Can You Start an Online Business With Little or No Money?
Yes, you can. In fact you should stop procrastinating and start right now.
We started our business initially with only $9,000 equity. With that said, you don’t much money, if any at all, to start a business. We turned $9k into $15 million all through reinvestment of profits and a small bank credit facility. We haven’t had to raise any equity from private equity or venture capital and we have no plans to in the future.
So how do you start a business with little or no money? Just start selling, anything.
You can find products through a domestic wholesale marketplace or distributor or international marketplace like Alibaba. Spend a couple hundred bucks on products you think you may be able to resell for a small profit (if you’re lucky, a decent profit). Can’t afford a couple hundred bucks, find something in your closet, garage, or attic you don’t need.
Start selling the product through a site like Ebay, or Amazon that requires no website startup costs but has a large, global reach. Learn how to ship through the US Post Office both domestically and internationally.
Every dollar you make for the first year, plow right back into buying more products to sell. You’ve got to be committed to putting everything back into the company and making little or no money. The primary focus should be growing your customer base at all costs. After a year, you should be at a point where there may be a little profit showing that you can start investing into growing the business.
Cool and straight-forward advice.
Forgive me for pointing it out, but it should be “first” year and not “fist” year in the last paragraph (even though it requires a lot of fighting spirit, I guess).
Thank you for pointing that out, fixed 🙂 This is my first blog, so if you see anything else don’t hesitate to point it out.
I’m looking forward to reading your posts.
Thanks for sharing your experience. It helps to read about others doing similar things.