Have you ever dreamed of starting your own business in the UK? The advantages that come with being your own boss, getting to set your working hours, and making money from what you love doing.
Because of this, many UK residents have an idea of starting a business. But thinking of the capital you need to start your business in the UK can make you think that it’s impossible to get that business started.
Well, what if I tell you there is a way to have that business with no capital?
A great business idea with no capital doesn’t mean your dream is over. A business can be started, and even expanded, for free if you think strategically and utilize available resources.
You do not always need capital to get a business up and running.
There are many ways to start a business without money, all you need is an entrepreneurial mindset, patience, hard work, creativity, and willingness to test new things.
This guide shares how to get started with your own business with no money in the UK.
#1. Take advantage of your skillset
The best business ideas are formed out of the convergence of your passion or your skills, especially on a problem that people need solving. Understanding that your idea needs to be solving a problem is critical since not all passions are useful or marketable.
Take your current skill set and knowledge of an industry and dig deeper to discover a problem that needs to be solved. You can package that skill set into a service such as:
- Freelance writing
- Virtual Assistant
- Social media marketing
- Social media influencer
- Affiliate marketing
- Digital products (ebooks, online courses)
- Handyman services
Do not go for a service business if you don’t have a particularly strong set of skills. Your time can earn you money, identify people who are too busy and are willing to pay a fee for someone to help them with some of their tasks. That includes :
- Cleaning offices or houses
- House or pet sitting
- Dog Walking
- Car washing
- Personal shopping
#2. Let the public know about your idea
Another critical aspect of starting a business with no money is spreading the word about your product/service to your target audience. You don’t have money to invest in your marketing.
So, you should focus on organic options as part of your initial marketing strategy.
Create a website
Launch a website for your business and utilize free SEO tools to research invaluable keywords in the industry.
Use the results to create optimized product/service, about us, FAQs, and contact/sales pages.
For instance, putting your physical address on the contact page is a good way to rank in search engine results when a person conducts a regional search.
Make sure your website has a blog section where you can publish optimized content regularly. Take advantage of free content marketing courses to sharpen your skills. Similarly, free digital marketing courses can help you learn which method works depending on the business.
Tap into social media
Social media has become a second home to us since we are always on social media. Create social media pages and make sure they favor the nature of your business.
For instance, Instagram is a better platform than LinkedIn for clothes designers since it’s suitable for sharing photos.
Use social media posts to drive traffic to your website. Respond to the comments written by your audience and also participate in social groups or forums. This can be a great way to start building an audience and engagement naturally. Just keep in mind, that it takes time and effort to maintain.
#3. Create a minimum viable product
A minimum viable product is a low-cost, low-risk way to test your niche market’s demand for your product.
You might be thinking that this adds an unnecessary hurdle to launching your business. But conducting this test early helps you avoid building a product that nobody wants and you get to gather vital information from your target market. They might even communicate areas where they feel some features are missing.
Validate your minimum viable product by adding it to your website’s home page and asking visitors to register their emails. By the end of the test, you should be able to answer the questions below.
- What are you selling?
- What is the best price?
- Who will be compelled to buy immediately?
- What’s your product’s primary benefit?
- What’s your product’s important secondary benefit?
- What are the critical objections to your offer?
- How will you counter these objections?
- Why should people buy this now?
- What can you change to make your offer more compelling?
#4. Set up a way to get paid
Once you are contented with how your first product or service is communicated and confident that it scratches your target market’s itch, you need to set up a payment method.
When deciding which methods to use, it’s wise to compare their price, features, flexibility, security, and functionality. The best fit for your business will depend on several factors such as the size of your future transactions, popularity, customers’ preference, and age, among others.
Online payments work well for online businesses. Debit and credit cards are ideal for in-person or online payments. Mobile payments have become very popular and widely used all over the world. Payment through checks is also another good payment option.
An easy option is to set up a PayPal account to enable customers from all over the world can hand over their cash in exchange for your product. If you’re offering a service, you will have to invoice your clients.
An invoice template makes creating an invoice easier for you.
You should always be ready to receive payments any time an opportunity appears. you should always have a payment method ready to avoid losing a potential client.
#5. Communicate your product to the world
Back in the day, promoting your small business was determined by the size of your wallet. In today’s world, it is possible to build your entire customer base without any paid advertising.
Marketing your business will be easier if you know who your customer is. B2B audiences respond better to webinars and white papers, while younger audiences work best with social media.
Understanding where and how to market your business is very important. Brands that have successfully communicated their value proposition are more likely to become world leaders.
Defining your unique selling proposition and communicating it to your target audience should be your marketing focus. Poor marketing can be fatal for startup businesses.
If you targeting a younger audience, all you need is email and a regular social media presence. You need to be consistent on social media by doing the following:
- Post at least two to three times a day
- Respond to your visitors on time
- Connect with your customers to make sure they are happy
- Ask for your customers’ emails and use them to get their feedback on your products or services.
Your website should give visitors the option to opt-in with their email addresses. You can later use free email platforms to market to them regularly.
#6. Expand your products, services, or target market to scale future growth.
As you go through the stages of building your startup, getting feedback and testing new ideas are very important. The best thing is that none of it costs anything apart from your time and creativity.
