7 answers
Eddie
Student
Alaska, MI
2
Questions
Asked
432 views
How can I start a business with little or no capital ?
How can I start a business with little or no capital?
Login to comment
7 answers
Katherine Avery
Run a music studio and teach private music lessons; teach college-level religion classes
299
Answers
Spanish Fork, Utah
Updated
Katherine’s Answer
The best resources I know of for learning to run a business are this workbook (https://www.churchofjesuschrist.org/bc/content/ldsorg/topics/self-reliance/2017/14678_sgmb_book_eng.pdf?lang=eng), and Dave Ramsey's book called EntreLeadership. Maybe they could help you.
I agree that this is a good resource but I want to put out a disclaimer that there is religious content within the PDF workbook (in addition to business insights).
Gurpreet Lally, Admin
Shannon Allena
Marketing and Operations
1
Answer
Harrisburg, Pennsylvania
Updated
Shannon’s Answer
Entrepreneurship is a wonderful area to go into! Your results are solely based on your own efforts and sky is the limit when it comes to income potential. The easiest and fastest way to start a business with little money required is to start your own service-based business. In this day and age, it is so easy to launch an online business you can work from your home or anywhere with just a laptop.
There are no shortage of services you can offer that other businesses are looking for. In fact, one of my favorite resources to share with people lists 275 services you can offer working virtually. It was created by a woman who built a very successful Virtual Assistant business and then started to teach other people to do the same. The list of service ideas will give you options to consider or it is helpful to spur other ideas of your own. Here is her link to get the list: https://fullybookedva.com/.
I began my first online business as a Pinterest Marketing specialist and then moved into a variety of other marketing roles such as podcast production, Search Engine Optimization (SEO) strategy, Social Media Management, and copywriting, so there are a lot of ways to offer services in your own business.
Check out this resource for a list of 275 different services you can offer: https://fullybookedva.com/
There are no shortage of services you can offer that other businesses are looking for. In fact, one of my favorite resources to share with people lists 275 services you can offer working virtually. It was created by a woman who built a very successful Virtual Assistant business and then started to teach other people to do the same. The list of service ideas will give you options to consider or it is helpful to spur other ideas of your own. Here is her link to get the list: https://fullybookedva.com/.
I began my first online business as a Pinterest Marketing specialist and then moved into a variety of other marketing roles such as podcast production, Search Engine Optimization (SEO) strategy, Social Media Management, and copywriting, so there are a lot of ways to offer services in your own business.
Shannon recommends the following next steps:
Joseph Girouard
Operations Director
3
Answers
Boston, Massachusetts
Updated
Joseph’s Answer
Kickstarting a business with minimal or zero capital may seem daunting, but it's entirely achievable with the correct strategy. Here are some practical steps you can take:
Firstly, think about launching a service-oriented business. These often require little to no initial investment. You could start a consulting, freelancing, tutoring, or digital marketing business using your current skills and a minor investment in a website or promotional materials. If you have a product idea, consider developing a minimum viable product (MVP). This is a basic version of your product that you can test and improve based on customer feedback, without needing a large initial investment.
Another effective strategy is bootstrapping. This involves using your personal savings, reinvesting early profits, and keeping expenses to a minimum. Seek out ways to utilize free or inexpensive resources, such as online tools at no cost, affordable coworking spaces, and local community resources. Networking is key—forge relationships with mentors, advisors, and fellow entrepreneurs who can provide guidance, support, and potentially form partnerships.
You can also raise funds through crowdfunding platforms like Kickstarter or Indiegogo. These platforms allow you to pre-sell your product or service to early adopters. Alternatively, look into small loans or grants specifically designed for startups and small businesses. These can be sourced from government programs, nonprofit organizations, or microfinance institutions.
Firstly, think about launching a service-oriented business. These often require little to no initial investment. You could start a consulting, freelancing, tutoring, or digital marketing business using your current skills and a minor investment in a website or promotional materials. If you have a product idea, consider developing a minimum viable product (MVP). This is a basic version of your product that you can test and improve based on customer feedback, without needing a large initial investment.
Another effective strategy is bootstrapping. This involves using your personal savings, reinvesting early profits, and keeping expenses to a minimum. Seek out ways to utilize free or inexpensive resources, such as online tools at no cost, affordable coworking spaces, and local community resources. Networking is key—forge relationships with mentors, advisors, and fellow entrepreneurs who can provide guidance, support, and potentially form partnerships.
