The SMBs you can start with little to No Cash

Starting your own business is a dream come true for many. Often, there are many obstacles that prevent one from achieving this dream. These obstacles may include lack of motivation, lack of a solid idea, or lack of the time to see the business through. Most people are stopped short when they realize they need money that they don’t have to start a business. However, there are many options to help you find the money; loans, grants and fundraising options like crowd funding.

What does it take to start a business?

  •         Planning. One needs to come up with a business plan and a financial model.
  •         Business license.
The small business administration has plenty of resources to help one figure out what license is needed, how to obtain it and how much it is going to cost.
  •         A domain name. One needs to invest in an online brand early enough and keep it as professional as possible. A domain name can be bought for as little as 10 dollars.
  •         A website. One can easily get a website builder online and make their own website. This is often free.
  •         Marketing. Marketing is normally very expensive; however, there are some marketing tactics that can be solved with only the investment of time. Social media marketing and content marketing are examples.
  •         Equipment. These are cash drainers. They are however not needed in every enterprise.
  •         Products. The main goal of a business is to sell something, which normally requires an upfront investment.

    • Type of businesses to start

    1.   Personal creations. These are arts and crafts. For example, painters can sell their work without the investment of anything other than time and art supplies. There are also many social and online platforms that allow people to cater to creators and help them turn a profit for their works.
    2.   In-home services. Services are intangible goods and hence, don’t cost any money upfront.  If the services are rendered from people’s own homes and neighborhoods, one will not need a physical headquarter for their business. These are services like dog walking or babysitting.
    3.   Repair or skill based services. Skilled labor could be used as the main revenue driver for a business. These could be plumbing services. Like in home services, this type of service does not require a physical headquarter for services. The only things needed are the tools and skills needed to run the services.
    4.   Consulting. Most people consider becoming entrepreneurs after spending years in a professional career. All the years of experience gained can help up-coming professionals or startup companies, who are willing to pay for expertise. Consulting is a business that requires only the investment of time and can be a valuable career opportunity.
    5.   Resale. This is the process of acquiring goods or products and reselling them. One can use wholesale or drop shipping to acquire these goods. In the case of drop shipping, this allows the business owner to ship directly from the manufacturer at a lower cost and with very minimal startup capital. Via wholesale one requires more capital at hand and space up-front. This, however, guarantees more control and money in the long run.
    6.   Micropreneurship. One can piece together miniature businesses through Micropreneurship and shared economy. For example, one could be part of a business driving for Uber or renting out for Airbnb.

    After getting the business running, one eventually realizes that it does not necessarily cost a lot of money to start a business. The only thing one has to do is find out what business model works for them and go for it.

    Featured Image: DepositPhotos/ RawPixel

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