So you want to start an online business without any money?
Then you stopped by at the right place.
Did you know?
An online business is entirely different from its traditional counterpart. Yes, it will certainly change the way you look at business.
It’s a new domain where you have limitless possibilities even when your budget is extremely limited.
You might be wondering:
Is it possible to start an ecommerce business without any investment?
Yes, it is. That’s why you’re reading this blog!
If you can use clever tactics to attract customers, you can easily make money through an online businesses even if your investment is zero.
There are a lot of successful entrepreneurs who made it big without investing literally anything to start their business.
Here are some most effective zero-investment business strategies that you can adopt.
Did you know?
So, it’s the right time to set up your own ecommerce shop in India.
But starting a full-fledged ecommerce store from scratch is a Herculean task where you have to spend a lot to set up many things like inventory, warehouse, staff, office etc.
But if you don’t have a heavy pocket you can think of dropshipping, it’s a great way to start an ecommerce business without spending any money.
Many ecommerce players are adopting dropshipping to grow their business in a cost-effective way.
Yes, dropshipping is a great way to set up your ecommerce business without any investment.
Because there is no need to fill out your inventory. In fact, there is no need of an inventory at all. But you can still have a virtually unlimited inventory!
Why is dropshipping best-suited for entrepreneurs who are starting out?
Because it is a low-risk ecommerce business model and easier to handle.
Since you don’t stock products, you pay only when the product is sold.
How does it work?
- You can list the products you sell through your own ecommerce store
- When a customer places order for your product, you purchase the product from third party dropshippers (wholesalers or manufacturers) for a lower price
- The dropshipper sends the product to your customer
You don’t have to worry about packing or shipping. Because your suppliers will take care of everything.
With dropshipping you can even have your brand name on the products made by the dropshippers. That is, your brand and their product!
Sounds good, doesn’t it?
How you can make money
The difference in price is your source of profit.
For instance, if the selling price of a pair of shoes is ₹500, you can purchase it for ₹400 from dropshippers (wholesalers) and deliver it to the customer.
You make money through the difference between selling price and wholesale price(₹100 here).
Dropshipping allows you to offer a wide range of products to your customers. Besides, your running costs will be very low since you don’t have to stock products.
It’s very important to find reliable dropshippers to collaborate with your business.
The key to success in dropshipping business is effective marketing.
You should be able to market your products using aggressive strategies to grab customers. Because ecommerce is a highly competitive business.
You have to focus on generating traffic to your website and converting them to sales. Also provide outstanding customer support. This is important to get repeat customers.
Here’s a list of leading dropshippers in India
In short, dropshipping is a great business idea for young entrepreneurs.
However, the profit margin is usually very low. You have to focus on products with higher margin to make a stable profit.
Moreover, your reputation is at stake if the dropshipper delivers poor quality products to your customers. Because you’re accountable to their problems.
But don’t worry.
Here are some dropshipping tips for you!
- Find a niche product: Don’t sell everything. Sell specialized products. For instance, you can sell customized designer sneakers that cater to fashion enthusiasts.
- Don’t sell fragile and heavy products: Focus on durable and light products than delicate and heavy products. You cannot always assure the safety of fragile products. So play safe.
- Develop a brand: Give the coating of brand name to your product. It adds to the credibility of your product. Don’t simply list a mass of products. Focus on a particular product and ensure its quality. That’s how you get develop a loyal customer base.
- Maintain a reasonable price: Your products should not be overpriced or underpriced. Maintain a stable price rate that still gives you a good profit.
- Provide excellent customer support: Selling only does half in your ecommerce business. To develop the business you must take your customers seriously. Acknowledge their feedback and ensure quick response.
- Partner with reputed and experienced dropshippers: This is the best way to remove fraud suppliers and ensure quality of the products.
‘First sell, then buy’ – This is how pre-order business works.
That is, the product is not yet released when you sell it.
You can sell product through your website or even on your social media page if you have a large number of followers.
Just leverage your social media profile into a marketing platform.
You can earn a commission for each pre-order made through your online platform.
However, it should be done with a good plan. Otherwise it might not attract customers.
Here’s how you should plan your pre-order business.
Find a sellable product
Every product is literally sellable. But you must have a product that readily grabs customers.
Maybe a product that addresses a particular problem of customers will be persuasive. This is much like finding your niche. So do your research before landing on a particular product.
Click here to learn more about how to find the right product
If you want to see great result in pre-order sales you must create a demand for the product.
Tell customers the product has limited stocks and set a timeframe within which they should pre-order it.
Your product becomes credible when people talk about it positively.
Put some positive reviews of your product before starting the pre-order sale. It helps create value.
It could be a reputed website’s favorable review of your product, discussions on Facebook and Twitter, news about your product etc.
Also make sure the product only goes on sale through your platform – that’s how it becomes exclusive.
Your ultimate goal is to make customers pre-order the product.
So tell them about pre-order benefits.
For example, you can give them a price discount or complimentary gift. But you should discuss with wholesalers or suppliers before offering such benefits.
The internet has opened great avenues for blog contents. You can write on anything under the sun.
It should attract readers.
How you can make money from your writing?
Create quality content that sells.
Develop a website to publish your blogs. You can either choose a topic of interest or select one from the trending topics on social media.
Well-researched and neatly written contents always find good traction on Google. Initially, people may not visit your website to read the blogs.
At this phase, you can share the content on your social networking platforms such as Facebook, Twitter etc.
At least post one blog every day to keep your website updated. Because Google always looks for updated content.
Once you get decent traffic you can apply for a Google Adsense account to publish ads on your website. However, you should meet certain criteria to get one AdSense account.
Make sure you meet all the criteria laid down by Google AdSense. Thus you will get income from advertisements, affiliate links etc.
But your content should be resourceful, recent and authentic.
How to write a good blog?
- Use short and crisp sentences
- Clear and concise writing
- Short paragraphs
- Sensible use of pictures and links
- Avoid jargons and unusual language
Pondering over a topic to write your blogs? Well there are many!
We share with you some of the most sought after topics in India
- Celebrity news and gossips
- Film reviews
- Startups and entrepreneurship
- Cricket news and commentary
- Political commentary
- Reviews of gadgets
- Book reviews
There are many ways you can start an online business without spending a penny. However, these businesses demand great skills and tactics to achieve growth.
The key to success in any online business is developing a reliable customer base. Once you manage to get a good number of customers, your products can easily ensure a minimum business.
In case of blogging, you should create top-notch content to attract readers and advertisers.
What business are you going to start? Share with us in the comments below