Having cash when starting a business is ideal, but what if all you’ve got is the dream of being your own boss and an empty bank account? With some clever thinking, you can have a successful business sooner than you think, even without any cash.
First, jot down business ideas based on your resources and skills. Selling a skill as a service is one of the cheapest ways to start a business. If you’re a skilled carpenter or house painter, for instance, you can market a business based on that skill with some inexpensive flyers. Online skills that are cheap to market include web design, graphic design, freelance writing, and photography. Plug-and-play online businesses, such as blogging and print-on-demand apparel design, also cost very little money to start.
If you have the retail bug, making goods such as food and crafts is the cheapest way to start a business. These goods work because you can get ingredients and materials on a shoestring budget and cheaply market the finished products online or in your community, such as at fairs and farmers markets. If you want to enter the ready-made goods business, try selling your stuff at yard sales or online, and buy inventory once you’ve made your first sales.
Starting a business on a tight budget is hard, so manage your earnings carefully. For financial security, you might want to keep your day job until your business takes off. Online bookkeeping apps are an efficient way to keep track of sales and expenditures, giving you a complete picture of how your business is doing with a few clicks.
Creating a thriving small business without money is completely feasible, if you seek out the right resources. Just make sure you’re prepared to invest the time if you want long-term success.