Starting a business without money seems impossible or maybe hard.
Surprisingly, it’s not. Not only is it 100% doable but it’s easier as compared to Disney, Apple, or Google when they started decades ago.
The reason is the hassle-free and easy way to go from finding an idea to start a business. Or Building something valuable and reaching the customers who are willing to purchase it.
There are millions of users on search engines looking for a solution to their problem. And all thanks to internet connectivity that boosted the efficiency level.
Instead of money, you need to have your idea, time, and determination. And for further, here are some pro tips that might help you to start the business in a much easier way, without investing.
1. Solve The Problem Using Your Passion Or Skills
The best ideas that you can get are out of the convergence of passion and skills set along with a problem that needs solving.
However, it’s also important to understand that not all passions are helpful or marketable. That’s why it’s important that you have the combination of all three together.
Take your skillset, knowledge and dig deeper into the industry you are interested in. There will be several problems which are not solved yet or people don’t have satisfactory results.
You might even find the problems which do not even address yet. The best way you can consider finding the solution is based on your need.
Think about what kind of solution you want that can solve your problem. There will be more people like you who are looking for similar things.
2. Find The Niche To Avoid Large Competitions
Image Source: Forbes
Since you don’t have the money, so affording any mergers is out of the question. Here you will need to find the niche, it’s a small but profitable market’s subdivision where the customer didn’t interest the competitors.
You can be more specific with whom you are targeting and the specific customer based on demographic and geography. Also, it can help in making the idea one of its kind.
However, to make your idea more unique, here are some examples you can focus on:
Combining two ideas so it can form something new, for example starting a café in a bookstore.
- Divide something up
- Changing some thing’s look
- Add the automation
- Adding the intensity to the interaction
- Reversing the status quo
- Exaggerate something that is negative
3. Start A Service-Based Business
Image Source: Nicolet Creative
If you are considering starting something which can be easier and doesn’t need manufacturing the products.
Well, you don’t need to produce for the business, you can simply start a service-based business. You might have a skill which can be turned to offer.
For example, you are can do –
- If you are interested and good at writing, you can create the content.
- If you know the coding, you can create the website, software, or programs.
- If you have another language, you can use translation services.
- If you know the social media then you can consider community management services
- If you have an accounting degree, you can offer accounting services.
4. Take Sell First, Build Later Approach In Consideration
Starting a business without spending zero capital, it’s not difficult. Don’t spend the money, avoid it as much as you can. Don’t spend the money until you have the results.
It’s surprising but you can still notice your business growing. But the key here is availability in selling your product and the product itself.
Instead of spending money on building your website, creating the page on your Facebook, and adding the logo, you can simply use the free generator.
You don’t have to look like a million-dollar venture until your product or services start to sell.
5. Use Social Media Pressure For Creating Demand
One of the major differences that make starting a business without money easier for the entrepreneur in today’s era is the presence of the internet and social media.
And it’s a golden opportunity to build the demand. Instead of stressing about how people want your product or business, the entrepreneurs require to create the demand first.
Here you can wait before hiring the team, make sure you have the demand, and sell products. Use that money to hire people.
You can do blogging on medium, use Facebook, etc for branding and advertising. Also, there are huge opportunities where you can use the video or audio format.
6. A Good Market Research Is Must
Image Source: B2B Marketing
Starting a business needs a lot of determination and time. If you think that money is a key start, then it’s not the right way to approach it.
When you have a good idea and the right kind of market research, this can be enough to start the business without investing money.
To make sure that your business survives all the odds and succeeds, it’s important that you are willing to take the tough steps and do the sacrifices when the time comes.
When you have a good idea, and you see that the market is potential enough, it will allow you to get the attention of the investors as well.
But make sure that you do the research right, see if there are some more ventures like yours. And if you find one, make sure you are offering something that they can’t.
Good market research can help you in keeping ready for what will happen next. It improves decision-making and lowers the risk.
7. Have Time If You Don’t Have Cash
Starting a business can be a hassle. There are so many things that can go wrong, and when you don’t have money, it’s important that you have time in your hand.
The entrepreneur requires you to be ready if he faces delays, disagreements, or bugs while working with the team.
