“I have a brilliant idea which can turn into a good business. But I’ve got zero money in my pocket”
This is something which we say or hear from our colleagues, friends or even some of the students we know. A credit line or few investors can indeed help to start a company in a better way but having no money can never be an excuse to not start a business or a company of your dreams.
If you think that your idea of a product or service is something which people really want then don’t let zero capital be a hurdle in accomplishing your business goals. By unleashing your creative end, grinding it out your way, and conveying your unique product or service, you can step into a successful business.
Points to be Consider while Starting a Business With No Money
It is a no brainer that the first step is to explore what it actually takes to formally start a business and to also analyze as to which of them costs money.
# Don’t let go of your current job yet
It is important to be practical when you are in the initial stage of starting your business. The money will be required at some point and it is for this reason you will need to save up from that steady source of income before you can build your empire.
So it is better to hold on to your job since you will be more stable and will be able to take risks. Although this means putting in extra hard work and extra effort, your change from employee to a business owner will be more flexible since you can afford the additional unforeseen expenses.
# Hone on your business idea
Having a profound eureka moment with your business idea is not just enough to get on with the business. There are a lot of steps required before you can start your business effectively.
It is important to flesh out your business idea since it is very important for your venture to be successful.
You should brainstorm ideas and consider very important questions like, is your idea unique from others, what value will it provide to the customers, is it something the target audience really requires, or it is something you assume they want. Knowing answers to all these questions are important.
# Make a good network with people
When you are starting out your business, it is important to make good connections with people who can help. In order to diversify your reach, you can attend trade shows and events where you might find investors.
You can also extend your reach online by joining many online forums on the social networking sites where you can know useful tips to make your business thrive.
A lot of investors and venture capitalists are active on social media where if you can grasp their attention with your idea then half battle is already won.
# Make a vehement analysis of your market
You have a brilliant idea in your abode which you are counting on to actually work but what about competition in the market? Can it be a possibility that your competitor might present your idea in a better way or might sell it in a better way? If an investor is interested in your business, he/she might ask this important question.
It is important to understand the market you are in and about the competition around you. You should make sure to chart a detailed analysis of the trend and then analyze the challenges which your business might face in the future. The next step will be as to how you will overcome those challenges in order to make sure your business to be profitable.
# Give a chance to the crowd funding platform
In order to raise money to fund the business, a lot of crowdfunding platforms have emerged to help entrepreneurs in the best way possible. Businessman/businesswoman can get people to invest in their business be it any service providing business or product based business.
# Evaluate the funding requirements
There is of course money needed to start the business but how much is actually required? It is better to have a clear idea about the money required rather than putting up the unrealistic value of the business because this can risk out loan rejections or might not attract potential investors.
So before thinking on how to raise money, it is important to evaluate the capital needs of your business where you should also know as to how you will be using those funds, once gained.
# Run a small test/trial
Do you want to be sure if your business idea will take the world by storm? It is better to run a test and find out the exact details. If you are low on confidence then a pilot will make sure that you gain the right confidence to take your idea towards the next level where this can also reduce risk extensively.
You can begin on a small scale where you can give in some freebies or free services to know the response of your target audience or you can also analyze if this is the service your client needed.
A small trial can go a long way in helping gain important insights for your business where you can also look in the challenges that you must have overlooked or skipped earlier.
# Pay attention to the response
If you are starting out a venture that is completely new to you, it is better to gain a second opinion from someone that knows the waters too well and also knows the risks involved in getting into the business.
A business idea charted by you might look well on paper or on theoretical grounds but might not be so when you actually put the practical foot forward. It is for this reason that gaining insight from an expert will help you look at your business from a different perspective or might also help you to think out of the box.
With an expert’s opinion, you will also gain essential knowledge that you lacked on earlier.
# Business loan
For new entrepreneurs, there are many flexible loan programs available where setting up of business will be easier. In order to qualify for the loan, there are some criteria which you have to meet like you must conduct business for profit; there should be a good credit score, and much more.
Once you get qualified in the checklist, it will be easier for you to get the business loan where you can start your business with full traction.
What Does it Actually take to Start a Business
It is a no brainer that the first step is to explore what it actually takes to formally start a business and to also analyze as to which of them costs money.
# Planning it all the way in
It is important that you should come up with an effective business plan and a robust financial model where this does not require any money and it can be done for free.
# Paperwork
It is important that you should file in paper work if you want to create a partnership or corporation or LLC. But this will not cost you a lot since it basically depends on the licensing which you require.
# The best domain name for your business
In the era of the internet world, it is essential to invest in the online brand. You can dive in as professional as possible where a catchy domain name is required to define your brand from the very beginning. It can be bought in for minimal price where many platforms can be used to buy the domains.
# Creating a website
To mark your online presence, it is important to have a website of your own which can be built for free of cost. Initially, you will not spend anything to create your first site. You can get to WordPress or Wix to create your first-ever website for your business.
# Assets
Major cash expenses are tangible assets like offices, equipment and many more but it is not necessary that all businesses require them. There are some businesses which actually don’t require this, so make sure you know if your business requires any assets or not.
