Starting an online business without capital

THESE days, it is not uncommon to see millennials starting their own online businesses, sometimes when they are still studying or have just graduated.

Unfortunately, there are several obstacles that may keep you from doing the same including financial capital as most people won’t have that advantage, especially for a start-up.

However, with the right tech at your disposal, this might not be such a big hurdle to overcome, as there are successful entrepreneurs who have started their online businesses with little or no money.

So, if you’re planning to start an online business, here are some thoughts about doing it without any (or very little, at least) financial capital.

Your skills set

The skills and talent that you have can be an advantage when it comes to an online business, especially if they involve digital skills such as coding and expertise in mobile tech. Other freelancers can make money directly from home by providing a range of services such as writing, editing, and designing.

So if your online business is offering services such as these, capital is not really an issue for you.

Business plan

A business plan does not require you to spend money at all. It does, however, require your time and persistence.

When planning an online business with no financial capital, it’s advisable to start small so that you will have the chance to build up.

For instance, you may not need an office or staff when you’re starting out, so you don’t need to worry about rent, utility bills, and salary for the business.

Social media

Social media platforms such as Facebook, Twitter, and Instagram are free, in the sense that you don’t have to pay money to use them. Apart from that, they are also excellent marketing and advertising tools for your online business. Also free, for the most part.

Depending on what type of clients you are targeting, you have access to various potential customers through these platforms.

Even the smallest of online start-ups can attract a consumer base with the right advertising and marketing strategies on social media.

Apps and online tools

If you have an online business, then you would know that online entrepreneurship is both challenging and full of opportunities.

With so many challenges, the smartest way to succeed is to take advantage of the resources available that require nothing from your e-wallet.

Nowadays, you can find thousands of free apps and online tools such as for file sharing or for communicating to help you kick-start your online business. Hootsuite and Buffer are just two of the examples of online tools that you could use to manage various social media platforms.

This is a weekly column by SarawakYES! – an initiative driven by Faradale Media-M Sdn Bhd and supported by Angkatan Zaman Mansang (Azam) Sarawak – to provide advice and stories on the topics of education and careers to support Sarawakians seeking to achieve their dreams. Join us on Facebook, Twitter, Instagram and YouTube.