HOW TO FINALLY START AN ONLINE BUSINESS WITH NO MONEY
How to Finally Start an Online Business with No Money
A work-from-home online business can be started with no money. Download the step-by-step guide for free.
FREE Download: Start your own online business checklist
This guide includes:
How to plan your business
How to set up your marketing
How to build your website
And more!
All in a simple goal-oriented format.
* Disclaimer * Some of the posted links are affiliate programs. By clicking these links, I may receive monetary compensation. This will not alter the price or change the buyer's experience.
There are several motivations for starting an online business. These reasons range from needing to get your message out to wanting to be your own boss. Regardless of your initial reasoning, you have already taken your first step.
Researching how to get started will be overwhelming. But I have created a simple checklist for you to follow. This will help you get a firm grasp on everything you will need to juggle on this journey.
Set goals and track your progress.
Try to chip away at this list a little at a time. As you cross things off, you will feel great about your progress. Remember, many of these items will need to be repeated regularly. In contrast, others are completed as soon as they are checked off.
As you follow along, you will build out not only your business but an effective strategy to grow it into a profitable and lucrative venture.
If at any point you need some help, or encouragement, in setting goals or carrying out tasks, book a free call with me. I would love to bounce around ideas and help you create that winning strategy.
Now, let’s get into crafting the online business you have always dreamed of.
THE ULTIMATE BUSINESS PLANNER CHECKLIST
Use SMART goals to plan and launch your amazing business idea!
How to Start Planning
Creating your online business can be broken down into manageable steps. The checklist goes into much more detail, but here is the rough outline:
Deciding to start an online business
Finalizing the products and services you want to offer
Creating your various platforms online
Creating products and content
Taking care of the legal aspects of owning a business
Structuring your finances
Running your business
Improving your business over time
When you look at this breakdown, you will see that these steps are not incredibly intimidating. Some might worry you, but are you nervous enough not to do what you love?
The thing about fear is that it shows you’re growing. Do something that terrifies you every day. I bet that these acts will help your online business thrive.
I have taken the time to break down all of the steps into manageable tasks. You can take them on one by one and build up to those that scare you.
You don’t have to do them in order, and you don’t have to focus on a whole section at once. Go through, set due dates for a few at a time and build up to the rest.
Owning a business is a marathon, not a sprint. You are going to be doing this for a long time.
This page will be updated regularly, so bookmark it and return it often.
Or, you can join in my workshops. Here, we will work through:
the steps of building your business,
helping you set goals,
and holding you accountable for keeping them.
We also have regular guest speakers and strategy sessions to help you overcome any obstacles that you might face that prevent you from growing.
Now, let’s get started!
Decide on an idea or validate an existing one.
You have decided that you want to start your own online business. The problem is that you haven’t been blessed with a fantastic idea or a revolutionary invention. It’s not unusual for you to decide that you want to be an entrepreneur before deciding on your business.
Entrepreneurship is an essence. Some people are born with it, and others find it along the way. It is not necessarily tied to a business idea. Some people just want to be their own boss or have the freedom to work from anywhere.
Start anyways. Don’t wait for a great idea to begin. This plan can be carried out even if you only have a vague idea of what it is you inevitably want to do. I bet as we move on, you will be able to make many of these decisions nonetheless.
Check out: 20 Online Business Ideas that Make Money
If you can’t decide in 30 seconds, skip that entry. You can round back to it later. We can always figure out a workaround if you don’t have the money. There are so many resources online right now that will help us.
When you do finally come across your idea, be flexible with it. Present it to family, friends, colleagues, and even customers, and ask for their feedback. Regardless of if you are offering a product or service, ask how you can make it better.
Take that feedback and use it to make your offerings better. This is not going to be a “one and done” event. You will have to do this constantly throughout the life of your business.
Create a business canvas.
A business canvas is like a blueprint of a business plan. It allows you to map out key areas of your business and display how they will work on a single sheet of paper. The general sections of the business canvas include:
Key partners – who do you need to help you run your business?
Key activities – what do you do each day to run your business?
Key resources – what do you need to run your business?
Value propositions – what are your products and services?
Customer relationships – how do you establish and maintain relationships with your customers?
Channels – how will you deliver your products or services to customers?
Customer segments – who is your ideal customer?
Cost structure – what costs are you paying out?
This is a fast and straightforward way for you to depict all the moving parts of your business. Think of a business canvas as an outline, or draft, for a business plan.
You can often substitute this for a formal business plan, especially if you don’t intend to apply for funding. Instead, use the business canvas internally to track how your online business is changing and growing and use it to set goals for the future.
Regardless of if you are using a business plan or a business canvas, you should review it quarterly or, at the very least, yearly.
