Do you know it is possible to start a business with no money?
Yes it is possible to turn your cupcake, tech or even fashion businesses ideas into reality with little or no money.
Truth is that a lot of times when we want to start businesses we think money is the one thing holding us down not knowing that there are actually other ways to raise the capital and create awareness for your startup venture.
1. Stay Employed:
Until the business is established, it is sensible to stick with your current job. That way, if things go pear-shaped and your idea doesn’t quite pan out, you still have an income. And if things do take off, you can hand your notice in once the business can afford to pay you a living wage.
2. Borrow Money from Family and Friends:
If you need some cash to buy stock or equipment, ask family and friends for a start-up loan. It isn’t always sensible to borrow from people you know, but as long as you have a good business plan, your venture won’t be seen as a pie-in-the-sky pipe dream and loved ones will be keen to invest.
If you do go down this route, make sure you agree terms before any money exchanges hands.
3. Crowd Funding:
Got a fantastic idea? Crowd funding is the new way to source funding for a start-up. The concept is simple: you pitch your business idea on a crowd funding website and wait for investors to put up the cash.
If the business idea is good, it shouldn’t take more than a few days. And if you don’t meet your investment target, then it is a good idea to give serious thought as to whether you have a viable business plan.
4. Make Use of Existing Resources:
If you already have existing resources to hand, starting a business won’t require any capital. For example, say you want to build a catering business – this is something you can do from your own kitchen in the early days.
The same applies to many businesses – why spend money when you don’t have to?
5. Tap into Existing Demand:
It is a lot easier to build a successful business from scratch when people need your product or service. And remember, small, inexpensive products are a lot easier to sell than high-end expensive ones.
6. Sell Yourself:
A cheap way to start a business with no money is to sell your skills. If you have a skill that is in demand, you can justifiably charge for your services. It’s a great way to start a business with zero cash in reserve.
7. Source Freebies:
Need some equipment or supplies? Look online for free items other people are recycling.
It is also a good idea to make use of free resources in your area. For example, camp out at a local coffee shop with free refills and Wi-Fi.
Have you started a business on a budget?
Tell us about it in the comments below.
We’d love to hear from you!