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How To Start As An Entrepreneur
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When starting a business, finding a good idea is half the battle. It is half funded.
Great business ideas with no capital doesn’t mean your entrepreneurial path is over. There are many ways to start a business with no money. In most cases, all you need is an entrepreneurial mindset: patience, hard work, creativity and a willingness to try new things.
This guide shares how to bootstrap your own business with little money. Results? To start making money, you can reinvest in growth.
From validating your idea to making your first dollar, here’s a blueprint for starting a business with no money.
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The first stage of starting a business is generating an idea. If you’re not sure what they are, here are six creative business ideas you can start with no money.
The easiest way to start a business with no money is to sell your services. Even if you’re not good at a particular area, being better than the average person at something means you can start a business that helps them. So start by looking at the things you know how to do better than most people. Integrate that expertise into service, such as:
Since you don’t have capital yet, start with the things you have, such as the experience, knowledge, skills and resources you have. This is the best investment you will ever have when you only have 0$. Kei Nishida, owner of Japanese Green Tea Co.
Don’t rule out a service business if you don’t have very strong skills. Your time is valuable; Busy people often pay hourly fees for other people to do tasks they don’t want (or don’t have time) to do. This includes jobs such as:
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Many entrepreneurs write off these small business ideas because they are afraid of making minimum wage. But service-based businesses can be profitable. Some freelance writers earn six figures annually within two years of being in business. A window cleaner even made $250,000 in 12 months.
Dropshipping is a popular business model for entrepreneurs looking to start a small business with no money. Just create an online store and choose a dropshipping supplier like DSers or AliExpress. When placing an order, your e-commerce platform will pass the order information to your supplier. Their job is to pick, pack and ship orders to your customers.
As a master’s student, I don’t have much income, so I decided to dropship. I decided to dropship on Wish, because it’s not talked about as often as dropshipping to your own store or Amazon. Zaid Shahatit, founder of Fighthaus
The best part about dropshipping is that you can start with a small budget. Instead of buying inventory before selling it, and storing the item in an expensive warehouse, the vendor will only charge you for the inventory when you sell it. Start with a free 3-day trial then $5 a month with the Starter plan.
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The global market for personalized products is estimated to be worth $38 billion. Take advantage of the opportunity, even if you don’t have the money up front to invest in inventory, with a print-on-demand business.
Print on demand is the process of labeling personal products (such as tote bags, t-shirts or hats) and selling them to order. Suppliers like Printful will print your designs in inventory, ship them to customers, and bill you for their services after you receive money from your customers.
We started with a print-on-demand service, bringing the initial operating investment down to $0. Basically, we’re just a website to start—to validate ideas. Katheriin Liibert, co-founder of #muhoov
Similar to dropshipping, there are minimal costs associated with starting this type of business, as you only pay for inventory when customers place orders for it. There are also no storage costs to compete with using a print-on-demand model, making it a valuable option if you’re looking to start a business with $0.
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Prefer a more practical approach to starting a small business? Turn your hobby into a sideline by selling handmade products through online stores or marketplaces like Etsy. This may include:
We started in the garage, bought powder from websites and got jar mixes from anywhere we could. Our first sample was sent directly with the powder in a Ziploc bag and a funnel. Carl Starkey, founder of AWSM Sauce
Katrina Bell is an entrepreneur who took this approach when starting a business with no money. Now the owner of The Copper Bell, Katrina chose to sell candles because “it doesn’t have a steep learning curve, doesn’t require government oversight and regulation, and is easy to produce in larger and larger quantities. “
What started as a fun side job eventually became Katrina’s full-time job after being laid off early in the pandemic. “I decided to really push my business online as soon as possible and enjoyed tremendous growth after a few months of working full time,” he said. “Sales really picked up in the fall of 2020, and now I’m running a business in a commercial production space, not just in my house.”
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Bonus: To make extra money when you’re just starting out, package your handmade items in a subscription box. The consistent revenue you generate from repeat orders can be reinvested in creating new inventory, giving you start-up capital without outside funding.
Most of our profits are reinvested in inventory and advertising. We are trying to grow at a healthy pace so we don’t rely on outside investment. Francois Mathieu, co-founder of Hojicha Co.
A digital product is something you can make and sell with just an internet connection, making it a great way to start an online business with no money.
Start by identifying areas that you know better than the average person. Then, do some research online to see what problems people are having with the space. Package your solution in a digital product, such as:
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The beauty of digital products is that they are scalable. Make once and sell many times with the Digital Downloads app. It’s no wonder that many entrepreneurs are using digital products as a way to earn passive income.
The word “influencer” has taken on a life of its own over the past decade. More people are making money through social media than ever before. All it takes is patience, social media knowledge, and interesting content to share—three things that can be done for free.
Start by building your social media presence on popular platforms, such as Instagram or TikTok. But don’t go into the hard sell. Followers can be monetized when they know, like and trust what you have to say.
Entrepreneurs have used this route to raise money for product-based businesses. YouTuber Emma Chamberlain, for example, started posting videos on YouTube in 2017. She launched her first direct-to-consumer business, Chamberlain Coffee, to tap into her audience just two years later. year.
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A business plan is a blueprint for how you will grow your business. Your content depends on the low-cost business model you choose. But it generally includes:
Need help writing yours? Here’s a free business plan template, complete with examples, to get you started.
The next stage in starting a business is choosing a name. It should be attractive, recognizable, and above all, not taken. Use this free business name generator for inspiration if you’re stuck.
Remember: the name you choose will serve the life of the business. Make sure it’s what you want—and you’ll see your scaling—to avoid headaches later.
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The process of starting a business from scratch is still free. While it’s possible to continue down the $0 path, the smartest investment you can make is in an online store. Your website is the virtual home for your new business—a site you can use to educate potential customers about the products or services you sell.
If you’re really tight on cash, the Starter plan is only $5/month after a 3-day free trial. That’s a small price to pay for a sleek, professional website that will help you make your first sale.
Starting a business from scratch is trial and error. Some ideas will be hits; others will not prove to be as popular as you think. Reduce risk by testing your idea with preorders.
Pre-orders work by getting you money for items you haven’t made yet. This provides an advance for you to invest in production, build hype and create a sense of exclusivity. People buy the chance to try something new before people do.
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Remi Martins is an entrepreneur who took this approach. After getting pregnant
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