How to Start a Business With $0 - business.com (2023)

How to start a business with no money

Starting a business with limited resources is similar to starting any other company. You will likely need to follow the same standard steps to becoming a successful entrepreneur which can include, but are not limited to:

  1. Conducting market research to determine a minimum viable product.
  2. Performing a competitive analysis.
  3. Choosing a business name.
  4. Writing a business plan.
  5. Following the applicable legal requirements.
  6. Choosing your vendors.
  7. Marketing your business.

You will also want to build a business website and/or a social media presence to better reach your target audience (e.g., Facebook, Instagram, LinkedIn, Twitter, YouTube, etc.), especially if you are starting an online business.

Businesses you can start with little to no money

Many businesses with low overhead costs can be started on a shoestring and then scaled up. There are business owners who have started small, working out of a home or online, and then expanded and had to hire more workers and find a larger location. If you are looking to get started for less, here are a few businesses that are relatively easy to start with a small amount of capital:

Freelancer

Any freelance business comes with low overhead. Whether it’s freelance writing, graphic design, web development or software coding,your skills can get you startedwith your own business. All you need is what you likely already have – a computer and access to the internet. Over time, build up your clientele and hire others to do some of the work. It’s easy to scale a freelance business up to include scores of workers.

(Video) Mark Cuban: Only Morons Start a Business on a Loan

Consultant

If you have knowledge and skills others can benefit from, become a consultant. There are medium-sized consulting firms that started out with a single person. Today, technology consultants are in demand. If you have a skill, you can teach it as a consult and found your business based on what you know.

Handmade craft seller

If you have an artsy or crafty side, you can use that to start a business. Turn yourcrafting hobby into a businessby making items for sale. If you are an artist, you can create beauty others are willing to pay for. As your business grows, hire other talented people or find other ways to produce what you need.

Caretaker

Whether you are taking care of the elderly or providing a pet-sitting service, this can be a low-cost way to start a business. Successful pet hotels and hospice businesses often start with a single person, growing over time.

Cleaning service

If you have household cleaning supplies, you can start a business taking care of others’ homes and offices. As your business grows, you will need to buy more supplies and hire more workers. If you focus on quality work, there is a good chance that you can establish a well-known cleaning company, all without a big expenditure upfront.

(Video) #1 How to Start a Business with No Money? By Sandeep Maheshwari I Hindi #businessideas

Virtual assistant

Help others with a variety of tasks, from sorting through email to improving social media presence online. You can get involved with scheduling and other tasks that allow others to better manage their own businesses. As you gain more clients, you can hire additional assistants and even get your own assistant to help you.

All of these businesses have the potential to scale rapidly. Eventually, you’ll have to put money back into the business or it won’t be successful, but you can quickly grow, with the low initial overhead providing you the savings you need to invest capital when it’s time to expand.

Finding funding for your business

Although starting your business may require little to no money, there is a good chance you will have to pay for something along the way – especially if you are expanding. There are several resources you can take advantage of to help fund your business.

  • Business grants. Business grants are essentially “free money” given to help fund businesses. However, they often come with requirements and stipulations. Business grants are competitive and can be difficult to win, so it is best that you only apply for grants that you directly qualify for (e.g., business grants for women, business grants for minorities, etc.)
  • Business loans. A business loan is a type of financing offered by a bank or alternative lender. Business loans are easier to obtain than business grants, but they often come with hefty interest rates, fees and repayment terms, so do your research before choosing a small business loan. To get approved for a loan, lenders will generally consider your credit history, years in business, annual revenue and ability to make payments.
  • Friends and family. If you know someone with enough capital to help fund your venture, present them with a business proposal to help finance your startup. Keep in mind that doing business with family or friends can get messy, so be sure to set clear boundaries on expectations.
  • Crowdfunding. If you don’t feel comfortable asking a specific person to help finance your business, you may consider raising money through crowdfunding (raising money from multiple donors). There are four types of crowdfunding: donation, debt, rewards and equity.
  • Save money. As your business starts to make money, you can nestle away as much money as possible. Eventually, you will hopefully have enough saved up to expand your successful business.

Resources for expanding your business at a low cost

If you hope to expand your business for a low cost, that is possible with the latest in technology. There are several ways you can leverage others to get good value for your business without breaking the bank.

