Is it your dream to be your own boss? The best way to accomplish this is by starting your own business. But, wait, if you don’t have the funds to start a business, then how will you start one? So, we are left wondering how to start a business without money.
You don’t need to worry as I’m going to tell you some of the working money-free business ideas you can start your business with and the simple process of setting up these businesses and even succeeding.
It’s time to dive in!
How To Start A Business With No Money?
The businesses which thrive are the businesses that are well-thought-out from the start. That said, everybody isn’t a business graduate to know the nitty-gritty of setting up businesses.
Up next, we will go through all the different steps in setting up a business with no money. If you go through each of them and follow them, then you have a good chance of succeeding. Let’s get started
1. Find A Free Business Idea
Yes, it all starts with an idea. Back in time, it was really difficult to get any business started without money. However, with advancements in digital technology, it has become relatively easier. Below are some of the ideas to start a business without money.
The best thing is, they’re way easier to start as well. So, without further ado, let us gather our best business ideas!
A. Become An Influencer On Social Media
How to start a business with no money online? If this is what you want, then becoming a social media influencer is the best business to start with no money. There is no cost involved. Your talent and an understanding of social media are all you need.
The word “talent” refers to an ability that people can follow you for. You may be a motivational speaker, a singer, or a public speaker. You can showcase your talent on the following social media platforms:
- Youtube
- Tiktok
You can create your groups, pages, or accounts on these platforms and then grow your followers. When you have a good number of followers, such as 50k or 100k, you’ll have countless earning opportunities.
What Business Can You Start As An Influencer?
Following are the businesses that you can do as a social media influencer with no money.
Do Affiliate Marketing:
In affiliate marketing, you promote other online business products to your followers and share your affiliate link with them.
When anyone purchases any product through your link, you get a commission. The commission may differ depending on the affiliate program that you take.
You can do affiliate marketing for the following e-commerce sites:
- Amazon
- JVZOO
- CJ
- ShareAsale
- Clickbank
It is up to you which affiliate program you choose.
Promote Other Business
Influencer marketing is becoming increasingly popular among online and offline businesses. Reach out to different brands, or they’ll contact you and pay you a hefty sum to promote their business.
Start Your Own Online Business
As an influencer, your business will reach more people and thus make you very good money. Plus, you won’t have to spend any bucks on marketing your products.
You can start the following online business.
And so on.
B. Sell Handcrafted Goods
Some people like creating different types of things by hand. It’s their hobby. However, what if you could sell all of the handcrafted things that you make?
Yes, you can sell your handcrafted goods to people who like them. You can take advantage of social media to run this business.
Handcrafted products that you can sell:
- Crafts
- Skincare
- Jewelry
- Artwork
- Hand made paintings
These handcrafted goods have great value in the online world. It is possible to earn hundreds of dollars through your work. All you have to do is create a Facebook or Instagram page to show your work to people.
Make sure you share your contact with them so that they can reach out to you if they need your products. Isn’t this the best business to start from home with little money?
C. On-Demand Printing
There is a huge value in printing on goods like t-shirts, bags, pants, and even pots. So, what you can do is start this business. This business can be started for free if you already have a printing system.
And then, you can create a store on Amazon and list some of your samples. Then, people will contact you and tell you what shirts they want to be printed and with what design. How will you ship your products, though?
There are a lot of online suppliers like Printful that will print your designs onto the stock, send the product to the purchaser, and bill you for their services after you’ve received payment from the customer.
D. Sell Digital Products
Selling digital products online is the best business idea with no money. What are digital products, though?
Products like:
- Ebooks
- PDFs
- Worksheets and templates
- Online Courses
are called digital products. They can also be sold on Amazon. Just create your account on Amazon and start selling. The best thing about these products is that you can sell them as many times as you want after creating them once.
