How to start a business from scratch in 2023 with little or no money.

Feb 21

Everyone’s freaking out about another recession, and millennials are like, “hold my beer.” We’ll be the generation fortunate enough to survive not one but two recessions: lucky us! (-_-)

If you’re a Millennial, then this article is especially for you. If you’re from a younger or older generation looking for a way to brave the financial storms ahead as graciously as possible, welcome, you’ve come to the right place.

Get your bearings.

Hi, we’re Morse Creatives – a creative studio founded by two millennials - and we specialize in helping creatives turn their passions into successful businesses. We’re content creators and business owners, so we occupy both creative and business spaces. No matter where you are in your creative or entrepreneurial journey, we’ll have some gems you can use as you scale.

We won’t try to BS you; starting a business is very challenging. First, you must ensure you're planning everything and have the right resources to make your business successful. But if you’re scrappy, committed to your dream, and willing to work hard, things get easier (at least more manageable) and more enjoyable as your business grows.

Figure out what your audience needs.

The first step is figuring out why or what people want from your product or service, which can be done by asking yourself some essential questions: Why do I want to start this business? What problem does this solve for others? Are there any other products or services like this already on the market? Once you know what people need, create something new (or redesign an existing product) to solve their problems more straightforwardly. Are you still deciding what kind of business to start? Here’s a list of seven creative businesses you can start without money.

Once you've defined your audience, it's time to figure out what they need. Next, write down all the solutions and benefits your product or service will provide. To do this effectively, reflect on these guiding questions:

· What does my target audience want?

· What are their biggest struggles right now? How can I help them uniquely overcome those struggles?

· Is there anything else I could offer them that would make my brand stand out from competitors' offerings?

· What is your brand or business’s competitive advantage?

Design your product or service with your target audience in mind.

If you don’t know your audience’s needs and wants, how can you create something they'll use or like? First, research your audience’s pain points and determine how much they will pay for a solution. If there are no solutions on the market already (and if yours is good enough), this is your golden opportunity!

Develop a product or service to solve your audience’s problems. Then, design it as easily as possible for them to buy. Use the KISS (keep it simple stupid) method.

Create a scrappy business plan.

The first thing you need to do is put together a plan. This should include the following:

· What tools, materials, and resources do you have at your disposal?

· What marketing channels will you host your business on (YouTube, website, Instagram, etc.)?

· What are the costs of running your business? Will there be utility bills to pay every month? What about subscription fees? We suggest joining freemium software that has tiered services.

· Also, consider office supplies like printers, laptops, paper clips or pens if those aren't included in any other category above this. Keep a record of these purchases for tax time!

We created an easy resource-packed business plan to get you started.

Take care of the legal stuff.

· Get your business registered. Ensure your business is legally recognized.

· Set up a bank account. You can open a business account at the bank you already have. This will also come in handy during tax time. You don’t want to mix your personal finances with your business finances.

· Set up a website. Again, this isn't too complicated; plenty of web design platforms will help set up an affordable site for less than $50 per month (we recommend using Squarespace or Shopify). If money is tight, consider using WordPress instead; it's free but requires some technical knowledge to set up correctly.

Now that you have a business idea and a plan, it's time to get your audience on board. Here are some ways you can promote your business:

· Use social media. Social media is an inexpensive way to promote your company and reach potential customers. Posting videos or photos on Facebook or Instagram will help people learn more about what you do and why they should buy from you in the first place!

· Use search engine optimization (SEO). SEO refers to making sure that when people search for things related to what your brand does online, they find yours first--and hopefully stay there! Many tools are explicitly designed to help businesses create good SEO strategies. A few of our favorites are Moz, Google Trends, and SemRush.

· Get the word out through friends and family members who already know what you do and are willing to support.

Don’t forget about marketing.

Once you've got a plan, the first thing to consider is whether or not you have the right skills and experience for your new venture. If not, it's best to start small until you get some experience (and ensure that whatever product or service you're selling sells).

Once this has been determined, it's time to get down to business! Make sure that all bases are covered before going public with any plans--make sure there are no legal issues with trademarks or patents; find out if there are any competitors already offering similar products/services; do market research to find out who would be interested in buying these products/services from YOU specifically instead of just anyone who might offer them up online or offline through different channels such as TV commercials etcetera...

Next comes marketing which is crucial when getting customers interested in your product or service. Our quick and easy (and free) marketing guide walks you through this process. Let me know if you want a free copy.

Put those ideas into action!

You've got the ideas, the passion, and the drive to make your business successful. You’ve ruminated for months and years about the pictures. Now it's time to put those ideas into action! Once you have all this information, it'll be much easier for us at Morse Creatives to discuss getting started together.