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In 6 easy steps, how to start a new business

1. No-cost business opportunities

Some business ventures may require more capital upfront than others. Below is a list of ideas which require minimal capital. We hope one of these ideas will spark your creativity.

Start a service-based business

Are there skills or talents that you are able to use? Are there things that you would be willing to do for a living, but are not listed? Consider selling your services. Here are some ideas:

You can be a freelance writer if you are able to use good grammar and understand how words are put into text.
If you are able to build and execute marketing campaigns, you’re a social media marketer.
A virtual assistant if you are organized, detail-oriented and moderately tech-savvy.
Handyman services if you are good at fixing things.
Less specialized services such as dog walking or car washing.

Sell handcrafted goods and digital assets

A service-based business that allows you to sell your skills can be flipped. You could also consider a business where your talents are sold. You might be a seamstress or a furniture flipper, or a woodworker.

You also can sell digital assets , such as ebooks, workbooks, or online courses.

These items can be sold on many platforms, including Etsy, Amazon Handmade and Facebook Marketplace. An ecommerce platform such as Shopify allows you to create an online store, but you will need to pay a monthly fee.

Open a dropshipping shop

Do you want to open an online business but don’t want to manage manufacturing, storage, and shipping of your products? Dropshipping is your solution.

This business model allows you to source products directly from manufacturers. You submit an order from a customer to your manufacturer. Your manufacturer handles the shipping and will send the package to your customer. You don’t need to manage your inventory.

Browse all dropshipping apps through Shopify by visiting the Shopify marketplace .

Open a print-on demand store

Although dropshipping is technically print on demand, it merits its own section. Print on demand allows you to offer pre-made designs which can be printed on a variety of items such as t-shirts and phone cases.

Your website will send your order to your printer-on-demand manufacturer. They’ll print the items right away and ship it directly to your customers. There is no inventory to handle.

Shopify has many options to connect with print on-demand servicesspan styling=”font-weight 400 ;”>. You have the option to purchase ready-made designs or make your own. If you are a skilled designer, you can also hire graphic designers through sites like Fiverr and Upwork.

2. Create a business plan

Although not all businesses have a company plan this is a good step to ensure you have a clear and consistent outline that you can stick to. This is also important if you are looking for funding in the future. Investors will need to know about your business model, goals and how you plan on achieving them.

These are some things you should include in a business plan to start a new venture.

Overview of the company. Your business structure and team. Include details about your products and/or service offerings. Also, your plans for logistics.
Market research. You can use data to show why your business idea is good and why it will be successful in the long term. You should also research your competition and information about the industry and niche.
Your marketing strategy and financial plan. In order to get funding, you should state the amount you are looking for, how you will use it, and how it will help you achieve long-term growth.

For a step-by_step guide, see this Business Plan Template

3. Make a brand

This is the exciting, and sometimes nerve-racking, part of owning a small business. You can make your brand whatever you want.

These are the essentials you need to create a killer brand :

Your business name. A catchy, descriptive and unique title.
Your brand story. Your brand story. Incorporate all aspects of your brand story in your marketing materials and branding.
Logo. It should be eye-catching and engaging, but not too much. It’s always best to keep it simple and straightforward. Shopify offers a logo maker.
Your brand style. Create a “brandbook” that describes your brand’s color palette and fonts. Tone of voice.
Marketing assets. Once you have the basics down, ensure that everything is consistent across all your assets.

Source

4. Create a website

So far, starting a business has been easy. Let’s face it, building a website can be a smart decision. Your website will be the virtual center for your venture, a place to show off your products and educate potential customers about your services.

Shopify’s Starter Plans are only $5 per month, so if cash flow is a concern, Shopify’s Starter Plans will be a great option. You’ll be able to build a professional website, and even make your first sale for such a low price.

5. Preorders are a great way to validate your ideas

It is difficult to start a business without any experience. While you might have some great ideas, others may not meet your expectations. Preorders are a great way to lower the chance of failure while still generating cash flow.

Let’s take, for example, a new brand of sneakers that you have an idea for. It’s your dream to make it a reality, but you aren’t sure if it will be enough to pay for the inventory. You offer preorders for shoes. Social media allows you to create buzz and hype by sharing photos and videos and explaining how the shoes are made from eco-friendly materials. Customers can order shoes online before they are available in stores.

What is the result? The result? Preorders are a great way to give your customers a taste of something new and make you feel part of a small group.

6. To grow, you should seek funding

It can be difficult to start a business when you have limited resources. However, there are many options for funding.

Research shows that nearly a third fail to raise enough cash to pay their bills. Entrepreneurs can find startup capital to help them invest in marketing, inventory, and their first employees. There are many options:

Crowdfunding is a way to raise small amounts of money from large groups of people. Crowdfunder and SeedInvest are platforms that offer regular investors investment opportunities in return for perks like equity or pre-orders.
Personal loans: Friends and family may be able to provide financial assistance through personal loans. In return for an equity stake or interest-based return, these supporters might be willing to lend you money.
Shopify Capital is a good alternative lender for small business loans. These lenders can provide cash to finance inventory sourcing, payroll and marketing to help you scale your business quickly.

Don’t let cash scare you from starting your own business

Although money is a great asset to start a business, it’s also possible to make it work by good old-fashioned bootstrapping. You can start your business without spending thousands of dollars upfront, whether you sell services or crowdfund.

It is important to get into scrappy entrepreneurial mode. Work hard, be persistent and use as many resources as possible. Your chances of success are higher if you’re more creative.

How to Start a Business with No Money FAQ

How can I start a business without capital?

Dropshipping can be a viable business idea that you can start without investing capital. Shopify allows you to find suppliers who will ship directly to your customers. Only customers who order the item will pay you.

What’s the easiest way to start a business with zero money?

Print on demand, although there are many businesses that can be started with no money, is the most popular. Print on demand allows you to avoid high warehousing costs and only pay inventory when the customer orders it. You can also create products using simple tools that are easy to use, without the need for complex design software.

What does it cost to start your own business?

Small-business owners usually spend an average of $40,000. It is possible to start a business without spending any money by selling digital products and using dropshipping as a business model.

Shopify allows you to start selling online right away

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Author: Adeel Qayum

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