Best Ways to Start a Business with No Money - Do you want to start a business but you do not have the capital and the ideas? If yes, here is an in-depth guide on how to start a business with no money and no credit.
8 Best Ways To Start A Business With No Money
1. Re-orientate Your Mindset
The first step to start a business without money is to re-orient your mindset on feasibility. Most people do not believe that it is possible to start a business without money. They believe that it takes millions of dollars for Business startup, but determined, creative, and innovative entrepreneurs know that it is possible to pursue your dreams and ideas even if you do not have the money.
There are three buttons for starting a business: one idea, two is people and three is money, but seldom do these three keys come together at the beginning, but it's your job as an entrepreneur to find one of these buttons and start the journey.You will find the rest along the way, though maybe this year three buttons go in place.
What the above quote says is basically that it's possible to start a business even if all you have is an idea. However, you must accept and believe in the fact that it is possible to start a business without money if you want to succeed in this mission.
2. Identify Your Strengths
Now that you understand the fact that there are three keys to starting a business, the question now is: which parts of the puzzle that you have? Do you have the money, the idea or the people? If you have one of these, then it is a strength; a good basis to start.
You might think the question asked above is unrealistic or impractical but I say, did so. I have met people with money who don't even know what to do with his money. A collection of these individuals are the ones who ask questions such as:
"I have $5,000; What business would you recommend I start?
"Where I invest my money?
On the other side of the table is an individual with a brilliant business idea but don't have the money to finance their ideas. Now without looking at your side, the good news is you have one key; so you can get started with it you will find the rest along the way.
3. Develop A Good Business Idea
The next step to start a business without money is to develop a good business idea. Business ideas you are proposing have to satisfy a need or solve a problem. Your idea is indeed good enough to generate interest anyone who heard the tone of it and most importantly, it must have a strong profit potential.
4. Write A Business Plan
Because this article is about how to start a business with no money, then I assume that you are the person with the idea but no money. If you have not found the idea or opportunity that is worthwhile to pursue, then you need to find one because it will be Your starting point or leverage because you don't have the money.
Now if you already have an idea of what you want to achieve, then you need to write a business plan. A business plan is a written document that contains your goals, your business idea and potential profits. This is a document that told investors that you have spent time working on your idea and you are ready to move to the next stage. If you have an idea but you have money and no business plan, then you may not have made the decision to become an entrepreneur.
5. What Do You Bring To The Table?
Okay, I know you are reading this right now because You lack the funds to finance your business idea but I would bet that you have something valuable inside you. What business skills You bring to the table because you don't have the money?
Okay, maybe you are incompetent when it comes to running a business because this happens to be your first business. What technical skills do you have, that are related to your business to have on hand? This is the question that most investors will want answers.
6. Are You Ready To Work For Free?
Most people dream of someday having a business and getting rich. They start a business with the hope of getting rich overnight. Now while I'm not against thinking big and setting big goals, it's important you know that big goals are fragments of small ideals that put together. So you should be prepared to start small and work for free especially when you start out with no money.
However, the funniest part of this is that most people cringe at the thought of working for free. Most people can not see themselves working for long without income or getting a steady salary but the truth should be told.
If you're really going to start a business and succeed, regardless of whether you start with money or not; You must be willing to work for free for at least one or two years. This is probably one of the reasons why most people are afraid to start a business; fear of working without income.
Now from my personal experience, I know that free work is a natural phenomenon, especially when in the startup phase of building a business. The reason is that getting business from the ground requires a lot of work, resources and capital. When I started my first business, I worked for three consecutive years without paying myself. I am alone in this case? My answer is no.
Almost every successful businessman I know starts from scratch and works free to get their business off the ground. Richard Branson works for free to get his "Student" magazine and "Virgin music" business off the ground. Henry Ford worked for free on the car company until he was able to get the attention of investors.
Larry Page, Sergey Brin, Mark Zuckerberg, Michael Dell all worked on their business for free, from their dormitories from their various agencies before they attracted investors and rose to fame. One of the main characteristics investors want to see in every startup entrepreneur is commitment and sacrifice. If you can not imagine yourself working for free, then forget about starting a business.
7. Starting A Business
After getting yourself in the right mindset and write your business, the next step is started. Now most people can't imagine starting a business with no money and they are often asked:
How to rent office space or shop when I don't have the money?
How can I make my products when the don't have the money?
Well, the answer is you can't do all of this without money but you can certainly do something.
Most people still believe in conventional ways with starting a business, namely the renting office space, spreading your goods, employing staff and find customers. However, a creative entrepreneur could take a different approach, especially when there is no initial capital.
Instead of relying on your idea, you can design and develop prototypes of your product, attend seminars and conferences of entrepreneurship, write and submit proposals to investors and companies, seeking partners, presenting a business plan and speak with investors, borrowing money from family and friends. The most important is constantly moving and stop idle. Do not ever think of your idea.
For example, when I decided to become an entrepreneur, I don't know, don't have the money, don't have the business skills and have no friends like mind. I have a vision of where I want to be in the future.
Rather than sit and dream about the future, I started attending seminars, talking with other entrepreneurs, to read books and learn about the business model. During the process of this is I am developing business ideas, writing my business plan and starting my business. I advice you take the same approach especially if you start with no money.
Starting a service-based business - Best Ways to Start a Business with No Money
You can also start a service-based business because it requires starting capital little or not at all. But you definitely need to invest the time and sweat to get something. A little creativity skills, marketing and sales will also be required to give your business a good start.
Start a home based business - Best Ways to Start a Business with No Money
When I hear people give a reason paralyzed about their inability to start business because of lack of capital, I boil within me. I've seen people start a business directly from their home and grow from there. Julie Aigner Clark, Bill Gates, Larry Page it all started from home or dorm.
I have seen people borrowing $50 or less from family or friends and launched themselves into the incredible wealth through network marketing. I have seen young internet enthusiasts started the business from computer a friend or connection public (cyber cafe). So I guess you have no excuse not to start a business; even if you have no money
8. Bootstrap your way to success
Lastly, you can bootstrap your startup by operating on a lean budget. Bootstrap financing is an alternative for those who find it difficult to raise funds for their business.
Bootstrap financing is simply the art of running a business on internally generated funds that are often limited. This involves the use of tactical resources while providing little room for waste. Effectiveness and efficiency are two watchwords in the bootstrap game.