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Grants And Programs To Help Kick Start Your Business
When starting a business, finding a good idea is half the battle. The other half finances it.
A great business idea without capital does not mean that your path to entrepreneurship is over. There are plenty of ways to start a business with no money. In most cases, all you need is an entrepreneurial mindset: patience, hard work, creativity, and a willingness to test new things.
This guide shares how to start your own business with minimal money. The target? To start making money, you can reinvest in growth later.
From validating your idea to earning your first dollar, here’s the blueprint for starting a business with no money.
London Small Business Centre » London, Ontario
The first stage of starting a business is developing an idea. If you’re not sure what that could be, here are six creative business ideas that will get you started with no money.
The easiest way to start a business without money is to sell your services. Even if you haven’t mastered an area, being better than the average person at something means you can start a business that helps them. So start by looking at the things you know how to do better than most people. Package those skills into a service, such as:
Since you don’t have the capital yet, start with the things you have, such as your experience, knowledge, skills, and resources that you possess. These are the best investments you will have if you only have $0. Kei Nishida, owner of Japanese Green Tea Co.
Don’t rule out a service company if you don’t have a particularly strong skill set. Your time is valuable; Busy people often pay an hourly rate for someone else to do tasks they don’t want (or don’t have time) to do. That includes jobs like:
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Many entrepreneurs write off these small business ideas because they fear they will make minimum wage. But service-based businesses can be lucrative. Some freelance writers are making six figures a year within two years of running their business. One window cleaner even reached the $250,000 mark within 12 months.
Dropshipping is a popular business model for entrepreneurs who want to start a small business with no money. Simply create an online store and choose a dropshipping supplier such as DSers or AliExpress. When an order is placed, your e-commerce platform forwards the order information to your supplier. Their job is to pick, pack and ship the order to your customer.
As a master’s student, I didn’t really have much disposable income, so I decided to learn how to dropship. I decided to drop on Wish because it wasn’t talked about as much as dropshipping to your own store or to Amazon. Zaid Shahatit, founder of Fighthaus
The best thing about dropshipping is that you can get started on a shoestring budget. Instead of buying inventory before selling it and storing those goods in an expensive warehouse, suppliers only charge you for inventory when you sell it. Get started with a 3-day free trial, then $5 per month with the Starter plan.
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The global market for personalized products is estimated at $38 billion. Take advantage of that opportunity, even if you don’t have any cash upfront to invest in inventory, with a print-on-demand company.
Print on demand is the process of private labeling products (such as tote bags, t-shirts or caps) and selling them per order. Vendors like Printful will print your designs in stock, ship them to the client, and charge you for their service after you receive the money from your client.
We started with a print-on-demand service, bringing the initial operating investment to $0. Essentially, we were just a website to start with – to validate the idea. Katheriin Liibert, co-founder of #muhoov
Similar to dropshipping, there is a minimal cost to starting this type of business as you only pay for inventory when a customer orders it. There are also no storage costs when using the print-on-demand model, making it a valuable option if you want to start a business on $0.
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Prefer a more hands-on approach to starting a small business? Turn your hobby into a side business by selling handmade goods through your online store or marketplaces like Etsy. This can be:
We started in a garage, buying powders from websites and getting mixing jars wherever we could. Our first sample was hand delivered with powder in Ziploc bags and a funnel. Carl Starkey, founder of AWSM Sauce
Katrina Bell is an entrepreneur who took this approach when starting a business with no money. Katrina, now the owner of The Copper Bell, chose to sell candles because they “don’t have a steep learning curve, don’t require government oversight and regulation, and are easy to make in ever-larger batches.”
What originally started as a nice side job eventually turned into Katrina’s full-time job after she was laid off at the start of the pandemic. “I decided right after that to really push my business online and experienced tremendous growth after working full-time for a few months,” she says. “Sales really took off in the fall of 2020 and I now run the business from a commercial production space rather than just from my home.”
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Bonus: To earn extra money if you’re just starting out, pack your handmade goods into a subscription box. The consistent revenue you generate from repeat orders can be reinvested in the production of new inventory, giving you seed capital without any outside financing.
Most of our profit has been reinvested in inventory and advertising. We try to grow at a healthy pace so that we are not dependent on external investment. François Mathieu, co-founder of Hojicha Co.
Digital products are something you can create and sell with just an internet connection, making them a great way to start an online business with no money.
Start by identifying an area that you are more knowledgeable about than the average person. Then do some online research to see what issues people in space are grappling with. Package your solution in a digital product, such as:
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The beauty of digital products is that they are scalable. Create them once and sell them multiple times with the Digital Downloads app. It’s no wonder so many entrepreneurs use digital products as a way to earn passive income.
The word “influencer” has taken on a life of its own over the past decade. More people are making money through social media than ever before. All it takes is patience, social media knowledge and interesting content to share – three things that can be done for free.
Start building your social media presence on a popular platform, such as Instagram or TikTok. But don’t get into the hard sell just yet. Followers can be monetized if they know, like and trust what you have to say.
Entrepreneurs have used this route to raise money for a product-oriented company. YouTuber Emma Chamberlain, for example, started posting videos on YouTube in 2017. She launched her first direct-to-consumer company, Chamberlain Coffee, to capitalize on her audience just two years later.
Starting A Business: A Step By Step Guide
A business plan is the blueprint for how to grow your business. The content of yours depends on the low-cost business model you’ve chosen. But in general it includes:
Need help writing yours? Here’s a free business plan template, complete with examples, to get you started.
The next stage in starting a business is choosing a name. This should be catchy, recognizable and, above all, not already occupied. Use this free business name generator to get some inspiration when you’re stuck.
Remember: the name you choose will serve you for the life of the business. Make sure it’s one you love – and can watch with you – to avoid headaches down the road.
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The process of starting a business from scratch has been free until now. While it is possible to continue down the $0 path, the smartest investment you can make is an online store. Your website is the virtual home for your new business, a website that you can use to educate potential customers about the products or services you sell.
If you’re super strapped for cash, Starter plans are just $5/month after a 3-day free trial. That’s a small price to pay for a sleek, professional website that will help you make your first sale.
Starting a business from scratch is trial and error. Some ideas will be a hit; others will not prove to be as popular as you first thought. Minimize the risk by testing your ideas with pre-orders.
Pre-order works by taking money for items you haven’t produced yet. It gives you cash up front to invest in production, builds hype and creates a sense of exclusivity. People are buying the chance to try something new in front of the crowd.
Easy Steps To Start A Business With No Money (2023)
Remi Martins is an entrepreneur who has chosen this approach. After devising the
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