How to start a business with little or no money

How To Start A Business With Little Or No Money?

How To Start A Business With Little Or No Money?

Advertising Disclosure: We hope you love our articles & product reviews. We may receive compensation from the links on this page at no additional cost to you. This does not influence our evaluations or recommendations.

Share on facebook
Share
Share on twitter
Tweet
Share on email
Email

First off thank you for taking the initiative for starting your own business. Learning how you can start a business with little or no money will give you a better chance of success and a quicker path to profitability. This can be a tougher path in some cases but definitely not an impossible one. So before you start that business is it essential that you know all the things needed to get it off the ground.

Consider starting a side hustle first and test things out prior to jumping into a business.

A side hustle is a venture based on a skillset or passion that you start while you’re still gainfully employed. You work on this during your off-hours and not only test the viability of the opportunity but you bring money in as well. Click the link to my article on side hustles if you want to learn more about what they’re all about and how they could be a great testing ground for a new business.

What do you need to start a business?

To begin a business, your first task is to do market research and gather data. You have to know who your rivals are and the demand for the things you want to sell. You have to write down your business plan, and then, you need funds for your business. You need a location to start your work, and you have to choose the pace wisely. You must take care of the crowd where your product will sell. After this, you need to build a structure for your agency. Then, you need a brand name, and you have to register your business. Get tax IDs, apply for permits, and license for the work you intend to do. Lastly, open a reliable bank account for your company. 

Bootstrapping your business

Every side hustle or business venture that I have ever started I applied bootstrapping techniques to get them off the ground.

Bootstrapping is a state of mind. You take control of your destiny. You’re putting on your working boots, strapping them on one at a time and taking the initiative. 

Check out my YouTube video below where I share with you how to get your side hustle off the ground with little or now money through bootstrapping techniques.  

Can you start a business with little or no money?

So there is no such thing as starting a business with no money, but starting a business with little money and being resourceful is totally realistic. Relying on your skillsets and passions is going to be key. That means a lot of hard work, learning as you go and sweat equity, which just means that you’re going to have to work your but off.  

Can my business fly or take off?

The first thing you need to do is get a good understanding of this idea can fly. This is not a straight forward thing but an essential first step. List your passions, skillsets you’re good at and come up with some initial business ideas. Do some online searching, check out the competition and run your thoughts by friends and family. Ideally, if you happen to have a connection in your network to anyone working in an industry related to any of the business ideas you have, talking to them is a must.

Put that plan together and download my Free Business Startup Checklist today!

Put together a plan of where you are today, where you want to be 6 months, 1 year and 5 years from now. Put more thought into the 6-month plan with realistic goals.

I’ve made the whole business launch process extremely quick and easier for you. Simply click the link to download my Free Business Startup Checklist as I provide you a detailed list of things that you could do to get you started on the right foot for your new business. This FREE and essential tool, takes you step-by-step in the business startup process from the initial idea, assessing the opportunity, defining the business, marketing and so much more!

What are the best low-cost businesses to start?

Graphic designer: If you are good at graphic design, you choose this for your business. You will be selling your expert services to companies and individuals. Or if you have a team of designers you can have a small company. You can also teach graphic designing skills to others. You just need training courses and a computer. The start-up cost is as low as a thousand dollars. 

Blogger: With a computer you basically online and if you use an ultra-low-cost Webhosting provider like Hostinger, you can be up today.

Youtuber: If you have a smartphone you can start your YouTube channel today. Pick that passion or skillset that you’re good at and share it with the world.

Landscaping: Maybe you love doing yard work and you have some equipment that you already have that you can leverage like a lawnmower, rakes, shovels and the like. Then you can get your landscaping business off the ground and in the winter you can shovel snow for extra year-round income. 

Dog walker or sitter: You might be passionate about dogs. you could consider walking dogs and dog sitting. 

Online retail consigner: If you are fashion savvy, or have too many clothes that you don’t even need anymore, you can start selling them. This is the cheapest business you can have. You can sell them with a reputed retail online shop, and with this, you will get the influence of selling more and start a small business. 

Instagram consultant: Lots of companies opt for social media marketing but they have less idea about its techniques. If you are a pro on social media platforms, it will be easier for you to give your advice to business owners. 

Photograph a social media influencer: If you have a camera you could be a photographer or take pictures for an Instagram or other social media platform influencer. The ideas are pretty much endless. 

If you’re looking to get a domain for your business then use our #1 rated domain hosting service provider GoDaddy. I’ve used GoDaddy for years. They offer exceptional customer service and a well-supported platform. Use the link below to secure that website name today as your first step in getting the online presence for your business.

#1 Rated For Registering Your Domain Name

One of the first things you will need to do as an entrepreneur is to establish your online presence. I’ve been using GoDaddy for years and have nothing but good things to say about them. Purchasing a domain name is a seamless process and their customer support is second to none. So go pick that domain and get going with Godaddy today.

Godaddy App Small

If you are looking for the lowest cost option available today to get a domain name and website then our #1 rated provider for you is Hostinger. Check out the link below to get you the lowest cost best performing website off the ground today.

