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Today we have a guest post written by Christian Lee, a blogger at 3hundrd.com.
Christian has been banging his head for 6 years trying to figure out how the gurus start a profitable business online. He’s finally figured it out and would love to share his insights with you!
And don’t worry, he knows it’s close to impossible to ditch your 9-5 job when you’re living paycheck to paycheck while striving to pay for your bills! That said, he will teach you how to save money and start an online business without having to incur huge costs!
Okay, let’s hear it from him!
Don’t forget to pin this for later!
How To Start an Online Business from Home (and Save Money)
Starting a new online business is a scary thought to many; even though the entry-cost of starting a little side-hustle online is way cheaper than starting a business in the offline/real world; I know many feel uneasy about taking on that risk. And I know this because a long time ago – when I was first starting my online business – I too was weary of the whole situation and how much it would cost me.
Now let me start off by saying that while an online business is cheap to start, it is not cheap to run (and scale).
You gotta spend money to make money!
Again; it’s still relatively low-cost compared to other traditional business models, but once you hit the ground running; you will incur expenses one way or the other.
With that said; I also have to humbly admit that my entire business (which now funds me a life where I can be free of the 9-5 rat race) only costs me a whopping $5.87c a day to run. Yes; for $5.87c a day, I run a full-time business online!
In this post, I want to show you how to save money while building your online business. I want to give you the opportunity to get started with something even if you’re a bit strapped for cash.
I will be going through what you need and most importantly; what you don’t need, which brings me to my first tip of the day.
Keep It Simple
You do not need some fancy WordPress theme, you don’t need to hire a web developer to build you a website for $5,000 and you definitely do not need a $500 logo. Whenever you are starting out; keep it dead simple. This means a free theme will most probably do.
WordPress (which is the absolute best website building platform you can use), offers thousands of free WordPress themes that you can use to “build up” your website. There’s also plenty more plugins that you can use to further mold your website to your liking. There’s a great guide on how to get started with WordPress so look into that and don’t ever think you need a lot of money to start up a website.
In fact; I will give you a pretty clear estimate as to how much you should spend and that is no more than $100 per year. You need a domain name, which sells for about $14.99 and you need hosting.
There’s also a great offer right now from BlueHost that gives you a FREE domain and a $3.95 per month hosting which means your first year in business will cost under $50.
While this cost-management of building a website is a perfect example of what I’m trying to get across to you; this applies to a lot of things. Keep it simple, look for free alternatives if you’re on a tight budget and do not incur any extra expenses for things you can do yourself, which brings me to my next point.
Are you a beginner who wants to start a money-making blog? Join my FREE 7-day course on how to start your blog the right way! 🙂
Outsource As Little As Possible
On my website, I teach people how to start affiliate niche websites which involve writing content.
I often get asked whether outsourcing your content is a good idea and honestly; if you’re just starting out; it’s a big mistake. Not only do you need to know what good writing looks like (hence why you first need to do it yourself), but outsourcing your content (or any other factor of your business) can get costly.
Nowadays I outsource my content as I know what I am looking for. I also have the budget for it but I pay around $25 per article.
$25 x my recommended 5 posts a week method will get very, very costly; very, very fast.
The point I’m trying to make here is to keep it in-house.
While hiring freelancers to help you scale your business is the best thing to do once you’ve reached a certain point in your business, it’s not something you should be looking at if you’re just starting out and want to save money while building your online business.
Be On The Hunt For A Good Deal
One of the biggest benefits of online business is that you can get started with very little – we’ve already covered that – and we’ve also covered the fact that once you get the ball rolling and you think your business has potential to do more, you need to start reinvesting the profits back in.
One of the best ways I recommend to save money is to see what premium tools you are using and switch it to a yearly membership fee. Very few people mention this but it’s probably the best hack to save money in the long run.
Let me explain.
I started my e-mail list for free, but once I outgrew the free plan, I needed something a little bit more powerful than the free version. I had proved to myself that it’s a worthwhile investment for my blog. My e-mail list is also an income-producing asset so it made sense for me to invest in a great tool.
With a yearly plan, I went from paying $19 per month ($228 per year) to $150 a year; a total savings of $78. Since these tools are not physical goods, creators and publishers often offer great discounts for yearly members and you can easily save ~50% (or more in some cases) for something you are paying for each month.
Whenever I can, I look for that yearly membership plan. This little method has saved me hundreds per year and thousands over the course of being “on business”. That saved income was then spent on other things that can help improve my business further (e.g. content writers, new tools, a premium WordPress theme, etc).
Business or better yet; turning a profit is a numbers game.
Understand how you can manage the numbers and I can promise you that you’ll be making a profit soon with your new online business.
Quick recap before we close off:
Keep it simple: Don’t go crazy with all the “bells and whistles”; you don’t need to get too fancy too quickly.
Don’t outsource: Do the work yourself, outsource only when you need to scale.
Look for a good deal: Save hundreds (or even thousands) per year by switching to a yearly membership plan.
That’s all from my end. I hope you enjoyed this quick post and I hope my experiences helped you understand how to save money while building your online business. There’s definitely money to be made with blogging and other forms of online business. If you really want to create a new life for yourself; I am sure you have what it takes to make it happen.
If you have any questions, be sure to let me know in the comment section below and I’d be more than happy to answer your questions.
Alternatively; you can also check out my #1 rated affiliate marketing training course.
Looking forward to hearing from you.
Christian Lee @ 3hundrd.com.
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