Fund Your First Online Business On Free Time

Or in fact, how to fund any kind of new business, especially in your free time? That is the one million dollar question that every entrepreneur asks, from whom many fall into the trap of pursuing external funding from other investors. While the objective answer to the above question should be the classic ‘it depends’, we will still venture into Funding Land and gather a few tips about how to boost your finances.

The answer to the funding question is heavily dependent on the nature of your business, therefore, it would be wise to kick off with a list of potential online businesses.

  • Digital marketing agency
  • Freelancing business
  • Dropshipping
  • Stock investments
  • Creating a course
  • Becoming an influencer
  • Affiliate marketing

These are the hottest online business ideas of 2024.

The biggest investment – your time

Throughout your entrepreneurial journey, you will learn that the most valuable asset is your own time. Be careful with what you spend it on, but you can be sure that if you use it smartly, it will have a fantastic ROI (return on investment).

return on investment formula

There are many businesses that you can start basically for free, or with minimal costs. As a first step, think about what skills you have and what keeps you up at night. Is there a topic you would like to focus on for the next five years? If not, then maybe online businesses are not for you, but if you can say yes to marketing, eCommerce, or stock, then ‘this is the way’.

Many first-time entrepreneurs are misled by successful advertisements to think that there is a holy grail of knowledge that they can pick up in a few days – the ugly truth is that there is no secret recipe, and there is no overnight success. You need to invest your time, and energy and learn, practice, and learn again to slowly become an expert in your field.

Minimize your costs

It is easy to throw money out the window for a promise that sounds too good to be true. Luckily, in 2024 you have all the resources you will need to start the business of your dreams. Check out YouTube and start learning for free – there is practically everything up there waiting for you. If you want to learn about dropshipping, it is there for free, interested in becoming an influencer, you’ve got it.

It is important though that you learn from successful others too: reach out for a couple of experts in your field on social media and ask them to be your mentor. Having a few focused answers a week will make a significant impact on your results.

Have your customers fund your business

Identify who your target audience is, speak to them, and try to solve their problems. It is easy to have a preconception about how things will work out, but reality always comes with a twist, which you will otherwise learn the hard way.

If you solve your customers’ real issues, they will value your time and pay you. But don’t jump into a business without knowing whether there is a real demand for it. Research it online, create a free landing page, share it with your friends and if there is at least a small demand, you add further building blocks from there. Advertise it on Google or Facebook for $10-$100 to see if unknown people are interested in your services or products. If they sign up for your waitlist or newsletter, that is a good sign that they will buy what you offer.

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