Yes, you can actually start a business with no money or experience, but you may have some restrictions on the type of business you can start. In as much as most businesses require at least start-up capital and minimal experience, you can actually start a business in some industries and then learn the ropes of the trade.
Good enough, entrepreneurs with saleable business ideas can attract funding from their family members, friends, banks, and government agencies that support startup businesses. In essence, you can start a business without having money of your own and also without having any concrete experience in that line of business as long as you have an idea of how to manage the business.
Steps to Start a Business With No Money Or Experience
Step 1: Choose a Workable Business Idea or Niche
The first step you are expected to take if you want to start a business without money or experience is to at least come up with a workable business idea or niche area that is highly saleable.
Interestingly, the only means of convincing people to invest in your business is to convince them that their investment will yield profits, and the only way thing that will make investors believe in you is what they can deduct from your business idea. Trust me, if your business idea is convincing enough, you won’t struggle to attract funds.
Step 2: Conduct Your Feasibility Studies and Market Survey
Conducting extensive feasibility studies and market survey is another crucial step when starting a business without money or experience.
You will be able to make well-informed decisions based on the findings of your feasibility studies and market research, particularly in regard to the type of business to choose, the location of your office, the demographics of those who would need your services or products, the likely competitors you will face, how to source raw materials or goods, and a host of other factors that can either make or break your business.
Step 3: Choose a Catchy Name for Your Business
The next step in your journey is to choose a memorable name for your enterprise. This should come after you have developed a solid business idea and after conducting your market research. You should be creative when selecting a name for your company because the name you select will significantly influence how others perceive what the company stands for.
Going online to research the names of top brands in the industry you plan to start a business will cost you nothing and will help you make the right decision when naming your company.
Step 4: Write a Workable Business Plan
No matter what kind of business you want to start or how big it will be, writing a solid business plan first is a smart move. The fact is that having a solid and practical business plan in place is essential for running a business successfully.
How you want to manage your business should be outlined in your business strategy. As a general guideline, while setting numbers on income and profits in a business plan, try as much as you can to be realistic and never over-project.
Step 5: Choose a Legal Entity for Your Business
If you decide to launch your business in the US, it is important to understand that there are only four types of business ownership or legal entities you can base your company’s structure: sole proprietorship, general partnership, limited liability company, also known as an LLC, or corporation (“C” corporation or “S” corporation).
The major criteria that will help you decide which legal entity to choose for your business include what you aim to achieve and the type of business you want to develop, so you don’t need to be confused about which will best suit your business idea.
Step 6: Register Your Business Name
One action that will bring you closer to realizing your dream of opening a business is to register your business name. You should be quick to register your business name if you don’t want someone else to do so. In order to begin the process of meeting your registration and licensing requirements, you need to go to the county and state government offices.
Step 7: Sourcing for New Business Financing
If you have successfully registered your business and received the necessary documents, the next thing you need to do is to look for financing. The Small Business Administration (SBA) is a significant source of funding for business owners, particularly those who own small firms.
In fact, the Small Business Administration runs a number of loan programs that offers capital to startups that were unable to obtain loans from lending institutions. Small firms and entrepreneurs cannot seek loans from the SBA unless they are unable to secure finance from other sources on their own.
Step 8: Open Your Doors to Customers
If you have gotten the required funds you need to start your business, then you can go ahead to acquire the things needed to kick-start the business. In case it is a business that doesn’t require money to get started – then you should just go ahead and start offering your services to customers.
Types of Businesses You Can Start Without Money or Experience
Sell Videos Online
It is now much simpler for anybody to create animated videos, so even if you lack money or experience, you might think about creating and marketing educational videos. Some of the Internet channels you can use to sell your videos include YouTube and other video-publishing websites.
You can create movies to educate people on how to make things for themselves, such as different delicacies, and upload them online. You will be surprised at how quickly there will be a demand for more of your videos.
Grocery Home Delivery Business
Helping grocery stores transport groceries to their customers is one of the businesses you can start if you don’t have any money or experience. In a grocery home delivery business, you will assist your customers in selecting groceries and arranging for delivery to their homes, offices, or other desired locations.
You will be compensated for these services. You can conduct this type of business with or without a grocery store if you have the financial resources to do so. The basic line is that you should be knowledgeable about where to get food and how to deliver them to your clients.
Selling eBooks is another simple option for a person without money to launch a business. There are countless topics you can write about, and there will undoubtedly be a market out there for them. Self-help or “How To” books are among the simplest genres to write for, and they can help you make money.
The fact is that you can continue to make money from a single eBook as long as the content is still largely relevant and useful. eBooks are also inexpensive and simple to produce.
Buying and Sell On eBay
As a person without money who is looking towards starting a business, you should consider buying and selling different goods on eBay. You can start by selling stuff that you no longer need. It could be electronic gadgets, bicycles, mowers, mobile phones, or virtually anything as long as it is in good working shape.
eBay is an internet platform where you can sell your stuff on. All you need to do is to sign up for their services, play by their rules in listing, and be extra careful when dealing with your clients.
House Keeping Business
A lucrative business concept that is also accessible to those with low funds is the housekeeping business. The administration of the everyday tasks involved in maintaining a household or home is essentially what housekeeping is all about.
Housekeepers perform daily tasks like cleaning, mowing the yard, cooking, shopping, doing laundry, washing dishes, bringing out the trash after supper, paying the bills, etc..
Sale of Artworks
The fact that you don’t have money does not mean you cannot go into the sale of artwork. As a matter of fact, you don’t have to be the one making the artwork.
