7 Tips On How To Start A Business Without Any Money
Updated: Jun 19, 2024
Expert Panelists are handpicked and invited to contribute because of their knowledge and valuable insight within the areas of Business, Mindset, Leadership, Innovation, Technology and Lifestyle. In Brainz Expert Panel, 7 members of The Brainz Magazine community of experts will share their best tips, advice, ideas, hacks within different topics.
1. Choose a service-based business
You don't need a lot of money to start a business. Choose a service-based business that you can do remotely from home this way you don't have any start-up costs or monthly rent and utilities. To get started make a list of all your talents and gifts that you are good at that other people will pay for. Then use social media to find people who need those services!
2. Clear Message
Many businesses significantly invest in increasing brand awareness, sales, and credibility with poor results because they were not clear in their target market, ideal client, product or service offered, or general message. Having a clear message that resonates with your ideal client and an offering that is easy and accessible for them to take advantage of will give any business a great start. Once you have that, use all of the free resources available today including social media apps, scheduling apps, email apps, and CRM apps.
Arliss Dudley-Cash, Business Coach & Consultant
3. Start with a plan
I have bootstrapped many businesses across the globe! Some of the tips I would give:
Start with a plan, not necessarily a business plan, but a plan with vision, mission, direction, and goals in mind. Know how much you have to make to cover costs PLUS put into the bank. This includes calculating taxes, insurance, end of the year stuff etc.
If you need to have a product, look into lines of credit with the vendors AND/OR get paid some prior to having to purchase that product. Example: I owned a security business, we would receive 50% upfront to schedule and start the job and then 50% immediately due upon completion. The initial should cover your labor, and some expenses, and then I have a 30 & 45 day grace period to pay for the equipment. By then the job was complete, and I was paid the full amount.
Do the work yourself. In the same company, my husband (at the time) and I would do jobs, sometimes without an employee and sometimes with, to cover the "costs" in sweat equity versus cash.
Be smart about what you are buying, BUDGET, and crunch your numbers!
Lynn Howard, Entrepreneurial Coach Consultant
4. Provide coaching or consulting services
No money but ideas are tradable. Skills exchange or bartering your expertise, products, and resources with someone else instead of payment, especially if you have a service-based business. On the other hand, if you have a product-based business, you can provide coaching or consulting services until you have the cash flow to invest in your product.
5. Market your business for free
You can promote your business through various social media channels and create a Facebook group and build a community of people who are interested in your products or services. You can also show your expertise and knowledge by writing blogs and articles or contributing to someone else’s piece of work. Your family, friends, ex-colleagues and business and personal contacts are a great source of potential clients and word of mouth marketing. Go to networking events, join local community clubs and talk to as many people as you can to create awareness of your business and build strong relationships with people you meet.
6. Start with a social media account
When starting a new business you will be tempted by many established businesses to make yours perfect before you launch. Depending on the type of business you are wanting to start it is totally possible to begin for free. Start with a social media account and go from there. There are so many free trials for websites. My advice is so simple you may not even believe me! All you have to do is start! Start somewhere! Then one thing at a time build your business. I began in 2015 as Tricker Tarot and rebranded in 2018 to Sarah Tricker Alchemy. I can promise you your vision now will change. All you have to do is allow the path to unfold instead of reaching for perfection.
7. Build a brand on skills, reputation, and success rates
I remember when I was living in Paris running my business 'Paris St. Cloud' and a stranger told me that it was impossible to set up a business from scratch with no money. I remember thinking to myself: Well that is exactly what I did! So it is possible! I set up my Clinical Hypnotherapy business between living in Cairo and Paris, with no money to do so. I built my brand on my skills, my reputation, and my success rates with clients. Not money. So if you are good at what you do, then just do it! And Voila, you have a business. They will come. They will want you. They will need you. And hey presto! You have a business that is asking you for money! Go do it! Good luck!
