Starting a profitable business with no upfront capital – all while working from home sounds like an impossible fantasy. But it isn’t.
We’re lucky to live in an era where almost anything can be accomplished remotely thanks to the internet. This article will go over 9 businesses you can start from home and make money with no capital; and the exact steps you need to take to make that happen.
9 Home-based Business Ideas to Make Money with Little or No Capital
1. Social Media Manager
Are you a social media expert? You can manage social media accounts for individuals and companies as a social media manager. Many businesses rely upon marketing agencies and employees to manage their social media channels. You can find such work on freelancing sites like work and by doing a cold approach to small businesses in your city.
2. Audio or Video Editor
To connect with customers, many brands are turning to visual and audio content. Many don’t have time or the skills to produce this content. When it comes to creating quality content for hungry viewers, audio and video editors are highly sought after.
3. Voiceover Artist
Podcasts and videos are a popular medium for content creators. Many recognize the importance of voice talent and how it can add professionalism to projects. You can find gigs for podcast intros/outros and narration for explainer video narrations, as well as voice work for audiobooks.
4. Data Entry Clerk
Many companies are looking for data entry clerks to assist them in entering information into their spreadsheets and computer systems. This could be the right business for you if you are a good computer user and a skilled keyboarder. Once again, such work can be found on freelancing sites like Upwork and Guru.
5. Dog Walker/Groomer/Trainer
If you’re great with pets then you can become a dog walker, groomer, or trainer. It’s one of the easiest small businesses to start from home. All you need to do to get started is create some brochures and business cards and then distribute them around your neighborhood. Many working-class people don’t have the time to give their dogs the care they deserve, so this can be a great opportunity.
6. Instructor for Online Classes
Online tutoring offers great flexibility as you can easily teach multiple students at once. Because so many people are interested in learning English, it is an extremely popular subject for online classes. However, any subject you are proficient in could be used to teach a virtual class. Teachable is a great platform to create your first class.
7. Sell small-batch goods
Organic, all-natural ingredients are more expensive but well worth the investment. You can make many products at home using no preservatives, chemicals or toxic substances. For instance, you can make custom fragranced candles, soaps and shampoos.
8. Create websites
Platforms such as Wix and WordPress have made it extremely easy to build professional websites from scratch by simply dragging and dropping your desired elements in place (e.g. images and buttons). You don’t even need to have any coding knowledge to get started.
9. Candy Seller
Anyone can start a home-based business if they are trustworthy in their community. In addition to selling popular snacks, candy sellers can also provide fresh fruits and vegetables for the community. This is especially important if you live near a food desert.
How to Start your Business from Home: 8 Easy Steps to Follow
1. Find your small business idea.
You can choose from any of the options above or come up with your own ideas. Once you decide on what you want to do, take some time to research the industry so you know it inside out.
Also, importantly, make sure to undertake some form of training if it’s a business that you’re not very familiar with. You can sign up for online classes or even watch tutorials on YouTube.
2. Don’t quit your job just yet
You can get your business started by working weekends or evenings. This will allow you to make mistakes, test the market and determine if your idea is viable before you quit your 9-to-5 job and lose your primary source of income.
3. Choose your software
If you’re going to be working from home, chances are you’ll be working online a lot. Each business is unique, but most companies can use software to assist with marketing, analytics, project management and accounting.
For instance, if you need to create a website then you can use a tool such as Wix. If you need to create powerful sales funnels then you can use ClickFunnels. If your business entails a lot of writing then you can use an AI writing assistant such as Jasper AI. Choosing the right software is essential for the success of your business.
4. Make a business plan
A business plan is essential, especially if you are looking for investors for your small business. It will give an overview of your market position, financial projections, as well as your unique competitive advantages.
These elements should be included in your business plan:
- Executive Summary – A high-level overview and analysis of your company, market position, and other relevant information
- Business model – Describe what your business does and who it serves. Also, describe how your business structure works. Include a description of the products and services that you offer and how they can be used to meet your customers’ needs
- Market conditions – Summary of relevant competitor information. Find out the strengths and weaknesses of your closest competitors
- Products and services – This section allows you to describe in detail your products and services, and highlight what sets your product apart from other products on the market
- Management and operations – List your business’s organizational structure, key roles and responsibilities
- Your marketing and sales strategy – This section should explain how you plan to market and sell your product. Include details about your ideal customer and how you plan on positioning your product
- Financial Plan – A detailed outline of your financials. Include your start-up expenses, initial financial productions, as well as how you plan to generate funding
- Appendix – Once all the pieces have been completed, close the document by adding an appendix that summarizes your business plan
5. Decide whether your business will be an LLC or sole proprietorship
There are two common legal structures that small businesses can use: limited liability corporations (LLCs), and sole proprietorships.
An LLC is a more complicated business structure than a sole proprietorship. It can include individuals, corporations and other LLC members. LLCs do not have to pay a separate tax, and they offer tax benefits and liability protection. LLCs are created on a state by state basis.
Sole proprietorships are owned and operated solely by one person. They are not considered separate entities from their owner by the government. A sole proprietorship is the most basic business structure. However, sole proprietors are personally responsible for their business.
For businesses owned by multiple people, partnerships are great. This partnership is similar to a sole proprietorship, except that each individual takes on business liability and pays taxes personally.
6. Set up a bank account for your business
After you have established a legal entity, it is time to open a bank account for your business. A business bank account can be essential to keep your personal and business finances separate. This will allow you to gain a better understanding of your company’s cash flow, and financial health.
Bookkeeping and tax preparation are easier if you keep your personal and business finances separate.
Many banks offer savings and checking accounts for business. Most business checking accounts don’t have limits on how many transactions can be made. They also offer a debit card that can only be used to make business purchases. These checking accounts don’t earn interest.
Although business savings accounts earn interest over time, they have a limit on the number of transactions each month. If you are just starting out, you should look for a bank account that doesn’t have a minimum balance requirement. This will allow you to not be penalized for low funds while you build your business.
7. Set up your home office
It is important to have a designated workspace to help you work better. You can set aside a corner of your living room or place a desk in your bedroom to create a space that inspires and provides the conditions for success.
And if you find that there are just too many distractions in your home, or that you need to frequently meet with customers and your home is just not every presentable, then you can join a local coworking space. They’re often not that expensive and you also benefits such as free internet, decent coffee, and even a conference room for when you need to meet with clients.
8. Get to work!
It’s hard work, and it’s only getting harder. Most entrepreneurs agree that being your boss, working your own hours and on projects you love will pay off for the rest of their lives.
Conclusion
It is up to you to choose a small business idea that you want to pursue. While money is important, you will need more motivation to continue your work. You can bounce ideas off of your family and friends until you find the right idea that fits your needs, your passions, and your financial goals. Do not be afraid to ask for assistance. Have fun with the process!
