There is no rule that those with limited resources or practically with no money at their disposal should not start a business. One should know how to start business with no money. Those who have little or no money with them can start a business, run the same successfully and make money from the business. Though one doesn’t have money, he can make good money by making proper use of his skills.
Be a service provider
Instead of selling a few products one can sell service, making use of his skills and past experience. This business will not require any considerable investment. One can do it as a home-based business. Baby sitting, cell phone repairing, stitching and providing home tuition are some of the services one can provide and make money. Others should know that there is a service provider who offers a particular service. The name of the service provider as well has his company name can be promoted by including them in online spaces like Elance, Skillshare and Craiglist. If the service provider has own website he can publish the work samples and full details about his service.
Start reselling of products
Those who lack the facility to make a product and sell the same can start reselling the products that are made by someone else. Reselling can be carried by different methods such as getting the products from drop shipping companies and selling them through online store. Products to resell can also be procured from garage sales, antique shops, flea markets or thrift shops. In addition to online selling, one can resell the items to members of local community also for a margin.
Make products and sell
Huge investments are not required to make handmade products. Those who have the skill can make such products and sell them for a substantial margin. One can choose the products and start making them. There are many online platforms like ebay, Bonanza and Abe’s Market to sell the hand made products. By selling the products through multiple platforms the products get the maximum exposure. However, those who sell their products on different platforms should ensure to maintain the inventory level at all places.
Mobilizing funds to meet startup expenses
Those who have no money but want to start a business must know how to start a business with no money. They should also find out ways to mobilize finance in order to cover the startup expenses and keep the business running. Credit Card is very useful to mobilize startup money for small businesses. One can also borrow money from friends and well wishers. Finding a business partner who can provide funds to meet startup costs is another method of mobilizing funds for business. One can also apply for special purpose loans from SBA and other government agencies. Women, senior citizens and differently abled people can avail special financial aids.
How to manage start-up business with minimum finance?
The entrepreneurs with no money may have to struggle a lot to start a business with meager funds. Banks may not be willing to provide them loans. Those who are hard working, flexible in their approach and are creative can make their business to take off even though they have no money for the initial expenses. Here are a few tips to start-up a business with little money in hand.
Make it a home-based business
For those who have very limited resources, paying rent for an office or warehouse will be a heavy burden. When office is away from home, they will incur commutation expense also. These expenses can be avoided by having the office in the home. When the business is home-based, one need not pay separately for various amenities in the office.
Adhere to DIY methods’
When there is little funding for the business one should avoid the luxury of hiring people for each and every task. Expenses can be minimized only through stringent measures. One should do maximum work by himself so that he can save substantially in wages. One can make use of the open source budget programs and utilize the templates of other sites instead of going for own website.
Apply for Micro Loans
Those who seek loans for their business can try to get Micro Loans through the P2P lending websites. Various online sites provide the opportunity to people to get Micro Loans from other surfers. The new entrepreneurs can publish their business plans and credit needs through these social media sites. The lenders go through the proposals, work out their interest rates and offer them the loans. Payment of loans as well as transfer of funds is facilitated by the P2P sites.
Make money without spending money
Those who know to make money without money in hand need not worry how to start a business with no money. Those who start a very simple online business need not shell out huge amount of money. A single individual can manage to run an online business. Once it is started and regular business commences, it will grow very fast. One can run the business profitably by working for a few hours daily.
Make use of online services to start business
There are many online services that provide the facility to earn at no cost, but just by applying one’s creativity. When one is interested to start selling fashion dresses online, he can upload his designs on the website of the online service provider and advertise the dresses on the internet. The seller need no buy the dresses or hold the stocks. When the dresses are purchased by consumers, the seller gets lucrative sales commission.
Work as a subcontractor
Without making any sizable investment one can provide subcontracting service to the prime contractors. Since the startup costs are already paid, no initial investment is required from the subcontractor. One can choose a suitable field such as construction, electrical works, plumbing, interior decoration, etc. and find out the local contractors who have surplus number of clients. The subcontractor can undertake the work of the extra clients and collect the fee from the prime contractor.