Reflect on how you are growing and changing as a business. Add new products or services you have established since you last assessed, and implement a plan to update or remove old ones that are no longer profitable.
The business canvas can usually be completed within a couple of hours. Sit down with some snacks and a cup of coffee and bang this out in the afternoon. You will be grateful for the clarity it will provide you with.
Create a business plan.
A business plan is a long, formal document describing your business's key elements.
This includes:
Your company structure
An outline of your products and services,
How do you plan to establish pricing?
Your marketing plans
Information on the market and your competition
Projections for the financials of your first 1 to 5 years in business
If you are intimidated, you should be. This will take you weeks, if not months, to create. I have clients who have worked on their business plans for years.
Luckily, they are not a necessity if you are not applying for loans or other funding. You will have to decide if the investment in time (if you are doing it yourself), or money (if you are having someone else do it), is worth it.
I suggest starting off with a business canvas (see above) and planning the framework before creating a formal business plan. This will allow you to know if you actually need all the components of the business plan. If you can manage to bootstrap your company or find funding opportunities that don’t require a business plan, then jump on those options.
If you are set on creating a business plan, decide on which parts you actually need. Focus on those first, and DO NOT let it stop you from starting.
Too many entrepreneurs start their online businesses by building a business plan. Years later, they are still working their 9 to 5. People like to do things the hard way when often there are more straightforward solutions.
Choose a name.
Choosing a name for your business will be one of the most challenging steps you will ever have to complete. You are going to be married to this name. Once you start spilling all your time into your business and building it from scratch, you will not want to pivot on a new name.
Pick something simple to remember or catchy. You can even pick your own name. Just make sure that you can live with it long-term.
Decide on a niche.
A niche is a subsegment of a particular market. Hopefully, you will have decided on a general theme for your business. Picking a niche is just going to be your location within that theme.
Let’s take restaurants, for example. There is fast food, fine dining, healthy eating, etc. These are all niches.
They don’t stop there; you can get even more creative and combine niches to create something unique. Perhaps you want to create a drive-thru, fine dining experience. This does not necessarily include both niches. Instead, it blurs the area between them and captures a unique subset of each population.
As you start to think of what your business will be about, think of how you can speak to a particular customer. How will you tell them that your product or service is for them just by a glance at your website or ad?
Describe your ideal client.
Your ideal client will be the person your products or services are intended for. You may say everyone, but that is rarely the case once you investigate it.
Focusing on your ideal client is especially important when you are a solopreneur. You are relying solely on your own time. You want to make sure that your clients are as good a fit for you as you are for them.
Not everyone will want or need your products. Or, they may need your products for different reasons. You won’t be able to create a campaign for every one of these possibilities. You will not necessarily be able to supply valuable services to every person’s needs. That’s okay.
I will tell you right now. It’s okay not to be a perfect fit with every single person on the planet. There are 6 billion of them. You are bound not to fit with at least a couple.
The great news about this is that as people turn down your service or unsubscribe to your newsletters, it will free up time for those who are a good fit. You will have more attention to focus on these customers who find value in your services. It will also give you more time to find others just like them.
If you know who you can help, you will better find those people more efficiently online. That is the purpose of this exercise.
Decide on a business location.
Are you going to be based entirely online or will you also have a physical location? Searching out a brick-and-mortar location may not be a top priority today but think about if you plan on expanding in the future.
Where do you plan on doing most of your work? If you are working from home, do you have a dedicated workspace? This might not seem important, but trust me, it is a game-changer.
Create a corner that is just for work. Set up everything you need and actually do your work there. You will thank me later.
Check zoning laws.
Do your research and be sure that the type of business you are planning on running can be operated out of your location. I have heard of too many artisan soap companies getting shut down because the chemicals are not allowed to be worked in residential neighbourhoods. It’s better to be safe than shut down by the police!
Some neighbourhoods don’t allow certain business types to operate within them because of traffic concerns. Bureaucracy can be a pain, but it will hurt less when you can anticipate problems before they arise.
Research supplies.
Research and price out how much everything you need will cost you. Don’t stop at office supplies. If you are selling a product, research manufacturers or wholesalers of the supplies you will need to buy. The better you research in this phase, the more prepared you will be going forward.
If you start with no money but you plan to convert to a product-based strategy later, you need to know what you are saving up for.
Remember to cover all costs in your estimates. Office supplies, manufacturing supplies, etc.
Calculate start-up costs.
This step is more than just tallying up the cost of your supplies. Calculate the cost of all your expenses month by month for the first year. You want to comprehensively understand how much money you need to break even.
It is tempting not to look at this number. This number is terrifying! But if you don’t watch this number grow, you will not feel the push to get things done. You have to keep a sharp eye on the losses. Not only the losses that have already happened but also the ones you expect in the future.
