6 Best Ways To Start A Business With The Least Amount of Cash

6 Best Ways To Start A Business With The Least Amount of Cash

Are you still contemplating on what a good low cost business to start in 2022? Here we go with
the list of business ideas:

  • Design and sell print-on-demand t-shirts
  • Launch your own book
  • Create digital products or online courses
  • Sell print-on-demand posters, greeting cards, and prints 5
  • Start a charitable business
  • Sell a service
  • Create an online fashion boutique
  • Sell handcrafted and homemade goods
  • Build an audience you can monetize
  • Start a pet business
  • Create a membership program
  • Join an affiliate marketing program
  • Become a virtual event planner
  • Start a landscaping business
  • Test app development
  • Offer child care
  • Start an online coffee shop
  • Become a handyman
  • Sell your photography
  • Become a social media management consultant
  • Start a beauty business
  • Housesitting and petsitting
  • Phone accessories
  • Sell subscription boxes
  • Invest in vending machines

Here are some of the steps you need to run a successful business with little or no capital.

1.LLP Registration with EMI Option

This is the first thing to do before going AWOL. Yo be on the safe side, you need to incorporate
a new business entity. This includes : opening of bank account for the business, obtaining tax
registrations and invoicing clients.

2.Government Schemes

There is always provision for cash/grant from the Federal Government and State Governments with Schemes to promote first-generation entrepreneurs. These schemes are built to provide seed funding for the Entrepreneur to start a business along with the required bank loan.
Below is the list of federal government and Central Bank of Nigeria (CBN) loan;

Central Bank of Nigeria (CBN) NIRSAL COVID-19 Loan
  • NYSC CBN Loan.
  • Nexit Loan.
  • CBN AGSMEIS loan.
  • Npower GEEP loan.
  • NHF loan from Federal Mortgage Bank of Nigeria.
  • TraderMoni Loan.
  • FarmerMoni loan.
  • Nigeria Youth Investment Fund
  • The Agri-Business/Small and Medium Enterprise Investment Scheme
  •  The Tertiary Institution Entrepreneurship Scheme (TIES Loan Programme)

3 Start with what you have

This is key. You can’t give what you do not have. As a business conscious being, first step is to take stock of what you have at your disposal. Consider your:
Skills – what can you do?
Experience – what have you done in the past?
Knowledge – what do you know?

4.Who you know

What you have will surely leads you to some personalities who needs what you have. Sarasvathy points out that the alternative means of venture creation advocates “stitching together partnerships to create new markets.” Relationships, particularly equity partnerships, drive the shape and trajectory of the new venture.

5 Invest what you can afford to lose

The truth is, in Business, you can lose everything. It’s a gambling hence you need to weigh all possible angles and fine lines. What you invest shouldn’t kill you at the end of the day. When investing, convince yourself to these questions: “I am investing this amount and I expect a 30% return” versus “I can afford to lose this much, therefore I will put it into the business and see if I can make it work”. After saying these to yourself, you should know what to do.

These are considerably underrated yet result-yielding tactics for starting a business with the least amount of cash. You can try adapting them, and the results will reflect its impressions on the business.

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