Start a business with no money?
It is a killing thought in the current state of affairs of 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 the 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 US with almost 40% market share in the Industry. Work from home is developing as a culture in India in last few years. The answer is simple everyone craves for 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 on what your business should be. If it is product based or service based, in short, the type business you are planning with almost zero cash to be identified first. Let us have the discussion on the following heads.
1. Skill :
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 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 the needs of the public who are not familiar with doing such skilled mechanism. 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 kind 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.
2. Consultancy :
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 in various fields related to their project. Mining companies, Power Generation companies, Non-Banking Financial Corporations, etc. seek the assistance of the Consultants who are experts in Geology, Power and banking sector 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 which cost the minimal amount to incorporate with fewer compliances required.
3. Personal :
Commencing of a business on a product based always involve 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 business. 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 monetised their blog publishing variety of recipes. These product based businesses can opt either Private company structure or One person company.
4. Home services :
One can start business engaging his home as the business spot. Baby Sitting, Pets Care Centre are examples of such kind. Appropriate licences 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.
5. Online :
There are many offers available online notifying zero investment 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:-
- Affiliate Marketing: – Affiliate marketing is an upcoming business sector in India, most of the common people are not aware of the term in India. Affiliate marketing is the topmost business you can start without any investment. Your investment here is a computer with internet connection. Affiliate marketing is nothing else other than marketing the product/services of a company through the medium best available to you. For example, you can act as a marketing agency of Amazon and sell the products by referring the products to the people in your circle by sharing through Facebook or WhatsApp or blogs etc. Amazon is paying commission for the products sold on your reference.
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 monetise your blog gradually. For example, Google’s Adsense is paying good remuneration to those blogs which have a soundtrack of traffic and packed with vibrant topics, for displaying Google’s advertisement on the blog.
Scope and utilities of 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 which 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.
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