So, you want to start your own business but have zero Randelas to put up as capital. You also know that funding opportunities for new businesses are severely limited, so what do you do?
Truth be told, you don't need to have a massive amount of money to start a business.
In fact, you wouldn't be the first person (or business) in history faced with this sort of conundrum. It's not a pipe dream; you can get a business up and running with little to no cash.
It is true that to start and scale any business, you'll almost certainly require partners, investors, and a sound business strategy. But, when you're just getting started, you can start small.
If you're a keen entrepreneur but are faced with the problem of limited funds, don't fret—we’ve got you! This article will explore the ins and outs of setting up shop with little to no money and establishing the business you have always dreamed of owning!
What Type of Business Can You Start?
You may be asking yourself, "What business could I start with no money?" This may or may not be new news to you, but money and experience are not the most significant variables in company success. What is more important is selecting an excellent company concept. Here are three types of businesses that you can start up for free:
- Basic service businesses
- Selling your talents and skills
- Online businesses
Basic Service Businesses
Loads of basic service businesses can be started with minimal capital. The best thing you can offer people is time - and basic services give them that. When a busy person doesn’t have the time to get something done, chances are they’ll be happy to pay for it! What's great about these businesses that are based on low-cost business models is that many do not require prior experience or expertise! While these may sound like rather basic ideas, you can grow them into a lucrative business at your own pace.
Here are just a few ideas:
- Dog walking
- House painting
- Lawn maintenance
- House cleaning
- Professional organiser
- Party planning
- Handyman services
Selling Your Skills
Why not convert your talents into a profitable business? If you have a marketable skill, you can charge decent hourly rates and rapidly create a client base. As the working world evolves, more people are opting to make a living from freelancing and consulting instead of traditional full-time jobs. This is now in demand because companies find it much more affordable and easier to outsource tasks to independent contractors than hire full-time employees.
These businesses can include:
- Personal training
- Freelance writing
- Art lessons
- Bartending service
- Music lessons
- Selling crafts
- Resume writing
- Jewellery design
- Interior decorating
- Knitting lessons
- Yoga classes
The sky’s the limit when it comes to online businesses because pretty much all you need to get started is a smartphone and an internet connection. Social media is a very useful tool that can be used for a lot more than socialising. Thousands of small businesses use social media as their main platform to connect with customers.
Managing a business from your smartphone has never been easier. Here’s why!
If you have a skill like painting or crocheting, you can create a business account on Instagram and open an online store. You can communicate with customers via Instagram DM and simply share your banking details or send an iK Pay Link to get paid in no time. Similarly, platforms like Facebook and WhatsApp also have features to support online businesses.
You don’t necessarily need to have a website to have an online business but if you’d prefer to showcase your products or services on a website, you can do that for free! Providers such as WordPress, Wix and Squarespace make it really simple for just about anyone to build their own website.
Check out this beginner’s guide to building a website for everything you need to know to get started!
Tips and Tricks to Save Costs
Gone are the days when you need to rent office space or have dedicated premises to run your business. You can easily work from the comfort of your own home and maintain a thriving business. Keep in mind that huge corporate companies are now taking advantage of the benefits of remote work. If they can do it successfully, so can you!
Moving onto the nice-to-haves, online tools are super helpful in keeping your business organised and running smoothly. Most tools offer tiered plans which offer free options, a regular paid one and a premium plan with tons of features.
Now there’s really no need for you to splurge on a paid plan. The free ones typically offer everything you need, just with certain limitations to your access to features. Once you see the tool is working for you and your business is bringing in a profit, then you can consider moving up to a premium plan.
Looking to explore some free online tools? Here are our favourites!
If you’re confident enough to start your own business, you’ve got to ensure that your skills are up to par or, even better, exceed that of your competition. Upskilling is an invaluable asset that’ll set you apart from the rest.
When we think of online courses and other learning methods, we often think that it’s going to cost us an arm and a leg. We now have tons of free learning providers available and all you’ll need to take advantage of these is an internet connection and a smart device like a phone or computer to access the learning content.
No Money? No Problem!
With some determination and perseverance in your back pocket, starting a business with no money is 100% possible. All it takes is that first step to set you up for success. Good luck iK Fam, we’re rooting for you!