How to Grow an Online Business from Your Parent’s Basement

We live in the age of startups. It seems like everyone and their brother has a side hustle, a monetized blog, an e-commerce business, or a company they’re launching. This age of entrepreneurship is thrilling, and it presents an interesting opportunity for people to thrive in their creativity without requiring an excessive amount of capital for business costs up front.

In fact, many of these startups have started in someone’s basement. When Steve Jobs founded Apple, for example, he and his partner Steve Wozniak were working out of their garage. We now know the company as being a global tech giant with stunning, all-glass stores. However, knowing that they (and several other large companies) had humble beginnings should be a source of inspiration for people looking to launch their own business in today’s world.

The exciting thing is – several business owners have already gotten started. We read stories all the time about how someone has started a $20 million business out of their RV, or how a college student living in their parent’s basement launched an app that sold for millions of dollars and is now changing the world one download at a time.

While these stories are all wonderful to read, the true question is: how can you be one of these entrepreneur success stories?

Long Gone Are the Days of Bureaucracy

There was once a wall of red tape that business founders needed to cut through during the initial days of their work. Dealing with government regulations and more was not only a pain in the neck – it could stop a new business before it had truly begun. However, in today’s world of ever-evolving technology, many governments (and businesses) have made it significantly easier to move past these road blocks and find success in the early days of your business venture.

Many countries have moved to a more digital-friendly system for both governing (think: electing officials, voting on laws, etc.) and working to provide businesses with the data they need to effectively launch their startup. This is supporting the global startup culture that this generation (and, surely, the ones to follow) are so deeply connected to.

This is of course a struggle in the Philippines with its zero digitalization and heavy bureaucracy, but we believe things will improve in the next 5 to 10 years for the better.

Running a 100% Online Business

One of the surest ways to eliminate startup costs and keep a low overhead for your fledgling business is to keep everything based online. When your business operates using the World Wide Web as it’s home, you don’t need to spend money on a physical business location, utilities, tech, or anything else. You just need you, a computer, and any necessary software or supplies to create a business or product. More importantly, you can find solutions to many problems that startup businesses face through the internet.

Hiring a Team

The world is full of ways to work with people digitally and remotely. Whether you need to hire freelancers and monitor their progress on specific projects (through sites like Upwork) or you want to interview people (using applications like Skype), you can do literally all of your team growth and management tasks without leaving your home office.

Apply for Loans Online

Not only is it possible for you to hire and manage an entire team online, you can fund your business venture with online loan companies, not necessarily the banks which make it difficult and expensive to even apply for a loan. These lenders make it easy for you to apply online, and often receive funding within 24-48 hours regardless of your credit. They’re perfect for short term loans and initial seed money to cover small startup costs.

Currently there are any leading lenders in the Philippines in terms of quick online financing but there are successful and efficient models to look for throughout the globe. Have a look at the American market with giants like Lending Club which have already lents tens of billions to small business, or Prosper which have expanded from personal loans to small business. Similarly in Australia you can find Get Capital lending and Capify financing.

Build a Website

With companies like Wix and Squarespace, you can create a website for your new business in as little as an afternoon. Their websites have incredible capabilities and are completely customizable. And the best part? The cost is fairly low to get started.

Maintain an Online Presence

You don’t have to head into an office every day to set up social media channels and start to grow a following. In fact, you can scroll through Twitter in your pajamas if you want – nobody will every know! This is a fantastic way to market your new business while still keeping overhead low, and finding your target market.

Provide Stellar Customer Service

If you have access to a phone, a free email address, and social media – you can provide incredible customer service without having an office for customers to visit. As long as you’re quick to respond and willing to help solve problems, communicating digitally can be a breeze. Plus, it makes it easy for customers to get ahold of you 24/7 – something they may not be able to do if you kept office hours.

There are so many entrepreneurs out there who are finding success, and there’s no reason you can’t be one of them. Taking the time to explore your passion and learn to be your own boss is an empowering feeling – and in today’s digital age you can start your business from anywhere!

 

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