5 Quickest Businesses To Start Today With No Money
Starting a business venture can be a very daunting thing, especially for new entrepreneurs.
It's normally associated with things such as 'quitting your job,' 'investing 1000s + of dollars,' 'making no money for a long time,' and so on.
Throughout my blog, I've uncovered many misconceptions about starting a business.
Most recently, I talked about how you can start a business for free or very low investment.
The article outlined steps you can take to find a business worth building whilst spending a minimal amount of capital too.
Today, however, we're going to be discussing 5 different profitable business ideas that you can start from the comforts of your own home.
You can even combine these businesses with the article I wrote up on turning a side-hustle into a full-time business in order to take your career to the next level.
Nothing has to start off big - in fact, in many cases, it's impossible to start big.
You won't have the time, the team, the money, resources, or anything else needed to start a large business.
The ideas discussed today will all be ideas that can be started small and have the capability to grow into massive businesses that generate large amounts of capital for its founders.
When I write about the 'top X businesses,' I'm always referring to things that I've tried before and have seen results with.
These business ideas are all capable of making you some fast money, without any upfront investment of capital.
So, what are these 5 business ideas?
Start your own online store
The simplest way to make money online without spending money yourself is to start your own online store.
This online store can take many forms.
You may have someone in your family who owns a store - food, clothing, accessories, etc.
You can offer to take their business online.
This is the simplest way to start a business and can be done for free.
I understand that not everyone may have something like this - a family member with their own existing small business.
I, for one, do not.
In the first few articles I wrote, I talked about my experience with dropshipping.
I spoke about the positives, negatives and all the lessons I learn which can ensure that I become successful the next time around.
The truth is, the e-commerce industry is growing faster and faster every year and will continue to grow.
Dropshipping is not dead, e-commerce is not dead, it's growing.
You just need to know how to do it right in order to have a piece of the pie.
Firstly, like I mentioned in my first dropshipping article, dropshipping is not a sustainable business model.
You're still competing against Amazon and other large retailers who might be selling for cheaper than you and delivering quicker.
This is why the dropshipping model does not work for people.
It's still a regular business - you need a good product, high in demand, which is somewhat different or unique compared to what's on the market.
Starting off with a dropshipping store is not a problem - it's the simplest way to start for virtually free.
After you've validated that what you're looking to sell can gain some traction, this is when you must focus on delivering real quality to your customers.
Think about it like this.
One person orders from you, then another, and another.
They have a terrible experience - long shipping times, bad quality product, exact same thing on Amazon for less.
The negatives reviews stack up and all of a sudden, you're out of business.
Like Peter Thiel says, it's hard (he says impossible, but not very true I think) to build a business on the wrong base.
Other than this, an online store can even be a clothing brand.
I've even spoken about this in one of my previous articles too.
A clothing brand, one of the coolest businesses I believe you can start, can even be started for free.
Today, there are 10s, maybe hundreds of print-on-demand providers.
You can start your business simply by creating the design and selling it on Etsy or eBay.
Once the traction starts to come through, you can start to develop the hustle into a real business.
Think of what you can start, even make for free, and sell it on your own online store.
Are you good at making handcrafted goods?
You can make some and sell them on Etsy.
Start small, scale it up.
I love writing.
For the past (almost) 50 days consecutively, I've woken up and written an article.
This is around 2000 words every day for 50 days.
In one of my articles about overthinking, I mentioned how writing is a great way to stop overthinking, get your mind right, and start performing.
Now I know what you might be thinking - blogging takes a LONG time to start rewarding, so why is it on this list, right?
Writing, in general, is one of the best skills you can have and one of the highest paying too.
Go on Fiverr, Upwork, or any other freelance site and sell your services whilst you write a blog.
The more you try, the quicker you're able to find a client.
The great thing about writing gigs is that clients generally look to work with a freelancer for a long period of time.
Imagine you work, as a freelancer, for a brand that needs help with email marketing.
You can get paid 1000s weekly for writing a single article or email campaign for them.
Email marketing is one of the best sources of traffic for businesses.
Imagine a business with an email list of over 100,000 people.
A 2% conversion on professionally written emails is 2000 people converting.
Now imagine that the product they're selling is, say, for example, a $99 gadget.
From this free email campaign that you sent out, they would have made $198,000.
Are you starting to see why $1000s a week doesn't sound like a lot?
2% conversion might be a little high. Let's even say 10% click-through.
This is 10,000 people.
Now only 1% of these people convert.
that is still 100 people purchasing a $99 item.
This is $9,900 from a free email.
A marginal increase from 1% to 1.2% will mean an extra $1980 in revenue.
This is one of the side-hustles I mentioned in my blog on the best side hustles to make an extra $1000+ per month.
Writing, in fact, can bring in 10s of thousands per month when executed correctly.