You can also raise funds through crowdfunding platforms like Kickstarter or Indiegogo. These platforms allow you to pre-sell your product or service to early adopters. Alternatively, look into small loans or grants specifically designed for startups and small businesses. These can be sourced from government programs, nonprofit organizations, or microfinance institutions.
Will Xue, CFA
Manager at PwC
94
Answers
Updated
Will’s Answer
Hello Eddie,
It's thrilling to hear that you're considering launching a business while still in school. That's an admirable step!
Many service-oriented businesses don't demand a hefty initial investment. For instance,
- freelance writing
- a wide range of online consulting services, including tutoring
And certainly, offline services such as dog-walking or baby/pet-sitting are also low-cost options.
Wishing you the best of luck on this exciting journey!
It's thrilling to hear that you're considering launching a business while still in school. That's an admirable step!
Many service-oriented businesses don't demand a hefty initial investment. For instance,
- freelance writing
- a wide range of online consulting services, including tutoring
And certainly, offline services such as dog-walking or baby/pet-sitting are also low-cost options.
Wishing you the best of luck on this exciting journey!
Connor Adams
Technology Consultant
28
Answers
Provo, Utah
Updated
Connor’s Answer
Hello Eddie,
Venturing into the business world with minimal or no capital might seem like a daunting task, mainly because funds often pose a significant hurdle when setting up any business. However, it's not impossible! It could be beneficial to brainstorm a list of potential businesses you could start and then pick the one that resonates with you the most. Remember, taking the first step towards entrepreneurship is what truly counts.
Here are a few low-cost business ideas you might consider:
1. Lawn Care Services: All you need is a lawn mower and an edger.
2. Car Detailing: This requires some basic cleaning supplies.
3. Power Washing or Window Washing: This is another service-based option.
In general, service-oriented jobs can be a great starting point because even if you don't have much to start with, you can always offer your time.
Best of luck on your journey!
Venturing into the business world with minimal or no capital might seem like a daunting task, mainly because funds often pose a significant hurdle when setting up any business. However, it's not impossible! It could be beneficial to brainstorm a list of potential businesses you could start and then pick the one that resonates with you the most. Remember, taking the first step towards entrepreneurship is what truly counts.
Here are a few low-cost business ideas you might consider:
1. Lawn Care Services: All you need is a lawn mower and an edger.
2. Car Detailing: This requires some basic cleaning supplies.
3. Power Washing or Window Washing: This is another service-based option.
In general, service-oriented jobs can be a great starting point because even if you don't have much to start with, you can always offer your time.
Best of luck on your journey!
Rebecca Tang
Banking
1711
Answers
Hong Kong
Updated
Rebecca’s Answer
Thank you for your question. I am glad to hear that you would like to become an entrepreneur. Have you thought about what industry you would like to start your business?
Below are my suggestions :
1. Think about the industry you have interest or you have strength
2. Do some analysis on the industry, e.g. entry criteria, competition status, any alternative / substitute, etc.
3. Attend the courses relevant to the industry and management courses
4. Work in the industry some time to understand the operating model and establish people network. Yon can also earn the funding to start your business.
5. Start the business online first if possible to reduce the cost
Hope this helps! Good Luck!
May Almighty God bless you!
Below are my suggestions :
1. Think about the industry you have interest or you have strength
2. Do some analysis on the industry, e.g. entry criteria, competition status, any alternative / substitute, etc.
3. Attend the courses relevant to the industry and management courses
4. Work in the industry some time to understand the operating model and establish people network. Yon can also earn the funding to start your business.
5. Start the business online first if possible to reduce the cost
Hope this helps! Good Luck!
May Almighty God bless you!
Alberto Rivera Rivera, CRC
National Project Manager
19
Answers
Orlando, Florida
Updated
Alberto’s Answer
Starting a business with little or no capital is challenging but entirely possible with the right approach. Initially, consider a business model that requires minimal upfront investment, such as service-based businesses like consulting, tutoring, or digital marketing. Leverage skills you already possess to reduce the need for initial expenditures on training or equipment. Utilize free or low-cost online platforms to create a digital presence and market your services. Networking is crucial; reach out to potential clients through social media, professional networks, or community events to build relationships and attract business without heavy advertising costs. Crowdfunding platforms can also be a valuable resource to raise funds, offering you a way to gain capital through community support by pre-selling products or offering services. Additionally, exploring partnerships with other businesses can provide resources and client leads without significant investment. By focusing on services that require more intellectual capital and less financial capital, and by using existing resources creatively, you can start and grow a business with minimal funds.