How to start an online business with no money? [with Examples]
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Everyone is buying everything online. It’s convenient, it’s quick, and more often than not, the service is amazing! Online shopping for products and services alike has revolutionized the business world for a number of reasons – the biggest reason – that’s where all the customers are!
Another great reason why a greater number of people are drawn to online business is the low investment required to start an online business.
In this post, we are going to talk about the possibilities and the process of starting your own business with no money and discuss the best online business to start with no money.
Can you start a business with no money?
The short answer is a resounding YES! I am sure this short answer is not enough, and you must be craving for the long answer!
Starting a business with no money may seem like a far-fetched dream, to begin with. However, once you have read this post, you will understand that starting your own business with no money is a possibility, and not rocket science.
Let’s get started!
How to start a business with no money?
If you have often caught yourself thinking about starting an online business but have always put it on hold for financial reasons, this is the right place for you to end up in.
In our effort of helping you understand how to start online business with no money, we have broken the process down into 9 easy steps.
So, without further ado, let’s get going now!
- Find the business idea
- Choose what you’ll sell
- Give it a name
- Register your business
- Buy a domain name & get hosting
- Build a team
- Design your website and mobile app
- Spread awareness
- Offer free and valuable content
A business, whether online or otherwise cannot start without a good idea at the core of it. Hence, it is important that you start here. Your business idea must have the potential to offer a solution to a problem and cater to a certain market. However, above all, you must ensure that you choose an idea that you are passionate about and are good at. A little while ago, we had published a post on how to generate business ideas. Take a peek, you never know where you find your next idea!
Once you have your business idea in place, it is time to decide what you want to sell. The products you choose to sell play a critical part in defining the structure, the benefits and the sustainability of the business plan. You can choose to sell only one products, multiple products in a category, or choose multiple categories to sell in.
You have to give your business a name. The name of your business is important because it needs to be in sync with the products you are offering, the brand image you want to establish, and should also resonate with your target audience. Some companies choose to have a different business name and a number of different brand names for their various lines of products.
It may be a good idea to get your business registered with the authorities. However, it is important that you pay attention to the type of corporation you choose while registering your business. Choosing to go for unlimited liability means you and all your partners will be equally responsible for all the liabilities of the business. However, it is a lot easier to register under this category and a lot cheaper as well.
Why do you need a domain name? You are getting into online business, duh! Before someone else laps up the exact domain name you want for your business, go ahead and get it! Your business name and the domain name should be in sync so that there is no confusion or questions about your authenticity. If you are wondering where you can buy a domain name, here is an interesting post that will tell you all about it in detail.
Sometimes just one person (you) may not be able to handle it all! This is why it is important that you build a team that can take care of the things where you lack. Some might find it useful to outsource parts of the assignments which can prove cheaper than hiring full time employees. This is why, until you can find just the right people for your team, you can outsource the services.
You need to have a good website and a mobile app to make sure that you can reach your customers and give them the ease to shop from you or avail your services. Though it may seem like a gargantuan task, but with the help of no-code platforms like Appy Pie, you can create a website or build a mobile app in minutes without learning to code!
Promotion or marketing is important, particularly in the beginning. You need to let people know of your business’ existence. As someone who is starting a business with no money, it may seem impossible to promote what they are selling. This does not mean they are going to lose out! We have a cool post that talks about promoting your app for free. Check it out and get going now! Till then, do not underestimate the power of “word of mouth” and tell everyone you know about what you are doing.
Getting quality leads may prove to be quite a challenge when you are still wondering how to start a business with no money. At this time, it may be a good idea to come up with some quality content that your target audience may be interested in and use it to capture leads. There are multiple ways of lead generation, but offering something of value to your clients for free is one of the most effective and cheap ways to get going.
However, if you’re not so sure and still struggling to start an easy business without investment, we have tried to list out the best ones to help you out.
Best online businesses to start with no money
Online businesses may be the flavor of the day, but if you are still wondering how to start a business without money, we have a list of the best online businesses to start with no money.
- Freelance writing
- Social media consulting
- Affiliate marketing
- Graphic design
Freelance writing has emerged as one of the most effective options for those who want to an online business without money. You can start by creating a profile on one of the popular freelance websites like Upwork or Freelancer. However, to be successful as a freelance writer, you need to be more than just a good writer and editor. Speed. Speed is of essence when you take up any freelance writing assignments.
Social media is where the party at! If you live, love, and breathe social media, this is the perfect business for you. Businesses are desperately looking for people who can help them make a strong presence on social media and gain visibility in front of the right audience.
In affiliate marketing, you start by choosing a profitable niche for your business, and then find affiliate partners who offer products in the chosen niche. You can then offer the products for sale on your blog or your website with a unique link which is associated with the account you have with your affiliate partner.
Are you passionate about something? It could be anything! It can even be something like – how to become an entrepreneur with no money. Blogging is not just about writing. You can include other media like photographs, videos, links to other sites and so much more! There are a lot of ways you can make money with blogging like – Google AdSense, blog ad networks, affiliate marketing and more.
Graphic design is a great option when you are thinking about starting a business with no money. All you need are a couple of good design software, your laptop, and your brain! Businesses need a good-looking website, an abundance of promotional material and so much more!
As you are wondering how to start a business without any money, the one thing you must remember is that the basics of starting an online business remains the same. The idea is to identify your passion, find something you are good at, and then convert it into a bankable business idea.
It is entirely possible that you may struggle in the beginning when you are trying to find a way to make money with your online business. However, the intent is to keep at it, and then keep tweaking until you can find a way to earn from your business idea.