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6 Ways To Start A Business With Little To No Money
There's always talk about entrepreneurship and how it can be the key to making your financial dreams come true, but there often isn't as much talk about the sacrifices—especially those that hit your pockets hard—required to get a business off the ground, nevertheless keep it running. And maybe you've got a great idea, but when you're out there just trying to live a normal life, who can even think about taking money out of the I'm-barely-making-ends-meet account and putting it toward starting a business? Research even shows that one of the top reasons women don't start businesses is because of the startup costs required.
Well, we're not into discouraging our aspiring bosses out there. We're here to talk solutions for starting a business with little money. Here are a few ideas inspired by those who have done just that so you can get started on making your business vision a reality:
1. Start small and scale.
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Sometimes that infamous quote, "Go big or go home," might not apply to startup costs. Take a nod from the founder of The Mane Choice who is now CEO of Olbali Corp. Courtney Adeleye started her line of haircare products by making the first product in her home, and she took advantage of free resources such as YouTube and Instagram to build her customer base. Within a few years, she was able to turn those small efforts into millions of dollars in sales and expansion into collections of products in stores likeTarget.
Get out of your own head and get into facts by reading up on what it truly costs to start your business and then calculate, based on your finances and lifestyle, what you can realistically afford to do.
For example, if you want to sell clothes, maybe start with one cache item, see how that sells, and then expand the line. Want to offer a service? Start with one niche that you can excel at, track the success, then pivot and change your strategy where necessary. Want a storefront? Try a mobile or online business first, build up your capital and customer base, and create a plan for saving up and financing for your grand opening at a later date.
2. Pool investors.
There are many ways to do this, but don't let that overwhelm you. (Also, don't be intimidated by the big-money talk or the multi-millionaire professionals who are the movers and shakers.) If you have a good product, prototype, brand, or idea, think strategically about who could invest in your launch and get in the game.
Angel investment organizations or firms are a good place to start (and there's a good list of those that support women- and minority-led startups here). Platforms created by women like Arielle Loren, founder of 100K Incubator, are also great resources for finding investors and networking with other entrepreneurs.
You'll want to weigh the pros and cons of taking on an investor to start up your venture. Getting money is great, but investors sometimes have authority over important aspects of your business including how the money is spent or even the name of your company. They might also, down the line, play a role in how you run your brand or even decide whether you remain as the leader at all.)
Another great option is crowdfunding or microfunding, where you use a platform like Kickstarter, present your business idea or project to the world, and raise funds via community investors.
Dawn Dickson, founder of Flat Out Heels and CEO of PopCom, was able to raise more than $1 million to launch and expand businesses via supporters in her community. Other entrepreneurs have used this method and raised funds even without having a physical product, gauging interest and building momentum via pre-sales, offers of equity, and prizes.
Oh, and don't overlook networks within your family, your school, your civic organizations, or your workplace. There might be someone less than six degrees of separation from you who is willing to invest just to gain a percentage in profits or ownership or to contribute to the greater good.
3. Get into a pitch competition.
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Be inspired by the story of Stephanie Smith, founder of Digital Insomnia, who won $25,000 to put toward creating a digital marketing simulator prototype. Or the story of Range Beauty founder and CEO, Alicia Scott, who was able to take her brand from $300 to $300K by becoming a master of pitching her business. Organizations and businesses often sponsor pitch competitions that offer thousands of dollars in startup funds as prizes, and this is a great way to get that financial boost you need to start your business. Some even cover all expenses and offer additional support resources like mentors and tech tools.
Sharpen up those public speaking, marketing, and sales skills, sis, and make sure your business plan is a solid one. Invest in a coach, watch competitions online, or attend a few so you can hear common feedback from judges.
The better prepared you are, the more likely you'll come out the victor. (Oh, and of course, here's a great list of a few to start with. Yep, you're welcome.)
4. Outsource and partner up.
Any time you can split the costs of something, you save, so if you have a similar idea as someone else or you might be serving the same audience, why not partner up and pool resources? Malaika Jones, Nia Jones, and Tai Beauchamp, the three Spelman sisters who founded wellness brand Brown Girl Jane, are a great example of how combining talents and resources for launching a brand is more than smart.
Let's say you want to start a business building and selling phone apps. Well, maybe there's a tech professional in your network (or someone you could get to know through, well, networking) who wants out of the 9-to-5 life and has plans to transition into tech entrepreneurship. Pitch your idea and see where there might be common goals. Match their skills and network with yours and you might have a winning combo in which you can split the costs of bringing an idea to life.
Not too keen on partnering up and sharing profits? Many online vendors can handle certain aspects of getting your business off the ground in a more cost-effective way due to their level of experience or expertise. It might be a better idea, in the long run, to simply pay them a one-time fee to handle those areas.
Contacting a consultant with skills in coming up with cost-effective strategies for starting your business can sometimes save you money in the long run. LinkedIn is a great place to start to find other professionals and entrepreneurs to become partners or consultants, and nothing beats attending events and seminars (whether virtually or in person) where smart business-minded and successful folk congregate.
