How can I start my own business with no money?
Most people will tell you that starting a successful business requires a lot of money. While that isn’t necessarily untrue, you can start a business with little or no money. However, you will need to put in some work to get the business up and running. Here’s how to start a business and grow it without money.
Start a service/skill-based business
A service or skill-based business is easy to start and does not require upfront money. Ask yourself, what are you good at? Then look for clients and exchange your services or skills for money. The best places to start are online marketplaces.
For example, if you are a good graphic designer, you can sign up on freelancing websites like Upwork and Fiverr. Also, you can search for clients on your favorite social media platforms by talking about what you do. Once you get the first paying client, you can re-invest the money you’ve earned by starting a marketing campaign to get more clients. You can hire people and make more profit when the time is right.
Start with what you have
Sometimes what you need to start a business might be around you. Look around your house and ask yourself what you can do with your machines. For example, if you have a camera, you can start making content on youtube. You can do this with a phone. Many content creators with millions of views started editing their videos on mobile.
Once you get enough subscribers, you can apply for monetization or reach out to a sponsor. Although more often than not, they will find you if you have quality content and an engaging audience. Suppose you are on social media. Why not try becoming a social media influencer and then turn it into a business?
Take advantage of the free resources on the web
Gone are the days when every item you needed to start a business would cost money. Nowadays, the internet is a goldmine for free resources that you can take advantage of. For instance, if you are starting a business and need a logo, you can use free platforms such as Canva. Alternatively, you can use already established platforms like Shopify, Amazon, eBay, Etsy, Walmart, or Facebook Marketplace to sell your products rather than setting up your store.
Apply for a small business loan
Once you get the ball rolling, you can source funding to grow the business to the next level. You can source funding in two main ways, a loan or investors. For investors, you sell a small share of your company and get money in return. For a loan, you borrow money and repay it with a certain amount of interest. There are many places to get loans; you can compare them and go for the lowest interests rates
Don’t be deterred from starting a business because you have no money. You can create a successful business in several ways that do not require money upfront. Take advantage of free tools and your skills to start something. Once you get the ball rolling, you can expand the business by sourcing funds from financial institutions such as CVF Credit Union.