In this article, here are some ways that can help start your business with no money and your ideas get converted into realities with limited capital.
Usually entrepreneurs who are behind startups have reservations for spending huge amount of money due to lack of a solid funding. Every day there are hundreds of startups which are unable to survive and end up fizzling out, while shutting their doors forever. Don’t let money stop your great ideas from converting into realities.
Avoid unnecessary expenses
In the beginning, every business needs to be quite careful in their expenditures. Cutting expenses which are not required and being frugal is sometimes the way that differentiates a successful business from a failed business. In fact, you can also start off in a basement or an extra room or your garage in the beginning instead of leasing an office can save you thousands of dollars in the long run.
Being the expert yourself
Make absolutely sure that you build your business around your own skills which you are an expert at. You should rely on minimum outside sources and use your personal expertise of the knowledge required in running your business. Outsourcing and seeking assistance from outside should be minimally done to save money.
Holding on to your job
Starting a business in the initial stages while you have still your job in place is vital. Start your business in your spare time and once your venture gives you a wage that would be the time around which you can think of being your own boss. Eventually, you can transfer to your own business full-time and it’s much safe this way. It will be definitely less risky and you will land up still having your job in case things don’t materialize the way you have envisioned.
Avoiding getting into credit card debt
It is always a wise decision to curb credit card expenses while you are on the brink of starting off your business. New office equipment, phones, laptops and other miscellaneous office supplies can quickly add up to mount those bills. However using your company’s revenue to finance your expenses so that you almost eliminate the stress and burden of debt and create a successful business.
Using free advertising and marketing
You can easily build a website for free by making use of free online website builders. Making use of social media is a great way to create buzz about your business. Making local media contacts can be very useful for your business while you be responsive with their requests. Apart from that, you can reach out to local media while offering them your expertise. You can create facebook, twitter and other popular social networks and encourage more prospects to join your online circle by using creative ways to garner attention.
Wearing multiple hats yourself
Starting a business with little or no capital means that you have to stretch yourself beyond yourself. This means that you must be prepared to dedicate your efforts and time to make your business a huge success in the times to come. This can also include tackling tasks including customer support, accounting and even cold calling to prospective clients.
Acquiring officially a Small Business loan
It sure becomes a helping hand when you acquire an official loan in case you start a business with little or no capital. There are various loan programs offered to help small businesses by various governments while in the United States, SBA is the agency which handles these kind of programs.
Creative ways of getting your business financed
A great idea and an impressive business plan might help you to get financed from Angel investors /venture capitalists. In exchange of equity or partial ownership, you can get that done. Few big businesses also offer start up support in case of small businesses and you can look into this type of a funding if your business qualifies for that. There are also a wide range of loan development programs offered by SBA and it’s economic development resources can help you decide whether this could be a source of getting financial help for you.
Crowdfunding can also be one of the avenues that could be explored. One of the most popular websites available is kickstarter, Go to grant.gov and find there a lot of information regarding more than 1000 federal grant programs. Other ways in which you can use more sources include Rollovers as Business Startups and acquiring Home equity loans.
The good news here is that by following these few basic rules, you can indeed end up starting a business with no money and without borrowing a dime. In such a kind of situation, entrepreneurs who have gone on this route have had to rely on their drive and creativity to build a successful business. It is necessary to have a zeal, passion and a strong inner drive for what you are doing in order to make it a huge success and your own business is no exception.