If you’re like millions of Americans, you must dream of starting your own business. Am I right? But of course, there are hundreds of obstacles that may keep you from actually doing that. You might not have enough motivation or time to actually see the work through; or you might not even have a solid idea to begin with, yet.
But where most people stopped their realization, is the opinion that it takes money to start a business — money they don’t have.
Still, things to consider: there are loans, grants, investors and other fundraising options, like crowdfunding, available to get you what you need. So remember, money is not a good excuse not to start a business. And, beyond that, there are some types of businesses you can start with almost no cash.
Types of businesses to start with no money
1. Personal creations
First off, there are personal creations, like crafts and arts. For example, if you’re a painter, you could sell your works of art with an investment of nothing more than art supplies and investing your own time. Platforms like eBay, Etsy and Amazon cater to creators and make it easy to turn a profit from your work.
2. In-home services
Services don’t cost you any money up-front because you are going to sell intangible goods. And if you’re working in people’s own homes or neighborhoods, you won’t need a physical headquarters for your start-up business. For example, you could start a babysitting service, a dog-walking or pet-sitting service or something like snow-plowing or landscaping.
3. Repair or skill-based services
If you have a specific skill, you could use your skilled labor as the main revenue driver for your business. For example, if you’re a handyman, you could help to homeowners who don’t know much about home repairs.
Just like in-home services, these types of business don’t require you to have a physical establishment and don’t require you to invest in anything up-front, except perhaps the equipment you’re going to need for the job, which will vary in cost.
Many employees think about becoming entrepreneurs only after getting several years of professional experience under their belt. Think about the industry you’re working and how much you’ve been able to learn in that time. Up-and-coming professionals, or some startup business owners will likely be glad to pay you for your expertise. Consulting is a service that costs only time to produce, but can be highly valuable as your next career opportunity.
The idea behind resale is simple: You acquire products, use some form of marketing and then sell to other people. You can use drop-shipping or wholesaling to acquire these goods. With drop-shipping, you’ll ship directly from the manufacturer with lower profit, but you’ll need almost no startup cash. With wholesaling, you’ll need much more money and space up-front, but you’ll end up with more control and higher profit margins.
After you start your business and start earning revenue, your lack of startup capital will become less of a problem. You can reap the profits from your venture and reinvest them, find business angel or even use the profits to start an even bigger business.
Hopefully, you can now realize that you don’t need a lot of up-front money to start a business. In fact, you can start one for almost nothing. You just need to know what types of businesses work the best for you.