Learn How to Start Your Own Business with No Money
You have the desire in you to become a solopreneur -- to run your own business, pursue your passion, and achieve financial freedom. But right now, you’re stuck in a position as an employee. You want to get out of the rat race and grow!
You’re also cash-strapped. You’ve heard people, even current entrepreneurs, who say that getting started requires capital.
I’m here to tell you that to start putting your ideas into action, you can definitely take care of areas where your time and creativity matters (even without cash). Once you have them figured out, you can leverage strategies that’ll help you secure the capital you need.
Keep your day job.
First things first, don’t make the mistake of quitting. Yes, some people do quit their jobs to be full-time entrepreneurs or solopreneurs. However, it doesn’t work out for everyone and is extremely risky. Your day job ensures that you don’t go starving at the end of the day. Set aside a little money from your job each month to finance your business soon. You can leave your job once your business makes good revenue.
Identify online businesses you can start without money.
It’s great to know that there are tons of online business ideas that let you work from anywhere. Most of them need your skill. And if you don’t have these skills, start investing time to read and learn them. Here are a ten options:
- Freelance writing (articles, news, ebooks, etc.)
- Graphic designing
- Business coaching
- App development
- Fitness coach
- Consulting
- eBay selling
- Search engine optimization (SEO) services
- T-shirt designing
- Affiliate marketing
Create a plan.
To ensure that your solopreneur business idea takes off, craft a solid business plan. On a notebook or Google doc, focus on the following areas for your plan:
Know your target audience
For you to be able to create a product or service that people care about, you need to have a well-defined audience. Make a persona. Research your ideal customer’s demographics, interests, and pain points.
Understand the competition
What do your competitors offer? How do they market their offers? What makes them stand out? What are their weaknesses? Answer these essential questions.
Create a unique value proposition
Once you have a good idea about your business and the competition, define your USP (unique selling proposition). Your USP is what separates you from the rest. For example, Harry’s, a company that sells shaving and grooming products, stands out because of their superior razors sold at better prices.
Get help.
If your ideas truly need some funding, consider asking for help from friends or family who support your ideas. You could also apply for a small business loan or woo potential investors.
If you think that becoming a solopreneur or business owner helps you with your goals and that you have solid ideas, don’t let the lack of cash stop you.