How To Start A Business With No Money? : Start A Business When You Are Broke
How To Start A Business With No Money?
This question might shock some business owners and entrepreneurs. You cannot start a retail store or restaurant chain with no money; or own the shares of a blue chip company. But that does not mean you cannot create a business. It is about your perspective on what you call a business.
We are in the wake of the 22nd century. Technology is here to help you; the social media and the internet are easy to access. So, if you want to start earning from something so small (yet big) as blogging, dropshipping, or selling DIY art and crafts, you can start your business. Of course, with zero to no money.
If you are interested in starting a business with no money at all, then you are in the right place. Here is a how-to guide on starting a business with little to no money. If you are interested, follow along.
How To Start A Business With No Money?
How To Start A Business? is a different question, since you are low on funds, you need to makeup for the lack of funding with foolproof planning. Indeed you have to spend on marketing. But we suggest following the free channels for cost-cutting. Also, try considering different government schemes for raising funds.
Ideas Can Make Up For Lack Of Funds
“We just sell different parts of ourselves.”
– Thomas Shelby
Well, I cannot use the derogatory terms Thomas Shelby used in the sentence that the quoted one follows here. But I think you get it. When you have almost zero capital to start a business, try capitalizing on your ideas.
Just as Thomas Shelby suggests, you can sell your creativity and services, which requires little to no money. Turning your hobbies or skills is a great way to start a business with no money.
If you want some eyeopeners, here are a few ideas you can try –
- Freelance writing
- Social media marketing
- Virtual Assistant
- Handyman services
The learning curve in each of these professions might be steep. But, if you have some on-the-job experience, you can start something of your own. You put both your skills and time into it while starting to provide services such as these.
But, not all businesses have to have a steep learning curve. Manual labor and your time are still important. Here are some businesses that are still worth the shot –
- House or pet sitting
- Personal shopping
- Car washing
- Dog Walking
Cleaning businesses will still run proficiently until the robots take over manual labor ( which is not anytime soon). Pet sitting, lawn mower business, and car washing businesses do not require much investment at the start.
But if you want to go for something more 21st-century-ish, then dropshipping is worth a try. As evaluated in 2022, dropshipping has a 225.99 billion worth market size; and is expected to grow at a 23.4% CARG rate between 2023 to 2030.
Affiliate marketing, social media influencing, or selling eBooks based on the most searched skills on the internet also count as zero investment businesses.
Become A Sole Proprietor
How to start a business with no money? This query might get answered with some simple business ideas. But how to keep it together? That is where a well thought out business structure comes in. A sole proprietorship is the most cost-saving business structure you can follow for better efficacy in the small business sector. But know this – a business will need a sole proprietorship structure that does not separate itself as a legal entity from the owner.
Plan Your Business
Plan your roadmap to success. The business plan is the roadmap that helps you track your growth. This should list your required funds, available funds, turnover ratio, cost-to-profit ratio, etc. The business plan can come in handy when you ask for different investors or funding.
eCommerce Is The New Key
Mobile Commerce is the new gateway to getting new customers. Your customers love to check out products on your online Catalog more than visit a retail shop. The pandemic boosted this change, and the change is going to stay and keep on growing.
The mobile commerce market is expected to grow into a 511.8 billion market in 2023. The change in the future will go upwards. If you want to grow a business with zero investment, you should start by leveraging the power of eCommerce.
Name Your Business To Make ‘A NAME’ For It
Find a business name that is unique and is not already acquired by other businesses. When the business is something in the niche and is catchy and easy to memorize, your customers will never forget you (which is exactly what your business needs to be – ‘never forgotten’).
Also, ensure that there are domains available in that name as well. If you want to fly online, you need to buy a domain name for your business.
How to start a business with no money? You will go through this phase. But, once you pass and grow the business, there will come a moment when you will need funding.
First, you might have the time and energy to invest in growing the business. But the expansion phase might require you to restructure it into a corporate-level or LLC-level company, and you will also need funding.
This is when friends and family loans come in handy. You can also take a bit of funds from lots of people (which is called crowdfunding). You can also take small loans from different small business loan providers. But, make loans and options only when you see some level of success. Otherwise, you are not doing business with no money.
Don’t Wait Around
It is true that a business should not (cannot) be started on a whim. But, You cannot also keep pushing the calendar just because you lack funding, inventory, and or have other excuses. Many entrepreneurs started their businesses with a small amount of savings or money they had. It is not always money that gets you started in a business. All you need is a great idea, a secure plan, and a commitment. The funding will come later.
So, how to start a business with no money? I think we have an answer. Let us know how you liked this piece. Was it helpful? Please share if you’d like for us to add something more in the future.