Blake Stockton is a staff writer at Fit Small Business focusing on how to start brick-and-mortar and online businesses. He is a frequent guest lecturer at several undergraduate business and MBA classes at University of North Florida. Prior to joining Fit Small Business, Blake consulted with over 700 small biz owners and assisted with starting and growing their businesses.
There are a couple different options to start a business if you have no money. The best option is to offer services that don’t require any additional costs for you to provide. What skills, software, or tools do you already have that allow you to offer a service for free? For example, if you already own a dog, maybe you can start an at-home pet sitting business. Or if you already possess design-related skills, maybe you can make graphics for a small business’ social media posts.
There is a lot that goes into starting a home business. Along with the tasks, is the ability to deal with hassles and frustration, fatigue, and slow results. If you can't do the tasks, or stay the course when things get hard, then a home business may not be for you. To make sure you have the stamina to succeed, answer this question honestly: Can you handle the day-to-day general tasks that starting a small business requires, like:
This article was co-authored by Michael R. Lewis. Michael R. Lewis is a retired corporate executive, entrepreneur, and investment advisor in Texas. He has over 40 years of experience in business and finance, including as a Vice President for Blue Cross Blue Shield of Texas. He has a BBA in Industrial Management from the University of Texas at Austin. This article has been viewed 267,253 times.
It’s a simple fact of life: These professionals don’t have the time they actually need to carry out all of the research necessary on a day-to-day basis. Whether it’s perusing old academic essays or case files, analyzing bibliographies, or carrying out some market research, you can be a valuable asset to a company with your research and fact-checking.
With affiliate marketing, you offer the products for sale, for example, on your blog or e-commerce website. Each product has a unique link that tracks back to your account with your affiliate partner. A prospect who clicks on the link is taken to your partner’s shopping cart for checkout. Once they buy, that purchase is recorded and you receive a commission. Commission amounts vary depending on the affiliate partner, but is generally 5 percent to 25 percent, or 50 percent or more with digital information products. As you can see, there’s little risk on your part and virtually no investment needed either. Just like with drop shipping your only costs will be marketing and advertising to drive traffic and generate the sale.
The first step involves figuring out what type of business you want to run. Too many people focus on fast profits over choosing the right idea. Although the goal is to make money, you shouldn't base your decision on profit potential alone, ignoring your interest in or compatibility with the business. It's always better to choose a business idea that you're passionate about.
Beta is when you’re testing out your product or service with the goal of receiving feedback. Find potential beta customers at trade shows, festivals, farmers markets, and other types of events where you can sell your product or service to a relatively small group of people. Consider offering discounts in exchange for customer feedback. While you can make some money with the beta, don’t let it distract you from your goal of testing and improving your idea.