9 Creative Resources On How To Start A Business With No Money

Published: 2021-05-23
Views: 384
Author: Editorial
Published in: Local & Foreign Business

Is it possible to start a business on a shoestring budget? It's not easy, but the answer is yes for many types of businesses. This article will treat creative resources on how to start a business with no money. Here's how to do it.

Resource 1: Recognize and Utilize Your Existing Assets

If you're reading this, you probably don't have much money to invest in a business. However, you do have assets and skills that you can use to start a business.

The key to starting a business with little or no money is to use those skills and assets – in other words, to use what you already have.

List out abilities and skills

Make a list of all the things you already know how to do, are good and enjoy doing. Don't put any restrictions on this first list.

Make a list of even the most basic tasks, such as organizing closets, walking the dog, as well as more difficult or skilled tasks, such as software development or financial data analysis.

Consider what types of businesses you might be able to start with these abilities and skills.

Physical Items to use

Next, consider the physical items and money you have that could be put to good use in a business.

For example, if you're reading this on a personal computer or mobile device, you already own a piece of equipment that you can use to get your business off the ground.

You can create promotional materials using your word processor (or other software if you have it) and email them to people who are interested in learning more about your services.

You can print some of your initial promotional materials in very small quantities if you have an inkjet or laser printer

On Instagram or other social media platforms, you can use your smartphone to take photos or videos to promote your business to people you know.

If you own a vehicle, you may find it useful for certain types of businesses.

Resource 2: Make Money from Your Hobbies

Hobby businesses are often the result of a person's passion for something. Perhaps you work in a corporate environment during the day, but enjoy baking at night.

Begin with people you already know and expand your network from there. Your marketing expenses are nil, and you're still making money from your day job.

Resource 3: Establish a Service Company

Another low-cost startup option for you when you do not have money is service-based businesses. You must purchase and then resell products in a product-based business.

Businesses that provide services such as being a coach, home cleaning services, virtual assistant, and web design are all service-based businesses that require little more than the knowledge and equipment you already have.

Resource 4: Home-based business

It is costly to rent an office or retail space. It's something you might want or need to do in the future as your business grows, but when you're just getting started, look for ways to work from home.

You won't need money for rent, utilities, or office furniture if you work from home.

Resource 5: Save Your Money

Until you start bringing in customers that pay for your services, shelve the purchase of that new desk, a faster computer, a better camera, or a costly software package or cloud service that you desire.

Instead, make use of what you have and look for the cheapest options for anything you need.

Many programs and services are available for free or at a low cost on the internet. Wait until you can pay for new or upgraded equipment and software with profits from the business.

Resource 6: Market Your Expertise and Advice

Do you have any skills or training that companies or consumers require? You don't need any money to start a consulting firm, a training program, or a tutoring service.

Everything you'll need to start your company is already in your head. Use social media, phone calls, personal connections, and other online tools to get it started. It's also a good idea to hone your offline networking skills.

Resource 7: Make use of no-cost and low-cost marketing methods

There are a lot of free and low-cost marketing options available to you. Before you start spending money on paid advertising, learn them and put them into practice.

Using free promotional strategies first will help you determine if there is a market for your goods or services, as well as help you know what attracts customers to the services you render.

This will hinder you from making costly mistakes when it comes time to buy ads.

Resource 8: Put money aside for your startup

Saving money is difficult, but so is starting a business. Look for ways to reduce your spending if you're serious about starting a business.

For example, save money by cooking at home rather than eating out, or by bringing your lunch to work rather than buying it? Instead of spending money on a summer vacation, local beaches and attractions will be an alternative. Watch movies at home rather than going out.

Not only will learning to pay attention to and minimize spending help you save money when starting a business, but it will also help you keep business costs low once the business is up and running.

Resource 9: Be innovative in your fund-raising methods

Consider the beginnings of Outbox Systems (now Simplus). The founders had a dream of connecting two software applications, but they lacked the funds to make it happen.

Instead, they struck a deal with another company to build a similar product at a reduced price while retaining the rights to sell it to others.

This is known as creative financing. How can you think of new ways to raise funds?

Don't be put off by a shortage of funds. You may have to strive harder to create a company than those with some financial capital.

However, resourcefulness, imagination, hustle, and dedication are often better determinants of performance than financial wealth.