No Money to Start A Business? No Problem. Try These 5 Options
You might be limited to a strict budget when you want to start a business, but that doesn’t mean you don’t have any options.
It is possible to start a business with very little money, if you have the right combination of skills, work ethic and marketing know-how.
Follow these simple guidelines to start a business when you have little to no money.
Learn how to make money today.
1. MAKE SOMETHING.
Yes, making something does take an initial cost in supplies, but oftentimes, these products can be sold for many times over their actual cost. What you decide to make is up to you, but there are several places you can sell your hand made options online: DealDey, JUMIA, KONGA, MSME’S MARKET HUB, TONATON etc and many more others.
Many business owners sell their products on multiple platforms to get the most exposure possible. It is important, however, to make sure your inventory stays updated on all sites you have a storefront on.
2. RESELL SOMETHING.
If you don’t want to make anything (or you don’t consider yourself a creative person), many business owners have grown large businesses just by reselling products that have already been made. This can be done through a variety of ways or channels:
Drop shipping: Set up an online store and partner with drop-shipping companies that will do all the order fulfillment for you.
Thrift stores and garage sales: If you know where to look, you can find items at thrift stores, antique shops, flea markets and garage sales and resell them online or in your local community for more than you purchased them for. (This is really simple if you’d ask me).
3. SELL YOUR SERVICES.
One way to start a business with little to no startup capital is to sell your services, instead of a physical product. There’s a huge variety of services you can offer, depending on your background and interests.
Some will require advanced degrees, such as accounting, while others require little more than a working knowledge of how it’s done (such as babysitting, lawn mowing or personal assistance).
Because you are selling your services, you will need a branding plan to make sure your name and company gets in front of the people who may need the service.
4. BARTER TO GET WHAT YOU NEED.
Unfortunately and truthfully, it’s extremely hard to start a business without any type of funds at all. (*a shocker right?)
Even creating a freelance-writing business utilizing Elance and a free WordPress website will still require a computer to work on as well as Internet.
However, there are ways to get supplies you need for starting your business without money.
For instance, if you find yourself in need of a used laptop, try to barter for it. Build a new website for a friend or a business owner for a used electronics supplier, or offer babysitting services to your neighbor for their old Macbook.
5. UTILIZE LOW-COST SERVICES.
As mentioned previously, you can use sites to advertise your products and services on, but you can also use these platforms to build up your own company.
For instance, many designers offer $5 to $25 logo designs (that come with free revisions). Sort by reviews and look at past examples to find a designer or service provider that matches your style.
This is a great way to get branding materials, printed items, or other needed items without much cost. And for additional savings, be sure to look for coupon codes on sites before checking out at any online retailer!
Starting a business requires ingenuity and a passion for what you are doing.
Once you find yourself doing something you enjoy, you will be more likely to find ways to make it all come together.
Post Credit: JVmorris
JVmorris is a technology and business consultancy Service Company with over 7 years experience on bespoke technology- mobile, web applications, and various business solution services with the mission of making businesses succeed.
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