How To Start a Business With No Money In 2024

After suggesting a new business idea, an entrepreneur first thinks about the capital required to bring the concept into realisation. It takes intentional thinking to develop a concept and finance to fund it.

While these concerns are valid, you have less to worry about how to start a business with no money in 2024.

Are you ready to kickstart your entrepreneurial journey but restricted by funding?

Then this article is for you! We will explore business you can do with no money in 2024.

Things To Consider When Thinking of Starting A Business With No Money

Before thinking of venturing into any business with zero capital, it is advisable to consider the following:

1. Identify Your Skill

Do you have any existing soft or hard skills? This is the time to sit critically and write down skills you can monetise. Money is obtained from the exchange of services, so if you want to earn money, start with your skills. Personal skills may include:

Graphic Design

In the past few years, there has been a rise in the demand for graphics designers due to the use of visuals in storytelling for many brands. Every organisation has a social media page and uses visuals to tell its brand story and gain traffic. Monetizing your graphic design skills earn you much money with no capital in 2024.

Blogging

There is a new wave of content creation across various industries. You can have your blog and monetise it or offer freelance writing for other blogs and get paid. This in itself is considered a form of business you can start with no money in 2024.

As a writer, your service is a top-tier skill in 2024. You can write for blogs, magazines, advisement or script writing. Assess your skills and discover ways you can monetize them.

Web Design and Development

Building a website for small businesses and start-ups will earn you a better income in 2024. In today’s digital economy, there is a demand for website developers and designers. Hon your skill effectively, reach out to brands that may need your services and monetise your skill.

Photography

A photographer can never run out of funds in this digital age. Everyone wants to be in the spotlight and people take beautiful photographs for both personal and business brand representation. You can offer photography services at an event, product photography, portraits and many more.

You can also sell your footage on platforms like Shutterstock, splash or Adobe stock.

Video Editing

Creating and editing videos for marketing, YouTube and social media. According to research, YouTube has approximately 122 million daily active users and over 61.8 million creators. Video editing skill is a hot catch in 2024. Consider this skill and go make the money.

Teaching and Tutoring

Money made through monetising your knowledge does not require any capital. There is high demand for education and training in various fields. You can offer courses on platforms like Udemy, Simplilearn, Alison, and others.

Consider areas you are skilled at, restructure your knowledge into courses or ebooks, and then offer them for sale online.

Social Media Management

It is no news that most CEOs are busy and would have someone else take over their social media. If you feel you’re skilful with the use of social media, communicating the brand language to the audience, and managing conversations, you can give this a shot. Do research on those who specifically need your service, locate them and pitch yourself.

There are many options available such as reaching out to business owners with a very business schedule, searching for social media management jobs online, sending cold emails to CEOs or volunteering your services to charity organisations.

Crafting

Artisans make money daily without waiting for a specific payday. Unique handcrafts such as sewing, woodworking and crafting is another business skill that requires no money in 2024.

The best way to earn more is to recognise your audience and locate them, then pitch yourself and offer excellent services to them.

Language Translator

There is a market for language translators as people from different continents now transact, work and do business together. The need for translating documents, websites and marketing materials isn’t going into extinction anytime soon.

Companies now translate their recorded conference, meetings and sales materials. The world is interconnected and a translator just makes communication easier.

Fitness and Wellness Coach

Coaching is a fast-rising skill that can earn you money in 2024. Fitness and wellness are very important to the average individual, so skills in personal training, yoga, nutrition, and mental health can be monetized.

2. Develop A Business Plan or Proposal

A business proposal is a document written either in digital or printed form to call the attention of potential customers or clients with products that the company offers. This document outlines the organization's objectives which include a company's mission statement, financial forecasts, market research, and go-to-market strategy.

