Starting a self-made business without anybody’s help is a major decision that an entrepreneur takes in his life. Creating an innovative idea for the enterprise makes the job fifty percent done, the remaining fifty percent is collecting funds to start the business. But what if the entrepreneur is low on monetary funds to start the business? Initially, an entrepreneur can go through a phase where he is confused about what should be done if there is no funding. But what if we tell you that some ways can help you start a business with no money or low money investments for say. One of the ways is through a proper entrepreneurial mindset.
In this article, we will cover some of the innovative business models which you can consider to start your own business. We will also see some of the schemes through which the government of India helps in establishing new start-ups and how the entrepreneurs can benefit from it. Mentioned below are some of the techniques that can be applied to start a business with no money.
How to start a business with no money?
- Explore business ideas that you can start free
- Start providing services
- Experiment new things
- Grow your network
- Gain assistance
- Government schemes for start-ups and businesses
How to start a business with no money?
1. Explore business ideas that you can start free
The initial step in starting a business is to build an idea that requires no capital investments. In general, this can give a boost to your business where you have nothing to lose and enables you to have the confidence to take bold steps. You can refer to some of the below-mentioned ideas for the next step.
A. Event Planning
Income: Moderate to High
One of the best ways to start a business with no money is to start an event planning business. An event planner organizes and executes various events right from corporate events to wedding planning. While starting this business, you need to create hype and maximize your reach among the audience through social media platforms. It is very important to be clear and precise about what you have to offer. Event planners are good entrepreneurs as they keep a proper track record of all the budgets and are great at cost management.
Yet another good business idea, blogging gives you the freedom to work from anywhere and earn a nice income if your blog articles reach a huge audience. A good blogger writes about current trends, travel & tourism, culture, technology, finance, and much more. Monetized blogging is a good way to earn with no-cost investments. Some ways to make money from blogging are affiliate partnerships, online tutoring, generating e-books, etc. Along with excellent writing skills, blogging also requires passion and interest in the subject you want to write.
C. YouTube Content Creator
Income: Moderate to Very high
The YouTube content creator is one of the current trends that everyone follows. Along with money, it also offers fame. If you are good at video editing and videography, then you can consider this business idea. Having good content on YouTube increases your chance of getting more views and ratings. Some of the great options are sponsoring games, advertising companies’ brand items, selling merchandise, etc. You-tube creators are also earning via Patreon, where members pay the creators to produce good quality content and keep up their work.
D. Pet Services
One of the options on how to start a business with no money is you can easily and effectively start a business that involves full-service pet help like walks, trips to the groomer, sitting during the day, handling your pet service store, and so on. If you are an animal lover, you can also consider setting up a day-care center for pets with a smaller investment and even with low funds. Nowadays, pet services are in huge demand because the majority of the pet parents are from the working class which gives the pet services to step right in for their help.
E. Freelance Graphic Designing
Income: Moderate to high
Freelancing or a freelancer is a self-employed person who takes up multiple tasks at a time and is not bound to any organization or its rules. If you have a good understanding of designing and proper hands-on experience with graphic design software like adobe illustrator or auto desk, then this business model might suit you. You can establish your brand, introduce a logo, find potential clients, and charge appropriately based on your performance and time. As the experience increases, you can also increase your pay scale.
If you are good at teaching concepts and memorizing new things efficiently, then you can start your tutorial lectures either online or offline. Tutoring is the best way to engage with current trends and earn a hefty income from it. Tutors in India have a strong grip and influence on students through their quality teaching and the proper learning materials which they provide. If you have the right entrepreneurship skills needed to run a business, you can lay the foundation in this business very easily.
G. Sell handmade artifacts
Income: Moderate to very high
This business model is blooming in India like a fresh rose. One of The best ways to gain support and customers for your handmade goods is through social media and promotions. The reason why people are opting for handmade products is due to their better impact on the environment. Each handcrafted product is unique and this helps in supporting the local economy. Selling handmade artifacts requires a small amount of investment in the beginning. But as the reach increases and supply doubles, the assets also increase. If you want to start a business selling handmade scented wax candles that customer tends to buy again and again, you can provide a subscription along with it. As a result, you can rapidly generate start-up capital without outside funding by reinvesting the consistent income you acquire from repeat orders.
2. Start providing services
The next step after exploring the business idea is to start implementing it. Make yourself open to work and start providing services that you can readily offer. This increases your chance of earning a fortune rapidly and with less time investment. Once, you start giving out the services, you will gain experience through it. You can work more on improvising your deliverables. This can help you to manage multiple tasks easily even if there is a time constraint. Write a proper business plan, organize your expenditure, and register your business as a limited liability partnership (LLP) to make you entitled to that business. Registering yourself also qualifies you for business loans and the every month installment (EMI) option. Develop a pricing plan for your services. It may be based on an hourly rate, package pricing, or value-based pricing.
3. Experiment with new things
Once you start your business, you will get to know how the industry works and what are the needs and expectations of a customer or client from you. At this point, you must start experimenting with new things. Level up your skills by educating yourself about business management and strategy. Start using a trial and error strategy to study how the changes positively affect your business and what services can be discarded to increase productivity. Be unique. Try to offer innovative products and services to the clients so that the chance of them revisiting you increases.
4. Grow your network
To make your business or start-up work smoothly, you need to start building relations and gather partners who can provide you with all the basic raw materials needed for the business. For example, if you are starting a furniture business and you need to build a network with genuine wood suppliers, carpenters, and designers who can help to create unique products as per customer requirements, then building a strong network saves you from unnecessary squandering.
5. Gain assistance
Whenever you are stuck on something and unable to find the proper solution to the problem, it is best to take assistance from an experienced person from the same field. An experienced person always knows what should be done even in critical conditions and helps you from significant losses. If you are low on funds and need funding for your business, then consider various government aids that help in funding and assisting with proper guidance.
6. Government schemes for start-ups and businesses
Last but not least how to start a business with no money or fewer funds is to register your business or venture in various government schemes that can help you to fund your business.
You can visit our article on Start-up India Scheme to know more about various schemes provided by the Government of India and which scheme can be beneficial for your business. Your business can avail the scheme on the following basic factors:
- Company Age
The period of existence and operations should not be exceeding 10 years from the Date of Incorporation.
2. Company Type
Incorporated as a Private Limited Company, a Registered Partnership Firm, or a Limited Liability Partnership.
3. Annual Turnover
Should have an annual turnover not exceeding Rs. 100 crores for any of the financial years since its Incorporation.
4. Original Entity
An entity should not have been formed by splitting up or reconstructing an already existing business.
5. Innovative and Scalable
Should work towards the development or improvement of a product, process, or service and/or have a scalable business model with high potential for the creation of wealth & employment.
There is no need for capital to start a business, which is the most important thing you can learn from this article. Successful businesses typically begin from nothing – often with no outside funding and on the side of a day job. As long as you have a great idea, a commitment to the project, and an entrepreneurial spirit, great things are possible. The article provided all the major steps to starting a business with no money. It is easy to start your own business if you follow these basic steps and follow your conscience. You need to stay focused and believe in yourself.