If you are active online and have a sizable network of social media contacts, all you need to do is post the artworks that are placed up for sale on your social media page or broadcast them in any groups you are part of and ask for help re-broadcasting. The number of sales you can generate and how viral it can become will absolutely astound you.
Nanny Agency Business
The nanny agency business is yet another thriving and profitable business that a person without money or experience can start. A prospective entrepreneur with the necessary skills and credentials can earn cool cash in the United States of America by starting a nanny agency firm.
The fact is that an entrepreneur can establish a nanny agency business successfully on a small scale, and without having to spend a fortune. All you have to do is make sure you provide dependable and diligent nannies when clients request them. This kind of business can be operated solely through phone calls and the internet.
Sale of Tickets for Sports Events
Selling tickets for sporting events is another simple and lucrative business that a person with no capital or experience can launch and succeed in. Tickets are bought so that people can watch live sporting events, go to concerts, and other events. You may establish a company that sells tickets for various sporting events.
As long as spectators are willing to pay to view the sporting event, you are free to sell tickets to football games, boxing matches, athletic competitions, rugby matches, and other activities. The amount of money you can make in this type of business is determined by the number of tickets you sell.
Yard Sales (Consignment Store)
Yard sales or consignment stores are yet another business opportunity open to someone without startup capital. A consignment shop is a store where reasonably used items are offered for sale at bargain prices. It could include items like furniture, toys, books, tools, musical instruments, office supplies, machinery, clothes, shoes, and other fashion accessories. It might also include sporting goods, autos, electronics, furniture, toys, and other toys.
Vehicle Licensing Brokerage Services
A person without money or experience who is interested in making money can venture into vehicle licensing brokerage services. Vehicle license and other relevant vehicle documents usually expire annually, hence there is room for renewal at least once a year; it is a crime to drive a vehicle whose documents has expired.
Starting vehicle licensing brokerage services involves helping individuals and corporate organizations do all the work related to vehicle license renewal et al. You can start this type of business without any formal skill and without money.
Offer Voiceover Services
As a person without business startup capital or experience, your good voice and excellent diction are assets; with them, you can generate extra income for as long as you are willing to work. It is simple, all you need to do is Google voiceover outsourcing jobs and you will see loads of them. As a voiceover artist, you can sign up with an advertising company and they will help secure voiceover jobs for you.
Landscaping and Lawn Care Business
One business that even a person with little money or experience may start is a landscaping and lawn care company. This is a good way to make money, especially if you already have a lawnmower, other tools, and landscaping know-how.
Any business owner who wants to launch their own landscaping and lawn care operation and generate enormous profits from it needs to be very inventive, willing to go above and beyond for clients, and able to demonstrate their competence without a shadow of a doubt.
Real Estate Agency Business
As a person without money or experience who wants to start a business, one of the ways of making money is to work as a real estate broker. The real estate industry involves the buying, selling, or renting of lands, buildings, or housing facility et al.
Real estate agency or a real estate agent (broker) is a person who acts as a middleman between the sellers and buyers of real estate/real property. They are involved in searching for sellers who sell properties and buyers who buy properties.
Ice Block Making and Sale Business
Ice block manufacturing is yet another enterprise that a person with little capital can launch and succeed in. Making and selling ice blocks is one of the retailing ventures that is simple to launch and run, and it requires little in the way of time and resources.
All you have to do is to get an efficient ice block maker. So, if you want to establish a retail business that won’t take up most of your time, you can consider getting into the ice block manufacturing and sales sector.
Editing and Proof-Reading Business
Editing and proofreading is yet another easy-to-start business that a person without money or experience can start; it requires little or no start-up capital. The nature of this type of business makes it easier to work from home and for clients who are thousands of kilometers away from your country.
If you are a good editor and you have eyes for details, then you should consider visiting freelancer.com, elance.com, oDesk.com, et al to enroll and become a member. From such platforms, you can get enough editing and proofreading jobs that you can make good money.
Home Tutor Services
Home tutoring services are another successful and simple business that a person can start with little to no start-up capital.
Anyone with a degree and a passion for education can easily start a home tutoring business. There is a need for instructors since parents hire them to educate their kids at home. So, if you enjoy teaching, you might want to start providing home tutoring services.
Snow plowing is yet another business that an aspiring entrepreneur without money or experience should consider starting.
This business is suitable if you live in a city that experiences heavy snow during winter. Interestingly, all the tools and equipment you need to start a snow plowing business are things you may already have. Tools and equipment include; shovels, wheelbarrow, snow boots, hand gloves et al.
Dog Training (Grooming) Business
Someone with no money but a passion for animals can start any number of businesses. There are several companies that provide services for dogs, and one of them is the dog training company. Dog training, or dog grooming as it is known in most circles, is a lucrative industry that will last for a very long time.
Because of the profitable nature of the business, it is one sector that has continued to generate profits. Consequently, it wouldn’t be an overstatement to claim that the dog training business is profitable.
Car Advertising Business
Another cool way of making money without startup capital or experience is through a car advertising business. If you own a car and you love driving around town, you can turn this hobby of yours into a money-making venture. There are loads of advertising agencies looking for cars that can serve as their moving billboards and they are willing to pay pretty well for that.
The innovation in the advertising industry is evolving and new windows for both conventional and unconventional styles of advertising are opening up. Advertisers will do all they can to catch up with their target market and branding cars is one such option.
Dry Cleaning Services (Laundry Business)
Offering dry cleaning services is yet another business that someone without money or experience should consider. You can successfully start a dry-cleaning business from the comfort of your home and make cool cash. You can start by washing and ironing for your family members and friends.