No Money Down Businesses
I love living in Florida. The weather here allows me to enjoy my favorite hobbies, boating and fishing, all year round. This past weekend I was out on my boat with my friend Joe. While we were baiting hooks and casting our lines Joe mentioned he was going to retire in the next year or two. Joe is a fireman and while he is only in his 30’s he’s coming to the end of his fire fighting career. He knows he needs to find some kind of extra income when he retires because his fireman’s pension will not be enough to support his wife and two girls.
Joe wants what everybody wants, an easy business he can start up quickly, that will earn him a couple thousand dollars a month and requires very little upfront money. I think when Joe explained those qualities to me he expected me to tell him, “Yeah right, don’t we all want that,” and chuckle at his stupidity. He didn’t believe this kind of business is out there. So you can imagine his surprise when I told him about a business opportunity that met all of his criteria. Want to know what I told him?
First off let me tell you about what Joe said when I told him there was a business that he could start up that only required a few days to get started, little to no upfront costs and can make him a couple thousand dollars a month. Joe was obviously skeptical when I told him this. He didn’t believe there was a business out there that was so easy to start up and maintain. If so he was sure it was a pyramid scheme or a scam. I quickly assured him this opportunity wasn’t any of those things.
I suggested Joe start up a small service business. As consumers we encounter service businesses every day. Whether we are having our lawn mowed, getting our hair cut, having our taxes done, or dog walked we are buying a service from a provider. Service businesses provide intangible goods in the form of assistance to our everyday lives.
These businesses are great for three reasons. The first is because it requires so little money to start up. All you need is enough equipment to get the job done for one or two clients before you can use those profits to buy more supplies. Heck you might have everything you need to run this business stashed in your kitchen cupboard. One example of a small service business is home or office cleaning. Almost all of us have a bottle or two of cleaning solution, a vacuum and a couple of rags sitting in the cabinet below our kitchen sinks. Bam! That’s all the equipment you need to clean a client’s home. In turn, if you want to start a lawn care business, all you need is a lawnmower and edger, which if you own your home you most likely already have. No matter what service business you want to start up rest assured you most likely already have most or all of the equipment that is necessary to start your business. Once you’ve gotten paid by two or three of your clients you’ll have the necessary capital to buy more sup
plies to keep your business running.
Another reason I advocate starting up service businesses is because they don’t require a large marketing budget. Some businesses require you to spend thousands of dollars a month just to keep your name on client’s lips. This is not necessary for this type of business. You can use a simplistic marketing technique to advertise service businesses. All you need is some colorful paper that you can buy at Home Depot or Wal-Mart and access to a printer. Flyers are a great way to advertise your business in your community for very little cost.
When advertising with flyers the goal is to get your information in the hands of those that want your service. Because you have a limited amount of space in which to draw in clients use the 5 W’s to get to the point quickly:
Who? – Who should potential customers call? Plaster your phone number and contact information at the top and bottom of the flyer. Make it easy for customers to get in touch with you.
What? – What service are you offering? Write a brief introduction about the service(s) you provide. If you have a cute story or anecdote tell them. Just keep it brief. No more than 5-10 sentences.
When? – When should they call? You can list your hours of operation but most importantly give potential customers a reason to call you as soon as possible. Use phrases like “limited time offer”, “Discount to new clients”, “Offer expires soon”, etc.
Where? – Where do they go to get more information? If you have a website include that information or put an alternative number where you can be reached. Include your address too because it will show clients you are a member of their community instead of them buying from another corporate fat cat.
Why? – Why should they choose you? Write a few sentences about why customers should choose to use your services. You want to stand out from the crowd. For example, if you start up a home cleaning business your USP can be that you use all natural, “green” cleaning products. Or you can say your prices can’t be beat.
After you’ve perfected your flyer distribute it around your neighborhood and community. Ask if you can put up a flyer at your gym or include it in the church bulletin. Make sure where you distribute your flyers makes sense for your business. If you want to start a lawn care business put flyers in the mailboxes of customers with large yards. Don’t put them in the mailboxes of apartment complexes because renters don’t usually have to take care of the lawn around their dwelling.
One of the best things about service businesses is that you can start one while still keeping your day job. Doing it this way allows you to test the waters to make sure that this business is right for you. It takes all the risk out of it and limits your financial investment. If all goes well, you can quit your day job and devote more time to running what used to be side gig! There are many advantages to starting off part-time, including keeping income rolling in, the ability to keep your employer sponsored health benefits, and building your business over a longer period of time, which generally gives it a more stable foundation.
Anyone can start up this type of business because each of us has skills, knowledge or experience that other people are willing to pay for. Don’t worry if you don’t know how to balance the books, have much experience with marketing, or aren’t good with negotiations. These are all business skills that can be learned through time with practice. The more important question you should ask yourself is, “What skills do I have that can be sold as a service?” If you know how to paint a wall, that’s a skill people are willing to pay for. If you know how to clean a bathroom, that’s a skill people are willing to pay for.
Everyone has a skill or two that people are willing to pay for. That being said, a lot of people underestimate the true value of their skill sets. Just because something comes easily or naturally to you that does not mean it comes naturally to others. Here are 20 examples of service businesses that you can start this week:
* Cleaning houses
* Lawn care and maintenance
* Home Business
* Tax prep/book keeping
* Dance lessons
* Tutoring
* Dog sitting/walking/grooming
* Pool cleaning
* Resume writing
* House painting
* Handy man
* Musical instrument lessons
* Child care
* Car detailing
* Clothing alterations/sewing
* Event planning
* Furniture repair
* Home organization
* Home Decorator
* Computer repair/IT
* fitness instructor
I hope you see like my friend Joe did that starting a new business doesn’t have to require a lot of time, effort, capital or knowledge to be successful. All it takes is guts to do it. Do you have the guts?
Until next time…
Ethan Warrick
Editor & CEO
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