Friday, 1 May 2020

How To Start A Business With No Money

How To Start A Business With No Money

You want to start a business but you don't want to spend any money, I mean clearly, that is why you clicked on this article, you want to know how to start a business with no money. There is a lot of business you can start for not very much money but I did not know if it was possible to start a business with no money. However, I had a lot of people who wanted to be able to do this and wanted to become their own boss and start their own business but they did not have money to invest. So after a lot of thinking, I figure out a way that you can start a business with no money and that is what I am going to be sharing with you in this article. 

If you don't have any money to invest and obviously the options of different businesses that you can start are going to be somewhat limited. Because a lot of business does require a lot of capital and that means money that you need to start the business. So you might need to invest in inventory or you might need to invest a lot of money on a website or on a warehouse or an office or hiring employees. But if you want to start a business with no money then you are not going to have any of those things.

Let's Get Started


1. What Type Of Business Should You Start?

  1. Digital Products
  2. Service Bases Business


Let's break it down


Digital Products

There are two kinds of businesses that you can start with no money at least potentially. One of them is to sell digital products. So that means that you are selling something like ebooks or online course or membership. Something that is not tangible, something you can't hold or touch, and the reason why this could be a good option is that these things don't necessarily cost any money to make. You can just design an e-book using a free design program like canvas or even inside Word and then just export as a PDF. And then if you have a cell phone then you can even make a video and then put that video on youtube or some other hosting website and turn them into an online course. You can make digital products completely for free


Service Bases Business

That is where you are providing some sort of service, you are doing some sort of work yourself for a customer. This could be you being a virtual assistant or a video editor or a bookkeeper. Tons of options there, there are hundreds of different service-based businesses that you could potentially start, some of them you might have the skills right now and others you could learn the skills to be able to provide those skills to customers. 



Between these two different main types of businesses, digital product businesses, or service-based businesses. Service-based businesses are more likely to be completely free to start and that is because if you are selling digital products there are a few small expenses because you are normally delivering those digital products via a website and a website normally does cost at least a little bit of money. Also, you might have some costs associated with making the product like you might want to make an online course but you want to put it on some sort of software that will help to deliver the course to your students, or you might want to make an ebook but you need someone to help you design it. So There could be some small costs associated with a digital product business.

But if you want a business that is more likely to be completely free to start then I'd recommend going the service business route. 


2. How Can You Promote Your Business For Free?

Once you have decided what type of business you are starting whether you are starting a product-based business or a service-based business and exactly what service you are offering or what digital product you are selling. There is one other key ingredient that you need to have in your business if you want it to be successful and you have to be able to do this for free if you want to start the business for free, and that promotes or advertises your business.

Because you are not going to make any money and you are not going to be a real business if you don't have to pay customers. If you are not making money with your business. You have to figure out some way to promote your business for free if you are trying to start your business for free. I am going to share with you five different ways that you can promote your business completely for free. Of course, there are lots of other ways you can promote your business that cost money, some of which might be more powerful than these ways I am going to mention, but again, if you are trying to start your business completely for free then you have to figure out some way to find your first customers.


Free Adverting

Free advertising


Email

You know people right now, you might have some sort of professional network, you might just have friends and family, whatever you have. When you start your business you can use your brain and think who on my contact list, who do I know, who either might be interested in this service or in this product that I am selling or more likely, who might know someone who is interested. Maybe your mom or your dad or your cousin or your best friend, reach out to them, tell them I am starting this new thing, tell them what you up to, share with them in a nice family way. Start telling people what you are up to and getting the word out about your business because just telling people what you are doing is a big part of marketing and advertising


2. Youtube

Youtube is a search engine and there is a lot of people on youtube who want to learn how to do something or need help in some way and so if you can make videos that relate to the service or the product that you are selling and also provide help or support or inspiration or any other type of value to the people who would be later interested in buying your services, then you can start to get an audience and use that as a platform to advertise your services. Now, of course, you don't want to make commercials and put them on youtube. People are not going to watch them unless they are particularly fantastic, but by providing helpful content to the types of people who'd be interested in buying what you have to offer, you can then share your website with them, share your services, you can just mention at the beginning, "I am a professional video editor and in this next video I am going to show you how to do this". In that way, you can grow your audience and start to find your customers.


3. Other Social Media

You can grow an Instagram following or your Facebook page or create a Facebook group or Twitter. Obviously, you have got lots of options there. All of them are completely free. There is a way you could spend money on it by doing a professional photoshoot or different things. But for the most part completely free, but just make sure that you are not spamming or just trying to be completely commercial. You want to focus on helping people and supporting the people who would be interested in buying what you have to offer.


4. Network

You can do this locally with a local networking group in your town or you can go online join like Facebook group or some online forum that relates to your industry or for one reason or another is full of the people who would be interested in buying what you have to offer. You can get in these groups and you can start to build relationships with potential customers, you can build relationships with other people who are offering the same service that you offer so that you can learn from them how they are getting customers for their businesses.

Networking is probably one of the slower ways to get your first customers but it can be valuable because over the long term you are building up relationships and that can help your business to get a lot stronger but also you are learning a lot in the process because you are talking to your potential customers, you are finding out what their pain points are, what kind of services they want, what they consider to be a good service or a bad service. What they like about working with one person or don't like about working with another person, so you will get an education in the process of growing your network and getting your customers.


5. Free Niche Directories

Listing your business or your service in a free directory that is for people in your industry or people in your niche. You can find these easily just google whatever your industry is and then directory. Fort example pian teacher directory or web designer directory or how to find a web designer


piano web directory



You will find a list of people who offer that service and chances are you can get yourself on that list. 



that is everything you need to do to start a business completely for free. You need to decide what kind of business you are starting and choose something that you can do for free or some service or product that you can provide for free. and then you need to have a free way to promote it to advertise it so that you can get a customer and start making money. 



How To Turn Your Business Into A Passive Income

I want to talk about the second phase of the process where you are taking your business in a new direction or you are starting an entirely different business. Here is a reason that you might want to do that


You First Business That You Started Might Not Be Your Dream Business

There are a few different reasons for that. I mean, first of all, like I said before there is a limited number of businesses that you can start completely for free so maybe you have a business in mind that you really want to start that was not something you could do for free. It might be that simple, but beyond that, all of those businesses that you can start for free at least all the service-based ones, they require you to work specific hours to get paid an hourly rate. And so because of that, they are not very scalable. And what I mean by that is you can never earn more than a certain amount of money which is like the maximum you could charge times the maximum number of hours you could work, that is going to be the cap of your salary. 


Even If You Love This Business, It Would Still Be Better If You Were Generating Passive Income

There is no huge problem with that but it is better if you can develop passive income which means that you can do work that you then sell multiple times over and can make an unlimited amount of money. For example, if you take a course on how someone else can edit their videos instead of just editing videos yourself, then you can sell that course and make an unlimited amount of money because you can sell thousands and thousands of copies of that course without having to do any more work yourself. 




Conclusion

For starting a business successful business you need to have a plan. It doesn't need to be a 20-page exhaustive document but having just a couple of pages that outline exactly what your business does, how much you charge, and how you are promoting your business, simple stuff like that. It really helps you to stay focused and to give you a clear picture of your business and that can save you a lot of time and help you become more successful more quickly.

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