"I don't have any money, therefore, I cannot start a business" - this is one popular excuse that has kept millions of people from starting their own business. The fact is that there are businesses you can start even when you think that you have no startup capital.
In fact, what matters the most is the type of mindset you have. There are people with millions of dollars in their account without a business to their name. Having thousands of dollars does not mean that you will be successful in business. Alternatively, being on a limited to a strict budget also doesn't mean you cannot start a business.
If you have business ideas and you are excited and have the right skills for the business, you are halfway through. When thinking of starting a business, what is most important is having the right skills, passion, and business ideas to start your ideal business or company. You should never let lack of money to deter you from your dreams of being an entrepreneur.
Fortunately, you can start any business you have in mind as far as you have the right sources to get a small business loan or friends that are willing to invest in your business. Moreover, there are tons of businesses you can start without capital or even loan. Some of these businesses include:
- Consulting services
- Online Tutorial Services
- Micropreneurship (such as renting your extra room to AirBnB or driving for Uber)
- Repair or Skilled-based Services
- In-home Services such as dog walking
- Personal creations like selling arts on Etsy or eBay
However, if you have other business in mind but you don't have a startup capital, this article will show you how you can overcome this hurdle so that you can keep your dreams of becoming an entrepreneur alive.
IN THIS ARTICLE
6 Ways to Start a Business with No Money
1. Keep Your Current Source of Income
If you want to start a business when you have no capital, don't resign from your current job yet. You may need the extra income to keep your "head above the water". Be sure to maintain whatever that is giving you income currently.
You can take the money you make from your current job and invest in your business ideas or use the money to take care of your bills until your proposed business start yielding returns.
You can easily transition from being an employee to a business owner if you don't have to worry too much about bills and additional expenses.
2. Come Up with a Brilliant Business Ideas
Your business ideas may make or mar your dream of being an entrepreneur. When you have decided to become a business owner, you will need to come up with a smart small business plan.
A small business plan simply means the summation of your business ideas and what it will take to make it successful. Whether you want to finance your dream business with a small business loan for LLC or you want to get your friends to invest in your business, you will need a smart business plan to make it possible.
You will need to identify your target market as well as expected challenges and returns. You can also make a projection of profit given a certain capital. Make your business plan brilliant and easy to understand.
3. Determine How Much You Need
If you have a smart business plan after due research, it will be easy for you to determine how much capital you need to make your dream of being a business owner come alive. Before you go on a hunt for capital, you need to know exactly how much you need.
You should also know exactly what you are going to use funds you will get to do. If you have a budget of $50,000; you must accurately state on your business plan how you plan to spend that amount of money.
4. Leverage Your Network
Talk to your friends, family, and acquaintances. Some of them may have some money and will be willing to invest in your small business. However, don't limit yourself to just your friends, family, and acquaintances, pitch your idea to various known investors you can find both on social media and in the real world.
You can make use of social media such as LinkedIn to find "Angel investors". You can as well join various online forums that talks about business, you might be able to make a connection and get the funds you need from such business forums.
5. Source for Funds on Crowdfunding Platforms
It is one of the easiest ways you can secure funding for your small business nowadays. You will need a brilliant business plan if you want to raise money on crowdfunding platforms.
6. Get Small Business Loans for LLC
Don't assume you don't have options until you check out how possible it is for you to get small business loans for LLC. There are tons of government agencies as well as private agencies that give small business loans.
You can get SBA Loan which is a scheme to financially empower small business owners by the U.S government. You can also check out private small business loan lenders.
Nowadays, it is possible to start a business even when you don't have any money. Like we mentioned above, what is important is your mindset and your business plan. Once you have these, you can source for funds using the tips we suggested above./how-to-start-a-business-with-no-money/Business