Advertising
Advertising

How to Get Started in E-Commerce Without a Loan

How to Get Started in E-Commerce Without a Loan

Deciding to start an e-commerce business is a tough and intimidating decision, particularly when you’ve decided to do so without taking out a loan to help cover the costs of manufacturing, office space, and labor. Although starting your new online company on purely working capital can seem ludicrous, in the long run, it may actually be more profitable. Below, we’ll discuss how entrepreneurs can build a profitable online business without taking out a loan.

Idea Development

Whether you plan to sell tangible products such as office supplies or digital products like SEO services, you will first need to sit down and develop the ideas into a well-organized plan. Keep in mind that idea development isn’t only limited to creating an attractive business model and personality, it is also critical to painstakingly explain the ins and outs of your products or services, including:

Advertising

  • Who are your products developed for?
  • How they will improve the lifestyle of your clients and customers?
  • What those products and services will look like, include, and be manufactured of?
  • Who will conduct the manufacturing?
  • How will they be marketed to your customer?
  • How will your customer ultimately purchase these products and services?

Presales

Newly formulated companies with strong presales capabilities have been proven to consistently win 40-50% of potential leads, but how do they do it?

With these higher-than-average sales rates, it’s clear how important presales is to revenue generation. Instead of using a loan to develop a prototype and share it with your target audience, start your presales process by identifying your leads, then do research on what their perfect product or service would be. Use their feedback and your own personal research to adjust the original vision of your products and services. Then, test the idea with tentative designs using computer animation or drawings and solidify the manufacturing specs. Once you’ve drafted this information, share it with your potential clients to get more feedback.

Advertising

Overcoming the Fear of Failure

Starting a company with little-to-no financial backing can be extremely intimidating. As such, it’s not uncommon for entrepreneurs to have an inherent fear of failure. Overcoming this fear of failure is one of the many hurtles you will leap over as you step into the role of an established entrepreneur. Keep in mind that failure is subjective, and that reasonable clients will always give you the opportunity to correct any mistakes you make along the way. Keep in mind that in order to succeed, you will also fail dismally. Don’t believe us? Take a look at Sir Richard Branson, one of the world’s most influential philanthropists and owner of the Virgin Empire, who was a high school dropout. On the other hand, Warren Buffet was rejected by Harvard University. With these examples before us, it is safe to say that failure is an impassable avenue to success.

Marketing on a Budget

One of the most challenging (though not impossible) aspects of starting an e-commerce business without a loan is finding marketing avenues and tools to spread the word about your brand. Thankfully, the ease of the internet has made it possible to advertise your brand using free tools such as YouTube, social media platforms, your company website, e-commerce software, and more. Because content marketing is such an effective tool, and can be created by entrepreneurs themselves without an investment, it has quickly become one of the most popular marketing avenues today. In addition to content marketing, it is important to network with other businesses in your community, offer rewards for customer referrals, and generate some effective (but budget-friendly) business cards.

Advertising

Overall, building an e-commerce businesses without a loan is entirely possible if adequate pre-planning is done. Before launching your product, finalize your idea development and work diligently on presales to ensure your goods and services are needed by your target demographic. Then, overcome the fear associated with launching a new business and begin developing a marketing budget to keep you out of debt and profitable.

Featured photo credit: StartupStockPhotos via pixabay.com

Advertising

More by this author

Kumarpal Shah

Digital Marketing Manager

Young couple on a date Are You Using the Best Dating App? Find Out Now! Finding and hiring best professional services for businesses Identifying the Best Professional Services for Your Firm Documented content strategy for SEO 4 Ways A Documented Content Strategy Can Improve Your SEO Getting started in e-commerce How to Get Started in E-Commerce Without a Loan Online marketing trends to watch out for in 2016 8 Top Game-Changing Online Marketing Trends to Watch out for in 2016

Trending in Entrepreneur

1 How to Start a Successful Business and Increase Your Profits 2 12 Foolproof Tips for Entrepreneurs to Be Successful in a New Venture 3 How to Start an Online Business That Will Grow and Succeed 4 Feel like Giving Up? 16 Way to Help Entrepreneurs Stay Motivated 5 15 Stellar Startup Business Ideas for the Burgeoning Entrepreneur

Read Next

Advertising
Advertising

Last Updated on November 5, 2018

20 Best Places to Work for a Great Career in 2018

20 Best Places to Work for a Great Career in 2018

Looking for a job? There’s no doubt to the fact you will want to work with a company that appreciates you for who you are.

Well, good news. The labor market today is one that has peened up with more opportunities for advancement and personal employee improvement. This is partly due to the fact that a lot of companies have been made to understand the value of their biggest assets: the employees.

To wit, here’s a list of companies- across a wide array of industries- that have been able to develop working environments that are healthy and accommodating to workers.

Take a look at these 20 best place to work for a great career:

1. Salesforce, San Francisco, California,

    Salesforce is in the information technology business and the company ranks highest due to their commitment to learning and innovation. They are ready to try new things and everyone with a new idea is always welcome to share it at the company. The company has also been known to exhibit an exceptional approach to alignment.

    Find out more about careers in Salesforce

    2. Wegmans Food Markets Inc.,Rochester, New York

      Based in Rochester, New York, employees have been known to enjoy a sense of purpose from working here. The company has been able to achieve an optimal level of engagement across all working tiers and they’ve been able to achieve great things together. They even do deliveries.

