Money & Work · 3 min read
Starting Over with Nothing: Rebuilding Through an Information Business
Practical steps for rebuilding after hitting bottom, from securing basics and support to turning knowledge into a small information business without big costs.
In short
When you're starting over, secure the basics and support first. Then, if you have knowledge others need, you can build a small information business, such as guides, tutoring or courses, with very little money, by solving one specific problem for one specific group.
Losing a home, a job or a business can feel like the floor has disappeared. Some people rebuild from very difficult places, and one path some take is an information business: turning what they know into guides, courses, coaching or teaching that others will pay for.
This page originally hosted a guest post on this theme. Here we cover the practical side of starting over and when an information business might fit, without any individual's story.
First: secure the basics
Before thinking about business ideas, focus on stability. Nobody builds well from crisis mode.
- Housing and safety. If you're without stable housing, contact local housing services, charities and emergency support. Many areas have advice lines that can help you understand your options.
- Income support. Check what benefits, grants or emergency funds you may be entitled to.
- Health. Physical and mental health care matter even more during upheaval.
- People. Reach out to anyone who can offer support, practical or emotional. Asking for help is a strength, not a failure.
Our resources page lists some places to start.
Taking stock of what you have
Even when you have little money, you usually have assets:
- Knowledge: things you know how to do that others find difficult.
- Experience: jobs, hobbies, challenges you've navigated, including hard ones.
- Skills: writing, teaching, organising, fixing, designing, explaining.
- Connections: people who know you and might help or become customers.
Write these down. Many people underestimate what they know.
What is an information business?
An information business sells knowledge rather than physical products. Examples include:
- Tutoring or teaching a skill, in person or online.
- Writing practical guides or ebooks.
- Running workshops or short courses.
- Consulting or coaching in an area of expertise.
- Creating templates, checklists or tools.
The appeal is that start-up costs can be very low: a computer or phone, an internet connection and your time. Many libraries offer free computer and internet access.
How to start small
1. Pick one specific problem. The narrower, the better. "Helping people get organised" is vague. "Helping new landlords understand their legal obligations in plain English" is specific.
2. Pick one specific group. Who has this problem and would value help? Where do they spend time?
3. Test before you build. Talk to people in that group. Offer a free or low-cost session. Ask what they'd pay for. Our article on how to stop thinking and start doing covers this mindset.
4. Create something simple. A one-page guide, a one-hour workshop, a short course. Improve it based on feedback.
5. Keep it legal and honest. Register your business as required where you live, keep records for tax, and never promise results you can't deliver. Government resources such as the US Small Business Administration's planning guide, or your own country's equivalent, can help.
Be realistic
Information businesses are not get-rich-quick schemes, despite what some marketers suggest. Most take time to build and many earn modest amounts. Be wary of anyone selling expensive courses that promise you'll make a fortune teaching others how to sell courses.
It can be wise to build an information business alongside other income at first, rather than relying on it immediately.
The value of your experience
People who have been through difficult situations often have knowledge that's hard to find elsewhere: how to navigate systems, rebuild finances or keep going when things fall apart. Sharing that knowledge, whether in a paid or voluntary capacity, can be a way to help others and find meaning in what you've been through.
Related: your past does not determine your future, are you ready to build your empire? and start an emergency fund.
Sources and further reading
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