If there is something that will take time but it can help in saving a little more, it’s important to have the safety net ready.
Time is key when you are running a business. Here you need to be prepared for any kind of setbacks that you might have.
8. Consider The Affiliate Marketing
Image Source: Cloudways
You can also consider the idea of affiliate marketing. here the person requires to become an affiliate for the different companies and the products. In this scenario the company has products that are lucrative to sell but either it’s struggling to sell or doesn’t have enough customer attention.
The affiliate marketer is required to become the bridge between the product and the customer. Also, you can earn a huge commission on every sale that you do.
Here you can be the middleman, and connect your business with famous faces who are ready to promote the products. Without doing the advertisement, you can generate a good amount of money.
Well, you can start by using Amazon’s affiliate marketing. They provide the services to small businesses to increase their revenue.
9. Don’t Worry About The Resources
Resources are not as important as ideas. Sometimes it can be soothing, really small, that it is distracting, and also a worthless resource.
If you don’t have many resources to start with, let’s say you have a limited amount of money that doesn’t allow you to start the business.
Then instead of thinking of a typical path, try coming up with conventional methods. Maybe you don’t even need the amount you have and your business can successfully take off.
You can worry about the investment for your business.
10. Consider The DropShip Option
Dropshipping also means price arbitrage, it’s a fancy term that means you are required to find products with low cost and sell them at a higher price.
When you drop shipping, you don’t have to require cash or storage space.
Here you just have to set up your store, focus on marketing, list the products and start selling.
You can simply follow the method it includes –
- Find the niche
- Find suppliers for dropshipping
- Get a sales tax
- Choose the selling platform
- Promote the store
Also when you start the business, you can also consider starting the referral program. It’s a classic marketing tactic that can help you in promoting the online store along with reaching new customers in less time.
11. Courage For Taking Bold Intinual Moves
One of the advantages that you get when you start with no money is that you can take bold moves in the initial time of business.
When you don’t have the money, it gives you courage where you can take risks that no one else can take. This is an important asset, also considering the mistakes of others can be the quality.
12. Consider Taking The Idea Public
Image Source: Fabrik Brands
One of the best ways that can help you in making your business accessory for the public is creating your website.
Well, there are a lot of options out there where you can create an affordable platform without spending much.
But before you start, it’s important to pay attention to the branding as well as the growth of your business.
You are also going to need a domain under your business idea, to start the website. Also, register your brand name to make sure the website is secure for the future.
You can simply follow the drag and drop website builder, here you don’t have to be the coding professional or expert. Simply install the theme and create the website basics.
Well, it includes –
The home page includes the summary of what you offer, the product, and services. Here you need to highlight the product benefits and why it will help the visitor. Also, it should be clearly mentioned what makes it different from the competitors.
Make sure you are using the language that can appeal to the targeted audience. Add the Call to Action or CTA that encourages them to take action.
The About Page
This page includes a summary of what your business is about, including you as a business person and what drives you to start the business as well as other points behind your brand.
The page requires good framing so every element is added for the benefit of the business.
The page includes all the Frequently Asked Questions. Answering the small questions that your visitors might have can help in reducing the inquiries.
Also, it helps boost online marketing and is helpful for your visitors to know more about the working style.
Add the number of articles based on your industry, authority, and knowledge. This can help in offering value, as blogs are the ideal way to attract the audience to the site.
Since you don’t have much money to invest in advertising, you can depend on organic search, and by posting blogs, it can be helpful to rank your website on Google Search.
Add the details about how the visitor can get in touch with you.
Also, introduce different ways, it can be an email address, phone number, or even the address to visit.
13. Create The Minimum Viable Of Your Product
If you don’t want to end up creating products that nobody wants, it’s better to start with the minimum viable option.
It can be low cost, risky, and also have a better chance to improve. It can test the market demand for your product.
The version can offer the minimum features on which you can get the money from the customers.
By launching a viable product, you can also gain insight into your target market. Also, it can communicate to the areas where you might be not considering well.
There are some of the questions that might help you in understanding the answer to the following points :
- What are you selling?
- What is the right price of the product or services?
