Keep your Current Source of Income
Starting a business with no money is one thing. But starting a business when you have no other source of income will put you in a dangerous situation.
Jumping into a new business venture will require you to take tons of risks. And nothing provides you with security like a regular job and a regular paycheck . Take this time to work on your business plan and file out all the finer details of your business.
Additional expenses will pop up as you learn how to start a business with no money, so having a job that pays for your bills gives you more security.
Offer Services to Fund your Business
You may not be starting a business based on services, but your talents will help you fund your product business if you apply yourself.
The possibilities of services are endless. Simply think of passions or skills that you already possess. Are you a skilled writer or designer? There are always needs for copywriters and graphic designers.
Some other types of services you can sell:
- Academic counseling for high school or college students
- Alterations and tailoring
- Babysitting or nannying
- Computer repair or lessons
- Content marketing
- Makeup artist or hairstylist
These are just some of the ways you can earn funds to put towards your dream business. And they require little to zero money.
Wish that you could speak to a room full of investors to get funding for your new business venture? If you want to learn how to start a business with no money, you should look into crowdfunding.
Crowdfunding is a relatively new way to get business funding. A quick search online will bring you several crowdfunding websites that will help you get public investors. It works by presenting your business idea to the public. The public then decides whether or not they’d like to invest in your venture for a small pay off later.
The great part about crowdfunding is it costs you all of zero dollars. And it’s also a great way to get people to know about your business and product. Plus, if you don’t get any investors, you’ll then know your business idea may not be profitable.
Market your Business on a Budget
One of the most expensive pieces of starting your own business is marketing it. But you don’t have to spend an arm and a leg in order to do so.
Create a cheap logo
There are tons of websites where you can find graphic designers. These freelance graphic designers will sometimes run you less than $30 for a well thought out brand logo.
Advertise for free
If you think you have to spend hundreds of dollars to promote your business, you’re not thinking outside of the box. There are a couple ways you can advertise your business for nothing more than your time. These include:
- Add your business to Google Local
- Set up a free website at WordPress or Weebly
- Create several social media accounts specifically for your business
- Make the most of email addresses that you may have and send out marketing emails
- Place an advertisement for your business on Craigslist
Print materials on the cheap
Things like business cards and other promotional materials don’t have to be a huge setback. You can print several free business cards to hand out on websites like Vistaprint.
Doing a quick search online will bring tons of results for cheap marketing materials. Anything from pens to t-shirts can be found for a great price.
Barter your services
Yes, bartering still works in the modern world. And while you don’t need to barter your goat or pig, you can trade things like your services for other services.
If you need a copywriter and you’re a great designer, you can always see if someone else is willing to switch services. You never know how you can scratch someone else’s back while they scratch yours.
Take Advantage of Government Programs
If you’re planning to start a business on a budget, there are tons of ways you can get help from the government.
The Small Business Administration (SBA) offers programs that will help you get financing for your business. Some types of programs include:
- General small business loans
- Microloan programs
- Real estate and equipment loans
- Disaster loans
You will have to look into the requirements and guidelines that need to be met in order to qualify for the loans.
Pair up with Another Entrepreneur
While there are plenty of businesses created by one person, there are also many that had a co-founder. So if you’re surrounded by likeminded go-getters, try seeing if they would like to join in your venture.
You’d be surprised who you can start a business with. Some places to look are in the most obvious of places. Look to friends or family members to see if they’d be interested. If not, they may know of others who would potentially like to join in on your business.
Networking is a huge part of starting your own business, so get out there and see who you can meet!
Tons of Dedication is How to Start a Business with no Money
Starting your own business is tough. And starting your own business when you don’t have any funds is even tougher. But the rewards are well worth all the time and energy you’ll spend building your business from the ground up.
You’ll find many tips on how to start a business with no money, but unless you are willing to put in the work, you’ll not succeed.
Are you planning on starting a new business soon? Need help planning out all your finances? Take a look at our business calculators for all your financial needs.