Very often the desire to start a business is almost overwhelming. As I sit here typing this post I am thinking about the day when I can quit my day job and turn my side business into a full-time business. But the thing that stops me is money. I am using my day job to finance my side business until it grows to the point that it becomes my major source of income.
You may have dreams of starting your own business but money, among other things, may be stopping you. Well I’d like to share a few resources and ways that you can start a business with no money. Even though you don’t have money you will need determination and creativity (don’t worry, we were all born with it). So let’s take a look at three ways to start a business with no money, shall we?
1. Get a blog. It’s free with Blogger or WordPress and easy to set up. If you are reading this post on a computer you have everything you need to get started. You can blog about anything but it is better to focus on a specific interest because nine times out of ten there is someone with the same interest. My friend Lynn Terry has a great article about it on her website. She discusses starting an online business for free in great detail. Head on over there (after you finish reading this article of course ;-)) and see what she has to say. She’s been making a living online for 12 years and she’s a single mom.
2. Participate in Surveys, Focus Groups, and Product Testing. You won’t make a boatload of money right away but if you’re consistent you can make some serious money just from giving your opinion. There are hundreds of market research companies that pay participants in cash, products, gifts cards, and prizes. You should never pay a fee to be a participant but expect to be generously compensated for your time. I am going to a part of a Focus Group next week and will get paid $100 for a couple of hours. With the money you make participating in market research you can invest in a business start-up. I will post a few links in another post but you can do your own research in the meantime.
3. Open an online store. There are several online design and printing services that allow creative types like you to create an online personal store. You can design a graphic and put them on t-shirts, caps, bags, etc. then set up a storefront with services like Cafepress, Zazzle, Lulu, and many others. You don’t have to be the most creative person out there but with some imagination and marketing you could sell in demand items from your store and make a nice chunk of money.
If you don’t feel very creative you can check out online merchandise store systems that allow you to pick items, create a web store, and promote for a percentage of the sales. Try Zlio first and see how you like it. It doesn’t cost anything to set up a store and you can create multiple stores based on a theme. Tell people about your store to get traffic and buyers.
Those are three quick ways to start a business with no money. There are many more ways but I will save it for another day. Now it’s your turn to get out there and get something going. Let me know how it goes. I’d love to hear about your progress.
Samantha A. Gregory is an author, consultant, and speaker. She’s a single-mom lifestyle, money, and parenting expert featured in The Washington Post, The New York Times, Essence Magazine, HuffPost, ABC News, and Mint.com.
Samantha founded the award-winning RichSingleMomma.com™, the first online magazine featuring personal finance, parenting, and personal development content and courses for single moms.
She aims to inspire women who are ready to thrive and not just survive in their single motherhood journey. Connect with her on Instagram @richsinglemomma.
Nice post. I want to run my own business soon, so I’ll remember this one. I know it’ll be challenging, especially since I’m a single mother myself, so I can use all the help and advice I can get. I’ve been thinking about buying a business lately instead of starting one from scratch. Maybe a franchise? I don’t know. Do you have any suggestions or advice? Thanks!
@Lisa T. — Yeah, regardless if you start one from scratch or buy an existing one, running your own business will be tough, but it’ll be rewarding in the end.
If you do take the buying route, there are a lot of sites you could check out for one. There’s one called BizTrader.com. It’s like this an online global marketplace where you can buy or sell a business. It has useful tips and advice, and you can also use it to find a lender or broker. Not bad at all.
Then there are always the small business groups in your area. They should be able to provide help and advice. If anything, it doesn’t hurt to network.
Good luck!
Good info. My best buddy is always talking about starting up a business but he doesn’t seem to know where to start. I’ll pass this along!
Good ideas!
@ Lisa – I think that it all depends on you. Buying a business makes sense if you want a ready-made solution. Everything is already in place basically so you can pretty much jump in and take up where the previous owner left off. You would have to still build relationships with the current customers or clients so that you retain them as well as attract new people to your business.
A franchise is basically the same as buying a business. You will have franchise fees though. You will also have to follow the prescribed business model. With both you may have loans to pay off because of financing which may eat into your profits.
Starting from scratch my realize profits over a slower period of time as you build your business. You have the benefit of designing your own business model, building clientele, and pacing yourself. You do not have to get a large amount of financing unless you want to jump in with both feet, have a solid business plan, and the credit to back it up.