Everyone knows that to make money, you also need money. Even that fantastic business idea needs money to take off and grow to an enviable height. But what if you don’t have money? How do you start a business?
This can be difficult if you lack sellable skills. You first must market your skills to make money from which you can start the business. Some such skills include writing, virtual assistance, social media marketing, etc. You can also get funding from other sources to start that business. But the tips below will show you how to start a business when you have no money.
Simple Ways to start a business without money
Examine your sellable assets
The first step of any business plan is to have a business idea. This should also include what you have and are willing to sell. Sometimes, it’s difficult to identify these assets that can help us create the desired opportunity since we’re always fretting about not having the money.
Since you’re yet to raise the needed capital, tap into valuable assets at your disposal. Such assets could be your skills, experience in any given field, knowledge, and own resources. Also, you can find people who are willing to pay you for doing their jobs.
Do handyman jobs
Handyman services can go a long way to help you. If you save up some money from such jobs, you’ll be able to launch your business plan after a while. Most handyman services require skills such as carpentry, plumbing, and the like.
But you can do many other handyman jobs without being exceptionally skilled. These jobs include car washing, cleaning, pet sitting, housekeeping, personal shopping, dog walking, etc.
Monetize your mobile phone
Your smartphone can serve many purposes apart from traditional phone calls, texting, and surfing the web. With your smartphone, you can take online surveys, make purchases and get cashback, watch ads, get paid when you use apps, advertise for brands, etc.
Many companies are willing to pay individuals to answer a few questions. Most times, these are companies looking to advertise their products and services. Also, some companies pay you from the incentive they get from game developers to get people to play their games. With your smartphone, you can raise the money needed to fund that business.
Market your skills
Do you know that content writers in the US make an average annual income of $48,567? Freelance writing is just one of such marketable skills as virtual assistant services and social media marketing. Also, it will pay off if you have some digital skills up your sleeves.
Some notable digital skills are programming, app and web development, digital project/product management, communication, and content & information handling.
Get people to fund you.
Below are some ways to get some money to start your business.
Get a loan
Loans are one of the easiest ways to get started with funds. If you don’t have a good credit score or don’t meet the eligibility criteria for receiving a loan from your bank, you could also try lenders. However, it’s most important to get thorough information about wherever you’re receiving the loan.
Crowdfunding can also be of help.
Crowdfunding is a system that allows you to get small amounts of money from several persons to get started with your business. However, this depends on whether the people find your business idea interesting. But whatever the case may be, give it a try.
Participate in competitions
This option is limited since being a student at a university is often one of the requirements for eligibility. If you win, you’ll receive funds from the organization hosting the competition for your business. Also, you stand a chance to win additional benefits.
You can’t start a business without money if you don’t have the skills to use and gather money. To raise the money, you need to start the business and identify what assets you can sell to get money. Your communication skills, digital skills, knowledge, experience in any field, and time are valuable assets.
Also, you can use your phone to complete tasks to generate the needed capital. Lastly, you could get help from alternative sources such as crowdfunding and loans.