You do not have money to invest; nor do you have work experience. Then is it possible for you to start a business with no money? The answer is yes. Certain types of businesses are there, that can be started without money or experience.
Being an entrepreneur does not mean that you have to invest a large sum of money. Rather, if you want, you can start a business with no money or experience. You need to think deeply and decide on the type of business.
You may not have experience, but you must have certain skills, qualifications, or passion for something. Use them to start and grow your business with no money or experience.
One of the most important requirements for your business with no money and experience is that you have to work hard. This diligence will get you the desired success and profit from the business.
13 Steps to Start a Business with No Money
1. Understand your Strength
The first step in starting your business with no money and experience is that you have to understand your strength/s. If you are a good student, you can think of a teaching or training business, if you are a good writer, you can think of a writing business, if you can draw or make crafts well, think accordingly. Apart from these, there are many points of strength one may have, like good communication skills, hardworking, culinary skills, designing skills or training, typing speed, knowledge of several languages, etc.
Understanding the strengths is very important for you because you will have to plan your business type based on these strengths. These will be the primary capital for your business which is much more valuable than money.
2. Do Market Research
Market research is necessary for all kinds of business. Hence, you need to do exhaustive market research before starting your business with no money or experience. Try to know the demand for the business you want to start. Consider local demands as well as online demands because you may start an online business where local demand is not very important. Hence, you have to do market research according to the nature of your business.
3. Select a Business Idea
Select a specific business idea for your business with no money or experience. In this case, try to select an online business idea that can be started without investment or experience. Many online business ideas are there that need no money or experience.
- Online Writing
- Online Editing
- Online Teaching
- Social Media Marketing
- Do Survey Work
- Social Media Influencer
- Online translation
- Online Data Entry
- Virtual Assistant
- Online Therapy
- Transcription Services
These online businesses can be done from home using your computer or laptop with an internet connection. Many online job platforms are there that offer contacts or leads for these jobs. You can enlist your name in those portals free of cost.
Apart from these, you can also start part-time businesses like:
- Doing Errands
- Pet Sitting
- Dog Running
- House Sitting
- Food Delivery
- Personalized Cooking
- Sewing and Alteration
- Home Tuition
- Language Teaching
- Music/Dance Teaching
Think of your skills and acumen and take up a business idea of your choice.
Read: Best Online Jobs from Home
4. Create a Business Plan
Now that you have chosen the business idea, make a business plan for your business with no money or experience. Write details of your business in the plan. Include points like
- Your Business Idea
- USP of the Idea
- Why the idea suits you
- How can you manage without money and experience?
- Operational Details
- Marketing Plan
- Income Projection
Explain each point with the necessary information and statistics. Also, explain the necessity of such businesses that can be operated without investment.
5. Name Your Business
Find a suitable name for your business according to its nature. Choose a simple name for your business. Also, find the domain in the name of your business. This is necessary for the website of your business.
6. Take Help from Friends and Family Members
There will be times, when you may find yourself exhausted both financially and emotionally, especially when running a business with no money. In those trying times, do not hesitate to seek help from your friends and relatives. It can be small loans, or some back-end operational jobs.
7. Use Free Tools
Since you are starting a business with almost no money, it is essential to use technology to your advantage. There are a number of free tools and cloud-based software that you can use and save a lot of money.
8. Ask for Funding
Other than asking for loans from friends and relatives, try your best to get funding from alternative funding options like crowdfunding, grants, or small business loans. However, do due diligence and understand the terms before taking any funding.
9. Decide the Place
From where would you start your business with no money and experience? Your home is the best place. For online businesses, you can start working from home on your PC or laptop. In the case of service-based businesses, you have to visit work sites. Therefore you need not pay for an office space.
10. Try to Get Prior Order
This is a safety measure for your business without money or experience. Try to secure some orders before you start your business officially. For example, in the case of online jobs, get some orders of assignments like content writing, SEO writing, or social media marketing orders before starting your business. This will give you confidence and a moral boost.
If you are into service-based businesses, get some orders and then start your business. This will enable you to earn from the beginning of your business.
11. Have a Low-Cost Marketing Plan
Businesses with no money and experience too need marketing strategies. You have to think and find out strategies that won’t cost you any money. These strategies include
a) Social Media
Use social media to the fullest for marketing your business. This is completely free of cost. Create pages in the name of your business or connect them to your profile, create reels, and videos, and go live and talk about your business. This will give you access to a wide variety of people, many of whom may be your prospective clients. Free ads in social media are also very effective marketing tools.
Local networking is very important for marketing and publicity of your business with no money or experience. This is especially true for service-based businesses. Spread the news of your business through your family, and friends, in social gatherings, WhatsApp groups, etc.
c) Affiliate Marketing
Get in touch with businesses and use their websites for your affiliate marketing. This will generate a substantial order and business for you.
d) Offer Free Samples
If you sell handcrafted items, apparel, etc, you can sell them through websites like Amazon, free of cost. This will save your expenses on shops, display, and transport.
e) Provide Free Service
For service-based businesses, offer free services for regular clients. For example, after 6 consecutive paid services, you can offer discounted or free service for the 7th one. This will create goodwill and spread your name through referrals.
f) Create a Free Website
Create a website for your business. This will help you in marketing as well as publicity of your business. There are many free website builders you can check to create your own free website.
g) E-Mail Marketing
Create a database of prospective clients and send them e-mails describing your service and other terms. This will give you orders.
h) Try to Make a Good Profile
If you are working online, create a good and attractive profile of yourself, that will explain your skills, efficiency, and promptness to finish assignments.
i) Get Positive Reviews
After you complete any work, try to get a good review from your customers in writing or as a video message. Upload the reviews on social media accounts as well as on your website. This will help you in building a good reputation for your business.
12. Work for Longer Hours
Income opportunities in your business without any money or experience are quite good. If you can work long hours and complete assignments every day, your income will be high. Since you have not invested money in it, the whole income will be your profit. The amount of income depends on the nature of your business. It may be $20/hr to $200/month and even more.
13. Expansion and Thereafter
Starting your business with no money and experience, you can gradually prosper, become bigger and sharpen your skills. Perseverance will give you experience and wisdom. After a certain period, you can invest money for the expansion of your business or marketing and publicity.
Starting a business with no money or experience is not very difficult as it seems. However, you will need determination, planning, and hard work to succeed.
About the Author: 99businessideas.com led by Rupak Chakrabarty is committed to helping beginners, entrepreneurs, and small business owners in starting, managing, and growing their business. Our aim is to educate the entrepreneur on the various stages of entrepreneurship.