Business

Starting a business with no money. How it goes?

6 min read

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Starting a business with no money. How it goes?
Starting a business with no money. How it goes?

Let’s be clear from the start: Can you or can you start a business with no money?

Yes you can, but it’s not a route everyone wants to go. These stories of big corporations popping up out of nowhere in penthouses have many for minors that are not told to make the scene seem more romantic. entrepreneurial way. However, all of these companies have required years of effort, flaws, and much convoluted labor, and they are only a handful of the thousands of businesses that are created each year in the world.

So, if you think the entrepreneurial path is your thing but you have no money, this might help.

You could start a business with little or no money, but that’s not the same as starting with no resources. The more resources you have, the less money you will need. Using resources, we can mention some such as intelligence, imagination, social circle, experience, study and knowledge in general, the time available, the ability to connect seemingly disconnected points, the ability to see opportunities where no one can find them. Manual, sports, artistic or physical skills in general, intellectual skills, health and so on, a long, etc.

Everything starts with an idea

At first, don’t try to spot the black thread. There are formulas that are already winners. Take one and innovate: cheaper, more luxurious, better service, personalized, easier, prettier, faster, at home, in one application …

Take into account that you will need to adapt this idea later to the immediate situation so that it works solely with the resources available. I mean, keep it simple at first.

The plan

I suggest you include:

  • Brief and specific description of the business. Just a paragraph, but if you can write a line, the better. The prerequisite is that everyone who reads it understands your product or service immediately.
  • Easy budget. That is, how much money you have and what other resources you have such as time, knowledge, experience, contacts, potential partners, potential customers, and more.
  • Immediate action under the given budget.

Financing means

If you really don’t have any money, there is only one way to start: ask for funds or work to get them.

If you already have experience in the field in which you want to work, you can inquire and have these financing options.

Friends and family: Take into account that “clear accounts, long friendships”. I assure you that you do not want to ruin your interpersonal relationships because of money problems.

Crowdfunding: Crowdfunding platforms. If you don’t know about this and think that your idea isn’t attractive enough, then you should do a little research on the crazy projects that saw the light of day this way.

State support: Find small business funding opportunities from federal or state governments for startups. There are currently many plans for this.

Private funding: Banks, financial firms, or lenders. Be careful what you sign as a floating or inconvenient rate can bring your project to a standstill before starting. In fact, this type of funding is only recommended once you’ve demonstrated that your business is working and making enough profits to pay off the loans you received. That is, to scale the business.

Angel investment: There are networks of high-risk investors who put the seed capital of promising companies or projects. Do your research on the internet as competitions are constantly being called to obtain these funds.

And if you don’t have a chance to access any of the above options, you always have yourself. The source of funding that is never missing is YOUR OWN JOB. In other words, don’t wait with an outstretched hand to see who is sorry for you. Find a preferred job in the area where you want to start your business. That way, you get two things, invaluable experience to use in your future business, and money to fund it.

Start small by thinking big

When you start a business there is no money to be made. The more you have, the more you spend. So keep it as simple as possible. Adjust your business model to avoid as many fixed costs as possible (avoid unnecessary rents, salaries and services). Make the internet your business, school, marketing center, means of contact, anything.

Make a list of the things that are important to your business and a different list of the things you could get for free, do them yourself, or trade them with others who have what you want and who want what You can contribute.

This path can take some time and you may need to learn various digital skills, but it will grow you as a person, as an entrepreneur, and as an entrepreneur in the future.

Sale and adjustment of nuts

Start with your natural market ie everyone you know, family, friends, former co-workers, etc. Send a WhatsApp to every single contact on your agenda to offer your product or service, make your first sale and forget about it Don’t ask for feedback on the service and quality of your offering. This will allow you to make the appropriate adjustments.

Final thoughts

  • Low costs: Regardless of the size of your company or business, keep this idea as a mantra. Keep costs low, financially, time-wise, and laborious.
  • Budget reserve: Save a little so you can cover your expenses and those of your company for at least six months. During this time you should have reached your point of equilibrium.
  • Regime before the Treasury: You can start as a natural person and once you see that your business is successful, you can move to a legal person.

Will you make a lot of mistakes Of course (and more than you think). Each and every one of your steps needs to be corrected, and you need to perform others that haven’t even crossed your mind. But don’t worry, it’s natural. Just stay fit and move.

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