Born Entrepreneurs have quite many amazing business ideas, but most of them restrict themselves from execution due to lack of capital. The outer crust of the business world portrays as if everyday there is a new startup receiving millions of dollar from venture capital firms, but what you miss out is the news about numerous startup failures.
You might not have sufficient funds to start a business today but that doesn’t mean that you do not have options. If your plan and idea of business are not well thought of, no one in the world can help you succeed. But in the converse state, you are a winner! You have zeal to do something but have no money? Don’t let it stop you! If you have the correct grouping of skills, work ethic and marketing know-how, follow these simple guidelines to make money out of a business, with no or little money…
Well, selling products that are self made is actually an amazing idea, but it does demand initial investment. If you have a skill for say, baking ultimate cakes or chocolates, you can think of selling those by making a small investment. Though, if you do not have money or will to invest in it or you are not creative enough to be a creator, you can opt to “Resell Products”! As a dealer you can showcase your product on a free online marketplace to get the most exposure possible. Add as many products as you want without any fee or commission and you are ready to sell with practically no investment.
Many businessmen have out-sized small businesses just by reselling products. You can collaborate with drop shipping companies like Shopify that will do the order fulfillment for you. You can find items at reasonable prices at thrift stores, antique shops, flea markets and garage sales. Grab those and resell them online or in your local community for more prices.
So, this one actually needs little to no money at all! Depending on your interest and background, there are ample options of services that you can choose to offer. From babysitting to accountancy, you can offer any service that suits your skill set or qualification. All you have to do is create a strong branding plan that can help you pop up in front of customers who might require your services. Some platforms offer free promotion of your services like Elance, ezebee.com, Skillshare or Fiverr!
Another quick suggestion is to create your own website showcasing your services, your experience and blog views about the industry to draw attention of the visitors.
Multitask At the Beginning
You must have heard that “Hard work is the key to success”. Well! Your business with no money investment demands hard work for sure. When you have taken a call to start a business with low or no capital, you should get ready to dedicate everything of yours to make it a success. You need to multitask a lot at the initial levels as you cannot buy services from outside. This includes wearing many hats, billing and accounting, cold calling, customer support, community management and anything that is the need of the hour. This will require hell lot of your time and energy, but you will have to shine in the most stressful conditions also.
Free Advertising and Marketing
Tell your buddies, x-collegues, family, relatives about what you are up to. Call people, announce on social platforms, send emails and do everything possible to spread a word. Your connections can further introduce to their connections, after all advertising and market is a game of word of mouth. This is basically ‘Grassroot Marketing’, which can fetch you exposure and introduce you to a larger audience.
On contrary, you can make your business account (page) on all popular social media channels like Facebook, Google Plus and Twitter. This is free and can help you achieve world recognition gradually. Later, you can move towards paid promotions! You can also create your account as a free online shop at platforms like ezebee.com, where you can establish a network and build a community. You can add people with same interest and engage in conversations. The community will be your source to find new suppliers, customers and ideas.
Now, you are all equipped to get started… Good Luck!