A Step by Step Process to Start a Shopify Store in 2023 With No Money
Find a business idea that is accessible.
Create a business plan
Select a business name
Start a website
Preorders are a great way to validate your ideas.
To grow, you need to source funding.
Step 1: Find a business idea that is accessible.
First, you need to have an idea. Here are six unique business ideas you can start without spending any money if you are unsure.
Offer your services
The easiest way to start a business is to market your services. Even if your skills could improve, you can help others even if they don't know what you do. Focus on the skills that you are most skilled. You can use that skill set to serve others, like:
Writing for free
Marketing via social media
Because you don't yet have the capital, you should start with what you already have. It includes your knowledge, skills, and resources. These are the best investments, even if you have $0.
If you lack the necessary skills, consider starting a service company. Your time is valuable. Busy people pay hourly fees to have someone else do the tasks they don't want or need more time. It includes jobs such as:
Entrepreneurs often dismiss these small business ideas because they worry about earning minimum wage. Service-based businesses are usually lucrative. In two years, some freelancers make six figures. One window cleaner even reached the $250,000 mark in 12 months.
Step 2: Create a business plan
A business model is a program for how to grow your business. Your content will differ depending on the low-cost model you choose. It generally includes:
Description of the company. A description of the company that you are about to start.
Market research. Consider demographics to determine your market share. Will you sell direct to the customer or through wholesalers? What is the difference between this and other competitors?
Services and products. Selling one of these will make you money. Describe the product/service and explain why people will purchase it.
Your marketing strategy. Describe how your business will reach your target audience through advertising, social media, and email marketing.
Operations and logistics plan. These could include dropshipping suppliers, third-party logistics companies, or printing labels.
Financial plan. Describe how you plan to spend money. Include financial goals, expenses, balance sheets, and cash flow projections.
Step 3: Select a business name
Next, you need to decide on a name. The name must be memorable, easily recognizable, and not already used. If you are stuck, this free business name generator can help. Your name will be with you for the entire life of your business. To avoid headaches later on, make sure you are passionate about the character and can see it scaling. The domain, like yourstorename.com
Social media handles such as facebook.com/yourstorename.
Step 4:Start a website
Starting your own business has been easy up to this point. You can continue to follow the $0 route, but an online store is the best investment. Your website is your virtual home. You can use it to educate potential customers about your products and services. Shopify Starter Plans are only $7 per month if your budget is tight. It is an excellent price for a professional, sleek website that will help you make your first sale.
Create your custom domain. Please create a custom field to make your brand more professional and unique.
Add pages - Your customers see web pages when they visit your store. These pages can include your homepage, collection page, product page, and blog page.
Choose a stunning theme. A striking piece is key to grabbing customers' attention and keeping them on your site longer.
Step 5: Preorders are a great way to validate your ideas.
It takes a lot of ordeal and error to start a business. While some ideas may be popular, others might not—preorder to reduce risk and test your ideas. Preordering allows you to order items that are not ready. Preordering allows you to get cash in advance, which can use to make the article. It also creates hype and a feeling of exclusivity. People are willing to try something different before everyone else. Remi Martins is an example of an entrepreneur who used this approach. Remi Martins came up with the idea for Natural Girl wigs while still working full-time. She then created an Instagram account to show the products she was selling. Remi decided to preorder the product and collaborated with a hairstylist to create it. Remi then took photos with an iPhone, which Remi uploaded to her new Instagram account. The first sale was successful, followed by the second. Remi claims that 50 products got sold within the first 60 days. We relied on customers ordering and creating the product with their money. "I invested $1,000 in the company to buy inventory and invest in marketing.
Step 6: To grow, you need to source funding.
You will need to invest significant time and energy or get support from others if you need more money to start your business. Even if your resources are limited, you will need to raise capital if you want to scale. We were so confident in the products that our retail consulting business had saved us money over the past eight to ten years, and we decided to pool it. We decided to go for it and have not looked back. According to research, 29% fail in small businesses due to a lack of cash. Entrepreneurs seek startup capital to increase their chances of survival and success. This extra money can use to invest in marketing or hire their first employee.
There are many options to finance your new venture:
Crowdfunding. This method of raising money requires small amounts of cash from many people. Ask regular people to invest through platforms such as Kickstarter and Crowdfunder. In return for their investment, so-called "backers" access equity or preorders.
Family loans and friends. Do your family members have the resources to support your business idea? Ask them to contribute cash to your startup. Many will offer to donate some money in exchange for a higher return (with interest) and a small equity stake.
Small business loans. Shopify Capital can lend you more money for payroll, inventory funding, and marketing. Once you have achieved success, loans are not an option. Before you are approved, you will need to show proof of income. It is evidence of your ability to repay the loan.
Capital investors. They come in the form of angel investors or venture capitalists. These investors provide small businesses with cash in exchange for equity shares. (Think Shark Tank-style deals.)