When you can start a business with no money it can be very rewarding. Business requires patience. Business requires innovation. It requires a powerful dream and a strong desire. An iron hand to build it from scratch and a creative mind to scale up the plan. However, what many presume it to require is a Huge Capital.
But is there an alternative path?
Despite business being a hectic profession to take up, entrepreneurs have been ruling the globe for the past few decades. Looking at such millionaires and billion-dollar businesses, one cannot help but wonder about their luck, profits and success. However, this success just makes the tip of an iceberg, the immense energy, time, efforts, and money invested in a start-up don’t usually become part of this story going around the media.
Business is all about filling the gaps in people’s lives. How to make something work better? What can be done to make people’s life easier, happier and satisfied? What else is the need of society? These are some of the queries entrepreneurs work with throughout their life. Do you give a thought to such questions once in a while?
One of the many misconceptions that the consumerist culture has managed to hammer in our mind is that start-ups ought to begin with large investments. Well, it is actually true for the investment of time and efforts, but money- not very sure.
Can I start a business with a minimal amount of money? So, here is a complete guide to get started with a little or zero investment.
Think More To Work With Less
One of the first steps to start a business with no money, is to get your mind to work out innovative plans to work with less, to work with the little resources you possess, to raise funds, save up, and get the first few sales effectively to re-invest the gains in the start-up.
How can you save up to start a business with no money?
Most businesses do require, if not a large sum, then at least a little monetary investment to begin with. But how to save enough to get started with your dream entrepreneurial journey? More important;y, how to get started when you have little to no money?
Well, put your skills to practice and hunt for a job. Yes, you’ll have to slog for some other company until you can start your own. However, it is just a matter of a few months before you can make enough money to begin your project.
It can be practically any job. Freelancing, working as an employee in business firms, or working in creative fields, as long as it pays you, you shouldn’t complain.
Use the web
The Internet has genuinely revolutionized everything. And that includes the ease of starting a business with a meagre income. Especially for the people with a dearth of capital for start-ups, the internet comes as a boon to promote and sell their products and services to a larger public than they can imagine.
Vlogs, blogs, social media platforms have made it possible to reach out to a great number of people and promote the start-up, without the trouble of going around the advertising agencies.
Well, what are the friends for?
Look at the long list of friends and followers on social network sites that you have amassed over the years of your presence on social media. These are the first few people you can easily make lucrative deals with. Remember, since they are the first buyers, they are going to be the first promoters.
A word going around the general public about your product or service, no matter how small the group is initially, can do wonders for your start-up later on.
No money? But your skills can save you!
When the money part has let you down, the skills are the best tools you can work with. Polish the skills to take it at par with the present market scenario. It is the best tool to survive. Skills are going to be your best assets, don’t stop working on them.
No high expectations
Business may be lucrative but is equally capricious. There are chances of losing whatever little money you have invested. Thus, there is no need to invest everything you have. Save a part of it to sustain yourself in case of bad returns.
The Best Businesses to Start Without a Huge Capital
Here is a list of the easiest business options to start with no money.
- Skills sell really good!
What are you best at? Is it your video editing skills or the web development techniques your friends look up to you for? The world of internet and technology provides scope for each of the skillsets thought to be useless in the past. A profitable business is awaiting, anytime you feel the interest and desire to make an impact in the global market using the skills you enjoy the most.
Freelancing, web development, video editing, writing newsletters, reviews and what not! There is a business plan for each one. Scale it up to a level where you can easily recruit a large team. Train the members and turn it into an agency, and a large booming company ultimately.
- The way online
Going online is the best way to start a business with no money. If entrepreneurs are ruling the world today, influencers are no way behind. Whether it’s the favorite YouTube stars or the celebrities we adore, they are certainly earning a lot helping the other brands earn more.
But is there a way for common people online? Well, the options are plenty!
Affiliate marketing is something that works exactly like an influencer marketing except the fact that you don’t have to be an influencer. Free platforms like Instagram, YouTube and free domains give great opportunities to create a start-up in this online world.
- Marketing other’s brands
It is a profitable business, be it online or offline. Somewhat similar to the choices mentioned above, if online marketing is what you want to start with (trust me, it is easier), but the offline world isn’t bad either. In the end, the brand pays you for marketing the product, not the way you do it.
- Education is more than a business
Education is considered to be one of the important human rights in most of the countries globally. Hence, merely attaching a ‘business’ label to this basic human right is thought to be a depravity. But is it really negative?
The shop vendors beside your homes are responsible for another basic need of food and water. But what they are running is nothing less than a business, right?
Because business start-ups, entrepreneurs are not only concerned with making money, but the companies that flourish are the ones that make the public’s needs and worries as the core part of their business. Education is a need of the 7.9 billion humans in the world, hence the businesses with this need as their core problem, are bound to make huge profits while fulfilling that ‘need’, that ‘gap’ in the society.
Thus, if teaching is your forte and sharing knowledge is what you thoroughly enjoy, it is never a bad option to start your own classes, or work as an employee to aid a company providing the same services.
How to Raise Funds For Your Startup Business
Now, after having gone through the multiple ways to start a business with no money, how about finding ways to begin a start-up funded by not what you earn and save up, but instead what you collect from other sources?
There have been government committees set up in different countries in response to the immense popularity of business ventures in the present-day scenario. From students to employees, the rich or the poor, almost everyone carries an idea in mind to execute through a new venture. Thus, the government committee is a good funding source for businesses with a good potential to grow.
Banks, financial corporations are actually a bad source for funds if you are just beginning the venture. Because such private bodies ask for proof of a profitable start-up, which you can’t provide at the beginning of your journey.
Now this is a great way too! But the most challenging one. Because crowdfunding mostly works for content creators or social workers, it works for cases when you actually have something tangible to offer to the crowd rather than just a promise of a lucrative business that may benefit them in future. However, that is where the innovative mind and communication skills of an entrepreneur comes in.
Try and work out different ways. There is no guide to this. You’ll have to find your own way in the crowd.
Find Investors Online
If not the government and the crowd, the investors will come to your rescue! Try to put forward the business ideas in the best way possible to convince them to invest. And get ready to face the rejection. This is not the perfect world with easy achievements. You may have to talk to up to 30 investors before making one deal. Nevertheless, continue to search until you find the one.
Friends and Family
They are the closest people around you. They’ll make great investors with less risk factors and easy communication. So, get them to invest!