How to Start a Business With No Money

Share Button

Have you started to feel that the corporate world is not for you and are willing to start your own business? May be you also have an idea or just fascinated with the thought of launching and growing your own enterprise? Then just get up and take a step forward to fulfill your dreams.

Though starting a business is easier if you have vast reserves of cash, it’s possible to build a successful business from the ground, up with smarts, perseverance, and dedication even if you aren’t loaded. If you’re prepared to work hard and learn from your failures, you have the once-in-a-lifetime chance of building a successful business you can proudly call your own. Here are a few tips which you might consider for starting your business and that too with least amount of money!

1. Minimize the needs

The first and the most crucial step is to carefully plan and minimize the initial investment. Design your business model economically. For example you can minimize your employee expenses by being the sole employee at the start, or you could work from home instead of lending a work space. Find cheaper sources of supply or cut out entire product lines that are too expensive to produce at the outset.

2. Take it slow

You should plan your business well and take it further one step at a time. Instead of going into full-fledged business mode, start with just the basics. You might start by taking some small steps like starting your own blog or some services which could provide you the required head start. Well we know- “slow and steady wins the race”.

3. Outsource

If you do not have your own funds then try and get it from the outside. There are dozens of ways of getting sponsored by others. Here we name a few:

  • Friends and Family: Who else could you expect to help you more than your own family and friends. You can seek their help as and when required.
  • Angel investors: Angel investors are wealthy individuals who back business ideas early in their generation. They typically invest in exchange for partial ownership of the company, which is a sacrifice worth considering.
  • Angel investors: Angel investors are wealthy individuals who back business ideas early in their generation. They typically invest in exchange for partial ownership of the company, which is a sacrifice worth considering.
  • Crowdfunding:  It’s popular for a reason.with a good idea and enough work, you can attract funding for anything.
  • Bank loans. You can always open a line of credit with the bank if your credit is in good standing.
  • Government grants and loans. The Small Business Administration (and a number of state and local government agencies) exist solely to help small businesses grow. Many offer loans and grant to help you get started. Lately, Prime Minister Narendra Modi has also launched a startup scheme to benefit young and aspiring entrepreneurs.

Related :How to get funding from PM Modi’s startup scheme

With one or more of these options, you should be able to reduce your personal financial investment to almost nothing. You may have to make some other sacrifices, such as starting small, accommodating partners or taking on debt, but if you believe in yourself, none of these losses should stand in your way. Capital is a major hurdle to overcome, but make no mistake — it can be overcome.

Share Button