Here’s How You Can Start a Business with Little to No Money

So you have a great business idea, but you don’t have a lot of money to invest. Starting a business with little to no capital will be challenging. But business coach Tolu Areola explains that, with the right mindset and strategies, you can turn entrepreneurial dreams into reality.

Pursue Low-Cost Business Ideas

There is a plethora of businesses you can start with just a laptop and a stable internet connection. Prominent options include:

  • Digital Marketing Manager: According to the U.S. Bureau of Statistics, the demand for digital marketing managers will consistently grow until 2030. If you have prior experience in social media management, freelancing as a manager can be a fruitful endeavor with high growth potential.
  • Virtual Assistant: VAs are tasked with completing important administrative projects such as data entry, email/phone screening, appointment scheduling, etc. This business will provide you with complete flexibility over setting hours and pay rates.
  • Video Editor: As reported by Oberlo, businesses are investing heavily in making video-based content to attract clients. Having good video editing skills will help you become successful in this niche and develop a strong client base.

Choose a Business Structure

There are many important factors to consider when starting a business, and one of the most important is choosing the right business structure. LLCs are a popular choice for small businesses because they offer liability protection and flexibility. LLCs also have fewer reporting requirements than other business structures, which can save time and money. Once you’ve decided on an LLC, you’ll need to file the proper paperwork with the state. If you are interested, a formation service can manage your LLC registration.

Look for External Funding

Here are a few easy options to explore for covering daily business expenses:

  • Apply for Grants: As a small business, you’ll be eligible for various state and federal level The grant amount will depend on the organization and the strength of your application.
  • Apply for a Loan: Another option is to take out a business loan. If you’re going this route, take steps to raise your credit score so you can get more favorable loan terms.
  • Credit Cards: Compared to taking a loan, credit cards won’t require collateral and you’ll be able to use them as and when needed. But, have a plan to always repay before the due date to avoid fines and interest penalties.

Self-Marketing the Business

Here are some low-cost marketing activities you should leverage for the business:

  • Create a Logo: You can make a custom logo using an online logo creator. Choose from thousands of templates and then customize your logo with your own images, icons, and fonts.
  • Design a Website: Using a free online tool, create a website that includes a description of your services, experience, testimonials, and a contact form.
  • Create a Google Business Profile: This will automatically make your business pop up on Google search and be listed on Google maps, through which customers can contact you directly.
  • Leverage Social Media: Create free business profiles on Instagram and Facebook and post regular content to promote the business. If the budget allows, running ads can help garner thousands of impressions resulting in more customers.

Self-Marketing the Business

To grow a business without any capital, the key is to choose the right idea and utilize low-cost strategies which provide high returns. Also take the time to choose a business structure, find funding, and develop marketing strategies.

 

Are you looking to reach your business dreams, but you aren’t quite sure how? Then contact business coach Tolu Areola!