How To Start Your Business With No Money
Posted 11-29-2011 at 08:20 PM by RobHiness
Being more and more apart of the Warrior Forum everyday I have recently seen a surge in people wondering how to start a business with no in your pocket.
Being apart of internet marketing for 5+ years I obviously understand that internet marketing takes a lot of time, and dedication as well as investment. But it does make me a little sad to see that some of our most popular members don't actually ever answer the questions that these new people are asking concerning how to actually start your business with no money.
Instead of badgering the fact over and over again that "You need at least $2,000+ to get a good start or else you can't get anywhere" No. Your answer should have been more like, "If you have $2,000+ than your business will certainly have a huge advantage over others but that doesn't mean your journey will be impossible".
So to put a twist on the subject, I've whipped of a list of various ways on how you can start your online business from scratch (with no money).
How to Start a Business with No Money
1. Develop a good business idea
The first step to starting a business without money is to develop a good business idea. Your proposed business idea must satisfy a need or solve a problem. Your idea must be good enough to arouse the interest of anyone who hears a pitch of it.
2. Have a good business plan
Even though you have no money to start a business, write a business plan. It might sound crazy but you are only preparing yourself to take advantage of any opportunity that comes your way. Also, writing a business plan will prove to investors that you are a serious entrepreneur that knows his/her onions.
3. What do you bring to the table?
Okay, I know you are reading this now because you lack the capital to finance your business idea but I will bet that you have something of value inside of you. What business skills do you bring to the table since you don’t have money? This will be a question most investors will want an answer to.
Take for instance you developed a good business idea with respect to the tech industry but you don’t have the money to pursue the opportunity, you can come to the table with your technical skills. Mark Zuckerburg did the same thing. Aside technical skills, you can also come to the table with your experience from a respected field. Skills such as sales skill, accounting skill, business management skill can also be brought to the table.
4. Find a business partner with cash
This is self explanatory. If you don’t have the cash to start a business, then find a partner who does.
5. Start a service based business
You can also start a service based business since it requires little or no startup capital. But you will definitely have to invest time equity to get things going. A little bit of creativity, marketing and sales skills will also be needed to give your business a head start.
6. Start a home based business
When I hear people giving lame excuses about their inability to start a business due to lack of capital, I boil inside of me. I have seen people start businesses right from their home and grow from there. Julie Aigner Clark is a good example of this.
I have seen people borrow $50 or less from family or friends and launch themselves into tremendous wealth through network marketing. I have seen young internet enthusiasts start a business from a friend’s computer or a public connection (cyber cafe). So I don’t think you have any excuse for not starting a business; even if you have no money.
7. 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 are finding it difficult to raise funds for their business. Bootstrapping financing is simply the art of running a business on internally generated funds which are often limited. It involves the tactical deployment of resources while giving little room for waste. Effectiveness and efficiency are two watchwords in the game of bootstrapping.
As a final note, I want you to know that there will never be a situation where you will be provided with excessive capital to start a business. You just have to learn to run with what you’ve got. Don’t sit on your ideas simply because you have no money; start with what you have. Even if all you’ve got is an idea and your enthusiasm; start with it. Where there is a will, there will surely be a way. I leave you with these additional tips for starting a business without money.
A couple of additional tips on how to start a small business with no money
8. Obtain a bank loan
9. Apply for a government grant
10. Raise money from crowd sourcing websites
11. Source money from Family and friends
12. Try raising capital from investors
13. Take your idea to institutions that support entrepreneurship (NGOs)
14. Participate in entrepreneurship competitions
Being apart of internet marketing for 5+ years I obviously understand that internet marketing takes a lot of time, and dedication as well as investment. But it does make me a little sad to see that some of our most popular members don't actually ever answer the questions that these new people are asking concerning how to actually start your business with no money.
Instead of badgering the fact over and over again that "You need at least $2,000+ to get a good start or else you can't get anywhere" No. Your answer should have been more like, "If you have $2,000+ than your business will certainly have a huge advantage over others but that doesn't mean your journey will be impossible".
So to put a twist on the subject, I've whipped of a list of various ways on how you can start your online business from scratch (with no money).
How to Start a Business with No Money
1. Develop a good business idea
The first step to starting a business without money is to develop a good business idea. Your proposed business idea must satisfy a need or solve a problem. Your idea must be good enough to arouse the interest of anyone who hears a pitch of it.
2. Have a good business plan
Even though you have no money to start a business, write a business plan. It might sound crazy but you are only preparing yourself to take advantage of any opportunity that comes your way. Also, writing a business plan will prove to investors that you are a serious entrepreneur that knows his/her onions.
3. What do you bring to the table?
Okay, I know you are reading this now because you lack the capital to finance your business idea but I will bet that you have something of value inside of you. What business skills do you bring to the table since you don’t have money? This will be a question most investors will want an answer to.
Take for instance you developed a good business idea with respect to the tech industry but you don’t have the money to pursue the opportunity, you can come to the table with your technical skills. Mark Zuckerburg did the same thing. Aside technical skills, you can also come to the table with your experience from a respected field. Skills such as sales skill, accounting skill, business management skill can also be brought to the table.
4. Find a business partner with cash
This is self explanatory. If you don’t have the cash to start a business, then find a partner who does.
5. Start a service based business
You can also start a service based business since it requires little or no startup capital. But you will definitely have to invest time equity to get things going. A little bit of creativity, marketing and sales skills will also be needed to give your business a head start.
6. Start a home based business
When I hear people giving lame excuses about their inability to start a business due to lack of capital, I boil inside of me. I have seen people start businesses right from their home and grow from there. Julie Aigner Clark is a good example of this.
I have seen people borrow $50 or less from family or friends and launch themselves into tremendous wealth through network marketing. I have seen young internet enthusiasts start a business from a friend’s computer or a public connection (cyber cafe). So I don’t think you have any excuse for not starting a business; even if you have no money.
7. 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 are finding it difficult to raise funds for their business. Bootstrapping financing is simply the art of running a business on internally generated funds which are often limited. It involves the tactical deployment of resources while giving little room for waste. Effectiveness and efficiency are two watchwords in the game of bootstrapping.
As a final note, I want you to know that there will never be a situation where you will be provided with excessive capital to start a business. You just have to learn to run with what you’ve got. Don’t sit on your ideas simply because you have no money; start with what you have. Even if all you’ve got is an idea and your enthusiasm; start with it. Where there is a will, there will surely be a way. I leave you with these additional tips for starting a business without money.
A couple of additional tips on how to start a small business with no money
8. Obtain a bank loan
9. Apply for a government grant
10. Raise money from crowd sourcing websites
11. Source money from Family and friends
12. Try raising capital from investors
13. Take your idea to institutions that support entrepreneurship (NGOs)
14. Participate in entrepreneurship competitions
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