According to the top selling book “The Millionaire Next Door” by Thomas J. Stanley, studies show that the majority of millionaires today are small business owners. And let's face it, business now days is going more and more online. So what is the best small business to start with little money? Well, the short answer is….online business!
Whether you are a small business owner already, or looking to create multiple streams of income and want to start a small side business, your success rate dramatically improves by taking advantage of the 3 billion + market of online customers.
The good news is, when starting a small business online, you can do it with little to no money at all to start! I'm going to show you how the majority of online entrepreneurs are making tens of thousands of dollars monthly, all by building an online business.
What characteristics does a good start-up have?
Great small business start-ups have a few things in common. They are:
- Little to no start-up costs
- Little to no inventory (less liability)
- Little to no overhead costs
- Can be managed “passively”
- Is something you enjoy doing
Imagine having a small business that costs nothing to start, has no inventory or product to store, has no overhead costs to run, and can be done passively (an hour or two per day)? Wouldn't you agree that a small business with those characteristics would be the perfect match?
To be honest, there are quite a few options with the above characteristics. For sake of this article, I'm going to talk about my top choice for a small business start-up that has those characteristics. (Fore more information on additional small business opportunities, take a look at this article)
What is the best small business to start with little to no money?
I'm willing to bet that many online entrepreneurs would agree with me when I say that the best small business to start that anyone can do, is creating an online blog in a topic or niche that you absolutely love.
Every one of them had to start somewhere, and if you read most of the top blogger's stories, a great percentage of them started with no prior experience.
As I once heard and always remind myself, “When's the best time to plant a tree? 20 years ago! When's the next best time? Today!”
The greatest thing about building a blog online is that it can be done with no money at all to start, and no experience required. Not to mention it also passes the above mentioned characteristics test.
Where do I start?
There are a few things that you need to determine to get started with your online blog. The first and foremost should be to determine what your blog is going to be about, AKA your niche. One of the biggest mistakes you could make when starting a blog is choosing a topic with a niche that includes too broad of potential topics.
You need to pick a niche with a very detailed audience, and become a specialist in that field. Want to work in more than one niche? That's fine! Create multiple blogs for each niche you are passionate about. It is best if you pick a niche in which you are already an expert in, or that you are very passionate about. This makes it a fun side hustle that doesn't wear you out.
Once your niche is started, you need to reserve your domain name to build out your blog content. When picking a domain name, make sure that you don't spend too much time when deciding, as it is very easy to keep changing your mind. Domain names can be purchased for a few bucks each year at places like GoDaddy.com, 1&1.com, or Domain.com.
Once you have your domain set up, you need to link that domain with a hosting company that will give you access to creating your website with different website design templates, email marketing options, content creating tools, and keyword research tools. These guys give you access to free domains, training's, templates, email marketing, content tools and keyword research tools.
OK, so how do I make money with my blog?
There are multiple ways that bloggers make money with their blog. Among them, the most popular are through ads, and affiliate marketing.
As your website grows and gets more social and noticeable, more traffic will begin to visit your website on a daily basis. The more traffic you have, the more money you are likely to make through placing ads on your website and through affiliate marketing.
If you have ads on your website, companies like Google Adsense will pay you each time one of your website visitors visit your website and click on an ad posted. Here's how you set up Google Adsense to place ads on your website.
Affiliate marketing is simply partnering with a company who assigns you a unique link to their website. You then insert that link into your website content on a post or page reviewing or including that companies product or service. When your website visitors click on that link to seek more information, and they end up purchasing a product, you get paid a small percent of the sale price for referring that customer.
How long does it take to make money with my blog?
Now don't go thinking this is an overnight success. Creating a blog and making it a profitable one can range anywhere from a month to 6 months or more to see a profit. It honestly is different for each blog, and each niche. The trick is to stick to it and be in it for the long haul. Those bloggers mentioned above didn't start making $160,000 per month overnight, but rather over a gradual increase over time.
There are ways however to help accelerate the time it takes to start seeing that extra income. I first got started with this free training course, and I had no experience online to start. All you need is a name and email, and you get access to 2 free domains, 10 videos and courses to creating a successful blog, and unlimited email accounts to use for marketing purposes with your blog (not to mention their 1,000,000+ community of successful online entrepreneurs for added guidance and feedback).
Successful entrepreneurs have developed successful habits
If you were to take one penny, and say that the penny will double every day for 30 days straight, how much money do you think you'd end up with? $10,737,418.20. Don't believe me? Pull out your calculator or smartphone, and start with $0.01 and then multiply that by 2. Do that 30 times and see what it comes out to.
Moral of the story: Success isn't created overnight. It's the result of consistent efforts and habits without missing a beat. Do this with your blog, and create content and attract visitors on a regular schedule for as long as it takes, and you too could be making thousands or tens of thousands of passive income money each month.
My advice, take advantage of the expert training's and resources for free here, and stick to the process they teach you. You'll learn how to write good content for your blog, how to do keyword research, how to create multiple streams of income with your blog, how to get your blog recognized online, and much more.
What other ways have you found success from your small business? Post your comments below!