5. Try low-investment retail.
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Just a disclaimer on this one: We're not talking about "easy" or "get-rich-quick" ways to start a business, and you'll want to be aware of all risks associated with these sorts of businesses (or any business, for that matter). That being said, dropshipping, print-on-demand, and direct sales are options for breaking into a business without shelling out a lot in upfront costs.
Picture this: You design something for T-shirts, mugs, or other custom items (or pay a one-time fee for someone else to), upload the design on a third-party supplier portal, build your store on a platform like Shopify (which costs less than $50 to launch), and then let the third-party supplier take care of the production, inventory, and shipping.
Products are made only after orders are received (thus, printed "on demand"), allowing you to avoid several overhead. Sites like Amazon offer dropshipping, and there are other platforms that allow you to create your own marketplace without having to take care of order fulfillment.
If you've ever heard of Avon, Mary Kay, or Tupperware, then you know a bit about direct sales. With this model, you might have to pay a registration or starting fee (several of which are less than $100), be offered an optional, moderately priced starter kit of products, or both. You'll earn a commission on sales (with some as much as 50 percent) and you'll be able to tap into a network of support from others in the industry.
The direct-sales market includes selling almost anything nowadays—cosmetics, kitchenware, coffee, health and wellness supplements, hair extensions, appliances, even medical scrubs—but be sure to look into the fine print on quotas, refund policies, and earnings or incentive models. Avoid scams, and be sure you have a realistic understanding of the sales savvy, time commitment, and financial investment required for success in these types of businesses.
6. Be patient and save up.
Some of us want to start something without worrying about a loan to pay back or investors to answer to, so a savings plan is the best option. If you don't have enough money right now, save up. It may take a bit longer, but hey, you have to start somewhere. Karen Young, founder of Oui The People, a personal care brand, saved up $1,500 while working for Estee Lauder to launch the beginnings of her business. Shana Cole, founder of The Shana Cole Collection, used $4,000 in savings to launch her first line of lipsticks and expand her customer base from Jamaica to the U.S.
Slow and steady can win the race, and if you're able to be disciplined, set a goal, and stick to a plan, you'll eventually have the money you need to get started. Think about it: Saving just $5 a day can go a long way. In one year, you'll have more than $1,800 for your entrepreneurship adventure.
Look at your current budget and needs, and find areas where you might be able to cut back or adjust in order to pour into your "Business Launch" fund. Also, be sure to look into savings accounts that have higher interest rates or high yield options so you can get the most from your efforts. Squirrel away your next tax refund, or find ways to give your savings a boost such as reselling items or downsizing your home or car. Implement settings like automatic transfers or deposits to a separate account so that you'll be sure to hit your goal in the time you need to.
Finding the money to start your business on a small (or barebones) budget is all about being creative and figuring out the best route for your future. The key is to at least take that first leap, with research and planning as your parachutes, and just go for it.
For more business tips, career advice and profiles, check out the xoNecole Workin Girl section here.
Featured image by Getty Images
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This article is sponsored by Hulu.
UnPrisonedhas returned for its highly anticipated second season, delving deeper into the complex dynamics of the Alexander family.
The series premiere comes a year after its debut season garnered rave reviews from fans and critics and earned record-breaking ratings for Hulu's Onyx Collective brand. UnPrisoned's success can be attributed to its raw, relatable themes and comedic appeal.
Inspired by creator Tracy McMillan's life, the show follows Paige (Kerry Washington), a therapist and single mother whose life takes an unexpected turn when her father, Edwin (Delroy Lindo) --who was released from prison-- moves in with her and her teenage son, Finn (Faly Rakotohavana).
Throughout UnPrisoned's first season, viewers witnessed how Edwin's incarceration deeply affected Paige's life and relationships. In the series, Paige unpacks her trauma through interactions with her inner child and her online followers. Meanwhile, Edwin is overcoming specific struggles with his own past that led to his life of crime, including a dysfunctional upbringing and his mother's arrest. As the Alexanders attempt to reconcile, new challenges arise.
This new season promises to further explore their unconventional family dynamic. Here are several compelling reasons why season two of UnPrisoned should be on everyone's watchlist.
The Alexander Family Life Is Still In Shambles
UnPrisoned's second season resumes where the series left off, with Paige grappling with the fallout from her troubled therapy practice and Edwin navigating life independently after moving out. Meanwhile, Finn faces his own challenges. The teenager is battling anxiety and seeking information about his father—a topic Paige avoids discussing.
The Alexander Family Are Attending Therapy To Resolve Their Underlying Issues
Amid the chaos in their lives, the Alexander family decides to mend their bond by confronting their past traumas. They seek professional help and attend therapy sessions with a “family radical healing coach,” played by John Stamos, a new cast member. This collective effort aims to unravel the complexities of their shared history and strengthen their relationships.
The process of unraveling each character's internal conflicts and their potential impact on future relationships may clash with Paige's textbook therapy approach. While Paige is used to being in the therapist's seat in both career and family, this forces her into the unfamiliar role of a patient during therapy sessions. This shift would compel her to look in the mirror and try a radically different approach.
