How To Start A Business When You Have Literally No Money
You don’t always need a lot of capital to get a business going, and sometimes you even need little or no financing. So how do you start a business when you have no money? Let me show you the secret to owning your own business with limited capital. It is true that to start and scale your business, you need more than just additional cash flow. You will probably need a new corporate fund and a plan for how you will use it to grow. It is not impossible to start a business without money, but it may seem so at first.
If You Are Crafty
If you plan to open a shop with handmade goods, first sell them to friends and family. You can start as small as you want, get initial feedback, build a reputation and start again when you’ve just started small. I would also recommend doing free marketing by posting your projects on your Facebook or Instagram page. Look to see who comments or likes, and use that as an opportunity to get another sale. It is surprising how much revenue you can generate from some free posts. I would also recommend listing your handmade goods on FB Marketplace. This is also where Etsy can be utilized.
Host Your Own Website
You can host your own website, Disclosure: I am an affiliate for Bluehost and will receive a commission if you sign up through my referral link. You will get great pricing and a free domain name through my link. This costs you nothing. Click Here to start a blog on WordPress, below is a link to a tutorial for easy directions. How to start a WordPress BLOG on Bluehost for FREE!
If you’re looking to start a WordPress blog for cheap, then choosing Bluehost for your hosting needs may be your answer. Sell on eBay, Amazon, Craigslist, Etsy, or other online marketplaces, or even host it yourself at home, with your own storage and hosting.
Affiliate Marketing
So what is affiliate marketing? Glad you asked. This can be a very lucrative way to get some money going. The quick and dirty, join a group and become an affiliate. You simply set up posts and market another person’s program and get paid if people join. I an affiliate marketer for Bluehost. It cost me nothing to be an affiliate, I just signed up. My website is hosted on Bluehost, I feel it is the best and most user-friendly platform, so why not get paid to promote it? I am an affiliate marketer for a few other programs as well. None of which has cost me anything to join, but will pay when someone clicks my link and joins.
If you want a really good review on this and how to get started check out this post.
Learn Amazon Affiliate Marketing: How I Make $5,000 A Month From Home!
Change The Mentality
It is easy to find obstacles to starting a business, but it is often difficult to find the options that are right in front of your eyes. If you’re worried about starting your business with zero money, here are a few other ideas where to start.
If the thought of starting a business without money frightens you, then you should stop and think about what you can do now. This is crucial for any company, but even more so for a zero-money start-up.
Why do you need a lean, tailor-made website when you have only perfected three items for your new store? Would it be more useful to design your own marketing material on Canva? Could you instead set up a Facebook page to promote your business locally, or would it have been more reasonable to put your products up for sale on a site like Etsy?
Could you trade skills, products, and resources with someone else instead without paying for them, or have you exchanged skills and products and / or resources for pay instead?
Tap The Keyboard, Not Your Savings
Admittedly, tapping into a savings account is not an ideal situation, but it is an understatement to say that there are many free resources on the web. Make a list of what you need for your business, then research free alternatives over the Internet. This can take some time and may even require you to acquire additional digital skills. You can also save money when you need it most, such as by using a credit or debit card.
This is a fairly common practice among entrepreneurs, and it usually takes at least six months for the money to flow. When you design your business plan, you should be aware of how much you are likely to earn, how long it takes to spend it, and then the question is whether you will see a profit or not.
Friends in Low Places
Use your friends and family as a multi-faceted resource: Therefore, when you set up your place, look for the people closest to you. If they are not a candidate for your product, ask if they know anyone who is or if they would repost some of your posts to help you out. Ask them to comment or at least like your website or new FB business page. We live in a digital world full of people, branch out and tap these resources.
Look for other entrepreneurs. Like-minded people can give you support, but may also be able to collaborate with. Join FB groups or even a local SBA group.
Small Business Association
The SBA is a great place to start to get savvy and move to the next level. The SBA, can help you meet people in your niche, write a business plan and just lend basic info on how to start a small business. If you are looking for some money, they can help you with that too. Here is the link to the government-funded site https://www.sba.gov/
Crowdfunding Platforms
Practice your sales pitch: You can even use crowdfunding platforms to encourage people in your area to support you through their networks. Let people know what you are doing, trying to start a Business When You Have Literally No Money. People like to help the underdog. Once you are ready to start your business, ask them if they can help you get it going again with a small loan. Just make sure you write everything down and when you will pay it back.
Banks and Online Lenders, Credit Cards?
Banks and online lenders offer different types of small business loans to customers looking for additional cash flow or investment funds. If you work on a manageable budget, you can apply for a small loan if you need more capital.
Online lenders are generally more lenient with their requirements, however, and unlike traditional banks, you can usually forget about cheaper terms.
If you are not looking for a fixed-rate mortgage, consider another business. In short, credit cards are one of the most lucrative businesses for small businesses, but you should be looking for higher interest rates, not flat-rate loans.
Free Cash Please!
If you’re getting a business going, no matter how small, look out for free cash. Grants for small businesses are not always easy to find or get, but it is getting easier. Remember that grants usually have specific application requirements, so make sure you buy items on a needs-based basis. Start a search in your state’s database and search the local chapter’s website for Small Business Grants.
Send Me an Angel!
You have probably heard of Angel Investors, and with good reason: Angel Investors invest their own capital outside of companies that are not venture capitalists. Angel investors are usually the first to invest in a company, but that comes into play when it’s time to expand your business beyond what a handful of loved ones have bought you.
You can also find good mentors, as many of them are former or current entrepreneurs, and you can find them on LinkedIn or other social networks.
Recap
Starting your own business can be scary or seem impossible, it is not. The world has taught you to be a cog, to fit into the corporate machine. But not all cogs are created equal. Be your own cog and start something new. Surround yourself with other successful entrepreneurs and people that will motivate you. I know when I stepped out as a SAHM/ future, and now current business owner, people were not supportive. Most people are afraid to change, don’t let that mentality stop you. You can do this, yes, it will take some extra time and be outside of your comfort zone. but from experience, outside your comfort zone is where change occurs, and if you have read this article to this point you are ready to do something different, something great. So let me be the first to tell you this, you are great enough to do this, you will have some up and downs, but you will be fine. Just set up your goals, both short term and long term, put your head down and get working. I am excited for you and the changes you will make in your life. Start A Business When You Have Literally No Money, and start NOW!!
related links
The Highest Paying Affiliate Marketing Programs for Bloggers
4 thoughts on “How To Start A Business When You Have Literally No Money”
Comments are closed.