How to Create an Online Business While on a Budget - Broke in London

How to Create an Online Business While on a Budget

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Starting an Internet Business with Low Budget

Guest post by Larisa Wong

Anyone who has ever lived in London for an extended period of time is well aware that expenses can quickly add up. However, a bit of innovation can go a long way towards enjoying all that this city has to offer. This is also one of the main reasons why many freelancers have chosen to take the leap into the online retail community. If you have a knack for sales or should you simply wish to supplement your existing income, digital e-commerce solutions can provide a wealth of unique opportunities. However, can these still be leveraged if you happen to be adhering to an extremely limited budget? Let’s take a look at why digital retail sales are capable of providing more opportunities than ever before and what strategies should be followed from the onset.

Embracing Pragmatism as Opposed to Idealism

Possessing the foresight to envision success in the future is always important. However, be sure to temper such a goal with a healthy does of reality. Let’s never forget that even the most successful online ventures will take time and patience to produce viable results. In other words, try to avoid setting lofty benchmarks that will be difficult to achieve.

A pragmatic point of view is also critical if your funds are limited. Superfluous expenses should be curtailed and never forget to keep an eye on the so-called “bottom line”. This is often referred to as return on investment within the business community. ROI is essentially defined as the ratio between expenses and profits. Assuming that you maintain a positive return on investment, any funds can thereafter be channelled directly back into your venture. However, make certain that you have enough financial liquidity to deal with unexpected expenses (such as changing a marketing campaign or employing the services of an IT specialist in the event that your website encounters issues).

It should nonetheless be pointed out that you can still shoot for the moon and fall amongst the stars. There is nothing wrong with looking towards the digital horizon, as this will often provide you with the perspective required to fully appreciate where your business may be headed. After all, even extremely successful ventures such as Facebook or eBay began as nothing more than a singular vision. The good news is that there are numerous utilities and tools at your immediate disposal if you know where to look.

Modern E-Commerce Tools for the Digital Age: Saving Time and Money

One of the best ways to earn extra money while living in London is to start what is known as a drop shipping business. In this situation, you have the ability to market physical products without being required to worry about issues such as inventory or shipping. A middleman instead addresses these metrics; enabling you to focus on other important aspects such as client engagement and online marketing. A simple search query such as “dropshipping business in UK” will clearly illustrate why this method has proven to be so very popular.

Unlike traditional retail models, you will not be required to make a substantial financial contribution in order to obtain the necessary momentum. While there is no doubt that minor expenses such as domain name registrations and partnering with a reliable e-commerce firm are still required, you will not be placed in fiscal jeopardy along the way. In the same respect, many individuals employ such tactics when working from home on a part-time basis. If you have been looking to supplement your existing income, drop shipping represents a viable option.

Another benefit directly attributed to drop shipping is that you can choose from literally thousands of popular products. From t-shirts and mobile phone cases to sunglasses and electronic gadgets, the options are nearly limitless. This will enable you to cater to a very wide range of customers and as a result, the chances are high that you will experience appreciable profit margins within a relatively short period of time. Whether you are looking to pursue a part-time venture or you instead prefer a full-time source of income, starting an online drop shipping business is an interesting alternative to keep in mind.

There is no doubt that living in London can represent a challenge; particularly if you are new to the area. However, this does not necessarily signify that you will be forced to struggle in order to make ends meet. The Internet has opened up a wealth of possibilities and online retail sales are some of the most profitable options at your disposal. If you have a vision and should you wish to become financially independent over time, there is little holding you back. Be sure to keep the suggestions mentioned above in mind during the initial stages, as preparation is arguably the most important weapon within your freelance arsenal.