How to Start a Business With No Money and No Experience

Unknown

Can I start an online business with no money and no experience? It's a big question, but one that many aspiring entrepreneurs ask because it is normally the two biggest things that put people off actually going after the online business that they want to start because they feel like they're underqualified and they don't have the experience to take action to build this into something really great.

Unknown

And secondly, they feel like they need loads of money to invest to actually start. I get messages all the time on my LinkedIn from potential clients who are thinking about starting an online business, but they're really scared because they feel like they don't know what they're doing, and they're worried that they don't have the funds to invest in whatever it is that they might want to build.

Unknown

Unknown

I felt six online businesses, and I've tried pretty much every online business model that you could think of. So I felt pretty well to be answering these questions. So can you start an online business with no money and no experience? My answer is going to be yes. And let me explain why. So let's tackle the experience piece first because what I want you to understand if you are currently working in a 9 to 5 or you've been job hopping, I don't know.

Unknown

Whatever your situation is. The reality is you have experience from whatever it is that you've been doing in the past. Now, even if you, I don't know, working in a restaurant and you are taking orders and you are doing customer service every single day, that in itself is experience. Or maybe you'll work in an office doing some admin.

Unknown

You are managing other people's calendars. You're doing personal assistant work. That is also experience to say that you don't have experience isn't true, because you've got loads of experiences in whatever job it is that you've done before. Even if you've been coming out of university and you're a student right now, you've probably got experience working in teams presenting.

Unknown

You probably play a role in whatever course is that you're currently participating in. So you also have some level of experience. Now, what you need to do is identify the experiences that you've got in whatever it is, whatever your current circumstances are, and look for unique skills within those experiences that you possess, because those skills and those experiences are most likely transferable into you starting your own online business in some way, some shape or some form.

Unknown

Now, I'm not going to say that, you know, you're doing customer service in a restaurant right now, and you're going to directly transfer that and build your own restaurant and do the customer service in your own business, that that's not what I'm talking about. But those skill sets that you've got. So talking to people, placing orders, probably doing some kind of maths because you're having to do calculations of like who took what all of the things are is what is transferable.

Unknown

They are probably hard and soft skills that you can take and transfer into whatever online business it is that you want to start. Now, this is actually how I would suggest that you do build an online business. It's look at the existing skills and passions and experiences that you already have, because it's going to be so much easier to create something from something that already exists.

Unknown

Then go and try and train yourself and gain the experience in something new. From my personal experiences, all of the best businesses are born from a place of already understanding some kind of comprehension around what it is that you're about to go and do. So if you can find those skills and transfer them over into something new. Yes, you do have experience.

Unknown

And don't tell me that you don't have the experience to go and start something new, because you absolutely do. It's just about how you use and how you transfer that something that I see all the time. And I would argue that this is actually just a layer of procrastination for someone not taking the action of doing something they want to do out of fear.

Unknown

Is that people making the excuse of, I don't have the experience that I need to go and train myself on X, y, z before I can stop. Now the reality is, many people will never actually go and train themselves on these things that they say they're going to do, in which case they never actually take the action to start their own thing because they feel like they're lacking in some way.

Unknown

They feel like they're lacking that experience. Now, in my opinion, that is just an excuse. That is just procrastination. It's actually just fear. You are going to come up with so many different excuses to stop yourself starting because your subconscious programing is telling you that you shouldn't do it because the unknown is scary. So if you're someone that right now is like, oh, I can't take action because I don't know X, Y, Z, whatever that might be.

Unknown

Maybe you don't know how to market business. Maybe you don't know how to sell. Maybe you don't know how to do the techie stuff online. They're all just excuses because you can find ways to make those things happen. You don't need to learn before you do. Actually, part of entrepreneurship is learning whilst you're going along and you going away and learning something is actually just taking time away from you taking action, because you could be taking action and learn the steps like get to get to the first point before you decide that you don't actually know how to do it.

Unknown

Because nowadays we have so much access to information. We've got, I got the internet, we can literally Google anything or ask AI anything, and it's going to walk us through step by step, so to say that you need to go and learn something and gain the experience in something before you take action is literally just a distraction. So yes, you can start a business with no experience because you one you have experiences from your previous situation, whatever that looks like.

Unknown

What university school you have skills that can be transferred into your business. And yes, you probably do need to learn loads of things along the way. Most people that go into entrepreneurship don't have experience in entrepreneurship. They probably came out of a corporate job and starting something new. They probably came out of university and decided to build something of their own, because they felt like the corporate world wasn't for that.

Unknown

Nobody's got experience in business when you first start out. So yes, you can go into it with no experience. You just need to learn how to pivot the things you've already got under your belt and move those into something of building on your own. Now, if you need some help trying to figure out how to pivot all of your existing skills, your experiences, and your passions into building an online business of your own like how on earth is this transferable?

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Unknown

In the training, we are going to be looking at which online business is going to be right for you, which offer to start building who you're building it for. And then I'm going to give you a three day action plan so you can actually start your business in 72 hours and stop procrastinating thinking you don't have enough experience.

Unknown

Come and join me in that masterclass. And 2nd of June, if you're watching this after the 2nd of June, you can still register for the masterclass and you will get a flavor. Now let's talk about point number two. Do you need money to start an online business? This is something that I literally had a conversation about in my DMs a few days ago.

Unknown

And I'm not going to sit here and say, no, you don't need any money, because in some cases you do need to pay for tools, you need business registration, you're going to need to pay for some kind of web hosting setup or subscription of AI. But do you need a lot of money to start a business? No. I've worked with founders who have bootstrapped everything.

Unknown

I personally bootstrapped most of my businesses, and I would say even if you have 100, 200, up to $500 to invest in starting something, that's a really great starting point. Now you can start completely for free, but probably at some point you're going to want to invest a little bit of money into starting something. But it is possible to bootstrap from day one.

Unknown

So starting a business because you don't have the money to invest is putting you off. You could look at business models that actually don't cost a lot to run. So if, for example, if you are creating a business based off of your skills and you are offering a service based business, really the only overheads you're going to have is maybe some web hosting, maybe a subscription to a service that's going to help you provide the service that you're offering, and then maybe some business registration costs.

Unknown

It is a very low cost entry point to starting an online business. Whereas if, for example, you want to go and start an ecommerce business that have a much higher overheads because you need to invest in product fulfillment, logistics, all of those things, packaging. If you haven't got a lot of my stock business, I probably wouldn't suggest you go down the e-commerce route.

Unknown

I would suggest you look at things like digital products and service business providing because they are really low cost entry points into the online business world. So do you need money to start an online business? Yes, with an asterix, because it's not a huge investment when you first start out. Obviously, as your business grows, as you start making money, you can then invest as much money as you want or need into that business.

Unknown

But when you're first starting out, it's really not necessary. You can start a business less than $100. So if this is giving you some reassurance today that you can start a business without any experience and with very little money, make sure you come and join me on June 2nd in the Freedom Business Bootcamp, and I will teach you and give you the action plan for your next steps to starting your very own online business.

Unknown

You can join the bootcamp now via the link in the show notes. Stop procrastinating because you think these two things are going to hold you back. Let's start taking action to build your dream freedom online. Thanks for listening. I'd say to the Freedom Podcast if you enjoyed this and you found it helpful, please like and subscribe and I'll try some podcasting platform.

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And I will see you next time.