How to Start a Business for Under $10,000

Think you can’t afford to start a business? Let these tips from Oasis Consulting Group change your mind.

More than half of small businesses launched during the pandemic started with less than $10,000 in funding. These entrepreneurs didn’t apply for bank loans or woo investors to fund their startups. Instead, the vast majority relied on personal funds and family and friends to get their businesses up and running.

How can so many businesses launch with such small budgets?

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Critical Tips for Starting an Ecommerce Business That Stands the Test of Time

Starting an ecommerce business is an excellent way to take your entrepreneurship to the next level. Among other advantages, it’s cheaper than opening a brick-and-mortar store, and it provides you with more flexibility and opportunities for faster growth. But in order to be successful in the long term, you must dedicate plenty of time and energy to your venture. Below are some fundamental tips from Oasis Consulting Group for planning, launching, and growing your first online store.

Planning Your Business

Let’s start with some simple ways you can lay a firm foundation for your online store:

  • Conduct market research to identify unmet needs and see how you can make your online store stand out from the competition.
  • Develop a detailed business plan that outlines your mission, core values, target audience, product descriptions, funding needs, financial projections, and more.
  • Settle on a name for your business, and design a logo that reflects what you are offering customers.
  • Form a legal structure (i.e., LLC, corporation, partnership, etc.) that will determine your level of liability, how you pay taxes, and other critical factors.
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