Did you know that you can start a business without money? Do you dream of becoming an entrepreneur or business owner but afraid to pursue it because you have no money? Do you have a great idea or a business opportunity, but feel like you can’t act because you don’t have capital ? Then I advise you to read on because I will teach you the secret to starting a business without money.
Most people want to start a business, but unfortunately they don’t have the money on hand. In fact, one of the most common questions people ask themselves on the internet today is:
How to start a business without money?
If you’re also one of the people asking this question, you’ve come to the right page. You will get more than enough answers to wow you after reading this article.
What is preventing you from starting your own business?
At one point or another in your life, you might have suggested starting your own business; either a full-time or a part-time business to supplement the current job you have, but it seems you haven’t been able to make the decision to start; maybe because of procrastination, fear of the unknown, or fear of failure, as statistics show that most new businesses fail without the first 5 years of starting up.
Time pressure is another excuse for people who are already working full time. Starting a new business is a very successful business that a person can get into, although it can be stressful for the first few years, the rewards lighten the stress later on.
Over the years that I have spent as an entrepreneur, I have met many people with big dreams and great business ideas; but they all seem to have one problem in common, and that problem is critical.
Now the truth is that capital is and will remain one of the biggest challenges in starting a business. In fact, this is why the main job of an entrepreneur is to raise capital. Take a hard look at the life of an entrepreneur and you will see a constant struggle to attract or keep the flow of money into the business.
However, I must stress that the problem of raising capital is no longer a valid excuse for not starting a business. With recent technological advancements, the game of starting a business has become easier, but now the competition is very fierce.
N How to start a business without money? How to start a business without capital ? This article will focus on everything you need to make this business idea work; it will cover both what you need to start a business and how you can achieve your goal of starting a business. But before I share with other tips, keep in mind that there are two main strategies for starting a business with no money. He:
Two strategies for starting a business without money
- Put aside the usual procedures most people use to start a business until your business starts making money, including registering, hiring employees, renting an office, or of a retail space , etc. This strategy is called the bootstrap .
- Do it yourself until you find enough money to hire an expert. This means that you will spend more time on most tasks, but spend little to no money.
With that said, now let’s take a look at the different techniques you can use to start a business without spending a dime.
Why you should run a small business even if you don’t have the money
One of the characteristics of an entrepreneur is that you strive to get people to come to you in every way possible as customers, business partners, employees, family members, friends or investors. I was motivated to write this article because of some of the statements I often hear from young aspiring entrepreneurs. I’m talking about statements like:
- ” I want to create a big company “
- ” I want to be rich “
- ” I just developed a multi-million dollar idea or product “
Although I am not against such ambitions, I am also an ambitious person; I am against dreaming big without wanting to pay the necessary price. Most entrepreneurs dream of being the next Bill Gates, Warren Buffett, Aliko Dangote, Mark Zuckerberg, or Sam Walton, but they don’t seem willing to pay the price for success to become the same people.
“ I cooked 30 minutes of food for five years on local TV, and the first two years I didn’t do anything. Then I made $ 50 per segment, spent more on gas and groceries, but I really enjoyed filming the show and loved going to the viewer every week. I knew I liked it, so I stuck with it even though it cost me. “- Rachel Ray
I built a conglomerate and became the richest black person in the world in 2008, but it didn’t happen overnight. It took me thirty years to get to where I am now. Young people today strive to be like me, but they want to achieve it overnight. It will not work. To build a successful business, you have to start small and dream big. In the entrepreneurial journey, determination is determination. – Aliko Dangote
“ In my career, I have taken over 9,000 photos. I lost almost 300 games. Twenty-six times I was trusted to take the winning shot and I conceded. I have failed again and again in my life; and that is why I am successful. “- Michael Jordan
“ I am a woman from the cotton fields of the South. From there I was promoted to the sink. From there I was promoted into the chef’s kitchen. And from there, I progressed in the hair products and preparations sector. I built my own factory on my own land. “- Mrs. CJ Walker
This is the main reason I have a category on this blog called . Lessons from Successful Entrepreneurs I introduced this category to allow budding entrepreneurs to see what these “famous billionaire dumpers and entrepreneurs” needed to get to where they are; and so you can learn from the mistakes of these successful entrepreneurs.
