In this piece, we answered some of the top questions people ask us about starting a business in 2022. Use the insights to make launching your business less challenging.
Starting a business is more difficult than it seems.
Only about ten in 100 new businesses will survive the first five years. Sadly, the number will reduce to just four after ten years, meaning the probability of celebrating a decade with your business is just 0.04.
Scary, right?
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So, we compiled some of the top questions people ask about starting a business to help you navigate the challenges of starting your small business. We update this page regularly. So, you can bookmark it and always check back to see what has changed.
So, let’s get started.
It depends on what you want to do.
For instance, affiliate marketing which lets you refer people’s products to buyers for a commission would cost virtually nothing to start unless you want to run paid promotions. Also, freelancing businesses like web development, article writing, and social media management would only require you to invest in a good laptop and internet connection.
But businesses like eCommerce stores, blogging, web hosting reseller service, and domain name flipping will cost a considerable amount, depending on the scale. We did an extensive on that topic, and you might want to check it out—over 50 entrepreneurs revealed how much they spent to start their online business.
Lack of capital is the biggest challenge in starting a business.
Starting with little capital will put you in a spot where you’ll struggle to get things, putting the business at the mercy of competitors and making scaling near impossible.
Also, attracting and retaining the right talent, establishing a brand presence, developing an actionable business plan, and providing leadership for the business are other challenges of starting a small business.
Use this resource to solve these small business challenges.
Read More: Top 15 Small Business Challenges in 2022 and How to Navigate Them
Lack of capital is the biggest challenge in starting a business.
Starting with little capital will put you in a spot where you’ll struggle to get things, putting the business at the mercy of competitors and making scaling near impossible.
Also, attracting and retaining the right talent, establishing a brand presence, developing an actionable business plan, and providing leadership for the business are other challenges of starting a small business.
Use this resource to solve these small business challenges.
Read More: Top 15 Small Business Challenges in 2022 and How to Navigate Them
Starting a WordPress blog is straightforward.
You don’t need to code from scratch. To start blogging, you only need to install the WordPress script on a hosted domain. Then, you can choose from thousands of WordPress themes and plugins to customize your blog and extend its functionalities.
We have a comprehensive guide to help you complete all these within 24 hours.
Read More: A-Z Guide to Start Your WordPress Blog In 24 Hours
The right business name is the first step to building a memorable brand.
According to Grant Polachek of Squad, “...though your brand’s perceived value is tied to the services you deliver, your true value is firmly linked to your brand’s name and the identity of your business. Polachek said buyers would attach value to a business after hearing its brand name.
Picking the right business name is not that simple.
However, understanding your target market, discovering your best brand tone, identifying the secondary element of your brand, and brainstorming with friends can help you come up with a name that’ll appeal to your audience.
You can check out our guide on finding the perfect business name.
Read More: Here’s How to Name Your Business Without Stress in 4 Easy Steps
You can earn money online by offering your service to people that need it.
For instance, some websites, like InboxDollars, Swagbucks, and User Testing, pay people to take surveys and test products. Alternatively, you can offer commercial services like article writing, graphics design, and animation, among others, on Fiverr and Upwork to earn money.
You can sell merchandise on your eCommerce store, Amazon, eBay, or dropship print-on-demand items. Other ways to earn online include writing for Listverse, flipping domain names, running an affiliate business, or managing social media for brands.
You can get started with this resource.
Read More: 9 Realistic Ways to Earn Online
There are several businesses you can start with little or no money.
The first step is identifying a suitable business model. For instance, you can start freelancing copywriting services, affiliate marketing, and dropshipping businesses. Next, conduct a market analysis, then test your product or service. After that, create a growth plan.
Determine how you want to receive payment. Establish different payment options to cater to all your customer segments. Develop an organic marketing plan. For example, you could explore growing your customer base with search engine optimization and social media.
These organic marketing channels ensure you won’t overspend to acquire your first set of customers. Don’t forget to ask these customers for referrals when the sales start coming in. You won’t believe how powerful word-of-mouth is.
Finally, bootstrap or explore external funding sources to launch your business.
That’s pretty much it. However, you can check this free resource if you need further help starting a business with little or no money.
