Starting a business is no easy task. Especially since a big endeavour like this usually requires a lot of financial investment.
However, there are options to start a business with little to no money on you. Welcome to the many opportunities to home businesses. So, how do you start a business with no money?
I Have a Business Idea but No Money
Every one of us has had ideas and some of those ideas were great. If only, they could be financed properly and turned into something real.
One of the best solutions to this dilemma is starting your own business from home.
What Business Should I Start from Home
These days, there are lots of business ideas that can be realized without a proper office, or anything like that. All you need is a place where you can work from and to do a good job. Here are some of the many opportunities you can choose from.
- Online tutoring. For this, you only need to invest in a high quality computer with a good internet connection. And, you probably already have that. If you have a decent knowledge of a certain subject, you can offer paid online courses to school students for preparation for university. Of course, you need to be familiar with the school curriculum and the constant changes in the textbooks. Websites that can offer you opportunities for online tutoring are Tutor, or Wysant. You can also teach your native language to foreigners.
- Become a pet sitter. If you play your cards right, you can become a called pet sitter. All you have to do is market yourself properly. You need a good website and very influential presence on social media. Also, a car and a work phone, but you probably already have those.
- Publish a book. If your talent is in writing, you can become a professional writer. Write a few books and offer them to publishers. Of course, it’s not that easy to get your books accepted, if it were possible, then anyone would be a published author. But, even if you are not accepted by a major publisher, you can self-publish for free on websites such as Lulu and Smashwords. You can also pay for editorial services, cover design and copyright, to improve your books. They’re not a mandatory aspect, but you do need those to make a really good product.
- Become a window cleaner. Getting hired to clean can be very easy, however you are required to bring your own equipment. The good news is, window cleaning equipment in particular is not at all expensive. Unless you get hired for commercial areas. Then you might need to invest into more equipment.
- Become a Uber driver. If you already own a car – turn it into the biggest asset of your new business. With time, you can gather some capital and offer your own chauffeur services.
- Make and sell soap. Even if you don’t know how to make it, you can find lots of tutorials on soapmaking online. You can do it at home with no problems. And, as long as it’s decorated nicely and catches the eye, you can sell it on online platforms. Of course, you also need a good website and social media presence to reach your customers.
- Social Media Management. If you know your way around social media – meaning, you REALLY know everything about social media, including how it can help businesses, you can be hired to manage different companies’ business profiles.
- Write articles. You can look for a company online that is in need of a freelance writer and sell your articles for a set price a piece. Bad thing about this option is, the competition is huge and there are many who sell their articles for coins.
- Visual design. If you have a good knowledge of a media editing program like Photoshop, and/or you also know your way around a drawing tablet, you can put your name out there and offer design services. You can make logos, banners and just about anything a client wants from you. Of course, this kind of freelance work is extremely competitive, so you need to make yourself stand out.
How to Start a Business from Home with No Money
You saw what kind of possibilities you have for your own home-based business, and there are a lot more to choose from, as long as you search properly and find the right channels. No matter which option you choose, there are a few things you must remember.
- Do what you know. You can always start learning something new from scratch, but if you want to be closer to success, you should build your business to whatever is closest to your heart. If you already have a general knowledge of something, be it from previous education, or just because you used to do it as a child, work with that.
- Avoid unnecessary expenses. You’re trying to start a business and sooner or later you’ll have to do some financial investment. But, for now, you need to concentrate exclusively on hard work. Your biggest investment now is time. If there is something you might need to help your work process, go for it, but don’t spend money on something you might not use in the near future.
- Forget about loans. Debt is a huge burden, and unless you’re in a desperate need of it, do not put it on your shoulders.
- Invest, time, attention, and eventually money in marketing. The thing that would most likely pull your business off the ground is good marketing. It’s advisable to get educated in it, because for the time being, you’ll be doing it yourself. You can find all kinds of materials about how to do internet marketing, free advertising, SEO and many more tricks to get yourself noticed.
- Work hard. You’re not investing too much money, but this is only because you will be working like a mule. Do not take this endeavour lightly and do your absolute best. This is the only road to success.
Starting a Business with No Money and Bad Credit
A low credit score is a bad way to start anything and sadly, you can’t escape from it, but here is what you can do if you’re in need of money in such situation.
- Forget everything about banks and private loaning companies. Getting into more debt is not what you need right now. Forget banks, forget commercials about private loan companies and anything that tells you that you can get easy money.
- Ask family and friends. If you’re in serious need of money, ask for a loan from people you know. People who love you would also want you to succeed in your company and ultimately get their money back through your success.
- Get gifts and grants. If you have the patience, you can look for the so called “free money” on the internet. Those are usually government grants made especially to support young entrepreneurs and small businesses. You can qualify if you live in a low-income area and focus your work on healthcare and technology.