(Video) How To Start A Business! LLC v S-Corp w/ Steve from Accounting (F&F's Accountant)

Free marketing tutorials

If your business has an online presence, Neil Patel’sQuick Sproutis a great source of information on getting more traffic to your site. He’s also created a guide that highlightssome other experts inonline marketing made simple.

Crowdsourcing

One of the best ways to expand your business is with the help of crowdsourcing. There are a number of resources that allow you access to workers at a low cost. You can get help with content creation through sites likeUpwork. If you are looking for even higher quality work that might be more regular, sites likeSkywordandContentlycan connect you to content creators that can free you up to focus on other aspects of your business.

Crowdsourcing works well in other ways as well. If you want to redesign your website, turning to a resource like99Designscan allow you low-cost access to ideas and people who can get the job done.Fiverris another great resource, whether you are looking for audio, video, content or social media help. You can get help with marketing and other tasks by outsourcing to these low-cost resources.

Don’t underestimate the benefits of outsourcing mundane tasks that are taking up a great deal of your time. If you want to expand your business without spending a lot of money, you can find virtual assistants around the world with good skills and a willingness to work. You can outsource tasks like accounting as well, using resources likeGusto andDue.comto stay organized with your invoicing and payroll.

(Video) How To Get A FREE Business Phone Number w/ GOOGLE VOICE

Low-cost payment options

If you are interested in expanding your business and accepting a variety of payment options, you can use devices likeSquareandPayAnywhereto accept credit card payments. For a low cost, you can turn your smartphone or tabletinto a point-of-sale device. This allows you to grow your business without buying a lot of costly equipment, especially if your business has mobile aspects. These types of tools work especially well for service businesses like salons, spas and massage therapists, but they can be adapted for almost any type of business.

Video conferencing

Finally, don’t overlook the resources available to help you stay in touch and expand your business worldwide.Zoom allows you to make low-cost calls around the world, saving you money as you look for new clients and customers. Services likeGoToMeeting can make it easy to hold video conferences and training with people in remote offices, cutting down on travel costs for your business. It’s easier to focus on expansion when you don’t have to spend money ontravelingaround the globe.

Technology provides many opportunities for you to start a new business or expand your current business without huge expenditures. While you’ll always need to spend money to make money, the amount you need is smaller, and the returns can be bigger than you expect.

Additional reporting by Skye Schooley.

(Video) Smart S Visa Company Set Up

FAQs

How can I start a business with no money? ›

The easiest way to start a business with no money is to sell your services. Even if you haven't mastered a specific area, being better than the average person at something means you can start a business that helps them.
...
Sell your services
  1. Freelance writing.
  2. Virtual assistant.
  3. Social media marketing.
  4. Handyman services.
21 Mar 2022

How do I start a startup with 0? ›

How to Start a Startup
  1. Make a business plan.
  2. Secure funding.
  3. Surround yourself with the right people.
  4. Follow the right legal procedures.
  5. Establish a location.
  6. Develop a marketing plan.
  7. Build your customer base.
  8. Plan to change.

What is the easiest business to own? ›

What are the easiest home businesses to start?
  • Dog Walking.
  • Selling on eBay.
  • House Cleaning.
  • Freelance Writing.
  • Home Tutoring.
  • Social Media Service.
  • House Painting.
  • Yoga Classes.

What business can I start fast? ›

  • Start a dropshipping business. Buy stock, store it, pick it, pack it, ship it. ...
  • Design and sell print-on-demand t-shirts. ...
  • Launch your own book. ...
  • Create digital products or online courses. ...
  • Sell print-on-demand posters, greeting cards, and prints. ...
  • Start a charitable business. ...
  • Sell a service. ...
  • Create an online fashion boutique.
3 Jun 2022

What to do if you have no money? ›

I'm in Debt With No Job and No Money – What to Do
  1. Enroll in a hardship program. ...
  2. Make a budget and prioritize your expenses. ...
  3. Cut your spending. ...
  4. Manage credit cards wisely while unemployed. ...
  5. Apply for government assistance. ...
  6. Think before withdrawing money from your 401(k) ...
  7. Take out a home equity loan to pay off debt.
19 Oct 2022

Can you start your own business for free? ›

In fact, you can get many internet businesses up and running with no money at all because so many free services facilitate the possibility. For example, you can set up a website or blog for free using WordPress. Or you can leverage a third-party site like Amazon or eBay to sell goods with no inventory costs.