#1 Rated Low Cost Shared Webhosting

If you’re looking for the lowest cost, highest performing shared Webhosting platform then look further than Hostinger. They offer high-performance WordPress site hosting services, with good uptime and at a fraction of the cost of the competition. It takes minutes to set up and you’re site is up and running. They also offer 24/7 support if you need it.

Hostinger Servers

Get email and quality business productivity software on the cheap

Now that you have a domain name you need email and business productivity software. Our #1 rated cloud-based service for this is Google Workspace. With Google Workspace you have everything from email, document editing, cloud storage, calendar apps, video conferencing and so much more. Learn more about Google Workspace below.

#1 Rated Cloud Based Business Productivity Platform

Google’s Workspace cloud-based business productivity solutions are the industry gold standard. I use this amazing suite of applications to run my business and strongly recommend them to anyone. This includes mobile apps, web apps, cloud storage, calendar and more. Now that you have a domain, put it to work on the best email platform on the market, Gmail. 

Google Workspace Gmail

Don’t forget to also get our #1 recommended integrated grammar solution, Grammarly that works with almost every web-based platform out there. First impressions are everything when it comes to your communication and content. Grammarly has changed the way I communicate and create content for the better and the best part of all you can use it for free. Learn more about Grammarly below.

#1 Rated For Brilliant Writing

You typically only get that one shot for a first impression in business and in life. The last thing you want to do is send out a poorly written email or publish a poorly written article. Grammarly is the tool that you can use to help you check and improve your spelling, grammar, punctuation, tone adjustments, word choice and so much more. Try Grammarly for free today!

grammarly android mobile

Do you need to set up a corporation?

This is all dependent on what stage you’re at, what personal assets you have and so much more. I would strongly recommend you consult with a tax and legal professional. 

The tax professional will guide you financially while the legal professional will walk you through any legal guidance based on your current situation and future business plans. 

If you’re looking for a legal partner on the budget to help you get your business incorporated and guide you along with the growth of your business, then I highly recommend you check out our #1 rated online legal business service, Incfile. Incfile can assist you with your incorporation needs and more, check out Incfile below today for more information.

#1 Rated Online Business Legal Service

Incfile makes incorporating a company as easy as possible, so you can focus on the important things. Beyond free LLC filing, they have a full suite of startup services, which means Incfile not only helps you get started but supports you in your continued success as your one-stop-shop.  So for all of your legal business needs check out Incfile today.

incfile desktop

For more information on registering your business to make it a distinct legal entity. Click the link to the Small Business Administration website.

If you want to take on your accounting and tax needs, then look no further than QuickBooks and TurboTax. They are both our number one recommended partners for both accounting and taxes. For more information check out QuickBooks and TurboTax below.

#1 Rated Accounting Software

The most reputable and supported business accounting solution on the market is QuickBooks. You don’t need to be an accounting expert to start using QuickBooks. From its elegant profits/loss displays to invoicing, payments, managing expenses, a nice mobile platform, payroll integration and so much more. The best part of all, it’s free to try.

QuickBooks Overview Phone

#1 Rated Tax Software

Everyone needs to file their taxes one way or another. So when I want to take on the inevitable, I use TurboTax. It’s fast, simple and there is even a free option. If for some reason you need help, they even offer real CPAs or EAs that can help with advice or a line by line review. I have been using this software for years and I’m happy to recommend it to you.

Turbotax devices Phone

I personally think it is always a good idea if you’re serious about a new venture to get the foundation set and start things off on the right foot. That means having the right corporate structure in place, your legal, accounting and taxes all in order, especially if you start to pull in revenue and you have customers.

Business Banking

It is paramount that you separate all of your business and personal expenses. To facilitate that you will need business banking. Click the link here to learn more about opening a business banking account

Our #1 rates business banking partner is Novo. Novo is ideal for freelancers, startups and small businesses looking for business banking. To learn more about Novo’s services check out the link below.

#1 Rated For Business Banking

Novo is a powerfully simple business banking platform with no hidden fees built for small business owners. Since launching, freelancers, startup founders, and small business owners alike have been opening business accounts in minutes, securely and easily with no minimum balance requirements. Simplify your business finances with Novo.

Novo card and mobile Phone

Links for entrepreneurship, business startup information, free startup guide and business tools and resources

For more information on learning how to open your own business. Click the link to the usa.gov website.

Summary

Starting an online business with little to no fund is difficult but it’s not impossible. Remember start with your passion, take your skillsets into consideration and put together a plan. Consider a side hustle first prior to starting a business to test the waters and yourself in the process. I wish you the best of luck and thank you for your contribution to society with your new business!

Subscribe for the latest articles, reviews, tips & strategies straight to your inbox.

Share on facebook
Share
Share on twitter
Tweet
Share on email
Email
Frank Makrides

Frank Makrides

Is a former financial technology industry executive, licensed realtor, real estate investor, an award-winning speaker, has been published, holds multiple patents and is passionate about all things personal finance and entrepreneurship. He is also a proud husband and father of 2 amazing children.

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *