If you had a big idea for a business but zero money, how would you start it?
What kind of business could you create with little to no funds, and what free tools could actually help you grow?
Like so many people who have the idea to start a business, you might be thinking you need to wait until you have the finances to execute your idea. But I’m here to tell you: starting a business with no money is possible.
Do you know why I’m so sure of this? Because I did it! I was the person who started a business on the smell of an oily rag – no money, no clients and apparently no sense to do so!
Now I have a successful service-based coaching business and absolutely love what I do. So, I want to share some tips on how you can get the ball rolling for your brilliant business idea.
I’m covering what free tools will give you a boost, how to market yourself for free and why service-based businesses are your best bet.
Choosing Your Business Idea
The key to starting a business without funds is to focus on a model that doesn’t require upfront costs—such as service-based businesses. In my opinion, they’re the safest bet when you’re starting with nothing. For me, business coaching was a natural choice because of my background in this area, but your skill set could lend itself to any number of fields like social media management, consulting or even graphic design.
If creating is more your style, consider digital products. Your knowledge can translate into eBooks, online courses or templates, which require minimal to no overhead—perfect for a zero-funds start-up.
Where NOT to Begin
It’s important to be strategic. Avoid areas that demand significant initial investments, such as product-based businesses. The requirement for inventory, shipping or manufacturing means upfront costs that might not align with a zero-budget approach. The same caution applies to brick-and-mortar businesses (at least to begin with); the costs for rent and utilities can mount quickly if revenues don’t come in fast enough.
Free Tools to Get You Started
Fortunately, the world is rich with free tools that can help you launch your enterprise. From LinkedIn and Instagram to Google Docs and Notion, there’s no shortage of resources. When I began, LinkedIn was invaluable for networking, and you’d be amazed at the momentum you can build through strategically using platforms like these.
For website creation, even the simplest of landing pages can be crafted through services like GoDaddy. And yes, in hindsight, a fully developed website isn’t even necessary right out of the gate!
Marketing Yourself Without a Budget
Visibility is crucial, but you don’t have to pay a fortune to get it. Offer your expertise for free through thoughtful content. Host workshops or live sessions on social media to attract potential clients. It might surprise you how effective word-of-mouth and networking in Facebook or LinkedIn groups can be.
When I first started, I pounded the pavement, meeting professionals for coffee to spread the word about my new venture. This old-school approach filled my calendar for a year—proving that with determination and a bit of tenacity, anything is possible!
Why Service-Based Businesses Triumph
Beyond the lack of inventory or product costs, service-based businesses allow immediate cash flow because you’re selling your expertise. With no hindrances like development costs, higher profit margins are within reach since deliveries usually involve just you. This model also allows flexibility to pivot and refine your offerings as needed.
I always say that when building a business, the key is to start, take action and build momentum. I’m excited to see your journey unfold, so don’t hesitate to reach out. Whether it’s through DMs, a text message or a courier pigeon, share your plans with me and let’s get this exciting new venture started together!
LINKS
For a copy of Emma’s book, ‘Go-getter: Raise your mojo, shift your mindset and thrive’ – https://www.emmamcqueen.com.au/book/