Have you ever wanted to become an entrepreneur, but didn’t know how?
Have you ever used the excuse that you didn’t have enough money to start a business?
Have you ever been told it takes A LOT OF MONEY to be able to start and run a successful business? Although this may be true for some businesses, most online and internet businesses today have such a low cost to get started!
We know many people have been able to get online and start a business with almost no cost and are making THOUSANDS a month passively. Both of our founders have started online businesses with various products or services.
We don’t say any of this to say its easy to do. It is not easy, and it’s going to take a lot more time than you would ever think. But, if you stay on the path and don’t give up too early, or don’t start a business without strategically planning your entrance to a market than I wouldn’t even start.
We are excited to share all this information for beginners entering the online market of businesses.
Let’s dive right in….
6 Things You Must Do FIRST:
[ihc-hide-content ihc_mb_type=”show” ihc_mb_who=”reg” ihc_mb_template=”1″ ]
1. Decide on your niche – (Google trends)
2. Have a clear value proposition and strategy to enter the market segment you want to enter. This goes paired with researching your competition extensively.
3. Identify what you are going to sell( Aliexpress, Amazon Hot Products, Alibaba most ordered products(to find most ordered products just do a filter in the search of Alibaba or Aliexpress to find the most ordered items. Check picture below), or pick from Google Trends)
4. Don’t try to just sell items already being sold. Think of different markets or sectors you may not be familiar with.
5. Find up and coming markets by analyzing different trends for different products online.
6. Good markets to enter usually are things people own or care about deeply. When selling online, you want to have emotion in your products. For example, the dog business and any products dog related people will buy no matter what! Same with cars and anything that relates to someone’s favorite car, like t-shirts!
“Remember, if you are starting to see and hear about something everywhere, you are too late to enter that market(i.e fidget spinners)”
7. Research competition extensively before even trying to enter any market. If you don’t have at least 5 competitors, there might be no market there. Make sure to find competition and have your value proposition be much better or different than theirs.
Source The Product
- Head over to Aliexpress or Alibaba
- Search the product that you believe you want to start with – create a list of 25 ideas
- Check the number of orders of the supplier when you find the product(this shows you that wholesalers are buying this product to resell, which is a good thing)
- If you don’t find the product at first, make sure to switch up the wording and try again(I have only ever encountered 1 product that I could not find on Aliexpress)
- You are going to want to sample your product before anything to make sure of its quality(some offer free samples)
Come Up With A Name/Brand
- Think of the successful companies, Apple, Microsoft, Tesla, Facebook, and Snapchat. Simple names that are broad and do not have much to do with what they are selling. Think creatively about this.
- Do not put your product name in your branding
- Come up a with a short name, less than 2 words
- Think about explaining your business name to someone in a way that you would need to describe your business
Buy A Logo/Design A Logo – Fiverr/Upwork ($10)
- Having a logo designed is not at all expensive anymore. It is surprising to hear older generation entrepreneur’s talk about logo’s costing upwards of $2,000. Now, it costs close to $5 and it is a very decent logo
- Go to Fiverr and just go under the graphic design section and look for some talented logo designers. Most will cost around $10, $5 for some fewer quality logos. You can also pay around $30 for a total branding bit for all social media’s
- You can also create the logo yourself to save money at Free Logo Design
Get Your Social Media Tags, Free(Instagram, Facebook, Twitter, and Pinterest)
- Social is free. Set up social media on all platforms that you deem your target market are on or apart of. Just be prepared to post consistently. Without consistent upkeep of your social media platform, you won’t see many sales coming in
- Do not start a social media account that you are not going to be consistent with. This will tarnish your brand.
- Build out 1 or 2 key platforms, and do not focus on the other channels
- Social media is key in a digital age
- Building your social media will be long and tedious. There are some platforms out there that automate the entire process, but I believe are paid. (https://gramista.com/ is one)
Get A Domain & Hosting ($10 + $5 per month)
- Getting a domain is the easy part and if you are at this step than that means you have successfully found a business niche to get into and have come with a brand to back your product!
- Bluehost is my recommended hosting and website provider, they do an excellent job
- They have a feature that you can upload WordPress with one-click(although WordPress is not my favorite, it has a low cost to set up shop with Woocommerce plugin)
- If you choose Bluehost and WordPress, after installing WordPress you will need to also install the plugin called “Woocommerce”. This will allow you to accept payment.
- WordPress is easy to set up
- You will need to buy hosting unless you start your business on a website like Wix or Shopify. But, for both I believe are paid monthly services. If you are not as technical when it comes to online and computer knowledge, I would pick an easy website builder like Wix or Shopify. If you are willing to learn how to use WordPress and WooCommerce it will be much cheaper in the long run.
Shopify – Set Up Shop – Free Trial, $30 Per Month After
- Very simple to set up Shopify site, head over to Shopify and sign up for a free 2-week trial!
- Upload your product pictures, logos, branding, and colors very easily
- Have a site up in running that same day
- Shopify helps to even connect your account with a payment processor as well as your social media accounts to track who goes to your website
Use A Drop-Shipper, or Private Label A Product(Aliexpress or Oberlo)
Drop-shipping is becoming a very popular resource to entrepreneur’s with low start-up capital to make money. Although the drop-shipping business is much more saturated due to an influx of competition, you can still find room to separate your business from others. Websites like Oberlo and Aliexpress have made it so simple and easy to upload a product to your site and have it automated so that once the customer orders, the order gets placed and you never see or touch that item. It is an amazing thing, but there, of course, are disadvantages to this.
- You never see the quality of the product you are selling
- Shipping could take up to 35 days for your customer to receive the item
- Profit margins are usually low because you usually have to compete on price
Although there are disadvantages, there are also advantages to all the things stated above.
- No start-up cost for inventory
- Low risk because you don’t have to buy inventory
- Focus solely on generating traffic to your site
Private labeling is also a method some entrepreneurs are using and you can find private labelers who will also drop-ship for you, but this is much more difficult. We will not be focusing heavily on private labeling in this article because anytime I have ever done a private label product I had to invest a few hundred dollars.
This next method I will be explaining briefly is one of my new favorite ideas I have come across. Hope you enjoy, and yes it really works.
Free + Shipping Method
The free + shipping method has completely changed the way we sell as entrepreneurs and the number of customers we can reach. By offering a cheap product for free and increasing the cost of shipping, it makes it easier to sell that said item. People are willing to just pay to ship for an item that is free. It is a psychological impulse that humans can’t resist when a product is free even if they have to pay $6.99 for shipping. This does lower your profit a little, but not by much because marginally you will be making a lot more with a free product and selling a lot more.
This is an amazing system that I have recently learned about and have been utilizing in my own stores. It drives 7x the amount of traffic compared to a product that costs $9.99 with free shipping versus free + $7.99 shipping. A revolutionary idea to sell low-cost goods.
Again, with the free + shipping method you do not have to order inventory. You can find products on Aliexpress & Oberlo to ship directly to your customers. So, you can take the Free+Shipping Method and apply it to the product and business that you begin to start.
Push your limits with doing things you aren’t comfortable with. Always live outside of your comfort zone. Push the walls that society puts on us and create the life you want to live.
Thanks for staying with us, and getting this far into the article!
- Finding & Securing Locations For Your Vending Machine Business - February 11, 2019
- 5 Tips To Guarantee Your Success in the Vending Business! - January 24, 2019
- Vending Machine Business Sales Pitches – How To Get Locations For Your Vending Machines! - January 19, 2019