According to
Chris Guillebeau, author of The $100 Startup, “To succeed in a business project, especially one
you’re excited about, it helps to think carefully about all the skills you have
that could be helpful to others and particularly about the combination of those
skills.”
Follow these
simple guidelines to start a business when you have little to no money.
Learn how to make money today.
1. Make something.
Yes, making
something does take an initial cost in supplies, but oftentimes, these products
can be sold for many times over their actual cost. What you decide to make is
up to you, but there are several places you can sell your handmade options
online:
·
Etsy is one of the largest online markets
for almost anything homemade, from jewelry to wooden toys for kids.·
Bonanza is another growing handmade
marketplace, similar to Etsy. According to PC World, it boasts over 10 million visits
per month.
·
eBay is one of the biggest online
ecommerce marketplaces in the world, and its streamlined store options, easy
checkout through Paypal, and customizable listing options make it a great
choice for selling items.
Many
business owners sell their products on multiple platforms to get the most
exposure possible. It is important, however, to make sure your inventory stays
updated on all sites you have a storefront on. If you want to learn about more
resources for selling homemade items, check out this Lifehacker post.
2. Resell something.
If you don’t
want to make anything (or you don’t consider yourself a creative person), many
business owners have grown large businesses just be reselling products that
have already been made. This can be done through a variety of ways or channels:
·
Drop shipping: Set up
an online store and partner with drop-shipping companies that will do all the
order fulfillment for you. Online ecommerce platform Shopify has a
great drop shipping guide, and Tim Ferriss does a good job of explaining drop
shipping in his well-known book, The Four Hour Work Week.
·
Thrift stores and garage sales: If you know where to look, you can find items at
thrift stores, antique shops, flea markets and garage sales and resell
them online or in your local community for more than you purchased them for. One
extremely successful example of this is Sophia Amoruso, the founder of Nasty
Gal. Amoruso started buying and reselling vintage and unique fashion pieces on
eBay, and her company has grown to a net income of $24 million in 2011 with
over 200 employees. Her book, #GIRLBOSS, is in inspiring look into how she
got started.
3. Sell your services.
One way to
start a business with little to no startup capital is to sell your services,
instead of a physical product. There’s a huge variety of services you can
offer, depending on your background and interests.
Some will
require advanced degrees, such as accounting, while others require little
more than a working knowledge of how it’s done (such as babysitting, lawn
mowing or personal assistance).
Because you
are selling your services, you will need a branding plan to make sure your name
and company gets in front of the people who may need the service. Some places
that are free for promoting your services include Fiverr, Craigslist, Elance,
Taskrabbit and Skillshare.
It’s also
useful to have a website to show examples of your work, list your experience,
and blog about your industry to draw visitors. If you want to learn more about
branding and online marketing, check outBuffer’s social-media blog, Hubspot’s blog, Content Marketing Institute and CopyPress.
4. Barter to get what you need.
Unfortunately,
it’s extremely hard to start a business without any type of funds at all. Even
creating a freelance-writing business utilizing Elance and a free
Wordpress or Wix website will still require a computer to work
on as well as Internet. However, there are ways to get supplies you need
for starting your business without money.
For
instance, if you find yourself in need of a used laptop, try to barter for it.
Build a new website for a used electronics supplier, or offer babysitting
services to your neighbor for their old Macbook.
5. Utilize low-cost services.
As mentioned
previously, you can use sites such as Fiverr or Elance to advertise your
products and services on, but you can also use these platforms to build up your
own company. For instance, many designers offer $5 to $25 logo designs (that come with free
revisions). Sort by reviews and look at past examples to find a designer or
service provider that matches your style.
This is a
great way to get branding materials, printed items (Vistaprintand Zazzle are great places to buy
personalized items), or other needed items without much cost. And for
additional savings, be sure to look for coupon codes on sites such
as RetailMeNot before checking out at any online retailer!
Starting a
business requires ingenuity and a passion for what you are doing. Once you find
yourself doing something you enjoy, you will be more likely to find ways to
make it all come together.
http://www.entrepreneur.com/article/238538
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