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How To Start A Business With No Money
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Do you want to start a business but you have no money? If you have some money, you can buy an established online business which saves you tons of time.
But if you want to learn how to start a business from scratch with no money, the good news is that you can start a business with no money online.
You just need to get creative with your ideas and be willing to do what is necessary!
Many online business owners including myself started a side hustle while working full-time. With a baby, other expenses to pay, I did not have a lot of free cash flow in my budget to invest in starting a business. Instead, I explored online-based businesses that required little to no money to start. I gradually built my side income from my side hustles while still having the comfort of the steady income from my day job.
If you are ready to start a business, but you don’t have money, the information I share below will help.
How To Start A Business With No Money
To start a business without money, first you need to asses where you currently are and what resources you have access to that you can use to your benefit.
Assess Your Skills And Strengths
I’m a firm believer in using your skills and strengths to start a business.
When you build a business idea using the skills you already have, it shortens the learning curve for start a business.
I encourage you to examine your existing skills and creative talents.
Explore your natural abilities and tap into skills that you’ve learned from your past jobs, self-taught skills and more.
You can build a profitable online business around these skills with no money.
Assess Your Budget
Assess your budget and see if you can actually free up some cash for your business. It does not have to be a large amount of money.
For instance you can cut down of buying meals outside and rather take cooked home meals to work. You can also negotiate your monthly cable bill and cell phone bills.
You could be surprise that you will be able to free up to $50 to $100 per month that you can use to grow your business.
Assess Your Friends And Family
I learned from personal experience that when starting a new business, you can leverage your family and friends. Now this means that you shouldn’t be afraid to speak up and ask for something when you need.
If you have a great idea for a business but lack the funds for startup, there may be a close friend or family member that you can ask for the funds you need to get started.
Your friends and family can also be your first paying customers and can help you get the word out their about your new business venture and help you build connections that will ultimately grow your business over time.
Business Ideas You Can Start With No Money
Here are three business ideas that you can launch without much money
1. Start A Service-Based Business
Selling a service is a great way to start a business with no money. A few service-based business ideas include:
- Become A Virtual Assistant
- Become A Social Media Manager
- Become A Freelance Writer
One key thing to keep in mind when starting a service based business is that you need to grow a customer base.
You need to prioritize finding client in order for your service business to work.
2. Sell Digital Product
You can sell digital products even when you have no money. This is because selling digital products requires very little funds to get started.
You can create and sell digital products such as ebooks, online courses, printables, at a very low cost and possibly free too!
For instance, you can start a business creating and selling online courses on a platform like udemy for no upfront costs. All you need to do is choose a topic that you know well, outline and record a few short lessons, and then upload those lessons to the platform.
You can use free tools such as screencast to record your courses. And then sell them on udemy.
3. Start A Coaching Business
The experience you have gained in a particular industry can help you launch a coaching business.
Individuals and large companies who lack the knowledge in that field will pay you huge money for your expertise as a means to grow their businesses.
You can offer health coaching, financial coaching, relationship coaching, career coaching, etc. The possibilities are endless, and you don’t need much to get started.
- A Website – I’m an advocate of creating a self-hosted website which allows you total control.
- Software for Making/Recording Calls – You need to be able to communicate with your clients personally. You can use Zoom for all your coaching calls.
- A Payment Processor – You need to be able to send invoices and accept payments. Sendowl is an easy to use platform that allows you to start accepting payments with no upfront costs.
When starting a coaching business, you need to actively promote your services in order to find paying clients.
How To Start A Business With No Money – Conclusion
Whether you choose to sell a product or a service I do hope that this post has helped you to realize that there are many ideas for businesses to start without investment.
Choose a skill you already have and start a business idea from there. Don’t let lack of funds stop you.
Make a plan and take action today.
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