Break this down and estimate the cost you will be shelling out over the first year. That way, you know what you need to aim for to break even when creating your projections.
Research the competition.
It is time for recon! Check out your competition. Find out what they are doing wrong and what they are doing right. Where do you think you can fit in? Can you improve on any of their offerings?
It is essential to draw inspiration from your competition but not directly copy them. You want to add something new and fresh that your customers will crave, not just another carbon copy.
Keep an eye on your competition. You can even set Google Alerts for them to see if they make any big moves. This is an ongoing process. You want to keep your ear to the ground as far as your market goes. Keep up with changes, adapt to them, and create better value.
Set realistic goals.
Goals are imperative because they lead you to success. You are obviously not going to set a goal to fail. You are going to set a goal to succeed. Let your dreams guide you and drive you to where you want to go.
Make sure you are setting SMART goals. These have the highest likelihood of success. Create a plan to achieve your goals, make sure you stick to them and regularly review them.
Research pricing for items.
Start to research similar products or services and their prices. This will give you a ballpark of what you can charge for your version. From there, you have to decide if you are going to price it the same, sell it for more, or sell it for less.
If you are going to raise your prices, you have to be able to justify why. Are your mittens only made of the finest cashmere? Perhaps your artisan soaps are made from the goats’ milk.
Unfortunately, this is one step that you have to take sentiment and emotion out of and apply logic to. Can you justify a significantly higher price point for the same item that your competitors sell for 50% less?
If you are going to undercut the competition, you have to make sure you are not bankrupting yourself in the process. Make sure you are accounting for your time, not just your expenses, when calculating costs.
People will pay for quality. Don’t drop your price below its value because you are insecure about asking for what it is worth.
Setting prices is one of the most complex parts of this game. Take your time, do the research, and make an informed decision.
Research local markets.
Make sure to check what the prices are locally for similar products. You may find some lucrative opportunities to sell locally for much more than online. Think trade shows, farmers’ markets, and community craft sales.
People love to shop local. Even if you don’t open a brick-and-mortar store, it doesn’t mean you can’t occasionally have a pop-up sale. These might be very profitable if you sell a high-ticket niche product or service that is hard to come by where you live.
How to Start Marketing
Marketing is the art of getting the word about you, and your business, out to your potential customers. You don’t necessarily have to have a physical product or service to start this stage. You can simply start with brand awareness. Start to set up your brand and spread your influence. This will warm people up for when you’re able to actually begin supplying products and services of your own.
Create your website.
We are finally onto the fun stuff! Spend some time creating your website. Make sure it looks just perfect.
Spell-check it repeatedly.
Use high-resolution images.
Create a welcoming and engaging experience.
Your website is one thing you are going to want to create over several days. Even if you sit down and complete it in one afternoon, go back and visit each page every day.
Is it sending the message you are trying to communicate?
Is it easy to use?
Is it professional?
This step is so critical because it lends to your credibility. We have all landed on a sketchy website that just gave us an icky feeling. What did we do? We immediately backed out. We ran as soon as our browser would carry us!
I use Squarespace for all of my websites. I have been using them for several years now, and I highly recommend them. They have an easy drag and drop templates. You don’t need to know how to code or do HTML or any of that stuff. It’s great, but there are also other options. When I started Absolutely Studying, I had a free version of blogger, and I even tried out WordPress.
If you are truly starting a lean start-up with no money, then these are options. However, if you do have any budget, I would suggest you spend it here. This is going to be the main point of communication between you and your potential customers. I wouldn’t skimp.
Create social media accounts and an email list.
Social media is a great way to get your name out there and start building your brand. This is also a free way to communicate with and get in front of potential clients.
Do not underestimate the power of social media and having a comprehensive and thorough social media marketing plan.
However, don’t go too overboard on social media. It is best to choose one or two for short-form content and one for long-form. Don’t spend all of your time getting sucked into maintaining these posts to the point that you ignore other obligations in our business. Create a system to handle your posting schedule and stick to it.
As you build up your platforms, start to gather email addresses from clients who enjoy your content. If they find value in what you are providing, they will likely continue to do so as you expand your offerings.
Collect these emails and continue to nurture this relationship with newsletters and updates.
Create an editorial calendar to plan what content you are going to share and when. Don’t restrict this just to service or product launches. Plan out what blog posts you will publish, videos you will release, and even podcasts. Think of how you will promote them?
Add entries of all the social media posts you need to publish and topics each post will focus on.
Plan your Customer' Journey
Create a map of the journey you will lead your customers on. What products will you offer and when? What is your value ladder?
Every business has a value ladder that leads from low ticket offers to higher ones.