- Whom is it targeting?
- What will be the primary benefit of the products?
- What are the objections?
- How can you solve the objections?
- What can make your product more compelling?
Also, you can add more products to your website and ask visitors to share their thoughts.
14. Set The Payment Method
Image Source: Braintree
Once you are done with getting the first product sold, here you need to set up the payment method.
It is important that you set the way of getting paid. The easy option you get here is starting your PayPal account. It’s free, you can start right away.
Also, Paypal allows you to receive and send payments from across the world. If you are a service-based company, you are going to need the invoice.
Get the invoice template to save yourself from creating the invoice from scratch. It also covers the how and when you are getting paid etc.
15. Communicate The Product With The World
There was a time when the ability to promote a small business was determined by how much you were willing to spend.
In today’s time, you don’t even have to pay anything if you want and still get the customer base.
Image Source: Agorapulse
For that, you need a regular social media presence along with smart emailing.
To make sure that you are making an effective person on social media, here is what you should be doing.
- Make Sure you posting one or three items per day
- Make sure you are responding to the questions and answering them on time.
- Ask different people in your networking or contact to share the post on their social media.
- Make sure to connect with the current users to get feedback.
- Also, your site should have the opt-in email address of your visitors. As your contact list grows, you can use the free email platforms to use it as marketing on a regular basis.
- When you are growing the email list, make sure you prioritize quality instead of quantity.
- It’s much better to have a small, engaged, and interested contact list instead of a huge and inactive one.
16. Try Expanding The Service Or Product And Target Market
When you are at the stage of startup building, it’s important that you need to test new and different ideas. Also, it’s important to get feedback.
Well for both things, you don’t need to have the money. It depends on how much your creativity can go and the time you can invest.
So when you get to discover what kind of business model or product offers the work. Well, where are the scale businesses you need to follow the points?
Image Source: Podcast Insights
If you are selling the physical product, you can consider adding the services. For example, if your product is related to language tools, you can offer in-person or online classes for language learning.
If you sell the services then add the product, for example, if you are selling an oven that is toxic-free you can sell the book on how the person can make green cleaning products.
Sell a product or services that have a broader range of your customers along with their related interests.
Sell more when you meet the same customer over and over, they have different needs that can help in expanding the business in the future.
17. If Possible, Try Keeping Your Job
When you are starting a business, it can be tempting to leave your current job. However here you might be understood when you are okay to leave the job to switch.
Especially when you are toying with the idea, ist advisable not to leave your current job. Here you will need a steady source of income.
So when you have a job, it can be much more secure and easy to take the risks. Well, there is no doubt that this can be tiring to handle two jobs, but the transition will be much smoother and easier for you.
18. Analyze What Challenged You Might Have
There are chances that you have a brilliant idea, but it’s important to understand that even brilliant ideas need market research.
The importance of market riches is not hidden from small business owners. But it also helps in saving money, especially if you don’t have much.
Understand what kind of competition you have, what rival can come up with an idea, what else you might get from it.
It’s better to be prepared than to have surprises. Also, it’s important when you are approaching the potential investor for the funding.
19. Ignore The Self Doubt Questions
Self-doubt can be the setbacks that cost you huge. That is why it’s important to make sure that you don’t have those thoughts in your head.
However it’s not only you who is going through the chain of self-doubts, so it’s pretty common but important to get out of it.
The thought can be anything, maybe you are in doubt that nobody purchases the product or how you sell it, etc.
Starting a business is not easy and it takes courage. Self-doubt is a common thing that you will find in most business owners. It’s not something that should be stopping you.
The only way to reduce it is to do it more. It will help you in gaining confidence through every step you take.
Apart from this, make your plan and base much stronger, so you can get a better understanding and boost confidence in your ideas.
20. Do Networking With More People
When you don’t have money, it’s important to have people who can help you. Networking is a crucial aspect of business, having the right people for the work to save time and money.
You can find useful tips as well as resources that can help in expanding the business for you.
There are a lot of ventures you will find online, they are active on social media. You can get in touch with them and ask them the best way of starting your business. Also with their formation, it will be much easier to find the best ideas, challenges, and things to keep your business protected from.