How to become an online entrepreneur with no money according to Gilad Krein
For some of us, it’s the ultimate career goal to be your boss. making all the decisions and hustling to achieve your goals. However, running your business is no easy task.
As a seasoned online entrepreneur, Gilad Krein knows just how rewarding, exhilarating, and exciting it is to start a company. Still, if you still want to be an entrepreneur despite the risks, follow the tips and advice in this guide.
Before starting your online business – come up with an idea
Ideas are where businesses germinate. The business building part will follow if you can come up with the idea. Where do you get an idea?
Here are some of the ways to come up with your next business idea:
- Identify a need – a business of any kind must first identify a need. This approach will help you find out where you will focus your efforts.
Your online business can do this in many ways, but you must understand what the customer wants. From there, you can develop an idea that is better and cheaper than other existing ones.
Validate the idea – Before proceeding with any product development, you must validate your business idea. According to Gilad Krein, one of the biggest reasons for business failure is the lack of a market need for their product. So, testing your ideas early in the development stage is essential.
“When you have an idea, create a business plan”, says Gilad Krein
In a business plan, you need to describe what you plan to create and what you intend to sell. Among other things, it describes its leadership, staffing, finances, and operations model.
Here Gilad Krein explains the essential parts of writing a business plan:
In this section, you should answer two fundamental questions: who are you, and what will you do? These questions reveal why a business exists, what it can offer, and why it’s a good investment.
Your business principles, ideals, and cultural philosophies, along with other intangible elements, will be able to be put on paper.
Gilad Krein said you should include the following:
- Which type of business you are (do you operate as a sole proprietorship, partnership, limited partnership, or corporation?).
- The kind of business model in your industry.
- Your vision, mission, and value proposition.
- Information about the business’s background.
- Objectives, both short and long-term.
- Information about the key personnel and their salaries.
While some of these points are factual, others require some additional thought, especially regarding your business’ vision and mission. So, when you describe your company, you get to the heart of its goals, values, and purpose.
Whatever type of business you start, your market can either make or break you. Therefore, your business plan must include market research and analysis, regardless of whether anyone else will read it.
To assist you with the research process, here are a few tips:
- Identify your ideal customer profile – When you’re targeting online millennial consumers in the US, you can first look for government data about the size of this group. Look at projected changes in the number of people in your target age group over the next few years.
- Research relevant industry trends and trajectories – If possible, determine how many people will retire within the next five years and their consumption patterns. If you’re selling fitness equipment, you might examine your target audience’s or the general population’s gym membership trends.
- Make informed guesses – You’ll never have complete information about your total addressable market size. Your goal is to base your estimates on as many verifiable data points as necessary for a confident guess.
Perform customer segmentation
Your target market, or ideal customer, is the basis of your marketing strategy, if not your entire business strategy. Describe several general and specific demographic characteristics of your ideal customer to give a holistic overview.
Customer segmentation often includes:
- Where they live
- Their age ranges
- Their level of education
- Some common behavior patterns
- How they spend their free time
- What social media platforms they are on
- Where they work
- What technology do they use?
- How much do they earn?
- Where do they work
- Their values, beliefs, and opinions
The information will vary depending on what you sell. Still, it would be best if you were specific enough that it’s unquestionably clear who you’re trying to reach.
Your ideal customer directly informs your marketing efforts. It would be best to outline your current decisions and plans, demonstrating how your ideas fit the ideal customer.
Marketing plans usually include information on four key topics. It depends on your business and audience and how much detail you present on each.
- Price – What is the cost of your products, and why did you choose that price?
- Product – What do you sell, and how do you differentiate it from the competition?
- Promotion – How will you reach your ideal customer?
- Place – Where will you sell your products?
While diving into tactical details regarding promotion may be easier, you should also mention the other three areas. Each is an essential strategic lever in your marketing mix.
Despite all your time, effort, and money, a business will fail if its finances are weak. Business owners want to work with a company they expect to be viable soon.
Depending on your audience and goals, your financial plan will require varying levels of detail. You will still need to include a balance sheet, an income statement, and a cash-flow statement.
It also may be appropriate to have financial data and projections.
According to Gilad Krein, Getting Experience as an entrepreneur is essential
The primary way to gain experience as an entrepreneur is to do the work yourself or hire for it.
As you develop your new business, you can gain experience. The ways you can gain expertise yourself include:
Join professional networks
The networking process will expose you to more professionals from whom you can learn or find a mentor. Join professional networks, such as LinkedIn, to learn about virtual or in-person networking events.
Do independent research
You will better understand your responsibilities by conducting personal research from reputable sources and former entrepreneurs. Behavioral analysis is helpful, but finding resources to simplify your business operations will also help as your business scales.
Take entrepreneurial courses
Exploring entrepreneurial studies through a college institution or certification course. This approach can offer more in-depth knowledge about breaking into the industry than typical internet sources.
Work with a business coach
You can gain experience by working with a business coach or consultant. They can offer you very different solutions as follows:
- Business coach – This coach leads an entrepreneur toward solutions. Taking this approach means that the entrepreneur is improving their competency.
- Business consultant – A consultant will solve problems for the entrepreneur as a contractor.
Hopefully, Gilad Krein made you realize that starting a business does not require much upfront money.
Now, it’s time to use Krein’s tips and take action!