How can I make money from home? ›

How to make money at home
  1. Become a virtual assistant. A virtual assistant (VA) provides clients with administrative services from a remote location, such as a home office. ...
  2. Pet sitting. ...
  3. Sell your possessions online. ...
  4. Tutor students online. ...
  5. Start a blog. ...
  6. Sell services online. ...
  7. Sell consulting services. ...
  8. Launch an online store.

How can I work for myself? ›

Here are a few of the best self-employed jobs that you should consider if you're looking for a change in your work prospects.
  1. Become a Freelancer. ...
  2. Interior Design. ...
  3. Work in Real Estate. ...
  4. Organize Events. ...
  5. Catering Services. ...
  6. Technology Repair. ...
  7. Tutoring. ...
  8. Virtual Assistants.

How do I create my own business? ›

  1. Conduct market research. Market research will tell you if there's an opportunity to turn your idea into a successful business. ...
  2. Write your business plan. ...
  3. Fund your business. ...
  4. Pick your business location. ...
  5. Choose a business structure. ...
  6. Choose your business name. ...
  7. Register your business. ...
  8. Get federal and state tax IDs.

How can I be a millionaire? ›

8 Tips for Becoming a Millionaire
  1. Stay Away From Debt.
  2. Invest Early and Consistently.
  3. Make Savings a Priority.
  4. Increase Your Income to Reach Your Goal Faster.
  5. Cut Unnecessary Expenses.
  6. Keep Your Millionaire Goal Front and Center.
  7. Work With an Investing Professional.
  8. Put Your Plan on Repeat.
13 Apr 2022

What business makes fast money? ›

Freelancing or Consulting. The #1 quickest way to bring in revenue immediately is to start freelancing or consulting. Whatever you want to call it, whether it's a one-person operation or a budding agency, this simply means that you are selling a service rather than a product. There are no startup costs, and no overhead ...

What are the 5 most profitable businesses? ›

Most Profitable Business Ideas
  1. Business Consulting. If you're an expert in your industry and have been working at it for years, you should consider consulting. ...
  2. IT Support, Technology Consulting, and Repair. ...
  3. Cleaning Services. ...
  4. Accounting and Tax Preparation. ...
  5. Auto Repair. ...
  6. Real Estate.

What is the best business to start in 2022? ›

The 15 Best Businesses to Start in 2022
  1. Ecommerce Store. Ecommerce experienced a massive boom due to the COVID-19 pandemic. ...
  2. Consulting. ...
  3. Online Course. ...
  4. Graphic Design. ...
  5. Digital Marketing. ...
  6. Cleaning Service. ...
  7. Affiliate Marketing. ...
  8. Dropshipping.
22 Aug 2022

How do I get emergency money? ›

If you're considering one of these options, it's important to know how they work and what you can expect to pay.
  1. Personal Loans. ...
  2. Credit Card Cash Advances. ...
  3. Payday Loans. ...
  4. Get On a Budget. ...
  5. Create a Plan for Your Current Situation. ...
  6. Improve Your Credit.
25 Jun 2020

How can I get food with no money? ›

Your local food bank can help you find food today. They partner with food pantries, soup kitchens, and meal programs in your local community to give away free food. Enter your zip code to find your nearest Feeding America member food bank. They'll share the locations and hours of nearby food distributions.

What do you call someone with no money? ›

penniless. poverty-stricken. underprivileged. bankrupt. down-and-out.

What is the cheapest business type to start? ›

If you want to start a low-cost business, these 25 ideas will help inspire your entrepreneurial passion.
  1. Content creation. ...
  2. Personal or virtual assistant. ...
  3. Event planning services. ...
  4. Errand/concierge service. ...
  5. Professional reviewer. ...
  6. Social media consultant. ...
  7. Etsy shop. ...
  8. Online courses and tutoring.

What business can I start online for free? ›

Online business ideas that cost no money
  • Start a blog. ...
  • Do affiliate marketing. ...
  • Become a community manager. ...
  • Offer SEO services. ...
  • Do translations. ...
  • Provide content services. ...
  • Sell things online. ...
  • Web design.
11 May 2022

How can I get without a job? ›

How To Make a Living Without a Job
  1. Make Money Renting on Airbnb.
  2. Invest in the Stock Market.
  3. Freelancing.
  4. Pet Sitting.
  5. Travel Blogging.
  6. Earn a Pension.
  7. Become a Landlord.
  8. High Yield Savings Accounts.
20 Sept 2022