Once you discover a business model and product or service offering that works, you can use the following ideas to help you scale the business further:
- If you sell a physical product, consider introducing a service too for instance if you sell language tools consider offering online language classes.
- If you are selling a service add a product. if you sell freelance writing online classes you can introduce a book on how to become a successful freelancer.
Scaling for future growth tends to be easier than starting a business.
By expanding your products, services, or target market up front, future growth becomes more manageable.
Profitable Business Ideas You Can Start With No Capital
Now that you know how to start a business in the UK with no money, let’s look at some of the ideas you can implement this way.
a). Start a blog or online magazine
You don’t need to have a lot of money to start a blog or online magazine. In fact, you can start one with no capital at all.
The first step is to come up with an idea for your blog or magazine. Once you have that, you need to create a website and/or social media page for it.
You can use free platforms like Medium.com or OLITT to create a website.
Then, it is time to start creating content. You can write your own articles, or find content from other sources to share.
As your blog or magazine grows in popularity, you may want to consider hiring contributors or advertising.
But overall, starting a blog or online magazine is a relatively easy and affordable way to share your ideas with the world.
b). Create an online course
You don’t need any money or capital to create and sell digital courses in the UK.
And there are many reasons to create an online course. Maybe you want to share your expertise with the world, or maybe you want to make some extra money on the side.
Whatever your reasons may be, know that you don’t need any money to get started.
You can use free tools like Google Docs and YouTube to create your course content, and you can use free platforms like Teachable to host it and sell it.
Creating an online course in the UK can seem daunting, but it’s really not as difficult as it seems. The most important thing is to start small and build from there.
Don’t try to create a comprehensive course right from the start. Start by creating a few simple lessons, and then add more lessons as you go.
One of the best things about creating an online course is that you can work on it at your own pace.
c). Start a marketing agency
This goes to those working as marketing professionals….Are you tired of your job? Are you looking for something more fulfilling?
Maybe you should start your own marketing agency in the UK. Starting a marketing agency with no money is possible. You just need to be creative and resourceful.
One way to start a marketing agency with no money is to offer your services for free or at a discount to local businesses (to get a testimonial).
You can also barter services with other business owners. For example, you could offer to design a website for free in exchange for the owner of the business referring new customers to you.
Another way to start a marketing agency with no money is to use online tools and resources. There are many online courses and tutorials that can help you learn the basics of marketing.
You can also find free templates and software online that will help you get started.
Once you have proven yourself and start attracting clients, you can invest in tools to help your business grow.
d). Create a mobile app
Another profitable business ideas you can start in the UK with no money is mobile applications.
There are a number of ways to create a mobile app without spending any money.
The first step is to determine what type of app you want to create. If you’re not sure, there are a number of resources available online that can help you decide.
Once you know what type of app you want to create, the next step is to find an appropriate platform.
If you are creating a simple app with limited functionality, then a platform like Appy Pie may be suitable.
However, if you need more features or want greater control over the design and development process, then it may be better to use a custom development platform like PhoneGap or Xamarin.
Once you’ve selected the right platform, it’s time to start developing your app.
And then you can monetize it using ads or sell in-app purchases.
e). Start a home organizing business
Are you looking for a way to make some extra money without spending money? Do you have a knack for organizing and getting things in order? If so, starting a home organizing business may be the perfect option for you!
The great thing about this business is that you can start it with very little money.
In fact, many people start their businesses by using their own furniture and supplies.
You may also want to consider marketing your services online or through word-of-mouth.
There are a few things you’ll need to do in order to get started:
- Establish what services you will offer and what your rates will be.
- Create a portfolio of your work to show potential clients.
- Get organized yourself! This is key when it comes to running your own business.
- Start marketing your cleaning business. Use social media and even create a website for it.
f). Start a pet sitting business
So you’ve decided you want to start a pet sitting business in the UK.
Not only is it a great way to make some money, but it’s also a lot of fun. Here are a few tips to get you started:
- Decide if you want to start your own business or join an existing one. There are pros and cons to both options. Starting your own business allows you more freedom and control, but can be more difficult in the beginning. Joining an existing business already has a customer base and can be less risky, but may have stricter rules and procedures.
- Do your research. Make sure you know what’s involved in running a pet sitting business, from marketing and advertising your services to dealing with clients and handling payments. This will help you decide if it’s the right venture for you.
- Get organized. Once you’ve decided to start your pet sitting business, it’s time to get organized. Create a business plan and set up some basic systems and procedures. This will make running your business much easier in the long run.
- Choose a catchy name and create a brand for your business. Your pet sitting business should have its own identity that sets it apart from the competition. Come up with a clever name and design a logo or other branding materials to use on your website, marketing materials, and social media accounts.
- Promote your business. Get the word out about your pet sitting services by creating a website, handing out flyers in your neighborhood, and signing up for local directories like Yelp and Angie’s List. You can also promote your business through social media platforms like Facebook, Twitter, and Instagram.
The startup capital does not determine the success of a business in the UK.
In the initial stages of your business, avoid any unnecessary expenses.
However, as your business grows, a time will come when you won’t be able to avoid expenses anymore.
Planning for such occurrences is very important to ensure your business does not die due to lack of funds.
You can save money from your profits and use it to grow your business.
No matter what your small business venture throws at you, keep going.