Anyone looking into starting a business in 2024 should have well detailed business plan or proposal. For individuals with no money, your business proposal must be well-structured and convincing enough to win your prospects' hearts. After critically selecting skills you can monetise, creating a business plan around depicts your level of preparedness. The key parts of a business plan are the following:

Company Description

The description is an overview of the business you are willing to start which includes the business model and legal structure.

Market Research

This shows how much work you have put into seeing this business work. It is a summary of all your findings about how the products will meet the target audience and the healthy price competition that works.

The Product or Service

What are you willing to sell or services you want to offer? Why did you choose such items? Why do you think people demand your services?

These questions should be accurately answered in the business plan.

Marketing Strategy

Marketing strategy is a description of how you intend to reach your target market which could be through various mediums such as business promotion, email marketing, social media, or advertising. The marketing medium to use is dependent on the business of your choice.

Financial Plan

Give a detail of your cash flow projections, cost and expenses. This is to give a promising investor an understanding of how you will manage finance in your company. Your marketing strategy must be cost-effective for someone who wants to start a business with no money in 2024.

Every business plan or proposal must include core principles and iterative development which helps measure the growth of a business from time to time.

3. Leverage on Free Online Tools and Social Media

There are online platforms readily available that can help manage your business from your phone to any part of the world. The advantages of using online tools can be in two ways:

1. Online tools can be used to sharpen your skills and learn new mediums of delivery for client satisfaction. If you want to offer soft skills including graphic design, blogging, tutoring or virtual assistance, there are simple tools you can leverage to get the job done. Examples of these tools are Google Workspace, Canva, Microsoft Excel, Adobe InDesign and Trello.
2. Online Tools can be used to establish an online presence for your brand. A personal or business brand with a healthy online presence can engage the audience and generate sales without spending so much money on marketing.

Business owners no longer run physical stores rather everyone is leveraging their Instagram and Facebook pages for effective marketing. The online stores help you generate sales outside your jurisdiction.

The best way to start a business with no money that guarantees sales is by leveraging tools and apps to generate income almost immediately.

4. Suggest Ways To Obtain Funds

If your business requires a physical location, certain tools and implements, you may want to consider ways to generate funds. There are options available for emerging entrepreneurs to generate funds for their businesses. The options are listed below:

Savings

Most small business owners begin their business with savings which is the most common way to raise funds. This has the advantage that you won't go into debt and you won't have to pay interest, which will result in significant long-term financial savings. Thankfully, this also implies that there is no risk and it is one of the safest ways to generate funds for your business.

Bootstrapping

This involves utilizing savings and reinvesting profits made back into the business without any external source of income. We are quite familiar with this method as it helps business owners make effective use of funds and makes them accountable for every resource used.

This can sustain small businesses in the first few years but may no longer be enough in case of business expansion.

Crowdfunding

This is also another way to generate funds for your business without going into debt.  You can raise money from a large number of people who are invested in your company's idea, they contribute in small amounts which eventually accumulates to a large sum. Create a compelling fundraising campaign by highlighting the advantages of sponsoring your project and the potential impact. There are also crowdfunding platforms to leverage including Kickstarter, GoFundMe, Fundable, Indiegogo and WhyDonate.

Grants

Grants are obtained from governments, foundations and corporate organisations with a no-repayment policy. It is usually considered a gift or incentive given by philanthropists. They are essentially an investment made by the awarding organization in your company or business idea, which they hope will succeed.

The grant differs depending on the industries, business size and the goal of the funder.

Non-governmental organizations are well known for giving grants. However, grants always come switch challenging criteria due to the rate of competition among applicants.

To obtain a grant, you will be required to write a compelling grant proposal and participate in a business competition. This is a good way to generate funds for your new business.

Loans

The word ‘loan’ is not new to business owners. Businesses leverage on loans gotten from banks and other financial institutions with asset security. You can also obtain loans from friends and family to repay the money. Banks are usually known for offering businesses loans with interest to be repaid within a stipulated time. However, the lending requirements of banks have tightened, and you will probably need to furnish assets as security to get approved for a loan.

