It is no secret that having an online business is a great way to earning some cash online. Unfortunately for many people, the idea of starting an online business can be daunting.
When you own an online business, you can work from anywhere, set your own hours and make a living on the Internet. Online businesses can also have extremely low startup costs—making them perfect for a new entrepreneur without a lot of cash.
There is a myth that suggests trading online is expensive and that you really need to have some serious cash to kickstart. The reality is that you can build a successful online business from nothing.
Here are five basic steps to starting a profitable online business with no money in India:
1. Look for a valid business idea.
It all starts with an idea. For you to start an online business, you need to look for an online business idea that is highly profitable for you to get started with. Coming up with a business idea is the easy part but validating that idea is very critical to the success of your venture since you will not want to work on an idea that will not make you any money.
Before you get started, you need some solid data about your target audience and existing competitions that you may face along the way. The best place to obtain it from is Google. Since you already have some niche business ideas you can put them into Google Keyword Tool and find out if there’s anyone interested in them.
2. Source for funds from investors.
I understand the fact that you don’t have money to start, but you will always require some capital to start any business no matter how small the business or idea is. But how much do you need? Without a clear idea, you run the risk of coming up with an unrealistic valuation of your business.
When you’ve your numbers right, its time to secure the amount of money needed. There are several ways to source for funds for a business idea some of which include raising funds from investors or crowdfunding websites like Kickstater or GoFundMe. Another approach is via business grants from governments or loan programs.
3. Design and build your website
Once you’ve got your niche business idea, and you’ve secured some funding to get started, now you’re ready to launch and to do this you need a professional looking website since to showcase your business or idea.
When it comes to designing or building your own website, you don’t have to build something from the scratch (50+ essential online business resources you need to start a profitable website.) or spend some expensive amount on the website. Remember to keep it simple. You have fewer than five seconds to grab someone’s attention otherwise they’re gone, never to be seen again.
4. Drive website traffic via digital marketing
Digital marketing is the marketing of products or services using digital technologies, mainly on the Internet, but also including mobile phones, display advertising, and any other digital medium ~ Wikipedia.
Every business requires promotion for its growth. Digital marketing/advertising allows your business to have more visibility throughout a much wider audience hence it is very important that you learn how to use digital marketing to promote your business. You can do this by serving targeted ads on social media platforms such as Facebook, Instagram, Twitter, and LinkedIn or Pay-per-click (PPC) ads on Google.
5. Constantly grow and improve.
Running an online business is a never-ending journey, and it starts right after you learn how to set up an online business and actually apply this knowledge. You need to be learning new things, improving your skills and growing your business constantly. If you’re not growing then you’re dying.
As your business grows, you need to collect feedback data from customers and use those feedback to improve general customer experience. Use tools like Google Analytics & Hotjar to track what users are clicking on when they visit your website.