How to start a business with no money
Ok, its first of all worth pointing out that starting a business often actually really means, simply being self-employed–
In the UK at the moment there are over 5 million registered businesses and just over 1 million of these have employees, so nearly 4 million are essentially simply self-employed or owner-operators. This ratio is similar in the US but on a larger scale.
This is an important fact as the start-up costs of becoming self-employed versus starting a business will be notably different. Starting a business would typically involve employing members of staff, buying or renting premises, etc. so would need some type of considerable investment.
So we will look at the far more common version of running a business which simply means being self-employed. This is the better start as you don’t have any business overheads OR employees to pay so your outgoings and costs are already at a minimum.
OK, so running a business (being an entrepreneur) involves selling a product or a service its that simple, but what t if you don’t have a service or product to sell? Simple you sell on behalf of another business on a commission-only basis- this is one of the easiest and most common ways to start in business. It means you become a “Sales Agent”
For example, an estate agent is essentially a “sales agent” he or she doesn’t sell properties they own they simply sell on behalf of homeowners on a commission-only basis.
There are thousands of companies actively searching & advertising for “Sales Agents” to sell the services or products they offer. If you run a Google Search for “Sales Agents in your area you will come across numerous websites- where you can search by industry sector or just do a general browse.
If you think about it having commission-only sales agents is a win-win for any company, so even those companies not actively looking for sales agents would be extremely tempted by the offer of having a commission-only sales agent working for them- as they only pay you when you make a sale for them!
So if you are interested in a specific industry I can guarantee if you contacted any business and offered yourself as a commission-only sales agent you would receive definite interest from many!
Apart from working directly for companies as a lone sales agent, numerous companies operate multi-level marketing schemes.
You not only get paid a commission on selling products or services but if you recruit additional sales agents you also get a percentage of their commission also- sounds good! There are a great many people who have made a lot of money this way.
Apart from selling the services or products of others, you could massively increase your profitability by selling your services or products if you have any. You would need to Identify the Skills and Resources that you already have, such as software, or any other tools. Assess your skills, knowledge, and talents.
You could also consider freelancing, consulting, or providing a service based on your expertise.
OK so being a Sales Agent is one of the most popular routes to start a business with no money and you can work in all types of industry sectors. But having a service or product to sell is only just the start of your journey.
Being a business owner means you need to have a Bombproof Business plan & Bombproof Marketing strategy, Marketing and Sales will make or break any business. If you don’t fancy the idea of becoming a marketing or sales person then you just might want to rethink your plans of being an Entrepreneur!