You want to start a business but you have little or no funds, what are these motivating factors that drives you to start a business? Based on “The $ 100 Startup” author, Chris Guillebeaua; to be successful in a business project mostly on that one you’re interested and excited about, you need to have required skills to help you achieve your goal These feelings will motivates and drives you to think deeper on your capabilities and skills you have acquired especially on how you can combine them to achieve your goal.
Before any startup, it is advisable for any entrepreneur to have the right-combination of skills, marketing know-how of the business as well as a good work ethic. It is essential to have an idea about the kind of business you want to start though lack of capital has been a common contributor to failed startups. Anything is possible as long as you have the drive of starting your own business and great business ideas, you can possibly start your business even with little or no money.
Here are Few tips to follow to Successfully Start your Business with no Money.
1. Keep your Current Job
Never jeopardize your family’s financial security. Business Startup is full of risks; you still need your regular income to payout your bills and expenses without constrains. Retain your job as you start your business and after your business starts generating profits then you can now opt to focus more on your business. You can then resign from your current job to spend more time on your business. You’ll have to work harder for your business to grow.
2. Offer a Service
For unemployed individuals, since most business startups require capital. Funding your business will be impossible. However, there are many service businesses you can start with no money. From the capital generated from these services, you’ll be able to start your dreamed-business though patience is needed to achieve this.
3. Develop your Business Idea
Having a great business idea is vital for any startup business. however, there are many more steps you have to put into consideration before getting started thus fleshing out these business ideas being one of them, it is
essential for the success of your business venture. Ask yourself if your business idea is unique, the value it will generate, will it satisfy your targeted audience or is there need for that business idea; these questions will help you determine if your business idea will be successful or not.
4. Limit Delegating Work.
You need to save as much as you want. Therefore, those jobs that you used to hire people to do or delegate to your employees, try doing them by yourself. The aim is to save those moneys that you could use to pay for the services rendered by these people though it will be tough on your side. It is one way of reducing your expenditure to build up your savings or cash reserve in-case you starts business with little or no money.
5. Analyze your Niche Market and Challenges.
Despite having a brilliant idea which you believe will work, knowing your competitors in the market will your next great step. when you approach any potential investors, often they tend to as entrepreneurs if their ideas are difficult for their competitors to copy or even improve on them in a better way. to maintain competitive advantage in a market, an entrepreneur should be able to define and understand the kind of market they operate in as well as their competitors.
Know the market’s trend and identify the challenges you might face. In addition, benchmark from your competitors to learn how you can address these challenges in-order to stay profitable in the market.
6. Come with a Clear Budget
You should evaluate the required funds needed for your business startup. This will help you convince potential
investors. Don’t rely on estimates but provide detailed budget on the required amount and how you will use it so as to convince investors and get your loan application approved.
7. Do Networking
Since you lack capital to start your business but you have great business ideas. It is advisable to look for the
right individuals who can assist you. Attend events as well as trade shows; places where you stand finding potential investors. You can even join online forum which are on social networking sites to help you get more useful tips as well as resources on how to build your business to life.
8. Apply for Small Business Loan
For US residents, the government offers loan programs that are managed by the Small Business Administration-SBA, they aim at assisting first time entrepreneurs in setting up their businesses though there are certain specific requirements that one has to have in-order to qualify for these loans. They include:
- The business must be run in the United States
- The business must be a small business (qualify) based on SBA guidelines
- An entrepreneur should have a good credit score
- Lastly, entrepreneurs must operate their business for profit
Meet the professional business coach – Geogre McKernan! George is author of the article How to Start a Business From Scratch with No Money. George is also a blogger, writer and contributor at predicting stocks platform.