I like to think big. If you think of something, you can think big too. – Donald Trump
It’s good to dream big, but in fact it is; Are you willing to pay the price for growing up? If so, you should be prepared to start small. Most young entrepreneurs hate to start a small business so they make their business plan, take whatever action is needed, and then wait for an investor to provide $ 1 million in capital. What these dreamy entrepreneurs don’t understand is that you can become a big business owner by starting small.
If you want to reach the highest level, start with the lowest . – Syrus
The hard truth about waiting for a Million Dollar Funding is that a Million Dollar Investor may never come, and even if they do, they won’t invest with you because you lack the entrepreneurial skills and the confidence to run the business and grow. your money.
One of the most important things that a real investor must say is; I want to get my money back and keep my investment. – Rich dad
So what’s the exit ? Here is my suggestion to young entrepreneurs who come to me with ideas and business opportunities: go and start small or get involved in the process of starting a small business.
Start small and dream. – Rich dad
I generally advise future entrepreneurs to do their best to start a small business; regardless of the size of the business. Why? You can ask. This is fine if you are a budding entrepreneur reading this; Here are four reasons why you should start a small business.
4 reasons why starting a business is your best way to grow up
a. Most young entrepreneurs have no business experience . They haven’t faced business challenges and don’t know how to solve complex business problems. But experience and skill are probably the most important characteristics investors expect from an entrepreneur. When you start a small business, you will gain experience and improve your business skills.
“The world is full of brilliant million dollar ideas awaiting funding, but the world is short of experienced entrepreneurs. “- Robert Kiyosaki
The creation of a small business is strongly recommended to young entrepreneurs because this business will become their training ground; their own business school.I recommend that you start your own small business because in a small business you can quickly correct and correct mistakes in business.
There is a valuable lesson under every mistake in business. Unfortunately, many entrepreneurs miss these lessons because they cry and blame others for their mistakes. Adjaero Tony Martins
A decision can be made quickly in a small business, and the consequences of such decisions will be felt directly by the entrepreneur himself, and most importantly, the entrepreneur can feel how each part of the business system is interconnected for a successful business. .
b. If you are starting a small business, you will have initial problems finding new customers and managing the business system as a whole. Now, the truth is, if you can meet these challenges, you are preparing for the business challenges of building a great business.
vs. Unexpected problems arise in business . If an entrepreneur is to humbly walk the entrepreneurial process of starting a small business, they will understand that starting a business is more than finding customers and selling. A small business entrepreneur will understand that business is a people game; and it takes good people management skills to bring these people together.
d) If you are able to start a small business and grow at a rate of 35-45% per year , investor confidence in you will increase. Investors will come to the conclusion that since you have loaded the business to the current level that you are, a little support will go a long way. The truth is, if you can run a small business with confidence and grow at a sustainable rate, then you can run a big business.
In retrospect, I have seen entrepreneurs start and build successful small businesses, but they refused to leave the small business level. They started a small business, developed it successfully, and stuck to the small business level. These entrepreneurial groups were simply content with mediocrity. So, for those looking to start a small business, don’t make the same mistake; do not get “stay small” syndrome.
“ There is nothing wrong with starting small, but the danger is small. “- Robert Kiyosaki
” It is easy to stay the same, but not easy to change. Most people choose to stay that way their entire lives. “- Rich dad
I want to encourage you to start your own business, regardless of its size. Don’t wait for the right time, because the right time will never be. You may make some business mistakes and face some setbacks at work, but don’t give up. The entrepreneurial process only rewards those who follow. Good luck.
How to Achieve Your Goal of Starting Your Own Business Without Your Own Money
a. Make the Decision to Start Your Business Now – There are many limiting factors that prevent you from starting your business. But if you ever want to start this business, you have to make the decision to start now; not later, not next year, not at the right time or when you have all the capital.
When you make the decision to start now, you begin to understand how other things, like fairness and time spent, are going to fall. But you have to take the first step in deciding to start a business now.
b. Evaluate your strengths and weaknesses . By considering the strengths and weaknesses of your business, you will be able to refine your business idea based on your strengths. You can either ignore your weaknesses and focus more on your business strengths, or learn to work on your weaknesses, as this could negatively impact your business in the future.
vs. Set Your Business Goals with a Timeline – After you’ve made the decision to start a business now and assessed your strengths, it’s time to set your business goals.
