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So you want to start a business but you don’t have any money to start it? Yes, many businesses require a lot of capital to start. However, there are businesses that you can start with no or a very little capital. You can still make decent income from a business that started with no money.
After working numerous part-time and full-time positions in my twenties, I realized that I didn’t want to work for a company. I always wanted to own my own business. However, I didn’t have any funds to start up a business at the time. I also didn’t know how to start a business without any capital. Then one day, I sold some used books on Amazon and everything changed.
My journey as an entrepreneur actually started by selling used books at Amazon. I just sold some books to get rid of books I had and got some money for them. Later, I continued to sell books and made $100,000 profit a year selling books on Amazon. It actually became a full time business. The best thing about this business was it didn’t require any money to start. In this post, I share with you how to start a business with no money and make a full time income.
Business That You Can Start With No Money
How To Start A Business With No Money – Sell Your Service
If you have a special skill, you can sell your service. Depending on a field, you may need an educational background or experience. For some service, you may need a physical location of the business for customers to come, a plastic surgeon for example. However, for many businesses, you can still offer your service without having a physical location. Before I own a language school, I started out as a tutor. As a tutor, I taught students at the library and coffee shops. Students paid first and I offered a tutoring service. Only thing I needed to pay was a textbook for myself to teach. I ended up working as a tutor full time which later helped me setting up a language school of my own. Now my language school teaches 10 languages and looking into opening up another branch.
How To Start A Business With No Money – Sell Books On Amazon
Selling goods usually requires initial capital to buy goods at lower price and then sell them for profit. When someone orders a book on Amazon, you ship it to the customer as soon as possible. Therefore, you need books to ship. When I started selling books full time, I only sold new books which included best sellers. However, I didn’t have to buy books first to sell to customers. I got orders from customers and received money from them first. Then with that money, I bought books that I only needed to ship. Since I didn’t have book inventory first, I had to make shipping turn around time fast, however, it was successfully done. I sold new best-selling books full time and made full time income of $100,000 profit a year. This business didn’t require any money to start.
How To Start A Business With No Money – Sell Goods Online
As I mentioned above, you can buy goods at low cost and sell them at higher price for profit. This will require some initial capital to buy goods first. If the goods are not expensive and you don’t need much initial capital, you can start out with saving a little money to buy initial goods. I owned a company that sold digital photo frames and advertising player many years ago. I had my own brand digital photo frames and advertising players made in China and imported them to US. I initially bought 10 digital photo frames from a factory in China and sold them on Ebay. Then with a profit, I bought more frames and sold them. Later, I made enough money to order 300-400 frames at a time. This business also became a full time business which made me $120,000 profit /year. It only started out with 10 digital photo frames.
How To Start A Business With No Money -Write Blogs (Affiliate Marketing)
You do not need to buy inventory of goods to sell for affiliate marketing. Affiliate marketing is basically you are getting paid a commission for advertising someone else’s goods or services. You write a blog with affiliated links and if someone clicks those links and buy the goods or services, you get paid. Writing a blog doesn’t cost anything. There are free blog sites that you can join and start writing blogs. For example, WordPress is one of the most popular platform chosen by many bloggers. It is free to use. You can also buy your own domain name and hosting service to build your own blog website which does not cost a lot. Anyone can build a website on their own with a website builder these days. Since you have to write contents, it will be best to find a niche that you love and know well. The big challenge for affiliate marketing is promoting your blogs. You can do search engine optimization to rank high on Google and be placed on the first page of search engine. Although there are professional SEO services available, you can do SEO yourself by optimizing keywords, inserting SEO title and Meta description, etc. If you don’t want to use paid advertising to promote your blogs, you can promote your blogs for free on social media, YouTube or forums.
How To Start A Business With No Money – Make Something And Sell
If you are talented enough to make something, you can make them and sell them online. On Etsy, so many talented people are selling hand made goods. You will need small initial money to buy ingredients to make the goods. However, you can make profit from sales and buy more ingredients to make more products.
How To Start A Business With No Money – DropShipping
Like affiliate marketing, you do not need any inventory to sell to customers under this business model. Basically, you sell products from a drop shipping company, and that drop shipping company will drop ship products directly to the customer. For example, if you have shopify store, you can sell products from dropshipping company called Oberlo and their starter plan is free. There is also a dropshipping company company Doba which you have access to over 2 million products to sell. Their basic plan is $29/ month but you can try for free for 14 days. Dropshipping is a great way to sell products without any inventory. Your customer will pay you money first by placing an order then you can use that money to place an order at dropshipping company. Therefore, you do not need your own funds to buy inventory and ship products.
All of the business I listed above requires no or a very little money to start. As you can see, they are almost all done online. Since having a website is much more affordable than getting a physical location for a business, online is a great place to start a business. Although each business listed above has pros and cons, anyone can start these businesses and make full time income. Owning your own business has many benefits. When you own your own business, you can set your own schedule and be more flexible. You can also make business expense deductions such as professional service fees or office equipment. You can also put your money in retirement savings plans such as SIMPLE IRA, SEP IRA, and Solo 401(k) plans and defer paying tax. Also your income can potentially increase with an improvement and progress you make in your business. If you always wanted to start a business but you thought you didn’t have enough money to start, don’t let lack of money discourage you from starting a business. You can still start it and grow big. The possibility is unlimited!
“Start by doing what’s necessary; then do what’s possible; and suddenly you are doing the impossible.” – St. Francis of Assisi
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