Budgeting Your Online Business
What I am going to recommend here is a methodology for those who are looking to start their online business and establish their business plan with a limited budget.
One of the most important factors for being successful in online business, or any business for that matter, is budget control regardless of how big or small your budget is.
We need to define what the meaning of limited budget is. You need to know that it is impossible to start and run an online business for free. Do not believe anybody who tells you otherwise.
Here are the minimum costs involved in starting your online business.
1- Domain Name 8.95-13.95/yearly
It all starts with a domain name for your business. Take some time and think about what you want your business to be about. You want your domain to be something people will remember and identify with.
You will establish your brand and your expertise with your domain name. I recommend Godaddy or Namecheap they are both great domain name providers.
2- Hosting Service for your website 5.95-9.95/month
As with domain names you can also get your hosting thru a variety of companies including Godaddy and Namecheap. I started with Worthy Host in November of 2007 and was so impressed with their service and support I bought the company.
Starting out I recommend the medium package with whoever you decide to deal with. Usually this allows you hosting for at least 3 websites. Believe me, once you get your first site up and running you will start thinking about a second and third site and this hosting package just saves you time.
3- Website 299.00-599.00/lifetime
As far as having a website, of course it will always save you money to build it yourself. There are many great tutorials on building your own wordpress website available and if you contact me I will send you a walk thru video training of how to do it.
On the other hand, if you realize you don’t have the time available and want to get up and running sooner rather than later you can have a website built for you. Either way, reach out and contact me and I will be more than happy to share tips and answer questions about helping you build your business website.
4- Autoresponder 17.95/monthly
Every elite marketer will tell you that your list will become your number one asset so you might well start building it from the start. You will thank me later. Think of your autoresponder as the perfect salesperson. It never sleeps, it’s always on time and will streamline your business.
Just about any website you visit will present you with some way to join their newsletter, get a coupon or stay up to date. This is the power of the autoresponder.
When you join or signup there is not a live person actually writing and sending an email back to you, It is that hard working autoresponder that has been set up with a series of letters to go out at certain times.
Can you imagine the time it would take let alone the hourly wage it would cost to have a live person doing this task. Again, there are many great autoresponder companies such as Aweber, Constant Contact, Get Response and Trafficwave.
I have been using Trafficwave for the last 10 years simply because the price never increases as your list grow. It does with the other autoresponders mentioned.
5- Marketing Costs (Depending on your general Strategy)
Starting out as a new business I would recommend getting business cards made up with vistaprint. You can get 1,000 double sided cards with all your information including your new site and logo for around 40.00 including shipping.
500 cards or one sided cards are of course cheaper but you get a good deal if you order more and I hand out my cards on a daily basis.
Using social media to establish your new website doesn’t cost a thing other than your time. Take advantage by listing your website link to all the social media you use. Facebook, YouTube, Twitter, Linkdin, Pinterst, Instagram, etc.
I could go on and on about more marketing strategies and costs associated with solo ads, pay per click, pay per leads etc, but I wanted to give you the very minimum costs to get started.
As your business grows by using social media, passing out biz cards and adding valuable content on your site, you can start to invest in paid traffic.
Now lets recap and roundup the total cost to get your online business started:
Your domain name would be 13.00 each year so just over a 1.00/month and your hosting would be 8.00/monthly. Your autoresponder will be 17.95/ monthly. Your 2 sided business cards at 40.00 breaks down to a little over 3.00/month.
If you do the website yourself then you’re looking at right around 30.00/monthly to be up and running. If you choose to have your site built then add a 1 time cost of 300.00
As you can see it doesn’t cost much to start your own online business. If you would like to learn more about the tools I personally use visit my recommended tools section.