- Don’t Fall For The “Get-Rich-Quick” Scheme
- Understand What You Can Sell
- Sweat Equity
- Choose a Strategy & Get to Work
If you want to start a profitable business with no money – you need to know what tools to use, how to leverage them and be willing to put the work in.
Don’t Fall For The “Get-Rich-Quick” Scheme
If you pursue entrepreneurship long enough, you’ll soon learn there is no quick ticket to success. And the quicker you learn that – the quicker you can get down to action.
With that said, this is not for those looking for get-rich-quick schemes. This is to give ideas on how you can get out there and turn something from nothing. Yes, it’s possible, you just have to be willing to put the work in. Because at the end of the day, it’s all about how bad you want it and what you’re willing to do to get it.
So with that out the way, I highlighted some very practical, highly effective strategies, in this article, that you’ll want to focus on when you don’t have a lot of money starting out.
Reminder: There is no quick ticket to success. The quicker you learn that – the quicker you can get down to action.
Understand What You Can Sell
When it boils down to it, business is just a transaction between someone who wants something and someone who has it – and what they’re willing to trade for it.
Often times, when we hear of people selling things – we automatically think it something physical. And so this idea that you need money to start a business can get confusing because, most of the time, physical products cost money to purchase and stock upfront. But what if you’re not selling physical products?
This is where you can make money without money. Because, what can you sell besides physical items? You can sell content, attention, valuable knowledge you have or skills you possess, etc.
Tip: Business is much more than selling physical products. You can sell content, attention, valuable knowledge you have or skills you possess, etc.
Sweat Equity
Now when you don’t have a lot of money to start out with – you need to focus on what you do have. Because that’s what is going to get you where you want a lot quicker than waiting around to save more.
“Hard work beats talent when talent doesn’t work hard.” – Will Smith. Now, replace the word “talent” with “money” and you’ll see where we’re going with this.
If you want to start a profitable business with no money, you need to get creative early on when you don’t have a lot to start out with. But after that, your options to make money will open up more – like peer-to-peer lending, buying assets, etc.
“In a 2017 study, Fidelity Investments® found that 88% of all millionaires in the USA were self-made while only 12% inherited their fortune.”
Choose a Strategy & Get to Work
What skill(s) do you have? Take a look below and see where you think you fit.
I know it can be difficult, but deciding what type of business to start is the most important business decision you can make early on.
| Strategy | Skill You Have | Examples | Platforms you should be on |
|---|---|---|---|
| Flipping | Lots of knowledge in a specific niche | shoes, purses, collectibles, etc. | StockX, eBay, Facebook Marketplace, Ruby Lane, Poshmark + |
| Sell your services | Soft skills | photoshop savy, marketing expert, | Fiverr, UpWork + |
| Sell your skills | Labor skills | handy-man, you make things, baker, | Task Rabbit, Thumbtack, Etsy + |
Tip: Leverage all the platforms around you. They already built there user base up and are 100% free to use. So take advantage of it.
- Self-Made Millionaires make up 88% of All Millionaires in the U.S.
