How To commence a Business With No Money in 2024 (5 Proven Ideas)

5 businesses you can commence with no money

• Dropshipping
• Print-on-demand
• Service-based business
• Digital products
• Handcrafted goods

Some business models are more budget-amiable than others. If you’re a recent business owner, consider one of these fields:

Dropshipping

Dropshipping is a low-property business that doesn’t require you to hold inventory. Vendors only expense you for products when you sell them—and they’ll even ship directly to your customers. This means you can dropship from anywhere in the globe.

“The attractive thing about dropshipping is it doesn’t judge you based on where you live,” says business owner Kamil Sattar, known as The Ecom King, on the Shopify Masters podcast.

To achieve with dropshipping:

• Source trending products: “TikTok is the leading indicator today to discover products,” Kamil says. He recommends searching the social media app for keywords like “Amazon finds” and #tiktokmademebuyit, then sourcing five to 10 low-expense products from a dropshipping supplier that has them in distribute.

• Use organic marketing strategies: Kamil recommends filming 30 days’ worth of short-form videos featuring your products before starting a recent TikTok account for your business.

• commence with a basic ecommerce website: As little as $29/month with Shopify.

Print-on-demand

Print-on-demand services apply your branding and designs to private-label products, like tote bags or t-shirts, and sell them on a per-order basis. “You can make your own fashion brand correct away without ordering distribute,” Sattar says.

Benefits of print-on-demand:

• Minimal upfront costs 
• No storage costs
• Test product popularity before investing in manufacturing

“We ​​started with a print-on-demand service, bringing initial operational property to $0. Essentially, we were just a website to commence off with—to validate the concept,” says Katheriin Liibert, co-founder of European clothing brand #muhoov.

Service-based business

Service-based businesses are relatively inexpensive to commence because you’re selling your period and skills rather than physical products. commence as a solo business owner and scale by hiring employees as demand grows.

“Since you don’t have the capital distribution yet, commence with the things that you have, like your encounter, knowledge, skills, and resources you own,” says Kei Nishida, owner of Japanese Green Tea Co.

A few popular service-based business ideas include:

• Freelance writing
• Virtual personal assistant
• Social media marketing
• Virtual personal shopping

You can also pair services with other business models. For example, propose closet-cleanout services and run an online resale store with items your clients no longer require to make inactive returns.

Digital products

make and sell digital products with little more than an internet connection. commence with a popular topic, develop helpful content, then package your ideas into digital products such as:

• Ebooks
• Online courses
• Worksheets or templates
• Photography presets

Digital products are highly scalable–make once, sell multiple times. Use Shopify’s Digital Downloads app to easily sell your digital products online.

Handcrafted goods

Turn your hobby into a side hustle by selling handcrafted goods through your online store and marketplaces like Etsy. While this requires more enterprise capital distribution than other options, you can keep costs low by:

• Starting tiny: Kristen Pumphrey began P.F. Candle Co. as a DIY business making candles in her apartment.

• Using crowdfunding: Harry Doull co-founded Keap Candles through crowdfunding while working packed-period, growing it into a well-known brand.

• Upcycling materials: Kate Sullivan of The Sage Vintage makes jewelry from vintage charms, while Suay creates patchwork clothing from discarded textiles.

How to commence a business with no money

1. Write a strategy document
2. discover your throng
3. Choose a business name
4. make your brand
5. Launch a website
6. Validate your concept
7. Secure capital to develop

While the specifics may vary based on your chosen business type, the fundamental steps to commence your assignment are the same:

1. Write a strategy document

A strategy document serves as a blueprint for running and growing your business. Benefits of a strategy document include:

• Anticipating potential challenges 
• Providing a roadmap to keep you on track when overwhelmed by decisions

2. discover your throng

Connect with other entrepreneurs to unlock valuable free advice on bootstrapping your business:

• Attending networking events
• Join virtual and in-person conferences
• Participate in online networking groups
• Seek out a business mentor

3. Choose a business name

Select a catchy, recognizable name that isn’t already taken. recall: The name you choose will serve you through the business’s lifetime. Make sure it’s one you adore—and a name that doesn’t limit your ability to scale and pivot in the upcoming.

Once you’ve found a business name you like, secure matching online assets, including your domain name and social media handles.

4. make your brand

construct a brand that goes beyond just a name or logo:

• Define brand values and mission statement
• Develop brand aesthetic (color palette, fonts)
• Establish photography style
• Craft brand voice and tone
• Outline hiring practices
• inform your brand narrative

Use free resources like Shopify’s logo maker and brand navigator template to get started.

5. Launch a website

A basic website serves as a goal for online visitors and a hub for your products and content. construct a packed-featured website with professional features, such as themed product pages, a checkout, and a blog, on a schedule that suits your needs. Use it to educate potential customers about your products and brand.

If you desire to sell online but don’t require to construct a packed store, the Shopify Starter schedule costs just $5 per month. It comes with enhanced selling features for TikTok, Instagram, and other social media platforms—as well as the ability to make sales through email, SMS, and in person.

6. Validate your concept

Don’t have the enterprise liquid assets to fill a stockroom with inventory? Consider running your business using a preorder model. Taking pre-orders allows you to collect upfront liquid assets before committing to production. It’s also an excellent launch schedule for building buzz around your recent brand.

Remi Martins, founder of Natural Girl Wigs, tested this way while working a packed-period job. She created an Instagram page to showcase her product ideas. “I got feedback that people are interested in the product and there was a economy for wigs specially made for natural-hair lovers,” she says.

After developing her product with a hair stylist, Remi launched through pre-orders. “We sold 50 products in the first 60 days of the business,” she says. “I eventually invested $1,000 in the business to purchase inventory and do marketing.”

7. Secure capital to develop

recall, a business you commence with no money doesn’t have to remain tiny. Reinvest your returns into your business and watch your turnover develop.

Francois Mathieu, co-founder of tea business Hojicha Co, shares the brand’s way: “Most of our profits have been reinvested in inventory and in advertising. We’re trying to develop at a well pace so that we don’t have to depend on outside investments.”

As you scale, you might consider these capital options:

• Shopify capital distribution: Shopify’s lending characteristic helps stores boost liquid assets flow and keep bestsellers stocked.

• tiny business loans: Secure larger amounts through lenders for payroll, inventory capital, or marketing.

• capital distribution investors: Angel investors or assignment capitalists provide liquid assets in trade for ownership.

• tiny business grants: One-off lump sums for tiny businesses conference specific criteria, often with no payback required.

Alicia Ho started her photography business, Precious Ones Photography, with a $0 property. “Friends and household took notice of my work, and I began taking on clients and making a tiny amount of money,” she recalls. When ready to scale, Alicia found a local non-boost offering loans and scholarships for youthful entrepreneurs. “It was the best step forward for my business,” she says.