How to Start A Business With No Money
Everybody has got to start somewhere when they start a business, right?
You don’t always need a lot of money to get a business up and running. In fact, sometimes you can get started with little to no funding. Starting a business with no money might initially seem like a far-fetched idea, but it’s not impossible.
Starting Your Own Business
It’s true that to start and scale any business, you’re going to need more than just extra cash flow. If your plan is to open up a shop where you sell your hand-crafted wares, you can always start by selling them to friends and family. You can build up a reputation and get initial feedback. Then, you can sell them on a third-party website online. After that, you can move on to hosting your own site and shop. You get the idea.
Start a Business: Easy Tips & Tricks
If you’re worried about how you can start a business with zero funds, here are a few ideas on where you can start.
Utilise Free Opportunities
It’s easy to come up with a list of obstacles standing in the way of you and launching your business. It’s often harder to come up with a list of opportunities that are right in front of you. Decide what’s essential to your business?
This is where timing and resources come into play. Do you need the latest version of Photoshop or would it make more sense for you to design your own marketing materials on Canva? To say there are a lot of free resources on the web is an understatement. You’ll save funds when you need them most.
Save for at least 6 months
Admittedly, tapping into your savings account isn’t the ideal situation. Yet, it’s a pretty common practice among entrepreneurs. When designing your business plan, be frank with yourself about how much you’re spending and how much revenue you’ll likely bring in.
Then, be realistic about how long it will take before you see a profit. Usually, it takes about at least six months before you start seeing any cash flowing in. Make it a goal to save at least six months’ worth of living expenses so you can devote yourself to your new business.
Ask your friends and family for extra funds
Remember, you’re not asking for charity. You’re not asking your friends and family to support your wacky business idea. No, you’ve got a dream of a business and your business plan is solid. You’ve crossed your t’s and dotted the I’s. That’s why you’re looking to those closest to you when making your pitch. Use your friends and family as multi-layered resources.
Practice your sales pitch with them. Ask for feedback. And, when you’re ready to launch your business, ask if they can help with a small loan to kickstart the business. Just be sure to get everything down in writing and when you’ll pay them back. You can even use a crowdfunding platform to encourage the people around you to encourage their networks to pitch in.
Apply for a small business loan when you start a business
If you’re looking for more capital and have been operating on a shoestring budget, consider applying for a small business loan. Banks and online lenders offer different kinds of small business loans to customers looking for extra cash flow or investment funds. You can usually get more favourable terms with a traditional bank.
Online lenders, however, are typically more lenient in their requirements. For more information on loans for self-employed people then read more here.