The Resilient Retail Blog

How to start a business when you don’t have any money

So you’re thinking of starting your own business but you don’t have any money? This is a much more common scenario than you might expect and because of that there are ingenuous way to get you started.

How-to-start-a-business-with-when-you-don't-have-any-money.jpg

The grid

Set up an Instagram account for your business, it really has become a go to place for shoppers searching for those unique products from independents and you can administer payments via DMs – simple! You may want to read my blog post ‘How to start an online business in 2021’ after this one.

Stock up right

You obviously need to buy stock to sell but keep quantities low – you don’t need to buy 100s of pounds worth of stock. In fact, when selling via Instagram, seeing ‘SOLD’ on a product image it can give the impression of exclusivity and must have items.

Test the water

Start with a limited range so you can properly find out what your customers like, you can gather feedback on products without a huge initial outlay.

Customer conversations

Mailchimp is free to start  – this a great way to start building your customer email list. Any retail business owner will tell you that your customer emails are the holy grail. With them, you have a direct line to talk to them and you control how often to pick the conversation up and what you want to say.

Branding

Canva is a fantastic free tool to create your brand designs. You can create logos, social media content and so much more. Get started on your logo now – it can always be tweaked further down the line.

More than a phone

Don’t underestimate the power of your smartphone when it comes to photography – you can create professional looking imagery for use on your social media, website and in your emails. If you need some extra guidance look at sites like Udemy for photography courses.

Money in the pot

Once you have a small amount of money in the pot – Etsy and Ebay are good very low cost options to access a wider audience when you’re starting out. When you start getting sales, get a Shopify website which is more expensive than Etsy or Ebay but still has a low monthly cost. Another resource you could use would be my blog post- ‘How much does it cost to start a business?

Find out more

If you enjoyed this post, why not get my “Start Your Business” FREE toolkit – a collection of resources designed to get your business idea out of your head and into reality. The toolkit contains:

  • Start your business checklist – a step-by-step guide from idea to reality.

  • Where can you sell your products? A complete guide to the different selling platforms and marketplaces

  • Getting your products to your customers – A complete guide to your postage and courier options

  • Introduction to pricing – a mini-course on the importance of setting your prices correctly

  • Driving traffic to your website – an e-book on getting eyes on your business

Ready to get the toolkit? Just put your email below to receive the link.

For more information about all three of my toolkits, click here.

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