7 Simple Steps to Starting a Business with No Money

If you’re thinking of starting a business with no money, here are 7 steps to help you get started. 

There’s no reason to forfeit your dreams of financial freedom and abundance simply because you lack the funds to start a business.

In this article, I will go over 7 steps to starting a business with no money that you can take immediately to help you stop waiting for the financial abundance you want.

Step 1 – Choose the Right Opportunity for You When Starting a Business with No Money

Choosing the right opportunity depends on your expertise and interests. 

You don’t want to do something you know nothing about or don’t even enjoy.

Chances are, you’ll be spending several hours a week on your business, at least 1 hour per day for most businesses. So make sure it’s something you’ll enjoy doing.

Check out my article 13 Most Profitable Online Businesses to Start in 2024 for ideas of businesses you can choose.

Step 2 – Apply for a Federal ID 

This step will help you at tax time and with step #3. It’s an important step in order to keep your finances organized and is necessary to file taxes.

It’s called an EIN or employee identification number. Click here to apply for an EIN.

Step 3 – Open a Business Bank Account

Now that you have an EIN, you can open a business bank account.

This might seem like a funny thing to do if you’re starting a business with no money.

However, the hope is you’ll make money with your business and you’ll need somewhere to put it.

You are going to want to keep your personal money and business money separate for tax purposes. And the easiest way to do that is to open a business account.

Step 4 – Plan to Pay Taxes 

If you’re starting your own business, you will be expected to keep track of what you need to pay in taxes.

As an employee at a company, that is something automatically withdrawn from your paycheck.

In either case, you need to file taxes, but with your own business, you will need to prepare for that, and if you’re in the black, you will most likely owe money to the government.

For beginner business owners, this is sometimes a shock and easily overlooked. 

But if you prepare for it by setting aside money each month from your earnings specifically for taxes, or pay an estimated tax, tax time won’t be as much of a nightmare for you.

Step 5 – Establish Your Online Presence When Starting a Business with No Money

There are two kinds of advertising to get people to your business: organic and paid.

If you’re starting a business with no money, you want to start with organic advertising, getting eyeballs on your products or services without paying for ads. 

One of the best ways to do this is to establish your online presence. 

Social media is one of the most popular ways to do this. Other ways include blogs, forums, websites and funnels. 

While you establish your online presence, be helpful to others before asking for help and you will also establish authority.

In the long run, this will increase sales.

What goes around, comes around. 

Step 6 – Outsource Small Tasks after Starting a Business with No Money

After you start pulling in money from your new business, use that money to outsource some of the smaller tasks that don’t need your personal attention.

Depending on the business you choose, these tasks could be answering emails, outreach to potential buyers, research, setting up excel sheets or docs, etc.

You could also outsource larger tasks, like design and copywriting. 

Whatever you choose to eventually outsource will enable you to have more time freedom to focus on growing your business.

Step 7 – Grow Your Business

Outsourcing can lead to growing your business because it helps you start hiring employees. 

As stated above, this helps you have more time to focus on other tasks, like creating new ideas and putting them into action, expanding your network, or spending time with coaches to help you get to the next level. 

All these things and more will help you grow your business or start more businesses. 

To get to the next level doesn’t happen solo. All boats rise with the tide and the truth is we need others in order to succeed. 

So having time to expand your network and be coached at events or masterminds will help you grow your business more than almost anything else. 

In a Nutshell

Is it possible to do something as crazy as starting a business with no money?

Absolutely!

I have and many others have. 

So there’s no excuse…with no money, only about an hour a day and following these steps in this article, you could start your business today.

This is one great way to build more financial abundance.