This could very well be one of the best times to start a new business. Sure, there are some challenges. For example, consumers and businesses alike are hunkering down due to the uncertain economic headwinds. That means that they aren’t spending as much money as they usually do. But there are always challenges with starting a business. For example, you might find yourself without a job and therefore without money. Today I want to share with you a few reasons why I think now could be an excellent period in your life to finally launch the business you have been thinking about. Plus, I want to share how to start a business with no money in case that is the position you find yourself in right now.
Why now is the time to start a business
Today, May 1st, is the first day that businesses in my state (Tennessee) are being allowed to return back to some level of normal operations. But that doesn’t mean that every business is going to rush back to their pre-coronavirus head count. Therefore, a lot of people are going to still be unemployed. Which means unless they had other sources of income their earning potential disappeared. Had those same people already had a business up and running they would have another income source to fall back on.
Whether you are unemployed right now or not most people are finding themselves with a lot more free time. I don’t know about you but there is only so many workouts I can do or Netflix shows I can binge watch before I get restless. When that happens I like to do something creative to engage my mind. Such as developing more resources for the SouthFound community. Starting a business is another way to get your creative juices flowing. It is also a great use of your time.
Those two factors, necessity and free time, alone combine to make for a powerful reason to start a business.
But those aren’t the only reasons. During the process you will most likely learn a lot of new, valuable skills. Even if you choose not to continue running your new business after you go back to your day job.
How to start a business with no money
When you don’t have money to pour into a new venture then you have to spend your time. Like I said earlier, the good news is that you probably have more free time than you have had in the past. Even if you are only saving the amount of time that you use to commute to work or your kid’s school.
One of the quickest and easiest businesses to start with no money is a service-based business. If you are struggling to figure out what type of service(s) to offer don’t worry. Below are some steps I would encourage you to work through to help answer that question.
Key questions to ask to help you pick a service to offer:
- When people call me for help what topics are they usually asking me about? For example, I get questions about how to fund a business.
- What is a service I can offer where the work comes easily to me? Trying to offer something that you aren’t well-versed in will only slow you down.
- Is there enough demand for a service like mine? Are people paying for a service like mine? One great way to determine that is to see if people are posting for services like your’s on the various freelance websites like Upwork, Freelancer, and Toptal.
- How will I market my services? Those same freelance websites are a good way to bid on existing projects. You might not get paid your truth worth early on in your freelance career. Since it takes time to build your reputation. But some income is better than none. Please don’t make the mistake thinking that you can post your business on social media and land clients.
Why product-based businesses may not be right for you
With a product-based business it takes a lot longer and some amount of money to get rolling. At least one where you have to design and manufacture the product. Of course, you can always start an affiliate marketing business where you promote other people’s products and get paid a commission for those leads or sales. For something like that you are going to need your own website. I always recommend hosting your own website. After all, if I can do it so can you. That will cost you a little bit of money. Around $4/month through companies like Bluehost. Which is who I use to host all of my own website.
Take the 1k start challenge
If you still aren’t sure how to start a business with no money I have a FREE email course you can take that will guide you through additional exercises and lead you toward your first $1,000 in business. To take that email course just register below.