3 Myths of Starting an Online Business

Myth #1: You Have to Know Exactly What You're Doing Every Step of the Way.

This is not true at all. Many successful businesses pivoted and adapted 100 times over before they found their main focal points. You do not have to know every little thing before you start. Life is a journey and sometimes you have to learn along the way. The best example of this? Netflix. Netflix had relatively no clue they were going to start a DVD mailing subscription when they first started out. They knew the e-commerce industry was somewhat saturated, explored other areas of opportunity and just “winged it”. They sent a DVD in the mail to see if it would break and it didn’t. This was the cornerstone of the business and it all started with a fumble (after realizing local mail from the USPS ships different than it does nationwide and their first 100 customers received broken DVDs).

Myth#2: You Need a Tremendous Amount of Startup Capital.

This is simply not true. Depending on the business you can start with relatively little funding. If you are providing a service you may be able to start the business with a lot less than you think. Don’t get discouraged by this, do your research and be realistic about what capital you will actually need to raise.

Myth #3: You Cannot Start Up Alone.

There are so many solo-entrepreneurs nowadays that this myth should be thrown in the trash. The same goes for a myth saying that you need to do everything yourself. Like anything else in life there is always a “perfect balance”. The key is finding yours and how it relates to your business.

Can you Start with No Money?

It is extremely difficult to start with no money at all, just simply for the fact that you have will have to file an LLC or related business entity in your state, etc. This isn’t free but also shouldn’t cost a crazy amount. You can do the filing on your own which is the cheapest route or you can hire a company to help you out with the business formation process for a relatively small amount depending on what state you want the business to operate In.

What Are Some Good Ideas for Online Businesses People Can Start with Little Capital?

The best way to decide on which business you want to start should be based on your “passion” and “skills”. If you are an amazing writer you could consider starting a website (which has very little capital costs) and blogging. If it becomes popular you can get readers to subscribe to a newsletter or earn revenue via ad dollars.

There is a plethora of applicable businesses you can start with little to no capital but it really depends on what you’re passionate about and where your strengths lie.

E-commerce can require a lot less capital than it did in previous years due to the assistance of drop shipping companies like Shopify, etc.

Final Tips

Tip #1: It really helps to plan ahead as much as possible. There is no harm in playing everything by ear and learning as you go, but it definitely helps to have an idea in place and plan around its execution to the best of your abilities. Before you begin, make sure you crowdsource the idea and get the opinions of your close family and friends.

Tip #2: Don’t bite off more than you can chew. It’s okay to start slow—Rome wasn’t built in a day. Everyone hits speed bumps; the key is to not let it demoralize you and discourage you from achieving your goals.

Tip #3: Try to network with like-minded people and see if you have anyone interested in helping/coming on board with your business plan. It will definitely help to have someone you can regularly bounce ideas off of! The more people you have helping you the better!