Starting a business requires thousands of dollars – you may have heard that far more often that you’d care to remember. But most of us simply don’t have that much money lying around – and even fewer of us would want to risk investing in a business that may or may not succeed. Luckily, it’s possible to start a business with very little or no money as long as you have the right combination of skills, hard work and marketing know-how.
Follow our simple tips below to create your own profitable business and start making money today.
Make something … anything
Bonus points from us if it’s an home accessory as unusual as the bookshelf (pictured). Although making something does require an initial cost to buy supplies, you can usually recoup the money by selling your items at a much higher price than its actual cost. Value is perceived, so the more unique your product, the more it’s going to fetch.
Today, there are multiple online platforms to sell your handmade goodies. Homegrown app Carousell is a great place to start if you want to get your products noticed locally. Want to expose your items to a global market? Etsy.com is one of the largest online markets for all things handmade, from jewellery to wooden toys to well … the bookshelf.
Sell products … that you didn’t even create or own!
Wait, what? We get it: making stuff may not be your cup of tea. And dropping an investment on a bulk order is just too risky and expensive. What about the space that you need to store your inventory? That requires money too. The good news is that you can still make a business out of absolutely nothing.
Using this Internet business model, you can pull in guaranteed profits. We say guaranteed because there’s no investment required, meaning any money that you see coming in will be the exact amount that you’ll get to keep.
Sell your services
Another way to start a business with little to no capital is to sell what you already have, namely your skills. While you can offer to babysit your neighbour’s child or even shop for groceries on behalf of strangers, the Internet has bridged the distance between you and your potential customers, making it easier than ever to do business with people from around the world – and in the comfort of your own home!
There’s a huge variety of services that you can offer, ranging from design work to translation services to web programming. A site such as Fiverr provides a platform for you to advertise your services to millions of people. It’s also useful to have a blog to show examples of your work and give your potential customers an insight into your experience.
Sell eBooks on Amazon
One of the reasons why many are so reluctant to set up a business is the hassle that’s associated with it. After paying a huge upfront cost, you have to create a website, manage your products, market your products, source for potential customers and handle customers’ enquiries. It all seems overwhelming, especially if you don’t have enough left to hire more staff members.
Thankfully, you can bypass those obstacles completely by selling eBooks on Amazon. The world’s largest marketplace does all the above for you, allowing you to fully concentrate on creating new eBooks. Your eBooks stay on Amazon’s virtual shelves forever, letting you draw a passive income month after month. Not good with words? You don’t even have to create the eBooks yourself.
Learn more about how you can start an eBook business on Amazon and begin generating additional income here.