Let’s take fast food as an example:
Entry-level: The dollar menu
Mid-level: Meal deals
Upsell: Would you like to upsize your meal?
High ticket: Would you like an apple pie?
You can apply this tactic to anything from clothing to cars.
Think about your offerings. How can you provide your customers with more value? Consider the journey that your customers can take through your offerings, and write it down. This will help you to plan out your workflow and your marketing strategies.
How to Start your Blog
Blogging is much more than simply posting content. Blogging can be profitable if you have the time and patience to do it properly. If you are going to write a blog, approach it as if it is a product. Quality and consistency are essential just as much in digital content as it is in physical products.
Every blog post should have a purpose. Do not publish just to publish.
What are you trying to say?
Is your message clear?
How are you going to convert that blog post into revenue?
Too many times, people post just because it is posting day without considering the lasting consequences of wasting that opportunity. This can also be said about YouTube videos. Whether it is on our blog, your YouTube, or social media, each post you make should have a purpose.
How to Set Up your Business
Carefully consider how you want to set up the legal structure of your business. This may take some research, but it will be worth it.
There will be different laws about what kind of registration and permits you need for any business type. I am not a lawyer. This guide can not possibly be enough to cover every nuance of every business type across the entire globe.
This is one area you will have to research and make sure that you have met the legal requirements to run your online business.
How to Choose your Products and Services
This is where you finally get to decide what you want to do for a living.
Are you a crafter that loves making goods? Or maybe you have a long corporate career under your belt that you want to turn into a consulting business.
Within you, there is a talent that you can monetize and share. Maybe you want to create a course about something that you are great at.
Now is when you can decide what you want to sell and how.
One thing to consider: Do you want a work-from-home business? Or, work-from-anywhere business? Consider this as you think about your offerings. If you plan to travel the globe while you build and grow your online business, you may not want to start a hand-crafted product company. There will be a lot of supplies to tote around and shipping to do.
These are just a few aspects that you want to think of as you are creating your business.
How to Establish your Brand
Your branding is going to help make you recognizable to your loyal customers. As they consume more and more of your content, your aesthetic choices will start to imprint on them.
Soon, they will be able to recognize your content without even seeing your name on it. That is the power of branding.
Taglines are similar but with words.
Is there a line you want to say every time you end a blog post or a video? If your audience hears it, you will immediately come to mind.
Establish a brand. The colour and style should reflect the interests of your ideal client. You want the aesthetic of your brand to attract them like a magnet.
I use Canva for all my branding and promotional material. With the paid version, you can set up brand pallets to ensure that you are using consistent colours and fonts across all your platforms. The free version has enough features to get you started, and then some!
If you use the free version, keep track of your fonts and templates to keep a consistent theme throughout your posts.
They also have templates that you can use for any designs you need to create.
How to Set Up your Finances
This step is critical to growing your business. You need to know where your money comes from and where it is going. Without accurate accounting, you will not be able to grow properly.
Keep your business and your personal finances separate. If your money is co-mingling, it is too easy to lose track and spend more than you meant.
Also, as soon as you can, get an accountant. It is never a good look to owe the taxman.
How to Track your Analytics
Analytics are also going to be an incredible tool for tracking progress and achieving your goals. As you grow, we will discuss many ways to use these numbers to reverse engineer your desired revenue.
Later is a social media scheduler, with a focus on Instagram. If you are using Instagram as one of your main social media platforms, Later will allow you to access many analytics that you can’t get from Instagram directly.
How to Prepare for your Launch
Create a marketing plan to promote your launch. You need to get your website and your offers out there.
This is where most people drop off. They create their website. Then, they create their offer. They put in the time to make an amazing plan and let it fall by the wayside.
Promote your launch everywhere. Promote your launch to everyone. If you are using organic marketing, know you will be spending a ton of time pouring over social media feeds and interacting with other people’s profiles.
If you are using paid ads, know that the traffic will end when your campaign ends.
What do both of these have in common? The second the client is on our site, you still have to convert them to paying customers. Your website should be flawless, as should your offer.
I am so excited that you have decided to take this leap in starting your own business. Even though you may only have a shoestring budget, this is totally possible.
I have several strategies to build and grow your business into a thriving, lucrative practice, but you have to be all in.
It is going to be hard work. But nothing worth it was ever easy. Start by picking up the FREE checklist below so that you can set your launch goals and track your progress. If you need extra support, be sure to book a chat or email me.
Don’t worry; you’ve got this. And I’ve got your back!
I want to be transparent so that there are no misunderstandings. As an affiliate, I may earn a small commission from any products linked in this post. This is not a sponsored post, and I was not asked to recommend these products. These are products that I genuinely love and wanted to share with my audience.