How Much Does It Cost To Start Online Casino
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Can you start a business for free and then wait until you make some money before spending any money?
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Actually… starting from scratch can feel a little scary. Maybe you have an idea that inspires you to start an online business, but you can’t help but have those doubts:
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This doubt will often lead to this rather difficult endeavor of not only trying to get your new business off the ground, but trying to do it without any start-up costs.
Looks interesting. It may feel quite doable. You look at all those free themes and free WordPress plugins and it seems like you can become a profitable online business owner with no startup costs. Build that mummy out of thin air, right?!
In fact, after years of helping others start online businesses, I will tell you that I have never seen anyone build a truly successful business without any startup costs.
Get out into the real world and check out any business in your local town or city. All of them have some initial cost. Maybe the cost of inventory, equipment, office space.
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In the real world, the idea of having no start-up costs would never arise. . It shouldn’t be any different just because we are talking about an online business.
It is common knowledge that business owners or entrepreneurs take certain risks to enter start-up capital and realize their ideas. Some win and some lose.
Even something as small as a lawn mowing business requires you to buy a lawn mower. Although a service business as simple as babysitting may seem like there are no start-up costs, the truth is that you will have at least some to let people know you exist (aka marketing costs).
Startup costs are part of the equation here. Every business has some cost to break even so things can happen.
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Now, when we go online, things don’t change. However, the initial cost is usually lower. That’s the beauty of online business is that the risk-reward ratio is much, MUCH better. For a much lower start-up cost, you can potentially start a business that will pay you back many times over.
One thing about most physical businesses is that the risk of your capital investment is much higher. Not only are the numbers larger, but the assets purchased often have one use.
For example, buying a lawn mower to start a lawn service business makes sense. However, the lawnmower can only be used for one thing: cutting grass. If your business isn’t doing well, that lawnmower can’t be used for anything else. Just sold.
If you are trying to start an online store or e-commerce business, then you have those inventory costs. Inventory is often an upfront investment. If you have a hard time selling that inventory, then you’re stuck with it.
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For the type of business we build together, things are a little different. A lot of our initial startup costs were spent on things that could be reused for other businesses if our initial idea didn’t turn out the way we hoped.
Online business startup costs are usually lower risk because they can be reused for other ideas if your first idea doesn’t work.
For example, web hosting is a startup cost for an online business. But, you can do a few things with that web hosting account. If one business idea doesn’t work, you can try another idea with the same hosting account. It’s not like you’re stuck with a single purpose asset.
Therefore, most of the start-up costs are at the start. You often buy software. The software can be used for any type of online business. If one doesn’t work, you can try another. Therefore, the risk of your capital is much lower.
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This free 28-page report is designed to be a guide on how best to spend the time available to start an online business from scratch. There are no “secret tactics”. Just an orderly and logical progression.
The initial goal was to create a minimally functional website. We don’t need all the bells and whistles. At first, your product/market may not be a perfect fit. So the bulk of your startup site is enough to do two things:
Generally speaking, there are 4 basic assets that I believe you need if you are starting a blog-based digital business. They are:
These things are like electricity and water to your home. You just need them. I’ll explain my thoughts and recommendations for each one below.
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This won’t cost you thousands of dollars. I think, however, that around $500 is a safe amount to expect for startup capital. For around $500, you can get all the basic equipment you need to get started and have money in your account to pay for the equipment over several months while you do the necessary work.
If you can afford it, set aside about $1,000 for startup costs. This gives you more breathing room for any other optional things that come up. It will also give you the ability to test ideas faster using paid advertising.
My recommendation is to take whatever amount of money you decide on for your project and put it in a separate bank account. Put it aside and dedicate it to building your online business. I find that when you get that initial “expenditure” out of the way by transferring it, it helps reduce the backlash when it comes time to spend it.
If at least $500 for start-up costs seems too high to you, then I encourage you to take a serious look at your own motivation and seriousness about what you are doing. In short, you intend to build assets to make money. It is unreasonable to expect to do that without spending money first.
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This is practical physics. Look at the Law of Conservation of Energy. It says that energy can neither be created nor destroyed. From a business perspective, I would actually argue that this is not the case. Businesses are actually creating new wealth all the time. This is how the economy develops. It takes time and money to do it, along with human entrepreneurial spirit to turn it into something more. But, the idea that you can make it out of nothing? Nope.
Obviously, any business needs space to operate. In the real world, that’s an office or storefront. Online, we’re talking about your website. And that website needs web hosting to exist.
Cloudways will give you more bang for your buck. The cheapest option will run you $10/month, although I would recommend their “Premium” entry level server which will run either $12/mo or $13/mo depending on your provider. Cloudways is the one I personally use. You can read my Cloudways review here.
As for Siteground, their cheapest Starter Plan will work just fine. You can lock it in for just $4.99 a month if you pay up front. I believe it could be about 2 years down payment. After your initial prepaid period ends, it will run $14.99/month.
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Cloudways doesn’t play games with introductory level prices that suddenly go up when they renew. With Cloudways, you start paying every month. And, as you can see, Cloudways ends up being cheaper than Siteground in the long run.
You also get more for your money with Cloudways. The cheapest Siteground plan will only allow 1 site, however the cheapest Cloudways account can handle multiple sites. The only limitation with Cloudways is the amount of horsepower you need, but that’s something you can deal with as your business grows.
So, Cloudways will give you about $120 for the first year, but then stays like that. Plus, you can get started with just $10 because you don’t have to prepay for a year. With Siteground, you’ll pay about $60 for the first year, but then you’ll renew at about $180 after that.
Your absolute most important asset as you build is your email list. You MUST host it with a dedicated service for good (and legal) email marketing practice.
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Among the blogging crowd, I’ve seen a lot of interest in the free email list accounts offered by Mailchimp. While these are better than nothing, I don’t recommend them. It’s really only suitable for basic newsletters. If you want to do any real stuff (like build a real email marketing campaign), then you’ll have to upgrade to a paid Mailchimp account. Once you start paying for a solution, you can do better than Mailchimp.
I used to recommend companies like Aweber and ConvertKit. To be clear, both are still great companies.
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