it’s a virtual store, you could earn as much as having your own brick-and-mortar store.

Published by Kidal Delonix (764 Posts)

Kidal Delonix is a contributor to Mr. Hoffman's blog. The views and opinions are entirely his/her own and may not reflect Mr Hoffman's views.

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