How to start an Online business with less than N5,000 - Online Business costs - Daniel Iloh


The real, down-to-the-penny cost to start a profitable Internet business.
I find the rule for start-up money to be the same for an Internet business as it is for many home-based businesses.

It’s a “time or money” equation.

The “time or money” rule dictates that you need either time or money to succeed.
If you have little money, you must put a lot of your time into the start-up. That’s what’s known as “sweat equity.”
If you have little time but plenty of cash, you can pay others to do a lot of the work.
Time or money. Either one will do.
In this Article, i would be discussing Online Business costs.
It is extremely difficult to start a home business if you have no money and no spare time. However, with an Internet business, we have a big advantage.
You can’t run an Internet business with zero naira. You need to buy domain names, pay for hosting, have Web pages designed, and so on. But it is much easier – and far less expensive – than an offline business.
It’s also far less risky.
I once heard of a saying By a Gary Scott that goes this way:- 
“The Internet is very forgiving of mistakes.”
For instance, if an e-mail marketing campaign to your subscribers bombs, you don’t make much money that day. But sending an e-mail promotion, even to thousands of subscribers, is so inexpensive, you don’t lose much either.
On the other hand, running a business offline, especially one selling a physical product, can cost a small fortune. And all of it is risk capital.
Take for Example, you could say to start up a Magazine firm and start distributing round the country. Like every business, there are chances of failure. imagine the magazine does not live up to standards and the money already spent on it was about a million dollars. All that would turn to a loss just because you wanted to test run a Business.
but hey,
Even Online Magazines do not cost that Much and could reach a whole lot more persons.
Now that is the difference between Offline business cost and Online Business cost.

Since most of us have grand plans, ambitious dreams, and big ideas, but not much money, I suggest you start your Internet business with your own labor rather than begged or borrowed capital.

Especially at the beginning, you’ll have to put in a lot of time. But that will give you an edge over your competitors. Most of them simply will not make the effort.

“If you work more hours than somebody else, during those hours you learn more about your work, its proven” 
 “That can make you more efficient, more able, even happier. Hard work is like compounded interest in the bank. The rewards build faster.”
It takes a lot of hard work to start and build a profitable online business … much more than many “get rich quick on the Internet” promoters would lead you to believe. But once you get going, Internet marketing can generate a steady stream of passive income. That’s the “compound interest” part of it. You create a product once, and then sell it again and again.
But That’s not the case with a service business, such as freelance copywriting, coaching, consulting, or speaking.
In a service business, the start-up is simpler. You just start advertising. But service businesses generate mostly active income. You have to keep working, with a high level of activity, to make a high level of income.
A business that generates passive income pays bigger dividends down the line. And, as I said, you can start an Internet information marketing business with very little money. But not zero.

Exactly how much do you need, then?

If you do most of the work yourself at the beginning, you can get started with less than N20,000.
Take a look at my budget for my first product on the Internet, an e-book titled “HOW TO TURN YOUR BLOG TO A BUSINESS”:
  • Writing the e-book – zero (I assembled it from previously published articles and what i already knew.)
  • Hiring a designer to put my Word file into a PDF format –ZERO (I already knew how to do that)
  • Registering my domain name – $0.99 (Its that Cheap with Godaddy if you are registering the first Time)
  • Creating the landing page copy – zero (I wrote it myself.)
  • Paying a company to design the landing page – ZERO (I also happen to be a web designer.)
  • Monthly shopping cart software subscription fee – ZERO (I already handled all that on the site i created.)
  • E-mail List – zero (I already had an email list worth up to 50,000 persons)
  • Total out-of-pocket, excluding my own labor: N400
  • Total revenues: N110, 000 (for 110 copies of the e-book, sold at N1, 000 each as at now)
That is all for Online Business cost.
As you can see, even with a budget of only a few hundred nairas, you should have enough to cover the initial start-up costs. That includes hosting … domain name registration … design of your landing page … creation of your first information product … setting up a merchant account … and shopping cart software.
The bottom line: If you have ambition, vision, and desire … and are willing to work hard, at least in the beginning … you can start a successful Internet marketing business for under N5,000.
To launch a business for under N5,00, however, you need to spend your money wisely — finding quality service providers that charge reasonable fees.
Get an accelerated start by enlisting the help of pros. (They’ve been where you are now and know how to get started in a big way.)
Want to start an Online Business and Need tutor? 

Let Worgersweb be your Personal Consultant and business tutor and see how high you would sore.
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