The Alexander Family Learned A Big Lesson During A Therapy Session
In therapy, the Alexanders are tasked with addressing their individual traumas to salvage their remaining relationships. One of the family therapist’s eccentric suggestions was an exercise involving a family wrestling match. During this session, Paige faces tough questions about her refusal to share information about Finn's father.
While it's unclear whether this scene is reality or fantasy, the image of the family duking it out in the ring certainly makes for hilarious yet compelling television.
Paige Tries Dating Again Following Failed Relationships
Amid her life's chaos, Paige decides to step back into the dating field. However, her many attempts have left her with mixed results. The dating apps have turned out to be a fail, and an outing with her ex Mal (Marque Richardson), who is also her father's parole officer, doesn’t go quite as expected after he brings an unexpected guest – his new girlfriend.
The situation takes an awkward turn when Mal's new partner learns why the former couple split, partly due to Paige's self-sabotage.
UnPrisoned Is A Perfect Balance Of Comedy And Drama
As a dramedy, UnPrisoned takes a comedic approach to its heavy subjects. The show takes us on a ride with Paige's dating misadventures and navigating a friendship with her ex.
Other lighthearted moments include Edwin's attempts at CPR based on online videos and, of course, the antics of the Alexander family's unconventional new healing coach.
The second season of UnPrisoned is now available on Hulu.
UnPrisoned | Season 2 Trailer | Hulu
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Mariee Revere On Her History-Making Million-Dollar Sales And The Future Of MoonXCosmetics
If the name Mariee Revere sounds familiar, it's probably because you heard of her beauty and skincare brand, MoonXCosmetics, or you may have heard about her history-making achievement of making $1.8 million in less than eight minutes. But before starting her million-dollar brand, Mariee was just a teenager trying to cure her acne.
While she grew up in the skincare capital of the world, South Korea, Mariee didn't really experience breakouts until her senior year of high school. Like many people who get their first breakout, she didn't know what to do, and there weren't many products out there at that time. So she decided to experiment. What she didn't know was that what she came up with would ultimately be her ticket to success.
"When I graduated high school, I moved back to America, Georgia, and I ended up making, like, the oil, the Rose Galore oil, which is like the staple product of my brand. I don't know what made me make it, but I did, and it literally cleared my face up," she tells xoNecole in an exclusive interview.
"I end up selling it as a body oil first because, obviously, I'm 17, [and] don't have any background as an esthetician or anything like that. I just made a product that worked for me, but people bought it and was using it, and I reformulated it, and then it just stuck like with me."
While MoonXCosmetics is known for its facial products, it wants to expand to body care and home. It just released its new product, Moon-Gel body wash, and it's only up from there. As Mariee continues to grow the brand, it's more than likely that she will see more history-making moments. And so far she has.
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When asked if she feels pressure to obtain more of those milestones, she says yes and no. "I did $1.8 [million] again, and then I did $2 million but I feel like now, currently, I don't look at that as one of my goals anymore because [of] the headache and just everything that came with it, but I was thankful and blessed to have that milestone, but now I'm looking for more," she says.
"I want to say more reach than more like fast-paced sales. I do want that. Obviously, every girl wants that, but I do want to have a better overall reach for my brand because I did take two years off so I was able to learn, [and] study a lot of different things. See how things have changed from 2020 to now."
"I did $1.8 [million] again, and then I did $2 million but I feel like now, currently, I don't look at that as one of my goals anymore because [of] the headache and just everything that came with it, but I was thankful and blessed to have that milestone, but now I'm looking for more."
Another part of expanding for any company is hiring people. Finding the right person to help you can be a hassle, especially for business owners who are used to doing all the work themselves. Mariee can relate to this, and she touched on this topic in her documentaryThe Million Dollar Story. She recommends having someone be your "right-hand man" who you trust to handle the ins and outs of the company.
"I could say, definitely get, like a right-hand man to help you within the process because that really was what helped me. I never had a job. I literally was 18 now, being like, you know, the boss of over 30+ employees at one point in time, and I didn't know anything. I didn't know anything about no W-2s, no taxes, no clock in, clock out because all I [have] ever known was my brand," she explains.
"So I definitely partner with people who are very skewed and versed in those areas, and they helped me get through it. Even to this day, I still have my same person helping me with hiring, firing, [and] doing everything that I can right now because I'm still learning. But obviously people get jobs young, so they have way more experience than me, but still learning."
And though she is still learning, one thing she makes sure to stay on top of is being consistent. Consistency is what trips many people up when it comes to achieving goals, but Mariee says it's all about scheduling. Whether it's when to post on social media or email marketing, scheduling it out can make a world of difference. That same practice also works when planning out her future goals for the company.
"Right now, future goals would be to drop at least five more products before the end of the year. We always do outreach, where we do drives and all that, but definitely do way more this year, she says. "Then really dive into body [care], and then hopefully open up MoonXBody underneath MoonXCosmetics to let that branch out and be open and definitely get back consistent."
For more information, visit moonxco.com.
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