Starting a business without money is very easy if you know the strategy of business, you can own a multi-million dollar ($) business and be a CEO without using money at the start of the business. People are interested to start a business but the issue is, there is no money available to start-up the business. This article will provide you a detailed and well comprehensive guide and as well practical example on how to start a business without having money.
1.Make use of your skills and Knowledge
Your personal skills and knowledge are unique to you which bring in return valuable assets. Evaluate or search on what you are good at or your experience on a skill. for example it can range from repairing cars, graphics, hair dressing, writing, consulting, web-design, barbing, dietician, tutoring or any other skills you can think of. You do not need to have a professional knowledge of skills listed above. You can render your skill as a beginner, target your skills to those who are interested to start with beginners for example start-ups companies. This type of service involves no initial capital and in which the services can rendered to the customers directly.
Example Freelancing Business
If you are good at writing, graphics design documentation review, virtual assistant or web development. You can instantly commence a freelancing business. Upwork, fiverr allow people leverage on their website to display your skills and knowledge to get customers all over the world without considering paying for advertisement or campaign and office space.
Steps to take:
Identify your skills:
ponder over what you are good at doing for example and writing graphic design, tutorials either online or offline, coding, repairs of cars, home appliances, document review, hair making or managing social media pages or website etc.
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Create a portfolio:
Your portfolio should show your past work experience either your own project or a friends project. Even if you do not have an experience, you can volunteer to offer a free service initially to build your experience and portfolio then later request for pay when you are good at the job. Or you can as well find another client or customer so as to get paid for your service after gaining good experience.
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Sign up on platforms:
Register on freelancing platforms to display your services to potential clients
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Promote yourself:
Share your skills and services on social media platform , or by making a video and uploading on the media . You can as well pay for social media campaign ads or google advert so as to reach a wider audience if you have the cash , its optional.
2. Offer Consulting or Coaching Services
Coaching in your field as an expert is another business plan you can do without money. What is needed is your deep knowledge of your expertise or skills and connect with various clients, through Zoom, google meet to advise them based on your skill to improve or grow their business.
Example:
You can be a consultant in areas such as social media management, marketing and entrepreneurship, Technology and other fields.
Steps to Get Started:
Build a website or LinkedIn profile:
use free platform such GitHub to host your website, so that potential customers can access your services as displayed on your website. Also build your LinkedIn profile according to your expertise, experience and projects that you have done, so as to attract potential customers.
- Reach out to potential customers: connect to businesses that are In need of your expertise or service, volunteer to offer them a free consulting service at the initial stage, subsequently as you gain experience and credibility, charge customers for your advice and time.
3. Utilize Free Online Resources and Tools
There are resources online that enables you to commence and run a business. There are free design soft wares, websites and various marketing tools that are used to make money for beginners.
Example:
Bloggers make use a free website platform such as WordPress.com for a start. Once you gather your community or fan base audience, then you can monetize your website through affiliate marketing, sponsored post and google AdSense
Steps to Get Started:
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Select a Niche:
research on the area you have interest on such as technology, health, travel, finance etc.
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Produce free content:
publish contents that will engage your audience and as well give them the value of coming to your website.
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Monetize:
once you have built that community, you can register for an affiliate program such as Amazon associate on Amazon.com to earn commission from referrals on any product being sold from the link provided on your website or YouTube channel.
4. Bartering and Partnerships
If you are insufficient in funds to invest into a business, you can consider doing barter or form a partnership. It means doing an exchange of your skills for services you need.
For example:
As a web developer and you need a videographer, you can offer to build a website free in exchange of a videography service.
Steps to Begin
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Pinpoint your needs:
outline services needed to run your own business.
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Connect with other small business owners:
reach out to businesses, whose services are in connection with your needs and propose barter exchange.
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Create Mutually Beneficial Partnerships:
just as the web developer and videography example I gave above. It can be other skills you can exchange for another business service.
5. Use Social Media to Build Your Business
With the use of social media, you can grow a community; build brands awareness and sell products without having to spend any form of capital on campaign or products. Facebook, Instagram, TikTok, and LinkedIn are better platforms to build your business.
Example:
As a social media consultant, that has interest for social media activities. You can manage small businesses who cannot afford to pay a full time employee.
Steps to begin
Create Social Media Profiles:
be consistent on social media such as TikTok, Instagram and Facebook.
Display your expertise:
consistently post strategies, trends and tips videos and post to social media.
Connect to Local Businesses:
render social media management for other businesses account in exchange for bartering or a fee.
6. Start a Dropshipping Business
Dropping Is neither you owning a business nor controlling and making inventory of the business. You sell the product online and the owner does the shipping and inventory.
For example:
you can create an online store using an ecommerce platform such as “Shopify”, that enables you create a drop shipping store without any upfront inventory cost. You only pay when the goods are sold out.
Steps to begin
- Search for a profitable niche based on customers demand and current trends
- Source for product by partnering with suppliers on platforms such as Amazon, Jumia, Aliexpress, without holding the goods.
- Promote you store: ensure too use social media, influencers and content creators to drive traffic to your online store.
7. Crowdfunding and Pre-Selling
Enables you to gather money through people that believes in your business idea. You can make use of platforms such as kickStarter, GoFundMe that allows you showcase your business concept to a larger audience , and in return help you gather finance to begin your business concept you had.
Example:
GoFundMe is a product launch, when you have a business idea but don’t have money to launch it. Display your idea, business concept and request for people to financially get you started.
Steps to Begin
- Create a plan or a prototype to demonstrate a clear vision of your product
- Select a crowdfunding platform: register up on platforms such as “Indiegogo” and “kickStarter”
- Explain the vision and benefit of your business how it can bring about changes and development to the society. Also explain how the contribution of money can bring your ideas into existence or life.