Intro- How I Started My Online Business Having No Income
In this article I will discuss how I started my online business having no income. The cliche that you need to have money to make money is something I’ve heard my entire life. Yet in today’s day and age that is not entirely true. Yes, many wealthy people have an advantage when it comes to starting a business compared to non rich people. But there are those like Elon Musk who did not start off at the top and became highly successful. When I created my small business I did not treat it as a side hustle. It would be my only source of revenue and I needed to make it work. Going back to my previous job wasn’t an option nor was finding a new one. I decided to invest into this business the only thing that I could into it and that was my time.
Reasoning Behind How I Started My Online Business
1. It was the pandemic
There was no way I could earn an income when the entire world was in lockdown and I was without a job. A few months before the pandemic hit I had quit my job of 9 years. I was living off of savings that I had accumulated over the years. Despite being able to pay for bare necessities my money eventually was running thin. Nobody was allowed to go out to networking events and most jobs that I applied to did not respond to me. The only viable option that I had was to generate income through self employment. I had no prior experience starting a business and knew that it would be a challenge. Was this something that would work in the long run? Or would it fold after just a few years? Regardless of my uncertainties I went with the plan to start a web design business.
2. I did not need a large budget
Starting a business of designing websites was not a large monetary investment. I did not have to invest capital on store space, supplies, equipment or market research. I already had a laptop, web building tools and basic knowledge in web design. The only spending that I was required to do was the purchasing of ads, web hosting and a business email address. These things did not come at a high cost or leave a major dent in my finances. What also helped were the number of free resources that were available on the web. I used free social media platforms such as Facebook, Twitter, Reddit and Linkedin to connect with small business owners. I networked with people on Zoom and Skype and sent out cold emails to companies that had outdated websites. I created Youtube videos in which I presented information relevant to my industry.
3. I had nothing to lose
If this business venture did not work out it would not be the end of the world. What did I really have to lose other than a few hundred dollars? People argue that you can always make money, but you cannot always get your time back. And I wholeheartedly agree with that statement. Time is precious and if you waste it there is no regaining it. But if my business failed I would not have considered it mismanagement of time. Firstly, all businesses go through periods of trial and error. It is a fallacy to believe that a business can experience an 100% success rate. Even the largest corporations have made major decisions that did not work out for them. Secondly, I would have viewed all of my hard work as a learning curve. The skills that I developed could always be used regardless if my businesses flopped.
4. High reward
The reward would far outweigh the risks of starting this business. The amount of income I would be able to generate would be more than enough to simply survive. I’d be able to earn a lot more than I had ever done in my entire lifetime. This is something that I had never dreamed of even just a year before the pandemic hit. Any small business owner’s dream is to be well off and be financially stable for the rest of their life. Aside from monetary rewards, it would also be an opportunity for me to employee others. Helping others has always been a passion of mine. Spending many years working in an NGO I recognized the need of providing an opportunity to the unemployed. I could potentially create jobs for dozens of people who could not find work elsewhere. In the end, I wouldn’t be the only one benefiting.
5. The 9 to 5 wasn’t for me
Another major reason why I started this business was because I did not want to work for an employer. I did not want to spend the rest of my life experiencing the regular 8 hour grind Mondays through Fridays. I will always respect those who make a living from a corporate job, but it was never for me. In almost every company that I worked for one thing that I did not enjoy was the lack of opportunity for growth. It was not like I could work my way to the top or earn more money based on incentives. What bothered me the most was that certain individuals were getting paid more despite lacking people skills. At least if I ran a business I’d make sure that I’d employee the right people for particular roles. I’d also provide the means for people to grow in this industry.
What I learned from how I started my online business
There were several benefits from how I started my online business having no income. Firstly, I was able to build determination from all of this. In my mid 20’s I had great aspirations to be a small business owner yet I did not pursue my dream. This time around I did not want to repeat the same mistake. Secondly, I learned how to not give up even when things were difficult. In the first couple of months after starting this business I did not get one customer. I had absolute zero knowledge about marketing and SEO. But I continued moving forward because I knew there was no going back. Thirdly, it gave me knowledge of things that I did not know before. Business taxes, digital marketing, social networking and customer service were some of these things. So far, I believe that my decision is paying off.
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