Lior Poly on Starting a Business on a Small Budget

The perceived lack of money is a significant hurdle for most aspiring entrepreneurs looking to start a business. Previously, businesses were associated with offices, factories, and shops. The preparation alone for this was extremely daunting and intimidating for individuals who wanted to start businesses. However, times have changed. Lior Poly, a successful business owner with offices in 3 different countries and managing over 70 employees, started building his empire from his parents' house.

Lior Poly says that today's entrepreneurs have access to business options that exclude the costs incurred by the previous generation of people in business through the power of the internet. Here are some of the tips he gives aspiring entrepreneurs about going into business in the 21st century.

Start on the Internet

A very cost-effective solution for new entrepreneurs is selling over the internet. Today, the rigors of setting up a company have been substituted by registrations to Amazon and eBay, just a few clicks away. For a trial phase, new entrepreneurs can try posting their products on eBay and Amazon to allow them to gauge demand for their product, explore marketing strategies, get online sales experience and fine-tune sales pitches. In the process, they can learn what the margins and needs for different types of products are.

Once they earn the first order, they need to follow it up with good customer service and a seamless delivery process to fulfill the customer and win customer trust.

The most costly and challenging part will be organizing the packaging of your products, movement, and storage. Lior Poly advises new business owners to negotiate drop-ship arrangements with the products' suppliers.

Additionally, Lior Poly advises that when looking for a venture, you should ensure that it is something that attracts a lot of customers and that these customers will always want to buy. You should also be bold to go into competitive spaces because such markets are often very lucrative.

Non-Tangible Products

To save on logistics costs, Lior Poly suggests that new entrepreneurs go for web-based or downloadable products such as e-learning, music, and wallpapers.

He further advises entrepreneurs to choose branded products and involve celebrities in endorsing their products. Products with a celebrity face to them sell on their own, and all you need to do is focus on bringing in traffic to your product. Subsequently, new entrepreneurs should look for affiliate programs that compensate them for at least 6 to 7 levels of sales generated.

Affiliate Program

As a seasoned affiliate marketer, Lior highlights that your affiliate program checklist should include well-established systems. Similarly, they should report your referrals, sales, and downlines with transparency.

You can also request that they allow you control in placing downlines so that you can strategize effort and revenue distribution for anyone who comes onboard.

Subsequently, the content provider should make the marketing materials such as audio recordings, name card templates, and video clips available online and offline.

Language

Conducting business through the internet means you have access to the entire world. However, your product is only available to the people who understand the language you have used to promote your product on your website. Therefore, providing language options to your web sites increases your consumer market.

Budgeting

Your startup cost involves the money you pay to enjoy a particular product. For web hosting services and domain name registration, you can set aside about 200 dollars. You should also include another fund for tools that you think will come in handy later.

The internet has changed the global business landscape, and this is an excellent time to venture into that business you have been thinking of.

This article does not necessarily reflect the opinions of the editors or management of EconoTimes