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Arnab Dey, 4 days ago
Start a business with no money?
It is a killing thought in the current state of affairs of a low economy on the one hand and the competition with global players on the other hand. Will it be really possible, you would think. Our answer is yes; almost close to zero investment is possible. It’s a cakewalk but you must know how to walk.
In recent years, the increasing number of freelancers in India shows the approach of students, homemakers, and retired persons to build a business on their own that gives them the freedom and flexibility to work and earn.
As per statistics, freelancers from India stood second after the US with almost 40% market share in the Industry. Work from home is developing as a culture in India in the last few years. The answer is simple everyone craves financial security in the best possible way. Does freelancing is the only medium one can approach with zero investment? The article details the possibilities for starting a business with almost no cash.
The first step to start with is, you require a fair idea of what your business should be. If it is product-based or service-based, in short, the type of business you are planning with almost zero cash to be identified first. Let us have a discussion on the following heads.
The technology has wide opened its windows for new entrepreneurs to start their business almost at zero cost. For instance, there are many online portals that empower skilled people to market their skills and earn money accordingly.
Apart from this, in the real world one can enjoy doing business by selling his skills. For example, an electrician or a plumber, or even a networking executive can start a business catering to the needs of the public who are not familiar with doing such skilled mechanisms. He shall take appropriate licenses before commencing such type of business and an invoice for the works done deducting appropriate taxes if any.
For such kinds of skill-based businesses, the private limited company will be the most suitable business structure. No such license is required for these businesses. All you need to do is just follow the few legal compliances for private limited companies.
The best way to do business is doing something that you know. The expertise in a specific field can be sold and generate revenues is another method. Meaning is that, if you are an accomplished Banking Professional, you can start a business of financial consultancy, which has increased demand in the current circumstances. Before commencing the project, the practice is that the companies seek the help of professionals or experts of atm solutions in various fields related to their project. Mining companies, Power Generation companies, Non-Banking Financial Corporations, etc. seek the assistance of Consultants who are experts in Geology, Power, and banking sectors respectively. The scope of a Consultancy in any discipline has a wide dimension, as the majority of the company relies on expert opinion during the examination of the viability of the Project.
The Consultancy services can be commenced at almost zero cost. For consultancy business, One Person Company or a Sole proprietorship will be an advisable business structure that costs a minimal amount to incorporate with fewer compliances required.
Commencing a business on a product based always involves input cost, i.e., the raw material cost. The personal creations including arts and crafts etc. are having a business scope. These items made with your creativity can be rightly marketed using social media or through different platforms like eBay, Amazon, Flipkart, etc. Here you are selling your creativity as the product. Paintings, Fashion Jewels, etc. are for instance. You can have a wide search on Facebook for pages of these types of arts and crafts-based businesses. The right investments in this regard are your time, creativity, and prompt delivery.
The best example we can have in this regard is about homemakers who have monetized their blog publishing a variety of recipes. These product-based businesses can opt for either a Private company structure or One personal company.
One can start a business engaging his home as the business spot. Baby Sitting, Pets Care Centre are examples of such kinds. Appropriate licenses shall be taken before commencing such business. Food packing, food processing, etc. can be managed as a home-based business. However, it is mandatory to obtain appropriate approvals and licenses from the authorities concerned.
There are many offers available online notifying zero investment is required to start your own business. Unfortunately, a majority of them are a scam and many lawsuits are ongoing in various courts related to online business. The risks involved in the online business are a truth hard to digest. All you need to do is search the company before investing in the business. However, there are many genuine businesses you can start in the virtual world without any investment. The best-known businesses of such kind can be discussed as follows:-
Amazon, Flipkart, etc. are having their own affiliate program, sharing the commissions on slabs mentioned in their web portal.
2. Blogs/ Website:– Writing or creating something known to you is also a good type of business to start. Starting a blog can be absolutely free and you can monetize your blog gradually. For example, Google’s Adsense is paying good remuneration to those blogs which have a soundtrack of traffic and are packed with vibrant topics, for displaying Google’s advertisement on the blog.
The scope and utilities of an online-based business cannot be made in two headers; it has an extensive range of expansion. Online-based businesses require much attention as the changes in the virtual world are dynamic.
To conclude, though these businesses are of zero investment in nature, at some point require investments that depend on the nature of the business. Apart from this, the registration costs for each type of business have to be taken into consideration, as the Government is making stringent policies on receipts of funds.