How to Start a Business With No Money – 10 Tips That’ll Help
Thinking about how to start a business with no money? Many people dream of financial independence but few achieve it as they are held back by the belief that they do not have the capital to start up their ventures.
Lack of money shouldn't be a hindrance to starting a successful business, especially the online variety. There are many routes one can take to start up a business and they don't have to cost a packet. Sometimes you'll discover you can even get going for free. In this post, we discuss a few options you might like.
How to Start a Business With No Money
Just follow these tips and be on your way to financial independence.
Stay on the job
A business is a risky affair. If you are currently in a job, stay in it as you make your plans. Save up as much as you can before striking off on your own.
Do something familiar
It is easier starting a business where you are in familiar waters. You already know the industry players and can get off at a fast pace.
For example, if you are in a construction firm, it is easier starting a small contracting firm of your own, and get customers from the pool of customers who already know you.
Make a business plan
A business plan does not cost anything to make but it is essential for a startup. It opens your eyes on issues such as financing, marketing, and business expansion. It is also something potential financiers will ask to see.
Start a service business
Unlike a product business where you need to package a product, establish delivery lines and so on, all a service business requires is your skills. You are the product so once you start, all you need is money to sustain you and spread the word.
If you are starting a dog walking business, you just need to set up a few posters around the neighborhood.
Run a trial
A trial run will help you establish the viability of your business. The feedback will help tweak your service or product as well as business operations.
If you have an idea, look around for someone with money and convince them of the viability of your business idea. Other avenues for cheap money (little interest) include venture capitalists where you sell a share of your business to an investor.
Try crowdfunding. This is where you put up your business idea to the public for interested people to contribute in exchange for a share of the business. Good examples of crowdfunding forums are Kickstarter and Indiegogo.
Look for government grants from federal and state programs. The Small Business Administration has very good information on these programs. Get into a business competition. If your business idea is unique, it is possible to attract the attention of the judges and get free money.
You should start developing credit lines as fast as possible. If your credit history is good, many suppliers and vendors are willing to extend you credit which eases your tight cash flow.
Spread the word
The first customers should be people who know you. Let your family and friends know what you are doing and have them spread the word. Use your social networks to sell the business. A simple post on Facebook can do more than 100 calls using the phone directory.
There are many ways of advertising your business cheaply:
- Set up a website (read how you can get a website up and running for free if you've no money)
- Social networks like Facebook, Twitter, Instagram, Pinterest
- Free business cards from Vistaprint
- Creating an EBook and giving it away for free
- Ads on Craigslist
- Write on blogs and forums leaving links to your website
Look for a mentor
In business the best advice is free. Look around for an experienced person in your line of business and ask for their advice when necessary. A mentor can guide you past the common mistakes that startups make.
Business networks are crucial in helping you meet new people who can give you crucial business needs. Your local chamber of commerce chapter or its equivalent is a good starting point.
Millions of Small Business Ideas from Home
It's quite true. There are literally millions and millions of small business ideas you can operate from home. As long as you have an internet connected device and the know-how, you can earn money online like many do. Read on for a tip on how you can get in on the action.
What is the Cheapest Business to Start?
I'd say the cheapest business to start up is still internet marketing. But don't let those two words put you off that business model. It's basically working from home, usually as a blogger. Read my review of an awesome place that teaches you how to make money on the internet.
The best thing is that you can join free. Take a look at this Wealthy Affiliate review and after reading about it, you will know if it's for you.
I'm Jewel and you can read more about this website and myself, as well as my co-bloggers, James and Irene, here.