To start your own business with less money, you need a solid plan. Because success comes with hard and smart work. You have to put more work towards your business when you have little money to invest. There are many options but you need to plan how you want to start your business and what kind of business you want.
Don’t let lack of money hold you from starting your very own business
The post may contain affiliate links, for full disclosure, read here
It is not always that you need a lot of money to accomplish your dreams of starting your own business. The only thing is that you need passion and control over your emotions to start. Taking action is the very first step towards the accomplishment of dreams.
Now, coming to the point of starting your own business, you need to take care of some things which are necessary if you want to succeed.
Do your homework beforehand
There s nothing new in this one but if you want to accomplish what you want in your life, you need to do your homework. You should have a solid plan of what you can accomplish your self and what needs to be delegated. When starting out solo, you have to do most of the business-related tasks yourself. This will be possible only with a solid strong plan and very clear focus.
Visualise yourself succeeding in the business
Clearing your mind blocks will let you make the plan required for a successful business. Maintain a ‘can do’ attitude and start thinking about the skills you have and you will need for this business. You will need the required motivation to step into the arena of this competitive world. I know when you want to start a business from home, it really becomes important to keep yourself motivated enough to start and hold on to the idea.
Start with your own skills and knowledge
If you want to start with something right away, use your present knowledge and skills. This helps in saving time because you already have the required skills which will take less time to start. If you want to learn something new, it can take some years to learn and make the required change.
The very first thing which comes to mind is whether the project I m starting will be profitable or not? Nobody can answer this because it is only you who can find out after working on it.
Do most of your tasks yourself
With no money or very less capital, it becomes important to do most of your tasks your self and save money from everywhere. I know it is really hard to do everything yourself, but it saves you a lot of money when you are just starting out. Even if you are keen on doing everything yourself, you may lack totally on some skills. Outsource those skills and be at peace with the quality of the work.
Yes, my friend, when you are starting out it is better to start small and then scale your business later. When you know that the capital you need for a business is a lot more than you have, it is in your best interest to start with whatever you have. If you want to start a business idea without any money, the business should fall into these categories.
- Software development ( anything related to graphic designing, apps etc)
- Physical products ( needs more money to start )
- Freelance writing services
- Online courses
If you are looking for some ideas to start a business but not clear about, you can read my post about business ideas you can start with low money
Build your savings
I think you will agree with me on this one that when you have to put some money and time towards your business, building your savings for at least 6 months will give you a cushion. Start today by building your savings account and make a goal of saving at least for 6 months in the shortest period possible.
Starting a business will not happen in a single day. It is a long term plan. So you should plan for a long term for how you will survive while working on your business and what you will do if you face some financial problems.
These are the preliminary steps you need to take to get ready to start a business.
Let us see how to start your own business with less money
1. Make a business plan
Creating a business plan will help you figure out your present situation and where you want to be in the coming years. The key points are
- What is your present situation in terms of finances, ideas and expertise
- How many tasks can you handle yourself
- What you can delegate
- SWOT analysis
2. What problem your business will solve
Never ever underestimate the power of this word VALUE because your business should solve a problem and should provide value to customers. When you will be finding out your own skills and expertise, you will come across how your skills can add value to the lives of people by solving the problems they are facing.
If your business idea will not help people then who will pay you? When you know what specified problem your business will solve, t becomes very clear and easy to create a business plan that will help you
3. Make specific goals with time frame
Decide your plan
The most important part of any successful business is a well executable plan.
As Benjamin Franklin said “ If you fail to plan, you are planning to fail. “
Make a plan about what you want from your business and how you will get it. Set short term and long term goals
There is nothing new in this but the only difference is how you will set and slay your goals. Divide your goals into
LONG TERM MIDTERM SHORT TERM GOALS
Classification of goals makes it easy to work on your plan in small steps. This is a crucial step if you are running your business alone from home. I think you will agree with me on this one that creating goals is the single most thing without which nothing could come to fruition. To set specific goals for your business, start with the mission statement for your business.
The kind of goals you will need for your new business
- The mission statement for your business
- Time frame to start a business
- Create a road map of how you will reach your mission and end goal
- Tasks required to accomplish your goals
- Divide those tasks into long term, short term and midterm
- Always write the time frame to accomplish a certain goal
4. Create a digital marketing strategy
While starting out, it is important to use free resources as much as possible. Digital platforms have made it possible to promote your business and skills for free organically. Or if you like, you can still use the paid method to reach more people. We will leave the paid method for later. Facebook, Instagram, Pinterest are really great places to use free resources.
The digital world and social media platforms have made it easy to advertise your business for free. If you have an idea for your business, create a Facebook page and Pinterest account from day one. It will take some time to work but if you will be ready with the initial set up, it will be easy for you to scale that up. Gradually you will start having followers and engaged people on your business pages.
5. Start networking aggressively
Today’s world depends a lot on networking. Small businesses rely a lot on networking for their success. Reflect on your past year’s networking efforts. If you didn’t seize the opportunity of networking, make it a goal to start networking this year.
If your networking efforts are not optimal, ramp up those efforts as networking opportunities can take a small business to another level. It is mutually beneficial. And helps to maintain a symbiotic relationship.
6. Work on your personal brand
Establish your personal brand this year. Work on it and stand out from the crowd. It is the uniqueness in your personality or your business which will differentiate you from the rest of the competition. Find out your uniqueness and work on it.
If you want to create a brand for your business, you can check here with Colette Broomhead. If you want, you can check her services or she has really good free stuff on her website to start with.