What are the 3 types of self employment? ›

The three types of self-employed individuals include:
  • Independent contractors. Independent contractors are individuals hired to perform specific jobs for clients, meaning that they are only paid for their jobs. ...
  • Sole proprietors. ...
  • Partnerships.
17 Oct 2022

What self employed business makes the most money? ›

The Top 25 Self Employed Jobs
  • Management analyst. Average Annual Salary: $74,000. ...
  • Home stager/designer. Average Annual Salary: $50,490. ...
  • Tutor. Average Annual Salary: $33,000. ...
  • Painter. Average Annual Salary: $31,000. ...
  • Home care specialist. Average Annual Salary: $54,000. ...
  • Driver. Average Annual Salary: $29,000. ...
  • Personal trainer. ...
  • Artist.
8 Sept 2022

What jobs make you a millionaire? ›

Jobs that better your chances of becoming a millionaire
  • Professional athlete.
  • Investment banker.
  • Entrepreneur.
  • Lawyer.
  • Certified public accountant.
  • Insurance agent.
  • Engineer.
  • Real estate agent.

How do rich people make money? ›

The stock market is one of the primary sources of income for the rich. Many wealthy individuals invest in stocks and bonds as a way to generate passive income. According to one of the largest studies of millionaires ever conducted, millionaires did not build a net worth of a million dollars or more through inheritance.

How can I get rich in 5 years? ›

How to become wealthy in 5 years: 14 strategies
  1. Become Financially Literate Through Self-Education.
  2. Spend Less, Earn More, Invest the Difference.
  3. Do Something You Love.
  4. Invest in Properties.
  5. Build a Portfolio of Stocks and Shares.
  6. Focus on Contemporary Areas of Growth.
  7. Be An Innovator.
  8. Do Quarterly Goals & Reports.
3 days ago

Which is the cheapest business to start? ›

If you want to start a low-cost business, these 25 ideas will help inspire your entrepreneurial passion.
  1. Content creation. ...
  2. Personal or virtual assistant. ...
  3. Event planning services. ...
  4. Errand/concierge service. ...
  5. Professional reviewer. ...
  6. Social media consultant. ...
  7. Etsy shop. ...
  8. Online courses and tutoring.

What business make money fast? ›

Freelancing or Consulting. The #1 quickest way to bring in revenue immediately is to start freelancing or consulting. Whatever you want to call it, whether it's a one-person operation or a budding agency, this simply means that you are selling a service rather than a product. There are no startup costs, and no overhead ...

What business is always in demand? ›

Food is required for life and this means demand will always be high. For this reason, the food industry is one of the safest industries for investment. The food industry covers a variety of activities such as agriculture, ranching, processing, preservation, preparation, and packaging.

What small businesses make most money? ›

Check out this list of the most profitable small businesses.
  1. Business Consulting. If you're an expert in your industry and have been working at it for years, you should consider consulting. ...
  2. IT Support, Technology Consulting, and Repair. ...
  3. Cleaning Services. ...
  4. Accounting and Tax Preparation. ...
  5. Auto Repair. ...
  6. Real Estate.

Videos

1. Small Business | TikTok Compilation
(TikTok Compilations)
2. How to Start a Business in Morocco - Interview with Sundesk Co-Living Space Owner #businessinMorocco
(Saloua Ibaline)
3. SH business COM. Analysen. Lösungen. SH mobility.
(SH business COM)
4. Google My Business Listing Set Up - 2021 Step By Step Tutorial For Best Results
(Ranking Academy)
5. How I Turned $100 Into $400,000 | STEP BY STEP | Ecommerce Online Business Success Story
(Baddie In Business)
6. 4 Simple Businesses That Will Make You RICH in 2023
(Leila Hormozi)
Top Articles
Latest Posts
Article information

Author: Chrissy Homenick

Last Updated: 11/21/2022

Views: 5651

Rating: 4.3 / 5 (74 voted)

Reviews: 81% of readers found this page helpful

Author information

Name: Chrissy Homenick

Birthday: 2001-10-22

Address: 611 Kuhn Oval, Feltonbury, NY 02783-3818

Phone: +96619177651654

Job: Mining Representative

Hobby: amateur radio, Sculling, Knife making, Gardening, Watching movies, Gunsmithing, Video gaming

Introduction: My name is Chrissy Homenick, I am a tender, funny, determined, tender, glorious, fancy, enthusiastic person who loves writing and wants to share my knowledge and understanding with you.