You don’t have very much money, but you want to start a business? Let’s think about the best business to start with little or no money?
When I tell people that I’m a Business Mentor who specialises in working with micro and side-hustle businesses, I often get the same, wistful reply …
I would love to launch my own business one day
Then they start telling me about their fantastic ideas. I love how fired-up they become as they speak, and their enthusiasm pulls me along!
It’s easy for me to picture the kind of successful business they could create.
But suddenly they stop and sigh, adding
I haven’t got the money to start up on my own
I hear statements like this all too often, and here’s my response.
Starting a Business with Little, or No Money Isn’t a Problem
Did that surprise you?
Many people think that to be successful in business, you have to start with piles of cash.
But while it’s true that developing a physical product (or a Deborah Meaden-style business empire!) needs a certain level of investment, there are plenty of business ideas that you could run with almost immediately, at little to no cost.
Don’t believe me?
Here are some examples:
Start A Service-Based Business
Most people have a talent that they could turn into a valuable service for others.
If you think about it, that’s the basis of most employment.
Lots of successful micro and side-hustle business owners have simply taken talents they were already using in their day jobs, and then turned them into a service business. Talents like accountancy, coaching, virtual assistance, social media management or copywriting.
Or it could be that you’ve got a hobby you’ve spent years working on in the background – such as graphic design – that you’re ready to put to work.
The beauty of service-based businesses is that most need very little money to get started. All you have to do is tell people what you do!
(If you’re thinking, “but don’t I need an expensive website for that?” – think again. With a tiny bit of know-how you can DIY a website – and if you want to know how in simple, achievable steps, book a CLARITY CALL and we can plan your website together)
Start a Business Doing Things Other People Don’t Want to Do
Other ways to make money for little cost include doing things other people don’t want to do.
Taking on these ‘odd jobs’ – babysitting, basic DIY, dog-walking, basic DIY, gardening – can be very lucrative.
A lot of this type of work comes from word-of-mouth recommendation (free), testimonials and reviews on a Facebook Page and Google Business Profile (both free) and a very simple website (not expensive)
So, if you prove yourself trustworthy and capable, you should be able to build a good list of clients relatively quickly.
While some of you may think I’m bonkers talking about things like dog-walking as a business, it was actually reported a few years ago that some dog walkers earn more than the UK average salary!
How About Starting a Business by Renting A Room?
Some people are surprised that casual property or room-letting can be a business.
Letting out a room in your home – whether that’s a tenancy or a short-term option like Air B&B – could start to earn you money.
Oh, and by the way, my definition of a ‘business’ is doing something that involves anything that earns you money.
Responsible for paying yourself a salary? You have a business.
(But, don’t forget the golden rule. Make sure you declare any earnings for tax purposes!)
Maybe Multi Level Marketing (MLM) Will Be Right for You?
MLMs are businesses that rely on a network of people to sell their products (usually to their family, friends, colleagues, and contacts), whilst recruiting a team of other people to do the same.
MLMs do attract controversy, as they are not always the golden solution the parent company promises. However if approached in the right way, they can offer a route into working for yourself.
MLMs are hard work, but they shouldn’t require much (if any) upfront investment, and you can work them around other commitments.
Two things to bear in mind
- Make sure you do your homework on your chosen company
- Don’t believe any outlandish claims about making big money for doing very little!
Eventually, Your Low-Cost Business Will Need Investment
TRUTH: A successful business makes money – but it also costs money.
Bear in mind that – at some point – you will have to spend money to make your business work.
If you’d like to find out how I can help you take your big idea from passion to profit, why not book a complimentary conversation with me?
We’ll discuss your ideas and I can give you some hints and tips based on 20+-years experience.
How’s that as something for nothing?!