7 Ways of Online Selling With Minimum Funding

7 Ways of Online Selling With Minimum Funding - Funding may not be the main subject in starting an online business. Today, with the help of the internet, one might run a business without funding. So does funding still fall under the category of the must-have online business requirement? Yes, it does! Funding provides you with the opportunity of having a better performance of business growth and sustainability.

Speaking of business capital funding, it does not necessarily refer to big numbers. No matter how small the spending for your online business, it is technically categorized as capital funding.

The more important subject is how to optimize the remaining funding to run a business for more profit. That said, the big question is now, how do you perform online selling with minimum capitals?

7 Ways of Online Selling With Minimum Funding

1. Becoming an Online Dropshipper

How the online drop shipping business works are pretty simple since you will be a third party who connects buyers and suppliers. One of the perks of being a drop shipper is that you do not need massive funding for a starter. You can sell a variety of products at once with the flexibility of time management.

So how is that different from being a reseller? Dropshippers do not need to maintain stock of items that they want to sell. They do not even need to deliver the items to buyers.

The only thing that any drop shippers need to do is buying the products from suppliers if there are demands from buyers. The suppliers themselves will deliver the items directly to your customers. 

Drop shippers are allowed to put branding on the items sold, marking it as your product. Try to find the best suppliers, get the best product quality and price, sell the product for your benefit.

 2. Becoming a Reseller of Viral Products

The reselling business is quite popular among online business owners because it is relatively easy to maintain. However, due to that easiness too, which makes it a good opportunity for almost everyone to run a similar business. At this point, what you need are distinction and uniqueness that differentiate you from competitors.

There are several things that you can do to stand out from the crowd. First of all, quickly choose a product that has gone viral and try to be the first online store that sells it.

How do you predict a product will go viral? There are no firm methods here, but it does take a sharp business intuition in reading the market trends like observing the lifestyle of Instagram celebrities on what products they are using, and so on.

Second, find first-hand suppliers so you can compete on price with your competitors. Third, provide quality service with marketplace standards like a fast response, safe product packaging, and various shipping methods.

3. Choosing a Free of Charge Marketplace

There is plenty of free marketplace options that you can use as a place to sell online. You can do either choose one or several marketplaces all at once instead. Just make sure that the platform you have chosen holds good credibility with massive users.

These two options can act as marketing support for your product to reach potential customers. Spend some of the budget on features that boost product sales. Apply this strategy for a certain period while keep raising funds to develop your online platform. Several online shop builder services such as 82Cart and Mineral can be the right partners to grow your business.

 4. Advertising on Social Media

Creating social media accounts to perform online selling requires the data and insight provided by the internet. Therefore, you can use some of your business capital funding to advertise there. The goal is to introduce your product to a broad target market. This method effectively reaches out to potential buyers who are not yet your followers on social media.

The features in social media advertisement allow us to set the budget limit, which makes us easier to control the budget spending.

Do not forget to equip your social media accounts with a clear call-to-action such as "contact us now” by providing active contact numbers, detailed product descriptions, and simple ordering methods. This way, potential customers who engaged with your ads can perform direct follow-up actions with ease.

5. Maintaining Presence with Always-On Promotions

You never know when the exact moment of someone will spend their money to buy your product. Selling online requires a constant presence for building awareness. Methods such as implementing scheduled social media posts or sharing product information through Instagram story features can organically maintain the presence of your online business.

As any offline stores do, you need to provide a distinct announcement to inform that your online store is now “active" and make sure that every potential customer is paying attention. Actively updating relevant information through social media posts can impact your online presence. This method is arguably free without any charge but requires internet data usage on your smartphone.

6. Using the Pre-Order (PO) System

Want to sell online with minimum funding? Apply this method to endure the limited budget situation. Offer an agreement with potential customers for any purchase order to pay a certain amount of money in front as a down payment, and have them pay the rest once they receive the products.

Things that must be considered when you apply the pre-order (PO) system are determining sales targets, maintaining POs routine that is near to employee payroll schedule, and develop a crystal clear ordering guideline to avoid miscommunication.

Keep in mind that the PO system should be tailored to your business capabilities, which means it is important to not use this method for gaining bigger profits only, but also to maintain customer satisfaction and retention.

7. Submitting additional loans if necessary

Different types of businesses require different types and amounts of financing as well. For example, a business owner who develops an online course business maybe only needing a proper internet connection at their parents’ house. Therefore they do not have to concern the budget spending that much.

However, it is a different story when you intend to own online fashion business. This particular kind of business certainly requires tens of millions or even hundreds of millions of rupiah just to get started. Rest assured, currently several kinds of financing service models can be tailored to fit the business needs, just like what Akseleran and Investree have to offer.

Using those services, you can now choose the loan amount according to your capabilities and the payment method that suits your business. The evolving solutions to investment loans for MSMEs are beneficial for online business owners who want to grow exponentially.

Having understood the simple methods of selling online with minimum capitals, now is the time for you to get started. Take it easy! There is always a solution for every business challenge. Utilize Pojok Usaha for your benefit, especially in building a successful online business with minimum funding. Click here for the more detailed info!