Do you know that it’s practically possible to start a business with no money and scale the business to great height? Yes, this may sound as a fantasy to some narrow minds, but, it’s possible by implementing any of the method I have outlined.
To start a business with no money or little capital has always been my thing.
But, traditionally we are conditioned to begin the process of looking for new business opportunities by asking: “Where is there a gap in the market and how can I fill that gap?” A gap in the market could be an unmet customer need or a new invention. Instead of starting with the question, “Where is there a gap in the market and how can I fill it?” you should ask yourself, “What do I have?” If you carefully examine the second question you will begin to think of skills you have and how you can put your skill to work quickly and effectively to create an offering that the market needs or wants.
After all, that’s what the market requires, filling an unfulfilled need.
If you carefully examine the second question you will begin to think of skills you have and how you can put your skill to work quickly and effectively to create an offering that the market needs or wants. After all, that’s what the market requires, filling an unfulfilled need.
Few years ago, asking how to start a business with no money would have been unimaginable or even seems as a daydream. But that’s in the past now. With the advent of technology, many startup costs have being drastically reduced. There are myriads of business types that are possible to get off the ground with very little cash.
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However, the good news is that you can startup a business with no money or little capital, provided you follow these few basic methods discussed hereunder. Are you in doubt? Well, here is how to do it:
1. Build a business with your skill
Remember I once said this at the beginning of this work that traditionally we are conditioned to begin to look for new business opportunities by asking: Where is there a gap in the market and how can I fill that gap?” right! Going by the first rule on how to start a business with no money, you have to divert
What can you do better and you supposed someone else might want to pay for? Do you get the idea? So, think well and deep. Are you good with decoration, Website design, you are fluent in speaking English language or good at Igbo language? Whatever, you can think of, write it down.
Have I mention to you that the first money I made from the Internet, back then was from doing a graphic work for a client? That’s right.
Naturally, there is something you can do very well, even without been taught. Take for instance, Obed Adiemea, a certified medical doctor from the University of Port Harcourt. He founded Next Consulting, a business consulting firm out of passion, because he has long being indirectly consulting for friends even without collecting a token from them. You too can do the same. Only make sure you are good at it.
Also, think of a way of monetizing your hobby. What is that thing you like doing most? You don’t still know how to go about turning it into a business? Leave a comment below, lets discuss it.
2. Get customers to pay you upfront
This is another awesome way to start a business with no money. The idea is gotten from Drop shipping business model. And I so much like the idea.
Basically, all you have to do is to get client who are willing to pay you upfront or at worse, half upfront, half later, so that your costs are always covered.
Last year, I discussed this same business model with a friend who attended one of our business profitability classes. How does this work.
First, you have to look out for what people are willing to pay for. It could be phones or wearable.
But to this my friend, he started with Wrist watch. Yes, he started this business with no money. Only what he did was to go shop owners selling these nice but affordable wrist watch, bargain price with them and take a snap shot of few ones he like or even much as he can.
Then, he created a Facebook page, where he samples these items. Once a client placed order and make payment, he quickly go back to the shop owner, pay for the item and get them delivered to the buyer.
Sometimes, because he is a student, he would on Saturday’s visit hotels, showcasing the products he has via his page. Within a month, he made over N15, 000 worth of profit, as a starter. Now he is planning on venturing into the business on a full base. He intend to start purchasing and stocking these item on his own to maximize profit.
You too, can start such business. Of cause, it doesn’t require any startup capital. And if you don’t know how to use Facebook Page, you can just snap the item, save on your phone and start from there.
Also, I have another person who just started this kind of business. Although, he mostly sells to Church members on Church activity day, he goes with his phone. If you are lucky to seat close to him, he takes that opportunity, and start a conversation with you that will lead him to talking to you about what he does.
In all, remember, that late payments are one of the biggest causes of business failure, so make sure you have a plan for getting cash in quickly from the start. And beware of the kind of persons you sell your product or service, to avoid entering into bad debt.
3. Learn a digital skill
Although, this particular idea require capital to start with if you don’t have a digital skill. But if you do, or learn a digital skill, it’s one of surest way to start a business without spending a dime.
Take for instance, Facebook Ad Management or Website Design and development. These are digital skill that doesn’t require you startup capital if you have any.
I could remember middle of this month, when I received a call from someone who has attended one of our online free classes. It was a female voice. She needs me to run an Ad for her. We bargained and ended at N50, 000 for the job. I never spent a dime on this project. She made a 70% initial payment and I quickly swing into work for her.
So, having a digital skill pays even more than you could think of. I know a friend who charges the least N50, 000 to be able to run an Ad for you.
Also, consider website design. Just last week, I was able to launch a site for a friend. Because I didn’t take the hustle of coding and he was my friend, he dashed me N10, 000 for the 1 day I spent doing the work.
Starting a business with no money is real and achievable. What it will require most from you is your time and dedication.
However, if you still lack the idea on how to start a business with no money or you would like me to take you through some of the business ideas you can comfortably start with no money or little money as low as you can imagine, then, don’t forget to leave a comment below and I would take it up from them.