Goals should have a timeline to motivate you to work harder to achieve the goal; The goal could be to start and grow a four-figure mail order business within the next six months. The goal must be an achievable goal that will not be too difficult to achieve. You can start with smaller goals and add larger ones when you see yourself achieving small goals.
re. Learn -. As I mentioned above, information is the power you need to run a successful business. Once you’ve figured out what your business plan will look like, it’s time to get the materials and take the business-related training courses and learn the ropes. If it requires an internship at a good company already in business or supervised by someone who is a business guru, do it.
Top 10 Tips for Starting and Starting a Business Without Your Own Money
1. Don’t rent an office
Try to find out how you can work from home. If your business requires you to meet customers in person, make an appointment with them at a nearby restaurant or make an appointment with them at an amusement park. In any case, even people with very good offices do it.
2. Don’t hire employees
Even if your business requires multiple employees, try to do everything yourself until you start making money in your business. This is because it is costly to serve employees, especially when your incoming cash flow is not yet predictable and undetermined. This way, you will be your own accountant, secretary and more.
Also, don’t hire professionals early on. You can defer hiring lawyers, graphic designers and other technical professionals to a later date. Although this can be a costly mistake in the long run, especially when it comes to legally protecting your business assets or intellectual property. So my honest advice is to do your best to cover yourself legally. In the long run, it will give you pain relief.
3. Get Free Professional Services: You can get free lawyer and free legal advice from mentors at Score.org . Find other places where you can meet professionals who are willing to provide some of their services for free and take advantage of the opportunities you find.
4. Write your own business plan and financial statements. -: Learn how to write a good business plan. Plus, instead of hiring a CPA or an accountant, you can write your own financial statements. But that doesn’t mean you won’t have to hire someone later when your business grows.
5. Get a cheap domain name
If you need a website for your business, never pay for a premium domain name. If your most desirable domain name is no longer available, choose one of the many available names. Better yet, you can get away with a free domain until you can afford to buy your own. WordPress.com and Blogger.com are platforms where you can host your domain for free.
6. Use a free theme or template for your website. Most of the free themes available look very professional. You can find tons of these at deluxetemplates.com . Choose the one you like and use it on your site. You can upgrade to a paid template or theme later.
7. Create a Free Logo: Don’t hire a graphic designer to create your logo. You can use LogoYes to design your logo yourself. You can also visit flamingtext.com to create a text logo for your business.
8. Use a free or cheap payment processor
If you need to accept payments on your credit card, don’t start with a full merchant account. Most of them are difficult to register, require some programming experience, and come with monthly news. And it goes without saying that it will cost you a lot of money. You can also use a simpler payment solution like PayPal, Google Checkout or 2CheckOut .
9. Use free marketing methods
Promote your products and services through social media. Plus, write articles and post them to free article directories to generate leads to your site. You can attract more customers by offering a downloadable incentive on your website. It could be a valuable eBook or video. To customize your mailing list, use MailChimp and choose a package Free allows you to send 12,000 free emails per month to 2,000 subscribers.
10. Learn more about your business using the website: To learn more about your business, find free resources. You will find more than enough on the Internet. Study them to learn more about your business, rather than paying high prices to buy books and videos with information of equal value.
Seven more tips on how to start a small business without your own money
- Small business financing option without going to the bank
- Get a bank loan
- Apply for a government grant
- Collect money on crowdsourcing sites
- Source of money from family and friends
- Try to raise capital from investors
- Share your ideas with institutions that support entrepreneurship ( NGOs )
- Take part in entrepreneurship competitions
In conclusion, I want to make it clear that starting a business without money is not impossible; it can be done. What do you do when your idea is simply capital intensive and it’s hard to get the funding it needs ? Well my advice is, “ Just start ”.
I have a friend who dreamed of creating a large cold room to sell frozen food, but he had no money and no one was willing to lend him money to finance the idea. Nevertheless, my friend firmly believes in his idea so as not to sit idly by; he began retailing tablet PCs and small business accessories while pursuing a broader perspective.
In conclusion, I want you to know that there will never be a situation where you are provided with excessive capital to start a business. All lights will never turn green and all stars will never align for you. There is no right time to start a business.
Once you’ve identified an opportunity, all you need to do is learn to work with what you have. Don’t just sit back and think about ideas just because you don’t have the money; start with what you have. Even if you have an idea and your enthusiasm; start with this. Where there is desire, surely there is a way.
