How to Make Money Online on a Tight Budget – Part 2.
Your Basic Toolkit
I’m writing this in an effort to help you start up your own online internet marketing business, with the sole intention of making an income from it. I know what it’s like to have the enthusiasm and perhaps the ideas to go with it – but very little money. That was me when I started, and I want to save you some time, grief, and obviously money in the process.
You may be either working on limited budget, or worse, no budget at all.
Like most things, it’s much harder to start something new if you’re running on vapours, and starting with a shoestring budget does have some negative implications.
But don’t lose heart completely.
You can get going with very little initial capital, but be prepared that it will be slower process, and harder. If you are one of the latter, I hope I can help. But even if you have no money to spare, you may see ways you can make a once only investment which doesn’t cost too much, but will propel your business forward.
Also be aware that the free alternatives may be more difficult to use, and may require more knowledge or practise to make happen. Where possible, I will find the free alternatives, or the most economic ones.
If you intend to set up an online marketing business:
- You will need a Set of Internet Marketing Tools to build your business;
- You will need advice and training; and, most importantly -
- You WILL NEED CUSTOMERS.
• A Minimum Set of Tools:
- A website or Blog;
- A domain name;
- A web host;
- A Clickbank account;
- A PayPal account;
- An Autoresponder
1. Website or Blog?
How you choose to have a presence on the internet depends on a three factors – knowledge, ability and budget.
If you don’t have web design skills, or want to pay for them, then blogging is a great way to start getting into things. There are many successful bloggers earning a good living from blogs.With a blog you simply search for a theme design you like, and you’re off. I outlined the cost implications of blogging, and the different types in Part One, and will give more info on cost saving later.
2. Domain Name.
You Will Need A Domain Name. Again, there are a number of ways to reduce your costs when selecting a domain name. There are even ways to get one free if you’re really watching the pennies. I will post details later in Part Four.
Another necessity, although even hosting can be free if you know where to look. You will have to take care selecting a free hosting company, as there may be restrictive conditions attached. For more details about web hosting packages, see Part Five.
Whether you will be selling your own products, or promoting other people’s products as an affiliate, you will need a Clickbank account.
If you’re selling your own products you sign up as a Vendor, and there are fees to pay, which you can check out HERE.
However, if initially, you will be marketing other people’s products as an affiliate, you register as an Affiliate, which is Free. When you register, you will be asked to select a ‘Clickbank Nickname’. Your nickname is the way Clickbank identifies your account to pay your commissions. (Note. As your business develops, you will probably want more than one account, so select your first nickname carefully).
5. A PayPal Account.
Clickbank Marketplace (or any vendor you decide to market as an affiliate) will need somewhere to send your payments. Yu will also need a Paypal account for many affiliates, and for purchasing products, such as PLR.
Set up a completely NEW PayPal account, keeping it entirely separate from any business you may already do with, say eBay as a buyer or seller. I made the mistake of using my existing PayPal account when I started, and it caused some problems. If possible, set up a Merchant Account.
You may be able to get by with a Personal Account for a while, but don’t forget, as a business you will attract tax implications.
Setting up a Merchant Account enables you to register for tax purposes. You will be better off using this new account for any products or services you buy too, (ie training courses) as they can be used to offset tax as a legitimate business expense, and thus save you money.
You will need both Clickbank and PayPal to start marketing many affiliate products.
6. An Autoresponder.
There is whole article about autoresponders later in this series, including free ones.
When you’re just setting yourself up, and starting to write for your blog posts or articles, you may not need an autoresponder just yet. The best autoresponders have monthly charges, which you don’t need to be paying straight away. Why waste monthly fees when you can’t start list building yet? However, once you get to the position that you need to start building your list of potential customers, you will need an autoresponder, and if your intention is to go the affiliate marketing route, you will definitely need one.
An autoresponder is critical to both list building and affiliate marketing.
So that’s your basic IM Toolkit sorted.
If I’ve missed anything, please add your comments, or contact me, as I’m always happy to update the list.