Starting your own business may seem like it is impossible. Perhaps you have researched your market and determined the type of business you want to start. However, one thing seems to be holding you back – lack of money! But do you know it’s possible to start a business with little to no money? Yes! It’s possible. You can do this if you are determined and focused. Most importantly, you can turn your business ideas into reality if you implement the following tips:
Sell your skills
Building a business around a skill you already have is an excellent way to start your business with little to no capital. There are lots of services you can offer based on your interests and orientation. One of the skills that can be offered in exchange for cash is tutoring. Signing up on sites like tutor.com is a great way to make money by teaching students online. If you can do this, there are other valuable skills you can sell online. Do you have basic skills like graphics, logo, article writing, translation, editing or web designing? If so, you can sign up on sites like Fiverr and Freelance to make some cool cash. Also, if you own a car, start a grocery delivery service by approaching elderly residents in residential areas or sign up on Taskrabbit to run errands for people. Other skills that can fetch you good income with little capital are cleaning services, decorating, pet sitting, dog walking and much more.
Source for funds
Since banks are reluctant to lend money to startups, it is not a bad idea to explore other ways to increase the capital for your business. Crowdfunding sites like kickstarter.com allow entrepreneurs like you talk to thousands of potential funders. Each of these investors contributes a small amount. Moreover, you can also make money from selling things you would have given away or dumped at a rummage sale. Sites like eBay and Craigslist are perfect sites for selling and getting used items. In addition, pitching your idea to members of your family and close acquaintances to seek for the much-needed fund for your business is another excellent idea. Just give it a try and you will be surprised with the results you will get.
Outsource jobs on freelancing sites
Since you have little to no cash, outsourcing your jobs on freelancing sites is your best bet. There are many of freelancing sites today, and the notable ones are Peopleperhour, Fiverr, Upwork, Freelance, and the like. Even though these sites are not the ideal the place to get professionals, you will outsource your projects to them at a very cheap cost. Keep in mind that some of the professionals at these sites are simply time wasters. However, there are some good ones there too. All you need to do is to ask for their portfolios, check their reviews, and, if possible, tell them to do a sample for you before you outsource your projects to one of them. With this, you will reduce cost and start your business with little to no cash.
Maximize available resources
What we mean by this is that you don’t need to have a big shop or a huge store or a supermarket before you can kick start your business plan. If you read about many successful entrepreneurs, most of them started small. Some of them like Steve Jobs even started their business in their garage, while some started with just one employer. So, you don’t need to have it all before you start your business. Just maximize what you have and you will be fine. For instance, you can turn your car into a company car, your garage into your workshop and part of your home into a home office. Since you already have these assets, this is a cost-effective way to start your business. Other assets you can use are your old pieces of furniture, computers and the likes.
Use technology to promote your business
Before, most companies rely on TV and radio adverts. But now, social media platforms like Facebook, Twitter, Snapchat and the like have changed the game, making it easy for small-scale entrepreneurs like you to reach customers without breaking the bank. Leveraging on the social media to advertise your business is crucial to the success of your business. Create a business page on Facebook, Instagram, YouTube and other social networking sites to encourage your customers to follow you online. Doing this will give your new business the much-needed publicity.
In A Nutshell
It is not easy to start a business with little to no cash. But today it is possible if you sell your skills online, make use of the available social media tools to brand your business, and outsource your projects to freelancers.