Imagine freelance writing whilst blogging on the side?
It's a whole lot of writing but within a year, you could comfortably be making a six-figure income.
Oh... and that's with no money AND from home.
If you've read any of my other articles, you might be thinking that I talk negatively about owning an agency a lot.
And it's true, having an agency can have many many negatives.
Other than the heaps of 'agency owners' who for some reason all sell courses or training now, it's hard to ignore that a ton of people actually own very profitable agencies.
I've owned an agency before - it failed miserably.
It was all my fault.
I stuck to something for too long knowing that I didn't like it.
I stuck to it for too long, every day making it harder and harder to quit.
I didn't like the business model, I didn't like the clients I was serving.
They were all stuck up and thought they're too 'good' for their own good.
Although I've moved on, I don't think that an agency is completely out of the picture for me.
Owning an agency, whether it's a marketing agency. development agency, or even a copywriting agency, can yield massive returns.
The agency business model is amazing:
- High profit margins
- Charge a lot
- Free to start
- Extremely quick to set up
- Long-term clients
If I go back now, I would set everything up within a few days and start finding clients.
Go on Upwork, run paid ads, cold outreach, do whatever it takes.
You can even use my new sales tool - Hawk Prospecting, to find your ideal clients' information and reach out to them through many sources.
I would find a niche that I'll enjoy helping with my service - not real estate agents, or construction companies, etc.
The easier it is for you to talk to your clients, the better off you'll be.
When I had a meeting set that I had to go to, I got imposter syndrome before every call.
I felt like I didn't belong, like I was lying to my clients and that I wouldn't be able to deliver the results they're looking for.
Find a service you like.
It can be the copywriting service we mentioned previously - the writing and blogging service.
Find clients who are looking for this service and do it for them.
Don't be afraid to charge less, but in order to make it count, you have to agree with your clients that they'll give you a good review after.
Reviews, video testimonials specifically, will help you get clients very easily.
You throw this video in groups, on adverts, and you'll be laughing at how easily people will come to you.
Start a marketplace
Yes, a marketplace - let me explain.
A marketplace doesn't seem like a quick business to start.
It doesn't even seem like it's cheap, never mind starting it with money.
A while back, I remember watching one of Noah Kagan's videos.
The title was something like '3 millennials making $1 million per year with their businesses.'
One of the businesses was a language marketplace - you go on the platform to hire someone who can teach you a specific language.
The way the person started the business was very interesting.
He was working with a tutor himself who was helping him learn a language.
He then got an idea and told his tutor to help him.
He said "I'll find you clients if you just partner with me."
So he partnered with his tutor and started finding her clients who wanted to learn a language.
He started with one tutor and one language only.
Today, his marketplace is making him $1 million per year.
Another story, one of my entrepreneur friends recently started a marketplace business.
Before having anything built, he started to reach out to his target audience on LinkedIn and message them.
He was asking them if he delivers the service that his marketplace will deliver, would they be interested.
He then did the one thing that I believe a great startup does - charge customers before the product is built.
He started charging 100s of dollars and delivered on his service.
He bumped it up to 1000s of dollars and people were still paying.
Neither example I shared with you had a product (the marketplace) built out before they started making money.
It's somewhat similar to the agency example.
Start pitching your service, get customers early on and then use the capital generated to build the marketplace.
Marketplace businesses are cool because you get to collect money from other people's transactions.
You just broker the interactions between the provider and the customers.
Upwork is worth almost $6 billion - it's a service marketplace.
I'll leave you to think about that.
Digital product creator
A digital product can be anything that is created online.
The amazing thing about creating digital products is that they don't have a quantity.
Let's say I create a picture on Canva and sell it for $20 each.
I'm able to sell this digital product infinitely to anyone who wants to buy it.
On top of this, with a digital product, you can turn it into an NFT.
I'm not going to sit here and act like I know how NFTs work or how to make money off them, because I don't.
I just know that there are some people who make a killing from NFTs.
In fact, one art piece by Beeple sold for over $60 million.
One painting - $60 million.
$60 million is a number that only hundreds of people, maybe a few thousand see in their life.
The fact that on painting was able to sell for $60 million is scary to envision.
Back to the point, creating digital products can make you quite a bit of money.
There's one YouTuber who I really like called 'Oliur.'
He was the first person I saw speaking about digital products and making quite a lot from them.
The great thing about digital products is that there's a lot of things you can make.
So think of something you're good at, and make it.
You can create a digital product once - which might take a few hours, or days.
See, you don't need to quit your job to start a business.
This digital product can then be sold over and over again.
It's sort of like a passive stream of income once it's built - especially if people really like your product.
And that's it.
There were the 5 quickest businesses to start today with no money.
Are you going to try any?
What other businesses do you think I should have talked about in this article?
Let me know in the comments below.
Till next time,