Digital business: I don’t have money to invest, what do I do now?
You want to start your own business as a digital entrepreneur. That's great, you have come to the right place. Read on to find out that not having money to invest, initially, is not that big of a deal.
At this point, let’s consider you have read a lot about digital products, and have decided that yes, this is an intelligent way of starting my own business, and it will make it possible for me to make a living out of what I really love doing.
Or, alternatively, you have discovered that joining an Affiliate Program is an excellent strategy for you to work on your own, make your own schedule, with the flexibility you want to have an excellent quality of life.
We understand that the will to have a business of your own may be very strong, especially because it comes with so many benefits you crave, but it may also seem a very distant dream, since you don’t have any money to invest.
If this is your case, this post is for you. With all this in mind, we have come up with a list of some actions you should take to achieve your objective, even when there are obstacles on the way. Read on and check out the possible solutions for you to invest in your digital business!
Don’t make the lack of money to invest into a reason to give up
In other words, stop making excuses. Pardon our candor, and in the first tip, no less! Sometimes we fool ourselves and believe that not having money to invest in our business renders it impossible. Before you start your journey, it is important to turn on your entrepreneurial mindset, and this may not be the only obstacle on the way. To help you out, we have written a post about this: 11 essential facts you should know before becoming a digital entrepreneur.
Work with what you know
Working with what you already know, and are passionate about, will save you time and money. This is because you won’t have to learn from scratch, nor have to rely on a specialist, and therefore it will be more pleasant to deal with the subject you have chosen.
For the Producers, it will be much easier to create a digital course on their own, with rich and relevant content. And for the Affiliates, it will be simpler to promote courses on subjects they like or are involved with.
Once you have decided to have a business of your own, tell it to the people you know! This way, you will spread the news and it may eventually reach the ears of people who are very important to your business.
In the case of digital products, you can even attract people who are interested in your material. And for every sale you make, ask your clients for a testimonial, so they can tell others how your product has helped them. Display these comments on your website and social networking sites to build credibility and empathy for other potential clients!
Resort to your contacts
Take advantage of your network of friends and acquaintances to ask for a helping hand! If you still haven’t started creating your material for lack of resources, make a list of what you will need and how you can get each item.
Remember that friend who is a great designer or that other one who can help you record and edit your videos. The closer these people are to you, the greater the chance that they will help you. Another interesting tip is that talented people, but with less experience, tend to go for this kind of work, as it is an excellent way of improving their skills, which can turn out to be an interesting exchange for both of you.
Don’t be afraid or ashamed to ask, and if the answer is ‘no’, don’t be discouraged. On the contrary, ask your friend if they can recommend someone else. And lastly, you can try to negotiate a price that is reasonable for you.
Another alternative may be to invite someone to become your partner or what we call a co-producer.
Co-production is when two or more people get together to create a product. With this in mind, you can invite specialists to help you create the material. And, according to the tasks each of you will perform, you can set what each one will get as a commission beforehand.
There are also two other kinds of professionals in the market of digital products that can help you: a digital product editor and a digital product manager.
The editor is very knowledgeable in the creation and revision of a product. Despite not being a specialist in specific niches, he or she knows exactly how to create a material with the necessary characteristics that an online course should have.
There’s also the digital product manager, who is an expert in promotion and everything connected to your course’s marketing strategy.
How do I find these professionals?
Participate in discussion forums and groups and make contact with more experienced producers. You will certainly get a lot of useful information for your journey as a digital producer.
Start a blog
A blog is an efficient and cheap manner of educating the market, and, at the same time, you lead your visitors to a conversion funnel, in order to make sales.
In it you can talk about the universe around your product, solve the most common doubts, identify possible problems that the audience has about your theme, and, finally, present your product as a solution.
The richer and better the content in your blog is, the more chances you will have of attracting organic visits. In order to do so, learn about SEO and Content Marketing techniques that can be applied to your business.
Bet on social media
Social networking sites are a sure bet for those who want to get more fans. Besides being simple to manage, you can interact more actively with your followers and understand their behavior.
The more engagement you generate, the easier it will be to recommend a digital product that relates to your audience.
Some attention points should be taken into consideration when you choose the social networking sites you will work with:
Identify which channels your persona really uses;
Define what the best ways to talk to your audience are: are you going to use your name or a brand?
Maintain the focus: it is better to use only a few channels, posting content consistently, than having many weak profiles.
Pay close attention to the particulars of each network: study each one and adapt your content to that specific channel.
The work on social media should be done persistently, because it is gradual by nature. Always try to improve your content more and more, to build trust and empathy with your audience.
Sign up for an Affiliate Program
If you are a Producer and still don’t know how to start your promotion, an affiliate program is an ideal strategy for other specialists to do your product’s marketing for you.
The affiliates act as a bridge between your product and the final consumer, and in exchange for this work, they will earn a commission set by you for every sale they make. Fair, isn’t it?
When you sign up for a program, the platform itself will be responsible for the payment to the affiliates. Besides, at Hotmart you can choose if you want open affiliation (when any person can become an affiliate to your product) or restricted (when you have to accept the request for affiliation).
If you want to become an affiliate, read our post on affiliate types to identify which path is the best for you. Our tip on blogs and social media will help you!
Save as much as you can
Avoid unnecessary expenses at this point. Remember that, if you manage your business correctly, it can bear a lot of fruit in the future. Every entrepreneurial journey requires sacrifices and you won’t be free of them.
Maybe now is not the right time to buy a car or the house of your dreams. Also, learn how to cut down on small things. Always think twice before spending money.
And with the money you save, you can invest in low or medium-risk funds, and then you will be able to invest what you earn in your business.
Sell your services
Even after you have contacted your friends, you realized that you will have to invest something in your entrepreneurship, be it in creation or promotion. In this case, it is time to think of a way to get some capital to invest in your business. The first and quickest option is to sell your services. What can you do that can generate some income? Handicraft, sweets, teaching, computer maintenance, anything goes.
Once again, if you haven’t got the money to invest, you will have to put a lot of effort to achieve your long-term goal.
After you have the amount you need to boost your business, pay attention to every single aspect that will need some sort of investment. Before hiring a service, carry out a thorough research and look for recommendations. With little money, you need to make the correct choices so you won’t get frustrated.
Take free courses
If you are just starting in the digital market, there is a long way ahead of you, and, probably, there’s a lot to learn!
Becoming an entrepreneur will require a lot of dedication and constant study, since the digital market is always moving forward. That’s why you should start studying about the whole universe in which you need to act. The more you know, the more discernment you will have to deal with your business in a professional manner.
After reading about all the topics, it’s time to put all your plans in motion. If you liked this post, or have any doubts, leave your comment below. I’ll leave you with Charles Laveso, who never gave up on his passion: drawing. I hope it will inspire you on your journey!