E. Sell Your Services/ Best For Teenagers
How to start a business with no money as a teenager? Whatever your skill is, be it content writing, graphic design, social media marketing, or content management, you can sell them online. But how? You can sell your services on freelance platforms like
- Fiverr
- Guru
- Upwork
Although there are many other freelancing platforms as well, these are the top ones. All these platforms are free to use. I’d recommend you learn about the platform that you choose to start working on so that you can understand how they work.
F. Dropshipping
The dropshipping business model doesn’t require the vendor to maintain an inventory but instead buys directly from suppliers when an order is placed.
The seller assumes far less risk since they don’t need to hold stock and only place orders when they have a commitment from a customer. Does it offer free services?
It’s nearly free. You only have to pay $5 a month to get started. Because, to drop ship, you’ll have to make a store on any e-commerce platform.
Since Shopify is a cheaper e-commerce platform, you can start with this one. The starter plan on Shopify will cost you only $5 a month, which is peanuts. With this plan, you can earn thousands of dollars if you know how this business actually works.
After selecting the best business idea, now it’s time to learn what steps you should take for starting your business.
2. Write A Business Plan
In simple words, a business plan is an outline of your business in which you note down all of the goals of the business. It’s really important for a new business. It tells you what you should do and at what time. How should a business plan be written?
i. Prepare An Executive Summary
The first step is to write an executive summary of your business that explains your plains. This summary will consist of the following;
- How will you help people and what is your mission? Jot down some of the main points.
- What’s your product and what cuts it through the noise? Note that down.
- Write something about your company, staff, and partners.
- Write about the location of your team.
- To secure financing, include basic financial information (such as your current funding situation and the reasons why you need money) and high-level growth plans.
ii. Describe Your Company In Writing
Decide which segments, consumers, groups, or companies you would like as clients. Included in this are:
- Here is a breakdown of each competitive advantage you enjoy as a company and as a business owner.
- Your company’s mission statement should be the basis of each unique selling proposition (USP).
- Your team’s specific highlights.
- Any corporate patents or trademarks, if applicable
iii. Describe Your Business Goals
What are the goals of your business? How do you envision your company five years from now? Keep a record of everything. This outline will include:
- You should write down your goals.
- Decide what your goals are and how you intend to achieve them. You should explain how your vision has affected you personally and why it is important to other people (customers) in an objective statement.
iv. Explain Your Organizational Structure And Management Style
You must add the following things to this outline:
- Describes the management and leadership structure of an organization.
- You should highlight any executives or senior team members who have joined your startup, along with information that shows how they will contribute to its growth. Including the CVs of your team’s key players can be helpful.
- Corporations, partnerships, LLCs, and sole proprietorships are all legal forms of organizations. Determine who the potential owners are.
v. Describe What You Offer
It is possible for your company to sell both goods and services. Your selling plan will be detailed here.
- A product’s lifecycle, or the period during which it can remain on the market.
- Your product or service should be able to benefit your customers in some way.
- You have tested a product or service.
- Copyright applications or patent filings are plans for intellectual property.
vi. Explain Your Marketing And Sales Strategy
It is vital for a business to have a marketing plan if it wants to reach potential customers and make sales. Your plans will be described in detail in this section of your company plan.
- Describe the purchase process, including whether online payment is possible, how leads are collected, and any procedures for onboarding new customers (if any).
- There are certain strategies you use to attract clients and keep them. Each stage of the digital sales funnel should be included, as well as the various online and offline channels you want to leverage.
- Describe your marketing initiatives and what platforms you intend to use. In the financial predictions section of the business plan, this is crucial; adjustments can always be made later, but you need to start strong.
vii. Describe The Funding Requirements
How much funding would your business require? Take note of it. In this section, you should include the following information:
- Are you going to need equity or debt?
- Funding terms and conditions.
- Loan, credit card, or investment duration.
- Describe how you will pay off the loan in the future
viii. Create A Financial Projection
What will your profit be in a month or a year? Put that down on paper. In this section, you should include;
- Including income, cash flow, profit and loss statements, and balance sheets from well-established companies are important.