      Find out more about careers in Wegmans

      3. Ultimate Software, Weston, Florida

        Employees get amazing benefits here but that’s not the only reason why this place is so awesome to work. Whenever there is a need or a death of an Ultipeep or any of other family members, the company shows love and support like no other.

        Find out more about careers in Ultimate Software

        Advertising

        4.The Boston Consulting Group, Inc., Boston, Massachusetts

          Development is at the center of anything that goes on here. The business is about people and employees are the company’s biggest asset. Employees are able to challenge the status and also leave impacts on clients.

          Find out more about careers in The Boston Consulting Group

          5. Edward Jones, St. Louis, Missouri

            Edward Jones is admired for their ability to acknowledge history without being mired down by it. The company builds on a solid foundation but there is also a level of flexibility that allows for innovation.

            Find out more about careers in Edward Jones

            6. Kimpton Hotels and Restaurants, San Francisco, California

              Kimpton is a trendsetter in the hospitality industry. The company always strives to try something different and that perspective is welcomed there at all times. Enjoy the weekends with luxury rooms, conformable mattress, furnished and well dressed service staff. A great opportunity for job seekers.

              Find out more about careers in Kimpton Hotels and Restaurants

              7. Workday, Pleasanton, California

                Newbies will find no issues with feeling welcome and at home here as this has always been a core culture component of the IT giant. Everyone is treated like family and this fosters a sense of oneness.

                Find out more about careers in Workday

                8. Genentech, South San Francisco, California

                Advertising

                  Here, employees are encouraged to be themselves. There is a feeling of care, safety, and acceptance that you get here that you can’t get at many firms. The development of an all-inclusive environment has always been foundational.

                  Find out more about careers in Genetech

                  9. Deloitte, New York, New York

                    Deloitte is one of the biggest professional service providers in the world, noted for their focus on constant learning, development and improvement. They invest in their employees and are concerned about their well being.

                    Find out more about careers in Deloitte

                    10. Baird, Milwaukee, Wisconsin

                      Baird is a financial services provide that is known for adopting a “no asshole policy’ which guides the way people relate with and respect each other, regardless of their position on the company’s hierarchy.

                      Find out more about careers in Baird

                      11. Quicken Loans, Detroit, Michigan

                        At Quicken Loans, the views and opinions of everyone are respected and heard. The organization is revered for the amount of investment they put in their team members and everyone looks for ways to grow and be better.

                        Find out more about careers in Quicken Loans

                        12. Capital One, Mclean, Florida

                          Capital One has adopted a culture that encourages employees to take risks and try new things. They foster a healthy work-life balance and associates are challenged to live better lives.

                          Advertising

                          Find out more about careers in Capital One

                          13. Cooley LLP, Palo Alto, California

                            Cooley LLP is a law firm known for their ability to care about the company culture and being able to develop a working environment that is empowering and fun. Cooley is known to go for the best when it comes to their employees, regardless of the occasion.

                            Find out more about careers in Cooley LLP

                            14. Southern Ohio Medical Center, Portsmouth, Ohio

                              The medical center has been known for their propensity to delegate so much to their employees, thereby providing them with the ability to grow and learn on the job. In the end, you get a workplace that is all-engaging and super fun.

                              Find out more about careers in Southern Ohio Medical Center

                              15. American Express, New York, New York

                                American Express is a firm that celebrates wins, no matter how small. Everyone is made to share the same attitude towards service and the people they are to serve, thereby making people care about what they do.

                                Find out more about careers in American Express

                                16. Adobe Systems Inc., San Jose, California

                                  The culture at Adobe Systems is one that encourages employees to develop their own ideas and get a strong viewpoint. As opposed to encouraging competition, work-life balance is fostered everywhere here.

                                  Find out more about careers in Adobe Systems Inc.

                                  Advertising

                                  17. The Cheesecake Factory Inc., Calabasas, California

                                    The Cheesecake Factory rewards dedication and hard work. Promotions come pretty easy, and there is always space for guidance to develop your experience and skills.

                                    Find out more about careers in The Cheesecake Factory Inc.

                                    18. Sap America, Newtown Square, Pennsylvania

                                      If you’re looking for a new career path, SAP might be the best bet for you. The company is adept at recognizing value and transferable skills. And you can always look for a new path while maintaining your employment.

                                      Find out more about careers in Sap America

                                      19. NVIDIA Corporation, Santa Clara, California

                                        NVIDIA is known for looking after even the smallest of things. With even a “pets allowed” policy this company accepts you for who you are, and helps you to work within your personality. Advancement is also fostered, and you are able to collaborate effectively.

                                        Find out more about careers in NVIDIA

                                        20. KPMG LLP, New York, New York

                                          Communication and progressive collaboration are the foundation of this company’s workforce treatment. Regardless of the level you are, someone is always at the ready to help and the company rewards extra effort with gratitude.

                                          Find out more about careers in KPMG LLP

                                          All in all, it’s safe to say that you will be able to find somewhere to apply your skills (whatever they are) that is all inclusive and highly accommodative. Companies today are being made to understand how much they can get when they treat their employees right and this has opened the door to an encouraging work environment for all.

                                          Happy job hunting!

                                          Featured photo credit: Pexels via pexels.com

                                          Read Next