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Weâve all heard the phrase âIt takes money to make moneyâ which is true especially in business, but what happens to the people who donât have money? How can you start a business with no money? The short answer: a lot of really hard, consistent, and intentional work. Here are three things you can do today to help build your business without any money.Â
1) Research
I know itâs boring but here me out. Market research is an important building blocks of growing a successful business. Why? Well, before you can make a sell you need to know whatâs already being sold. You should start by answering the following questions:
- Who are the key players?
- What are the current and upcoming market trends?
- Whatâs the average price point? How much of the market could I potentially own( this is called Market Share)?
- Whatâs the customerâs greatest concern/problem and how do I fit into the solution.
- Where are my customers and how are they buying? ( Explore their buying habits and where they typically buy)
2) Start A Service
Service has become a founding pillar in my business. You should ask yourself âHow can I serve others in a way that elevates my business while honoring my mission and values?â It doesnât take much money to start a service-based business which means you can start earning more money sooner because you have fewer expenses. Here are some ways you can transition into a service-based business model:Â
Photography
- Offer to edit your friendsâ Instagram/blog photos.
- Offer to plan and organize photoshoots for content creators.
- Become a liaison for photographers who are struggling to find new clients.
- Rent out your equipment.
- Teach or sell a course on photography, lighting, or editing.Beauty/Fashion
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Beauty/Fashion
- Organize closets for busy entrepreneurs or working moms.
- Become a personal shopper.
- Become a digital stylist.
- Offer to become a buyer consultant for new boutiques.
- Become a brand ambassador.
Still, need help coming up with a service that sells? Let us help! Tweet us @strangerclub_
Once you start earning money from your service-based business youâll be able to reinvest your earnings into product/merchandise production, quality control, and advertising.Â
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