How to start a small business with no money?… Small businesses are the engines of our economy. According to SBA (US Small Business Administration), small business employ half of all private sector employees. And beside the benefits small businesses create for the economy as a whole, they also have many advantages for their respective owners. Which is why many of us often dream of starting our own little businesses to enable us break free from the hustle of employment, or for a more intrinsic reason like having an idea that will revolutionize the current market as the world knows it.
Most of us however, let go of the dream because we have this incorrect notion that bringing a business to life is an expensive venture that can only be achieved through robbing a bank or inheriting millions from an unknown lost relative.
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Although starting a venture may require some start-up capital, there are several ventures that would only require minimal financial input. With a lot of patience, innovation, creativity and a strong belief in what one has to offer, most business ideas can take root and become business worth reckoning with.
While it might seem too difficult, starting a business with no money can actually help you build a stronger and one of a kind company, while at the same time, sharpening your business skills.
With that said, here are 5 important tips on starting a small business without money:
1- Be as realistic as you can about what venture you want to embark on
Consider the venture’s requirements for its success. Will it require skilled labor? Does it require cutting edge technology that has current limitations to its availability? Select a venture that would require minimal initial investment, especially those from the services industry.
A few examples of small businesses you can start with little to no money include childcare, handyman services, consulting or selling crafts.
2- Assess your skill set
By starting an enterprise that will take advantage of your existing skill set, you will cut down on costs of employing a skilled laborer, and costs of training or basic equipment. There is nothing as satisfying as developing a hobby into a money-making business venture.
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Beginners’ mistakes will also be avoided due to the quality of decisions you will be able to make, given your past experience in that field. If you love to bake, experience will enable you to start a food business, baking cakes from home instead of renting out an entire kitchen. You will know that the easiest way to sell your cakes will be at local fares and events, instead of trying to get them into the grocery chains in your state.
3. Do not hasten your initial hiring
When drawing up a business plan, the number of tasks requiring doing at the beginning could easily appear overwhelming especially to one person. For a business with little or no capital, you will have to execute all these tasks on your own. Remind yourself that this is the trade-off you will have to make in order to succeed, so suck it up.
4. Take advantage of free resources
In case you need information before you start you business, make sure you make full use of free resources available from the US Small Business Administration. This is the government agency that assists small businesses get off the ground by offering assistance ranging from free advice on legal, financial and managerial matters that pertain to small business ventures.
Visit the organization’s website to find your local chapter. Your local Chamber of Commerce or Business Development Office may also offer free services, so be sure to visit your local government to find out.
5- Avoid costly advertising techniques
Learn to treat everyone you meet as a potential client and advertiser as well. As often as possible rely on word of mouth referrals and ask your existing clients to recommend you to others in need of your services.
By sharing your business with other people, you are basically exposing your business/company to a new person and their friends. Utilize free websites such as Craigslist, Twitter and Facebook to spread the word about your company to all those potential clients existing in their network.
20 Small businesses you can start with little or no money
- Dog Walker or Petsitting Service
- Association Manager
- Property Management
- Sports or Activity Clinics
- Concierge Service
- Mobile (Interior) Auto Detailing
- Fact-Checking and Research Service
- Hair Care/Makeup
- Child Care Provider
- Cleaning/Lawn Service
- Online Professor
- Financial Services/Business Consultant
- Party Planning
- Computer Services
- Personal Organizer
- Content writing
Starting a small business may be the greatest thing that can ever happen to your financial life, so don’t let your dream go because you think you don’t have enough money to start a business of your own. Follow the above guidelines, and you will be able to start a small business with no money.