Many people think about starting a business and they are terrified by the thought of the investment they believe is required to start and run a business. While this might be the case for some kinds of business, there are some businesses that you can start and grow with very little or no expenses at all. However, to be able to do this, you’ll have to understand the value of collaborating with other people attempting to earn a living in the same area where you are doing business.
If starting and running a business with little to no expenses at all sounds easier said than done, here are some ideas on how to do this.
Learn New Skills
One of the biggest expenses that business people have to meet is hiring experts to do different things. In modern times, one such skill is the establishment of an online presence. Almost any business today requires a website and there are many business people who pay a lot of money to have the website set up. You don’t have to invest that much money as you can make own website, quite easily using templates that are already available: most of them are free.
Other skills that many people are paying for which they may not need to pay for include bookkeeping and accounting. You may want to check with your bank as many banks are now offering such services as a value add.
Whether you are starting a business or have had one for a long time, it can be challenging to establish how much time and resources your employees are actually using to do tasks related to your business. This is the reason why using freelancers has now become a preferred method of doing business by many companies.
Unlike permanent employees, freelancers are only paid for the work they have completed. For instance, a freelance sales representative will only get their commission when they have made a sale. The same may apply to your social media manager, they will only get paid when people start buying products from your business using the links from the social media content they create.
Using freelancers takes away costs related to having fulltime employees such as medical aid and pension contributions. You don’t need furniture, office space, internet provider, and coffee stations for people working remotely as they usually take care of this themselves.
Refer Customers To Other Businesses
To run a successful business does not necessarily require you to have your own goods to sell. Running a prosperous business without ordering anything and keeping it in a warehouse is referred to as affiliate marketing. According to a report from BI Intelligence, affiliate marketing has huge opportunities in the modern market and the whole industry is developing dramatically fast. By 2016, affiliate marketing already became one of the four biggest sources of e-commerce orders, outperforming social commerce and display advertising.
There are a number of online stores that just provide the portal for showcasing merchandise and getting customers to order without the business having to purchase the product first. These businesses manage the whole customer experience from advertising the product all the way to the payment. Such businesses charge a commission from the price paid by a customer.
To be more effective in running a business selling stuff on behalf of others, you may need to look at becoming a part of a bigger affiliate program. You can register on most of these affiliate programs for free.
As you can see, starting and running a business does not have to be an expensive undertaking. As long as you are prepared to take advantage of advances in technology, you can start and run a successful business with minimal expenses. The skill of collaborating with other business people has become indispensable in the connected economy.
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