Want to start any type of business in the UK but is short of money? Curious to know if there is any way out to start a business in the UK with no money.
Well! It’s a bit challenging! But, don’t lose hope as nothing is impossible in this world!
Yes, you’re hearing it right! It’s possible! No initial investment and yet you can make your business stand with the right mindset. You would also need to apply proper strategy and make use of the proper resources to make it happen.
In this era, digital entrepreneurship has progressed a lot, and it has become a helpful thing that assists many businesses to stand.
Besides, innovative business models have also shown a great rise that directly or indirectly contributes to the business’s success.
Dying to know how to initiate a new business with zero money and get success in detail? Keep reading, and we will cover everything up for you.
Business Ideas To Start A Business In the UK With No Money
1. Resorting To Freelancing Business
You can get clients for the same business from different online freelancing platforms. Some of such platforms are Upwork, Fiverr, etc.
2. Teaching Online And Giving Consulting Services
This type of business can be done remotely from your home’s comfort. However, you need to be well-experienced and knowledgeable enough to be successful in them.
3. Resorting To Affiliate Marketing
For this business, you have to create a unique referral link. Once you can sell products, you will receive a commission for them in your bank account. This is a great idea to start a business in the UK with no money.
4. Resorting To Service-Based Business
You can start a business that gives services to clients. It may be a pet-sitting business or a business related to photography or any other. These types of businesses require your labor and skill more than any investment.
5. Selling Products Online
Nowadays, people are taking the benefits of this digital era and are making money by selling products online. And, many online platforms help them to achieve their objectives.
Most of these platforms also make different products available to them at a cheap price. Some of the helpful platforms that are quite popular today are –
- eBay.
- Amazon.
- Facebook Marketplace.
- Flipkart.
- Myntra, etc.
To sell products on these platforms, you don’t have to hold any inventory.
Some of the other types of business ideas with no investment are –
- Graphic designers.
- Blogging.
- Web designing and development.
- Photography.
- Video editing.
- Social media management.
- Crafting.
- Language translation.
- Fitness cum wellness coach, etc.
How To Set Up Your Zero Investment Business – The Main Steps
1. Choosing A Business Structure
The first step to begin your business is to register yourself as a businessman. You can decide to register yourself as a sole trader.
Or, you can also create the registration of your business as a business partner or the head of a limited company.
The one you select to do among the above must be done based on the requirements of your business. Decide what category of products or services you would need to sell in your company.
2. Registering With HMRC
The second step to starting a business in the UK with no money is to register your business with HMRC.
The registration must be done for self-assessment. After registration, you will get a UTR number. It is the Unique Taxpayer Reference Number.
3. Opening A Business Bank Account
It’s hard to manage both your finances and the business finances at the same time in the same account.
So, separating the two types of finances by keeping them in two different bank accounts is the right way to proceed with the business.
4. Doing Market Research
Research the market that sells products of your type and note the areas in which you still need to bring changes.
Create strong strategies so that your target audience is met. Put the prices of your products and services competitive yet reasonable for the customers.
How To Start A Business In The UK With No Money?
Any business startup needs the investment of a minimum amount of money before it grows. So, how to make the funds for your business available – worrying about it right now, aren’t you?
Here are some funding options for your business startup in the UK. You can choose any one of them to start a business in the UK with no money –
1. Government-Backed Loans
The Government of the UK has made many funding schemes for those who are interested in making new business startups or those who are eager to expand their business.
They make many types of loans available for their citizens and the people trading in the UK. Some of the loans offered by the government in this respect are –
- Business Start-Up Loan.
- Enterprise Finance Guarantee Scheme (that also provides loans to businesses that lack security or those that miss a good track record), etc.
2. Crowdfunding
In this digital era, many platforms are made to support different people overcome their financial problems related to business. They may get business loans in need from these platforms to start a business in the UK with no money.
Wondering, how these platforms help. They do the same by providing the businessmen with the opportunities to appeal to others for money, explaining their cause.
They should persuade people with proper logic how getting a loan will make their company earn high revenues along with their business strategies and all.
If they succeed in persuading the contributors with their business logic, those people help them by giving loans of the required amount.
In return, the contributors agree in their interest with the businessmen taking the loan. So, in this way, their funds are raised, though afterward they have to repay them by one means or the other as per the law of the agreement.
Some of the crowdfunding platforms are –
- Kickstarter.
- Indiegogo, etc.
3. Grants and Funding Programs
Some organizations in the UK are known for providing research grants to different businessmen for their startups or expansion of business. These organizations do charity for economically weak people.
The businessmen may conduct research with the funds. It can be market research or the research of the products or any other type of research.
These types of organizations offer many funding programs as well to different businessmen. The names of some of these types of organizations are –
- The Prince’s Trust.
- The National Lottery, etc.
Starting A Zero Investment Business In The UK – The Marketing And Sales Part
Starting a business and struggling to make it run well by selling high-quality products or services is not the only way to get success in a business. Because, today, success not only comes with hard work.
Working smart is also the need of the time to start a business in the UK with no money and make it successful. So, to make your business stand among your competitors, you need to follow promising sales and marketing strategies.
Firstly, build a professional website for your business. It makes your company look professional and extends the reach of your products and services globally.
Next, take the help of social media platforms to promote your business. These platforms will ensure that your business hits the target audiences you need.
Third, networking is very important in business. It makes business relationships strong. Also, it helps to generate leads.
For the sake of business networking, you may attend business events organized by well-known companies or organizations.
Also, you may attend business conferences, summits, etc., and stay updated about various networking meetings of companies.
FAQ
1. Can I start a business with no money in the UK?
Yes, you can start a business in the UK with no money by applying your existing skills. These skills may be physical or mental.
For example, if you have the skills of a content writer, digital creator, logo maker, website designer, etc., you can work as a freelancer and start up your own company.
Also, you can do the same by opening a teaching app, running it, and becoming a tutor there.
Besides, other options are also available for you like –
- Video editing.
- Social media management.
- Language translation.
- Health coaching, etc.
By doing extraordinary jobs in these fields, you can attract an impressive number of clients to your company.
Also, if you are an expert in consultancy, you can work as a consultant by opening a company digitally with almost zero investment.
You can even operate this company from home and give your consultancy services to people whenever they need it.
However, before going for it, you have to know about your fields of expertise and the industry that suits you.
Conclusion
In conclusion, we can say that if you’re any business expert struggling to start your own business at zero to little investment and make it stand, there’s hope for you.
Many government loan schemes and contributors are there to help you financially provided you have creativity. They see your level of hard work and determination before offering you the amount.
Also, before proceeding with your business, you can explore different funding options that can help you in your business objectives.
Lastly, don’t forget to update yourself with market changes and apply robust sales and marketing strategies to your business.
Best of luck in your entrepreneurial journey! Keep going!
