Every business out there has something in common — they all started with an idea. Whether it’s your passion or something that you unexpectedly thought of, a business idea is where it all begins. Coming up with one can be easy for some while others may find it difficult.
Naturally, the next steps after you’ve come up with a brilliant business idea is to make a business plan and execute it. You start doing your research to find out if there’s a market for your ‘future business’ which includes knowing who your potential competitors are.
Then out of nowhere, you’re suddenly hit with a realisation — you don’t have the money to start your business. However, you’re not alone. In fact, a lot of people have dreamt of putting up businesses only to be stopped by lack of capital.
Start a business with no money
Yes, starting your own business with no money is actually possible. You don’t have to be just another person who has an excellent idea for a business but had to let it go because you didn’t have the capital. You don’t have to use the same excuse that other people give for not starting a business.
It’s true that starting a company will be a lot easier and quicker if you have a generous credit line, investors to back you up, or a relative with lots of cash. But if this is an absolute rule for starting a business, why are there big companies and enterprises who still fail despite having a lot of money?
Additionally, why is it that some brands who started with very little to nothing found success? Harley Davidson, Apple, Hewlett-Packard, Disney, and Google, all started in their garages. And what about the founders of Nike, Philip Knight and Bill Bowerman, who first sold shoes from the boot of their car?
The answer is quite simple, really — it takes more than just money to start and run a business. However, the value of having the capital in any business venture is irreplaceable. That said, you can succeed in starting your own business with no money. However, you’ll have to be ready to work harder and longer hours to make up for the lack of funds.
So if you’re ready to start a business with no money, here are a few things that you need to consider first.
Finding an idea
As mentioned earlier, every business starts with an idea. The biggest mistake that you can make when starting your own business with no money is coming up with a niche that is outside your comfort zone. Ideally, you’d like to start with something that you are already familiar with.
Something that you are familiar with can be anything. However, keep in mind that not everything that you know can be a feasible business. For starters, there has got to be a market for the business idea you have in mind. Second, it needs to be something that you are passionate about and are more than willing to put effort into.
The following are some business ideas that cost very little to nothing to start. Note, that these are just a very few examples, but there are actually hundreds of businesses that you can start with no money.
- Gadgets repair
- Childcare services
- Computer support and repair
- Dance instructor
- Editing services
- Creating and selling artwork
- Home repair services
- Catering business
Don’t let go of your regular job
Specifically, you should keep your job until such time that your business is already producing more than enough revenue for you and your family’s needs. After all, every business has its risks of failing, and the risk is more than double if you don’t have the money, to begin with.
You don’t want to go all-in on your business from the get-go as it will put you in very big trouble should it not work out. At the very least, you need to be able to pay your bills as you climb your way up there. Think of it as a contingency plan — if things do not go as planned, you will still have your job to fall back on.
Now, this would mean that you’ll have to work harder since you will have to deal with both your job and your business. But once you start seeing the fruits of your labour, you can then think about letting go of your job.
You are a one-man-show
Speaking of having to work harder if you are to start a business with no money, you’ll also have to ready yourself in doing everything all by yourself. Unless you have a better half who can lend you a helping hand for free, you are pretty much a one-man-show.
You could also ask for help from close friends and relatives. However, they can only do so much since you don’t have the capacity (at least not yet) to pay them for their services. You’ll just have to make do with what you have which is yourself. But as a consolation, you will at least be able to save every bit of money you earn by doing everything.
Besides, it’s just going to be a temporary thing. As your business grows, you will be able to hire and pay for employees as well as afford the services of companies outside your own.
Connect with the right people
Being the one-man-show that you are, you will need all the help that you can get and it should come from the right people. Your first stop should be your local area. There is a chance that you will not find other people who are in the same business as you are.
If you do, however, you should not expect too much from them since you are essentially their competitor. However, you will definitely find small business owners who can provide you with tips and tricks that you can use to your advantage.
What they do may not be directly related to your niche, but you will be able to learn a thing or two from these people who were once in the same position as you are. Business essentials such as managing your finances and how to market your products or services are just a few examples.
Another reason why there are unsuccessful business owners is that they fail to improve themselves. Especially if your business has something to do with technology, it’s critical that you keep yourself up to date. Technology changes and evolves at a very fast rate, and you don’t want to be left behind.
That said, make it a habit of attending events and trade shows especially those that are related to your business. There’s a reason why these events are held, and for you, that reason is so you can learn more.
Reading is another powerful tool to improve yourself, so you’ll also want to check out some of the best business books of all time. Learn broader business tips first before diving into more niche advice.
Take advantage of the internet and social media. Create your own business hashtag to engage customers. Online forums and communities are full of people who are willing to share useful tips and resources to help you and your business grow. Who knows, you may even find venture capitalists and investors in these places.
Now You Can Start A Business With No Money
As a final piece of advice, don’t rely on miracles for your business to be a success. Sure, some people thought of very unique business ideas accidentally which some may see as a ‘miracle’. But for the most part, it’s all hard work, perseverance, and dedication to turn your vision into reality.