The ideal candidates for this type of funding are seasoned business owners with excellent credit scores.

Angel Investors

An angel investor is a wealthy person who provides capital in return for a percentage share of the business. When angel investors find a business they want to participate in, they are more inclined to contribute significant sums of money because of their stock position within the company.

When you want to pitch to an angel investor, you have to present your business plan, financial statement and a reasonable exit strategy should the business fail.  A good angel investor could provide the boost you need to get your business off the ground.

5. Register Your Business

After reading through the processes, you should be certain about the type of business you want to start with no money in 2024. Register your business, that is the first step in the actualization of your business plan. Choose the legal structure of your choice with the help of professionals at Incorpuk.

6. Create  A Business Website

Create a website for your business and update your products and services to enable your prospects to find you easily. In this digital age, every business should own a website, it gives the audience a new perspective on your brand.

What Are The Others Ways To Start A Business With No Money?

Usually, anyone considering starting a business would have a certain amount saved up for capital or a source of income to fund the business. Albeit, in 2024 life has been made easy and you do not need to have available funds to kickstart your entrepreneurial journey.

The following are common ways to start a business without money in 2024.

1. Dropshipping

Dropshipping is an online business model that allows you to sell products without incurring huge capital or physical stores. With dropshipping, when consumers place an order, the seller informs the supplier who goes ahead to make delivery directly to the consumer.

How It Works:

1. Choose A Product Niche: Select a product you like to sell or an item your brand is associated with. What solution would you like to offer? Who are your consumers? What service would you like to render? The answers to the question stated above will determine the product of your choice.\
2. Identify A Supplier: After choosing the product, locate an honest supplier. The suppliers are usually the manufacturers of the product who also handle the order. They have a greater influence on your product pricing which can be deduced from cost price, quality assurance and logistics. Additionally, negotiate with your supplier and conclude on a reasonable cost price to maintain a healthy price margin and competitiveness in the market price structure.
3. Establish An Online Store: Register to dropshipping websites such as Amazon, AliExpress, Alibaba, and Shopify amongst others. Create a business store on the website and upload your products. Choose a website that has an impressive audience and high demand for your product.
4. Receive Order From Customer: Once the online store receives an order and payment from the customer, it forwards the order details to the supplier including the customer’s shipping information.
5. Suppliers Prepare and Ships The Order: The supplier prepares the product for shipping by removing every material that identifies the product with the supplier. The supplier then repackages the product with the online store branding material. The product has to be branded with the name of the store.
6. Consumer Receives Order: A consumer receives an order as though it was packaged and delivered by the online store. In conclusion, the dropshipper places the middleman that links the manufacturer to its audience (consumers). This is one of the best ways to start a business with no money in 2024.

2. Affiliate Marketing

Affiliate marketing is the method by which an affiliate promotes the goods of another individual or business in exchange for a commission. Money is earned when an affiliate looks for a product that interests them, promotes it, and gets paid a portion of each sale they bring in.

How It Works:

1. Join an Affiliate Program: Signing up for an affiliate program allows you to earn a commission by promoting the affiliate link.
2. Promote Their Product/Services: The affiliate promotes products/services on affiliate websites, social media, blogs or paid advertising. An affiliate link is attached to the promotion so the audience can purchase.
3. The customer clicks on the Link and Makes a Purchase: Once a customer clicks the link, the customer is redirected to the affiliate website where the purchase of items is made.
4. The commission is earned: Comission is earned every time a customer purchases through the link associated with the affiliate. The commission rate is often based on the percentage agreed upon.

3. White Label Retailer

In a white-label business model, one company manufactures a good or service that other businesses resell under their names. This occurs when a company purchases items and rebrands products with its brand materials.

