Start a Business with No Money
More and more associates approach me with the idea of preliminary a business with no money. Can you start a business with no money? Yes, you can, although this is not how everyone is used to following. Many of the stories of those great companies that emerged from nowhere have many details in the basement that are not told so as not to lose the romantic and motivating side. However, all entrepreneurs invested years of hard work and suffered obstacles in their growth process.
How to Start a Business with No Cash?
Everything starts with an idea. On the one pointer, you have to skill and complete. For example, if you have worked in a well-defined functional area for 10 or 15 years, you already know a lot. Please list all your knowledge without worrying about how much they are worth in the market now.
The second thing you should do is identify the things you like the most. Review all the passions you may have: your hobbies, jobs, dreams, and what makes you feel good. So what to do with all this? The idea is to mix passion, skills, and the ability to sell.
I Want to Start a Business, but I have No Money; What Do I Do?
Undoubtedly, one of the most common questions is how to start a business with no money. The decent newscast is that there are numerous alternatives, and here we will explain each.
Open a Business that does not Need Investment
Who said that to start every business, you need capital? You can create many companies without investment, for example, teaching personalized classes, repairing toys, and being a virtual assistant. This solution could work very well if you don’t know what to do yet, but it’s still worth it.
2. Choose a Simplified Version of your Business
Many entrepreneurs run their businesses based on what they think they need and then figure out how much money they need to get going. In theory, this is not a bad idea, but it has some significant drawbacks in practice. Economical restrictions are not taken into account. Of course, if you have unlimited capital, you can start your business in optimal conditions. Open your business in the city’s busiest streets with the most significant possible space, use the best materials for remodeling, hire a high-quality staff, spend a lot of money on advertising, etc.
3. Start from Home
Any business that you can grow from home requires very little capital. So if you think, “I want to start a business, but I don’t have the money”, consider and study the opportunity to start a business from home. It is also one of the best options to combine work and family life.
How to Start a Business with Limited Capitals?
Have a Good Idea and Look for External Financing
Many successful businesses have started from an alert and enterprising mind that did not have the money to create it. But that must not be an insurmountable problem for those who are determined to start a business. There are ways to achieve the financing required for the beginning of this adventure:
Ideas for award-winning entrepreneurs: the list of university degrees in which it is possible to find competitions that reward entrepreneurship is growing. There are competitions of this type for non-university students, often organized by chambers of commerce, banking entities or business associations.
Search for investment partners: a relatively simple way is through crowdfunding. It is an excellent way to get the necessary money if you are considering starting a business, but not the only one. Searching for specific investors can take more time but can also be very effective.
Find investors among friends and family: It is an accessible option, although to avoid problems, you have to be clear about how the money is lent and for what, when it will be returned, if it gives you any right over the company, etc. It is helpful for small projects, but as the famous saying goes.
Look for personal financing: go to a bank. Or too many. Explore your possibilities in this field. Most banks and savings banks have lines of credit for entrepreneurs that you can benefit from by properly presenting your business idea.
What Businesses can I Start without Money?
I want to tell you about a concept in the book “Good to Great” by Jim Collins. In this work, the author tries to comprehend why some large multinationals are successful and their direct competitors, of equal size or strength, are not.
In general terms, the author concludes that three spheres must come together to create a successful momentum in a business project.
How to Start a Business without Cash Step by Step?
If you are looking for an executive roadmap, I leave you one in 5 simple steps:
- Work on your strategic proposal to consolidate your brand’s assets before making it known.
- Set up a blog to get good visibility on the Internet.
- Sell professional services: 1 to 1 service (requires your presence).
- Sell derived services (training): Service 1 to N (requires your presence).
- Sell digital products (eBook or online courses): Products 1 to N (your presence is NOT required).
- The advantage is that you end up selling products that can be bought and delivered 24*7*365 in a 100% automated way.
Ideas on How to Make Money from Scratch
I know that despite following this process, your mind may be unable to answer the question, “what business should I start?”.
That will not be a problem either, since precisely to solve this difficulty, I have written a small guide with 100 proven market niches to start your online adventure.
Sell services online
Your skills and time can also monetizes. There are many ways to earn money online; the key is finding that midpoint between what you are genuine about and what you know to do better than the average person. When you have defined a list of services, look for the right people to make them known.
Supply is passionate about lettering, that is, the art of creatively drawing letters by hand, then why not start a business with it?
Examples of Businesses without Money that Succeeded on the Internet
To finish the article, I will give you a little extra motivation. The theory is excellent, but I’m sure you want to see practical examples of how to start a business without money and succeed in the 2.0 world.
Here I leave the cases of a few digital nomads:
Antonio G: 4 months is what Antonio G needed to go from being “nobody” to being one of the travel bloggers of the moment. He studied architecture, and the crisis did not stop him. He finished 2019 billing more than 3 million euros with his Digital Nomad School.
Andrea Rojas: after working to pay for her studies and travelling to the other side of the world to do what she wanted, Andrea was able to redesign her online platform from scratch and become a benchmark in the world of blogging.
Oriol Prieto (Soma): he lost all his father’s inheritance in a business, went bankrupt, and reinvented himself to create his own hip-hop production company. Nowadays, he is the producer of artists like Nacho Scratch.
Starting a new business is, without a doubt, the most challenging part of the undertaking. You dare to bet on your own company requires, first of all, a lot of determination. One of the main reasons for insecurity when opening a business is doing it without money or with little investment. According to a study by the Nationwide Small Business Association, 31% of small businesses in the United States did not obtain access to adequate capital. The same survey revealed that 76% of small companies have debt.
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