How to Start Your Online Biz Empire for $50
Alpha Lim, Freedom Affiliate
Hey friend,
Thanks for reading my post on “How to Start Your Online Biz for $50.” It’s just a short piece I put together to explain how I started my online biz. This doesn’t mean it’s the best way to do it. It is simply how I did it, with an emphasis on simplicity and sustainability. After hustling my way into illness, I’d decided I needed something simple and easy to do without further depleting my savings or increasing my debts. The reason I’m writing this post when I consider myself to be only a few steps along with yet a long way to go, is that I don’t want to wait until I’ve reached the end before I try and point others to the path.
Think of this post as a trail of breadcrumbs from someone who is just a little ahead of you on the path you might want to explore.
Why $50, though?
Because virtually anyone with a job can afford to put aside fifty bucks a month.
Therefore you can keep it up indefinitely, tho’ you won’t have to keep it up indefinitely. But I’ve realised that sometimes people put in effort for a few weeks or months and don’t see results and then they get discouraged. But at fifty bucks a month, you can carry on “indefinitely” until you start to see results, ie, earning fifty bucks a month, and then your biz becomes break-even. And when you. reach $100/month income, it becomes self-sustaining!
Does it take money to make money? Yes.
Does it take wheat to grow wheat? Does it take barley to grow barley?
Yes, it takes money to make money. You need seed money to “make” money.
Who Wants to Be a Virtual Millionaire? You, I hope!
If you had a million dollars in the bank in a high yield savings account at 6%, you might be “making” $60K a year (that’s $5K a month). Not Lambo money, but solid. Now, if you got yourself the kind of job that paid a salary of $5K/month, you’d have to be practically living at the office AND bringing work home after work. That’s no way to live. I know. I’ve been there.
But, imagine if you could make $5K/month passive income after work, from home? You would live like a millionaire who had a million dollars in the bank, without even having to risk quitting your job. You would be a Virtual Millionaire.
But how do you get there? Use what all wealthy people use: leverage. The principal in the bank that’s earning you interest is leverage. If you don’t yet have a million in the bank, your leverage is sweat equity.
But. that doesn’t mean you need to work your butt off in a minimum wage job, though that’s more honourable than living off handouts.
You don’t need to toil like a slave, but that doesn’t mean you aren’t going to exercise any self-discipline, though.
You are going to tighten your belt. Until you have a consistent $50/month to build your online biz empire.
What can $50 do? you ask. Well, if you know where to look, $50 is more than enough to set up your online biz empire and advertise it.
That’s all you need, really. An online biz setup. And then you advertise it.
What do you need for an online biz setup? You need a website. In the biz, we call these sales funnels because they funnel people from Awareness of your biz to Interest in your biz to Deciding whether or not your offer is for them and finally to Act to buy from your biz. It’s called a funnel because the number of people in each of these levels gets successively smaller.
That is, you start with all the people on the internet. Then you make a tiny fraction of those people Aware of your offer. A tiny fraction of an almost infinite number of people is itself an almost infinite number of people. From these Aware people, a fraction will be Interested in what you have to offer. These people have a problem that your offer can solve. From the Interested, a further fraction will be motivated enough to research your offer to Decide. Finally, a fraction of these Interested deciders will take Action and buy from your biz. Then it’s up to you to fulfill the promise of solving their problem.
Back to the question of “How can $50 solve your problem of setting up an online biz empire?”
As I said, you need a sales funnel, which is really a strategically designed collection of web pages connected to a payment platform. These can run from free and useless to $300, overpowered and. complicated. The funnel I use costs $25/month with web hosting included.
Second, you’ll need an autoresponder. This is to collect your leads and customers so you can keep in touch with them. Autoresponders, too, go from free and useless to thousands of dollars and unnecessarily complex. The one I use is simple and costs $20/month.
Once you’ve got your funnel set up and ready to roll, then you’ll need to get people Aware of it. This is where you bug friends and family to join your business – not!
MLM gurus don’t tell you this, but your “friends and family” are a limited market. And shrinking, too, if you hassle them the way the gurus tell you to!
No, instead all the big gurus practise Advertising, which is a business principle as old as business itself. A portion of profits goes into advertising to get more people Aware of your biz to go into the top of the sales funnel, which itself is also another age-old principle of business.
In the world of online biz, Advertising means paying for clicks. This can be Google or Facebook Ads, but what I focus on that is simple, easy and effective are paid solo ads. Solo ads insert your offer link in mailing list owners’ emails to their followers. Have you ever given your name and email address in exchange for a free report and then received that report in your inbox followed by regular emails that promote various offers from the author of that report? You just entered yourself willingly into that person’s sales funnel, likely for something you valued in exchange. So it’s a win-win situation, which is what I love about free enterprise. There are millions of list owners like this who have bajillions of email readers who are interested in thousands of niches. When you buy a solo ad, you are buying space in these list owners’ emails, to reach people who might have a need for your offer. Solo ads again go from free and useless to. thousands of dollars, but the one I use is $5/month.
So here’s the game plan for building your online biz empire with just $50/month:
Tighten your belt until you can routinely put $50/month aside to build your online biz empire.
Set up your online biz (sales funnel and autoresponder)
When it’s set up, Advertise your online biz.
Here’s the total monthly expense breakdown to start your online biz empire:
Autoresponder: $19
Advertising: $5
Total: $49/month
As your sales grow, resist the temptation to buy toys but instead ramp up your advertising and repeat until you reach Virtual Millionaire status with $5K/month passive income coming in. Where you go from there is up to you. I only ask that you keep in touch and send me virtual postcards from your journeys. Good luck and stay free!
