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Effective Ways To Start A Business Without Money

Last updated on May 6th, 2023 at 07:45 pm


I asked 10 young graduates about the most challenging thing in starting a business, six of them said funding, the rest picked other reasons.

This isn’t peculiar only to young graduates who want to set up a business because the government has failed to create jobs. And every successful business owner faced the problem of business funding at a time. How did they overcome it?

By the time you’re through with the tips here, you might also want to know ways to expand business by exploring the power of existing customer, more details about this is at:


In one of the conversations by Pastor Sam Adeyemi where he answers questions from his followers, one of them shared how funding has impeded him from starting a business.

The young man said:

I want to start a business and I feel like I am overplanning. All I have for now is the plan, the idea, the how to but I am still trusting God for the money. I feel like because of a lack of money, my launch date for the business would be extended. What do you suggest I do?

While a fund is a catalyst for a business takeoff, you must not allow its limitations to hold you down. You must start somewhere.

“Can you start with a friend or group of people? There is power in building with people. Going it alone might not be the best option,” Pastor Adeyemi advised.

The fact is there are some businesses or services where you don’t always need a lot of capital to get started. Sometimes, you set up without money.

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It may sound unachievable, but it is possible. Though you are going to need extra cash to get certain things done. Start small, grow bigger.

In the social media age, you can set up a store for your services on WhatsApp, Instagram, Twitter, and Facebook.

So, the headache attached to shop rent is completely out. That way, money has been solved, which you can channel to achieve another goal.

Here are some ideas to start a business with from scratch without capital in any part of the world:

A lot of business ideas have completely been eroded because of lack of money. But the fact is you can get started by asking yourself what you can do without money right now.

If the business required a website, ask yourself:

1) What are the alternatives?

2) What about starting off with content marketing on LinkedIn.

3) Would it make more sense for you to post your products for sale on a site like jiji, olist?

4) What about setting up an account on to start designing your own marketing banners?

Trade your skill

Hundreds of people out there are searching for someone like you to help them solve what you are good at. It’s time to start trading your skills with someone else in lieu of payment?

Search for free alternatives

Make a list of what you need for your business, if it’s premium, search engines like Google, or Bing is your friend, research free alternatives on the web. It might take time and require more time, but in the end, you will be able to save funds for other things.

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Plan ahead

A lady narrated how she set up her business after her one-year mandatory service. How did she do it?

“I saved 40 percent of my monthly stipend knowing full well that there are no jobs for young graduates. Millions of those before me are still in the labor market in search of non-existent jobs,” she said.

While tapping into your savings account may not be the ideal situation. Yet, it’s a common practice among successful entrepreneurs.

Get your projection right. Be sincere to yourself, don’t build a castle in the air. Be real to yourself.

Ask yourself how long it will take for the new business to start bringing in a profit. Most times, it takes at least six months before you start seeing any cash flowing in.

As such, it’s advisable to save at least six months’ worth of living expenses so you can devote yourself to your new business.

Don’t Be Shy To Ask

The fact is that everyone can not believe in your dream. You have to first believe in yourself and dream.

Perfect your business idea and plan, make it solid and convincing so that your friends will be able to support you.

Ask your friends for support, let them know the idea and you plan to achieve it. From there, you can move on to crowdfunding platforms to encourage your friends to help spread the message.

Explore Small Business Loan

Every responsible government around the world knows the importance of SMEs to the country’s Gross Domestic Product. As such, there are always government loans dedicated to small startups.

Also Read:  10 Advantages and 6 Disadvantages of Partnership Business

You will get to a stage in your entrepreneurial journey where you will need more capital to either expand or strengthen your capital base.

During the COVID-19 pandemic, most of the SMEs around the world needed funding or loans.

Search for the banks that provide the most interest-friendly loan. Recently, the number of online lenders is growing exponentially.

The competition is healthy because they are making marketing efforts to have a cut of the market.

The competitive interest rate makes online lenders better than traditional banks. You don’t need collateral to get a loan online.

Advice: Calculate the interest rate, is it worth it? Will you be able to pay back in time? Get your projection right.

Explore Local Grant And Funding Opportunities

There are foreign grants and funding opportunities you can explore to support your business. Your best option will be local grants.

Below are some of the search terms you can use:

  • Grants for local business in Canada
  • Funding opportunities for SMEs in the United States

Most times, your business must be registered to get business grants from international and local donors.

One of such funding launched lately is Flourish Africa by Nigeria’s Oil billionaire Chief Mrs Folorunsho Alajika. She plans to support women businesses with NGN1 Billion.

The above tips can help you get started. Start small, grow BIG!


  • Opeyemi Quadri

    Ope is a finance writer and researcher with 10+ years of experience in content creation. His interests cut across decentralized finance, investment, foreign exchange, government policies and politics.

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