Has the entrepreneurial bug bit you yet? Being an online business owner is a dream for many. For myself, I have wanted to be an entrepreneur since I was a child. I wanted to be a fashion designer, a model, a CEO of some company, and the list goes on and on.
A hurdle for many are the startup costs. Starting a business can be costly and with 80% of businesses failing in the first 18 months (according to Forbes.com), those pricey startup costs may not be recouped.
So, how do you get around it? I’ve found smart ways that you can start your online business with no money upfront! how cool is that? here we go:
If you’re operating a physical goods store selling apparel, footwear, homegoods, decor, etc., then dropshipping might be for you. You only purchase products when you have an order to fulfill.
For example, you run a socks store selling a variety of fashion socks. A customer places an order for 3 pairs for socks. You then, visit the dropshipper’s site or contact them, order the customer’s socks and the dropshipper direct ships the order on your behalf, to the customer. Easy! A great way to save money on inventory since inventory tends to be the largest expense for retailers.
Wanna sell designer planners, your own fashion line, stylish t-shirts (or anything else)? Raise funds through crowdsourcing. You can generate a LOT of money in a short time period using sites like Kickstarter or IndieGoGo.
Preselling is pretty cool because you get to assess your audience’s interest for the product or service. You can set up a waitlist or poll and start your presale campaign from there. Preselling is simliar to dropshipping in that you will collect orders and use funds to purchase inventory. Make sense?
This is done a lot in Instagram flash sales. Online boutiques on Instagram will run presale flash sales where they introduce the product, along with features, pricing, shipping details, etc. Then, once sales are made, they will purchase inventory from the wholesaler.
Get into the handmade market! Use materials around your home or get donations and start selling products in online marketplaces, to family and friends, etc.