# Marketing your business
Although everyone thinks that marketing might make a hole in their pocket, it is not really so when you device effective tactics where the investment of time is the only requirement.
Aspects like content marketing, social media marketing, SEO and other facts fit within this criterion.
And honestly conveying, this is all actually needed. There are many online courses and books that can help you gain traction in this area of business.
# Product/Service
Businesses are all about what they sell or how they can add value to their clients or customers. If you have a product based business then there might be a requirement of some up-front investing but there are many services which the businesses can provide without any monetary investment but with just investment of time.
The above points are the basic things which you should know while you are exploring your way in to start a business. The above points are more like a check list or a structure which you should know as a businessman/businesswoman.
But there are many more aspects that you should know about starting your own business with zero money. There are little subtle things which count and make a huge difference or impact your business in a better way. So let’s get to know about it below.
Types of Businesses You can Start with Almost or no Capital
There are certain characteristics of different types of businesses. They fall in these categories:
# Performance business:
This type of business depends on the ability of the businessman to perform where he/she can also pull in other people that can better their performance.
The heightened creative skill of an entrepreneur is required in this business which is along with the ability to vehemently market that skill to a larger audience.
# Service business
This type of business is all about the skill and time of a person. A businessman in this business can provide his/her skill to others with zero or little upfront investment. In order to start a service business, all required is the tool of the trade.
# Event-based business
Event based businesses can be started with limited capital where it is all about ventures like concerts, sports events, expos and much more.
The benefit of these types of businesses is that with the best marketing, you can sell out the tickets before there are major costs incurred.
# Brokerage Business
This type of business is considered to be a popular one since it brings together buyers and sellers where brokerage business is seen in different areas of business like hospitality, real estate, sports, recruitment, performing artist, and many more.
You can be a pro at a brokerage business by having extensive contacts and also garnering effective relationships where there should also be effective marketing.
# Resale
The main idea behind resale is a simple one. You take the products and then sell it to other people. In order to acquire the goods, you can either opt for wholesaling or drop shipping.
With the help of drop-shipping, you can ship directly from the manufacturer where there is no almost start-up cash required.
But when it comes to wholesaling, there is more money required but you will have more control over it and eventually more money.
# Online course
In order to generate a commendable passive income, building and selling online courses are the best way. If you think that you are good at a subject then all you have to do is make a video tutorial where you are teaching a subject to the students.
Then all you have to do is host it on your own blog or you can upload it on any online course platform. Although it might seem tough in the beginning, if you provide a value video course then you can earn from it for a longer time.
# Virtual assistant
There are a lot of marketers who do not have time on their hands to do important but time-consuming tasks which they want to hand over to responsible people.
This is when the work of a virtual assistant comes in. A lot of tasks are required to do by virtual assistant like social media marketing, travel arrangements, blog posting, email management, calendar management and much more.
Based on your specific specialties, you can provide as much virtual assistance as possible.
# Affiliate Marketing
This is considered to be one of the best ways to earn money online. Even if you doubt your business idea, this is one area in business that works fool proof.
Affiliate marketing will be in the business for years to come. This type of business is all about recommending someone else’s services or products to the audience where once the purchase is made from your referral, you earn a commission on it.
The best thing about this side hustle is that there is no need of lots of capital to start on. With zero money in pocket, you can start affiliate marketing since the affiliate vendors can join freely on the internet.
# Podcasting
This is a new type of hustle that has become popular recently where there are a lot of people who are starting new shows on a daily basis.
Since this business is growing to popularity, podcast hosts are finding new ways to monetize their shows where they are making money through advertising or selling services or goods to their audience.
Podcasting is all about finding your niche where you don’t have to limit yourself to just the business niche.
# Facebook Ads Consulting
Facebook Ads can be effective vehemently once there is a valuable campaign designed and implemented. Since there is a constant shift of advertising rules and technology by Facebook, it is becoming more and more difficult for the business owners and marketers to profit from it.
It is for this reason that becoming better in your Facebook skills and then offering your service in it can help you garner an effective and profiting business. All you have to do is learn the art of Facebook Ads and then profit from it.
# SEO Consultant
A lot of traffic is gained from Google. The importance of search engine cannot be ignored in any way. It is for this reason that Search Engine Optimization (SEO) is valuable and is an in-demand skill.
All you have to do is learn all about SEO, which usually takes 4 to 6 months, and then you can start offering these services to others. After you have mastered this, you can open up your own SEO agency.
Although you might think that this is a far-fetched idea, all you have to do is pucker up and gain in some zeal to learn and become an SEO expert. You can learn through online courses and books or even take up a digital marketing course that has SEO in it.
Thus, businesses can be scaled and be sold without being tied up to just one particular person. Although there are downsides to entrepreneurship, there are also many upsides and benefits. It is an empowering notion to think about what you can do when you have a lot of things at your disposal. This aspect helps people to get into business in ways which one could have never imagined. If you are serious about creating a business of your dreams then you should definitely jump for it. It is time to make your small idea to a side hustle or side hustle to a main hustle.