How Does This Works:

1. Connect with a manufacturer: Ensure you select products with high market demand. Connect with a manufacturing company. This company will be responsible for designing and manufacturing the product. In the company, products are made generic without labels which allows rebranding by other retailers.
2. Negotiate With The Manufacturing Company: Negotiate pricing, MOQ and branding guidelines. The negotiation will lead to a contractual agreement. Ensure all negotiations are documented for confidentiality.
3. Rebranding: As a retailer with an existing brand, rebrand the product or services with your business name, logo and other packaging material.
   

Someone who is looking at starting a business with no money in 2024 can generate funds from grants, bootstrapping and crowdsourcing to invest in white-label business money. It does not require huge capital other than branding and marketing materials.

Things To Do Before Starting A Business

Here are the things you should do before you start any business.

1. Analyze your current situation

If you are employed, do not quit your job. You still need money to maintain your standard of living, even if you don't have any to launch a business. If you already have steady employment, it's not a good idea to leave it to start a sole proprietorship. In reality, there's always a danger that new businesses are liable to fail or that it will take several months or even years before they become profitable. You can choose to leave your job once your startup begins to make money.

2. Networking

Networking is an important currency in business. You can start a business with no money when you have the right networks. No entrepreneur in the modern business world can overlook the influence of international relations.

If you don't have a lot of money to establish a firm, you may make good use of your time by connecting with other entrepreneurs, industry experts, and possible investors.

Events, conferences, webinars, social media groups, and online forums are excellent places to meet and engage with like-minded individuals. Networking also offers you insightful advice, access and mentorship.

3. Set up a payment option

Consumers want low transaction fees combined with easy and secure payment options. To boost income, your new business also needs free or inexpensive payment processing services. Although using cash is prevalent, it would be preferable for internet businesses to mix two or more payment options. A well-designed payment system guarantees your business flawless financial operation.

4. Other Ways to Generate Funds

Explore other financial sources, as stated in the article, including grants, crowdsourcing, angel investors, and bank loans. Starting a business with no money is doable, however, expansion may require more funds. An entrepreneur who thinks long-term can make wise financial decisions.

Are you Ready to Make Your Business Official?

Start a limited company with Incorpuk. This platform is loved and trusted around the world, and numerous entrepreneurs have expressed their satisfaction with the team’s prompt and dependable support, creative business strategy, and superior customer care. Being business specialists, we can help you choose the best Limited Company types for your needs and support you through every stage of starting your own company. Contact us today.

Frequently asked questions

Can I start a business with no money in 2024?

Yes, starting a business with no money is possible. Services such as freelance, affiliate marketing, or selling your designs and ideas do not require capital to start. Take advantage of the digital age, explore new skills and start earning money with zero capital.

How Do I Win a Grant?

There are several grants available across different industries that may not be available to the public eye. Take the following steps if you want to win a grant:

1. Find The Right Grant For Your Project: Grants are available in various fields. As an emerging business owner, research the grants that are available in your industry.
2. Understand The Criteria: Study the guidelines, criteria and eligibility requirements. Also, follow application instructions.
3. Develop a Compelling Proposal: The proposal clearly states the impact of your business on the consumer which includes the problem it solves and its benefits. This proposal should include your business plan, realistic budget, and expected ROI for the grant funding.
4. Review and Ensure It Aligns with Business Requirements: Review your grant application before submission. Seek business professionals and grant experts to oversee your proposal before submission. Ensure all documents required are included as they are necessary for evaluation and assessment.
5. Submit Early and Follow Up: Start the application early enough so you will have time to review and submit it early. After submission, be patient and follow up on news about the grant. The follow-up may be through their publications, social media or a general announcement on the application.

Winding Up

In this digital age, there are numerous ways to start a business with no money. Business does not involve physical premises anymore as people now run freelance companies. Options such as virtual assistant, writing, video editing, and dropshipping are top skills in 2024. Businesses still receive investors as long as your proposal is convincing and worthy of their investment.

Explore new options, and leverage the internet and social media you can start a business with no money in 2024 with a massive online audience. Do you have more questions about how to start a business with no money in 2024? Contact Incorpuk team.