7. Increase your commitment
Working from home is not so easy. Working in between your home duties will require you to be more committed and determined. Just pay attention to your business and put your soul and mind into it.
There are always millions of things to do when you are working from home. If you have a full-time job also, you will need double commitment.
8. Create a website for your business
Here is something, we can both agree on that in this digital world, no business can thrive without a website or a blog. Content marketing helps in getting your business in front of people and if you are doing something online, creating a website and writing helpful content helps you in building authority.
The best part is you don’t have to shell out a lot of money to work on your website. You can create a website with less money you will spend on your dress. If you want to create your own website and want to create a blog, you can sign up with my 7-day email course to build a professional blog.
9. Create profiles on social media platforms
Social media platforms are not only to share cat videos but also great for businesses because money is there where people are and social media platforms have a lot of people daily come to them.
If you want to start your own business but don’t have any idea, choose from these business ideas to start a business
1. Online coaching
Online coaching is a great model of earning money online while starting your online business journey. For being successful at coaching, you need to have continuous clients which means you should be looking for clients always. The kind of coaching you can provide depends on your own skills which you have acquired by working in past.
The only catch is that other people should be interested in these skills.
2. Create an online course
Creating an online course is the best form of starting a profitable online business. Most of the successful online businesses create courses that help others acquire the required skill to be successful in that particular thing. For making the online course success, you need to be committed to working on it. It takes real hard work to create a course and also it needs to be in-depth so that students can learn from it.
You need to have an
- Be ready to commit to it since day 1
- It should solve a problem
Those courses which are more specific and solve an immediate problem are considered easy to sell. If you have an idea, don’t wait, just do it. Someone may learn a skill from your course.
3. Freelance writing business
Whenever we talk about starting an online business with a very low budget, online writing services come to mind immediately. For this business, you don’t need a ton of experience but you should love writing. The Internet has made freelance writing a lucrative business to start with a low budget.
Start by practising writing yourself and you can hire freelance writers also for this. A beginner writer can expect to make around $ 50 for an article but the experienced ones earn about $500- 1500 for a well-written article. It is a bit difficult in the beginning as you may have to write for a few bucks. But as your writing experience and client base grow, you may be able to negotiate higher rates.
- A computer
- A quiet space to sit and write
- Grammar and spelling checker
4. Proofreading/editing business
If you have good skills to pick errors and you are good at grammar, you can start proofreading business from home. You need to have an eye to pick small errors. If this sounds interesting and you want to start a side business, you can learn to proofread from Proofread Anywhere. General proofreading: Theory and practice course from Proofread Anywhere is a comprehensive course to learn how to proofread.
- Attention to detail
- Ability to stay focused throughout a document
- A computer/ tablet
5. Create an Ecommerce store
Ecommerce is considered to be the fastest-growing industry and some experts predict that this industry will surpass 3 trillion dollars in revenue in the coming years. Shopping online has become a trend and it is relatively easy to shop online and have stuff delivered to your doorsteps.
It is easy to shop online but starting an online business is not that easy. It takes a lot of hard and smart work. If you like to know how to start an eCommerce store, read this beautiful post.
6. Social media services
This platform started as fun to interact with families and friends and soon grew to an important marketing component for businesses. Social media is a bit complicated if you want to use it for profits. And businesses feel it to be bit complicated and overwhelming. Here comes the need for someone to look after their social media strategies and social media accounts.
If you feel like you have all the skills to work on these platforms and always remain on top with all the algorithm changes, then this can be your business idea to work online.
7. Virtual assistant services business
It is really an easy way to start with your virtual assistant business. You jut to need to figure out what kind of services you want to give. Deciding on your services and your brand name is an important aspect of your business.
- Choose the services you want to offer
- Decide a brand name
- Start networking
- Look for clients
8. Ad agency
Starting an ad agency is a lucrative online business. As an ad agency, your services include creating, managing and planning to advertise for clients. To be successful at this, you should have good marketing skills. Having good marketing skills will let you help clients with their advertisement goals.
It is better to start as an individual contractor as it will let you work individually and you will acquire more skills to make your agency a success.
Types of ad agencies are :
- Design based ad agency
- Branding agency
- Marketing agency
9. Start an SEO services business
If you have good SEO skills then you can start the SEO business. The online world needs SEO services to beat the online competition. There is a huge demand for white hat SEO experts who can help businesses gain organic traffic. Those experts who work ethically are in demand. If you feel like you have the skills to help businesses grow their online visibility with the right SEO, then go for it, the world is waiting for you.
10. Start a profitable blog
Starting a profitable blog is really possible and it is a long term thing to do. Many people have found success in a very short time but most of the successful bloggers took time to see the results of their hard work. Earning from a blog is not the overnight thing but can be done gradually by working consistently and with determination. If you want to start a blog, you can start it today with Siteground.
If you really want to start a money making blog , you can sign up for my 7 day email course
11. Graphic design services
If you have graphic designing skills then you can start your online business around this. Graphic design is broad discipline. There are so many categories which comes under graphic design.
- Logo making
- Web designing
- Social media designing and many more
You need to figure out which one is your speciality . Also pay attention to the skills which you want to hone in order to make you more skilled.
I think, by now you will be ready to start your very own business to work from home and be your own boss. If you have some apprehensions, you can ask me anything.
📍 If you want to start making money online right now, start doing surveys. You will not become rich but you can increase your emergency fund or you can pay a bill with this extra money. I am using the money I get from surveys to build my emergency fund. Here is one of my favourite survey companies
- Survey Junkie: I personally use Survey Junkie to maas money or as free gifts.
⭐I hope you like my post and don’t forget to follow me on Pinterest 😊