- Provide details about your financial strategy, including the profit margins for your products.
- Describe any security you can use to bolster a loan.
- Provide details about your financial strategy, including the profit margins for your products.
- Give a five-year forecast of how much growth you anticipate.
ix. Create An Appendix
In the appendix, you can summarise your business plan for the readers. There will be the following items in the appendix;
- Business strategy research on products not included in the business plan
- Individual testimonials or recommendations
- Any high-ranking members’ CVs or resumes
- Licenses or authorizations you’ve obtained
- The process of creating or manufacturing additional information
Here’s how you can write a business plan.
3. Select A Suitable Name For Your Business
Once you’ve written the business plan, it’s time to choose your business name. Choose the name wisely, as it’s going to represent your business. Ensure that your business name reflects what you do.
There are also many business name generator tools that you can use to come up with the best name according to your niche. My all-time favorite business name generator is BNG (Business Name Generator).
4. Launch A Website
By launching a website, I mean creating your business’s online presence. It is critical because it can inform your customers about your company.
You can either launch a website on WordPress or just create a store on Shopify, which will cost you around $8 a month. You can choose between things and things you already know about. The purpose is to establish a business’s online presence.
5. Get Pre-orders To Validate Ideas
During pre-ordering, you pay for goods that haven’t yet been produced. As a result, you get money upfront to invest in manufacturing, generate buzz, and create a sense of exclusivity. People buy into the opportunity to try something new before the crowd.
6. Source Funding To Grow
How can I get money to start a business with no money? You must ask me this question now. The reason why small businesses fail is the lack of funds. So, must have funds for your business to grow. What are the options for getting funds for your business?
The easier sources of funding are:
- Family friends: Tell your family friends about your business and convince them to invest in it some percent of your company’s equity. However, be wise about how much equity you offer them.
- Take a loan: If your family and friends aren’t interested in investing, you can ask them for a loan. They’ll surely help you out.
- Go to shark tank: If somehow you manage to go to the shark tank and impress them with your business, you can get a very good amount of investment for them for equity. However, this isn’t possible for everyone. So, try to reach out to the bigger business in your area or online who you think can invest in your business and help it grow.
- Take small business grants: These large sums of money are only given to small firms once. There are strict requirements you must meet before receiving any money, but the majority do not require repayment. Some issuers may also restrict the grant’s use.
To attract investors to your business, you can check out my following post.
How To Attract Investors When Managing Bad Credit
How To Start A Business With No Money FAQ
It’s time for me to answer some of your frequently asked questions.
What is the easiest business to start with no money?
Selling your services on Upwork, Fiverr, and Guru is the best business idea to start with no money.
What business can I start without capital?
Becoming a social media influencer requires no money. All it needs is a talent that people can follow you for. So, this is the best business idea without capital.
How to start a business with no money or experience?
If you don’t have business experience, you can develop a free business idea according to your strengths and skills. You could turn your hobby of painting into a business, for instance, if you’re good at it. Just start a painting business that you already have experience in.
How much does it cost to start a business?
What kind of business you run determines the answer. if you’re in any online business. such as dropshipping, then it’ll cost you around $100.
To start this business with that little money, you’ll have to use trial or starter plans that are less expensive. If you are looking for ways to start your business with less money, you can also look for other options.
How to start a business with no money as a kid?
If you’re a kid, you can start gaming on YouTube. This is the best business that, if you give it time, will earn you thousands of dollars.
Just create a YouTube channel, and then start playing the games that you play, but this time with a screen recorder on. Once the game’s video has been recorded, put that on YouTube.
You can start with YouTube shorts, which are booming these days. This way, you’ll get more subscribers in no time if you have talent.
Conclusion
How to start a business with no money? You can become a social media influencer, a freelancer, a drop shipper, a maker of handcrafted goods, a seller of digital products, and so on.
Now you know about some of the best business ideas to start a business with no money. Still, if you have any questions related to the topic, you can leave a comment below. I’d love to help you out.
