You Can Start A Business Without Money (Almost)!
One of the best ways to pay down debt is to increase your income. If your current job is great but doesn’t offer much hope of a higher paycheck anytime soon, don’t give up.
It is possible to start a business without money, or very close to it. You can work in your free time and actually bring in the bucks to pay down that debt without going into debt to start! To be successful, you have to think things through and make a plan that includes a low start up cost.
Take a look at what most businesses spend money on when they start up and one way to lower that investment.
Why a business needs money
First, let’s take a look at why a business needs money in the first place. There’s no uniform “startup” fee for building a business, so different businesses will have different needs. It’s important to first estimate how much you need before you start finding alternative methods to fund your company.
Consider the following uses:
- Licenses and permits. Depending on your region, you may need special paperwork and registry to operate.
- Supplies. Are you buying raw materials? Do you need computers and/or other devices?
- Equipment. Do you need specialized machinery or software?
- Office space. This is a huge expense, and you can’t neglect things like Internet and utilities costs.
- Associations, subscriptions, memberships. What publications and affiliations will you subsribe to every month?
- Operating expenses. Dig into the nooks and crannies here, and don’t forget about marketing.
- Legal fees. Are you consulting a lawyer throughout your business-development process?
- Employees and contractors. If you can’t do it alone, you’ll need people on your payroll.
With that said, you have two main paths of starting a business with less money: lowering your costs or increasing your available capital from outside sources.
This option invokes the idea of a “warmup” period for your business. Instead of going straight into full-fledged business mode, you’ll start with just the basics. You might launch a blog and one niche service, reducing your scope, your audience and your profit, in order to get a head-start. If you can start as a self-employed individual, you’ll avoid some of the biggest initial costs (and enjoy a simpler tax situation, too).
Once you start realizing some revenue, you can invest in yourself, and build the business you imagined piece by piece, rather than all at once.
– via Entrepreneur
Ideas For Low-Cost Side Businesses
If your business start-up juices are flowing but you can’t imagine where you would start, here are just a few ideas. There are many possibilities of small side businesses that you could start fairly quickly to earn some extra cash and achieve your goal of becoming debt free! Take a look at these.
In many states, like Florida for example, you do not need a license to be a painting contractor. And if you start with indoor painting, you can get by with a minimum of equipment.
You can learn some helpful tips from YouTube videos on house painting, free Home Depot workshops, and some practice painting around your own home. Matt Shoup tells U.S. News & World Report he started with $100 and went door-to-door, eventually building a painting business with annual revenues of $2.5 million.
Another one of the businesses you can start for less than $100 is a window cleaning business. However, to efficiently clean big retail store windows you may need more than $100 worth of equipment.
So start with homes and basic tools, and parlay your revenue into better ones.
You can learn the business online from any one of a number of tutorials.
Pet sitters charge as much as $100 for overnight stays, and $20 is typical for a 20-minute visit.
You can start by offering your services to friends and family and use the profits to build your professional credentials, perhaps by joining an organization like the National Association of Professional Pet Sitters.
To grow this business into a large income, you’ll eventually need employees or sub-contractors.
Tutoring is also one of the businesses you can start for less than $100. It used to be more difficult to market your tutoring services, but online platforms make it easier than ever.
If you’re able to help students with academic subjects, sign up with a website like Tutor.com. If you prefer to tutor people on a wider variety of subjects, like chess, sports, cooking, or singing, try Wysant.com.
Tutors commonly charge up to $50 per hour, and although these websites take a healthy cut of that, they provide a no-cost way to start. From there you can build a local clientele and start hiring others to work for your business.
Again, think of the low-cost entry point to keep your startup costs under $100. You can clean houses with all of the supplies and equipment you already use for cleaning your own home, and then invest profits into specialized equipment for other clients.
Carrie H Johnson was divorced and living in low-income housing when she started a cleaning business with friends, she explains on her website. She built it into a multimillion dollar business with 165 employees.
– via Small Business Trends
Have you ever had a side business to make extra money?