What business can you start with no capital at all? I know very much that a lot of business-oriented individuals might probably have asked series of question on how to start a business with “no capital”. Many also have this sentimental thought that “when there’s no money to spend, nothing can be implored or established” well, it might be a yes or no answer to some.
According to Kyle J.Burt, a Building Business Consultant shared his own view on about how he started his business.
I am speaking from experience here. I started Catch Solutions back in 2015 with almost $0 money. Ok sure we needed to establish an LLC ($350), host a website ($112/yr), and email ($5/Mo G Suite), but besides that, everything else required time and know how.
Catch Solutions is an IT consulting agency helping business leaders dominate technology. Specifically, we consult with business leaders around cloud phone systems, internet connectivity, managed cloud infrastructure, and cyber security services and procure the service for the customer from industry leading providers (ex: RingCentral, AT&T, Rackspace).
Rather than hire a web developer, I learned WordPress and built my own site using pre-built themes; easier than it looks, but still very time-consuming.
Rather than hire a designer, re-purposed my high school photoshop skills and made a “minimum viable brand” (logos, graphics, business cards, website images).
I took advantage of every option I could to do it myself and save money that I didn’t have. Was it hard? You bet. Did I sleep much? Not at all.
Being a consultant requires constant sales prospecting to fill the funnel. There are many tools you can buy, but for the most part, it comes down to work.
In business, you either have time or money. No money, invest time. No time, invest money.
I’d always suggest an online business that doesn’t require inventory. This is an excellent way to build a passive income on the side. It will require less time and investment (and therefore risk!) than a brick and mortar business.
Here are some suggestions:
Start a blog – start a blog on a topic you are knowledgeable on. That’s what I did with Achieve In Business – my blog is about online business. You can use affiliate marketing to make money or use ads, it also allows you to grow an email list for future marketing.
Pros – you completely control the site and write whatever you want. Blogs have a snowball effect when you start to grow.
Cons – blogs are a slow burn, you won’t make any money until you have a relatively big audience. It is easy to lose motivation when you aren’t getting any views.
Dropshipping – one of my favourite schemes. Essentially you act as a middleman and take a profit on selling goods.
pros – very little investment required, can be extremely profitable
cons – it can be hard to find products which will sell
E-commerce – Very “in” right now in the world of online business. Set up an online store, buy some goods, and send targeted traffic interested in your goods there through adverts.
pros – Can be extremely lucrative, very simple process
cons – will require investment in website, goods, and advertising. You aren’t guaranteed to succeed.