It’s sometimes easier to be your own boss, make money from a side hustle, or achieve a better work-life balance. If you have a new creative idea to make money but you are hesitant about starting a new business and unsure if it’s the right step to take, then we’ve got you covered. Here are some good ideas on how you can turn your existing skill set into a successful business on a low budget.
Explore business ideas with no or little capital requirement.
The first step before starting a new business is to think about business expenses you will incur depending on the type of business you are starting. Here are some of the costs you could expect to incur:
Office Rent *$1000
Office furniture and supplies *$500
Mobile App & Website design – *$2000
Advertising & Marketing *$1000/Mo
Insurance/Workers Compensation *$200/Mo
* = Avg Minimum
An online business or home-based business lets you eliminate rent, and office costs and if your self employed, you don’t need to worry about workers compensation.
What about a website, or an app? In addition to getting a website or an app developed, Blueberry’s marketplace handles accepting payments and offers numerous valuable business solutions.
You really can start a business for little money if it’s one that’s home-based, has no employees, doesn’t do any manufacturing or retailing, and requires no upfront investment in a website or marketing. If you’re looking for ideas, simply search the web for “no capital” or “low-cost” business ideas and you will find many websites that can give you some good ideas.
Set realistic expectations
It’s easy to set up a business with no money, but it’s not going to be easy to run a successful business. Make a schedule for yourself, but be prepared to adjust it frequently.
Managing customers is hard work. Since you have no employees, you have to do everything —and there may be parts of the business you really dislike or are not good at. You might find that you’re putting in more hours at work than ever and even though you started the business with no money, you still need money.
Take a leap
It’s quick and simple to try out a business idea and see if it actually works and is profitable. You can start from asking advice and help from family and friends, get money from a crowdfunding platform or apply even for a business loan. Explore numerous options to receive capital first. Keep in mind that marketing and advertising may still be required to scale, so make sure to keep your day job and start small without risking a big amount of money and bootstrap your way to success if you’re willing to continually work hard.