How do you start a business with no money? You have a fantastic vision for a new business. But you have a big problem. No money. This is an issue for a lot of emerging entrepreneurs.
However, keep your vision alive. Don’t give up before you start. With a little creative thinking, there are a number of ways you can get funding.
The first thing not to do, is not leaving your day job. Not just yet anyway.
Work on developing your business idea part-time while working on your job. A regular, steady income is essential till your business is up and running properly. And making a decent income you can live off. You will have to put more hours into developing your business while working. Still, you need the peace of mind knowing that money is coming in until you’re in a position to quit your job.
Here are 5 ways you can get funding to start a business with no money
- Look into the Crowdfunding Route
Crowdfunding was established in 2011. It’s the world’s first and largest crowdfunding platform. It turns business ideas into reality. It’s a place where people, projects and partners are connected Crowdfunding raises money for businesses (https://www.crowdcube.com/landing/join-crowdcube) and capitals by match funding. Join Crowdfunding and get connected to investors and a large number of professionals to raise the money needed for your startup.
This online platform has many investors, professionals and venture capitalist with lots of cash ready to invest in businesses. Plus, it’s free to join.
- Find Investors
There are investors looking for projects to fund. They have extra money willing to inject into startups and promising ventures.
Before you approach an investor, make sure you know the ins and outs of your business. Having a detailed business plan will show them your vision on paper. And it’s important for investors to see how you aim to run your business, plus your projected income and expenditure.
Decide on the type of investor you require. Do you want one to help buy equipment or invest money into your business? Network with people in your field. Also, get in touch with trade associations and professionals in the industry you want to start your business. Visit funding websites and post your request. If your funding request matches an investor’s goal, they will contact you.
- Sell Your Services
Sell your services to make money to start your business. What’s your background, hobby, experience or interest? Use these skills to make money. Your personal expertise is ideal for this. You will feel comfortable teaching what you already know.
Have you got teaching, accounting, babysitting, writing, mentoring, fitness training or computer repair skills? Maybe you’re good at something else you can turn into a profitable business. Instead of sitting on your talents, use them to make money and help others.
Market your services on Fiverr, Craiglist or Skillshare. Also, spread the word. Tell family, friends, ex-work colleagues and your social media contacts what you’re doing. They will help promote your services as well.
Get your business online. Buy your domain name and create a WordPress website. (https://wordpress.com/create/) This won’t cost you much to set up. There are lots of tutorials on how to build a website. (http://www.wpbeginner.com/category/wp-tutorials/)
- Use the Resources You Already Have
Make use of what you have to avoid spending what you haven’t got. Here are some examples, if you own a car, use it as your company car. If you need a space to work, turn a part of your home into your work area or convert your garage or shed. Some of the biggest and well know brands like Apple and Facebook started off in garages, dorm rooms or basements. Starting in these places doesn’t mean your business won’t grow.
Think creatively outside the box. Don’t limit yourself.
Tap into the wise knowledge of successful retired business men or women around you. You can learn a lot from them to put into practice.
Check out LinkedIn (https://linkedin.com) for its business features. Collect as many business ideas as possible.
- Friends and Family
Don’t rule out this source. If you have a sound business idea and a good business plan, ask a family member or friend to fund your business. To avoid any problems in the future, though, seal your arrangement with a written agreement. This is even more important if they’re giving you a loan. Decide whether or not you’re paying it back with interest and the length of repayment months or years.
Another option is to make them an attractive proposal. Offer them a percentage of your first six month’s profit. But make sure you are prepared to stick to this agreement. Better still, contact a solicitor or some other legal professional for advice before you make this offer.
Friends are family are a good source when it comes to funding your business. They will want to support you and see you succeed. However. Be clear about where you both stand to avoid spoiling your relationship.
In conclusion, don’t let a lack of clarity stop you from starting a business with no money. There are ways around obstacles if you look and try hard enough. Consequently, when you give birth to a business vision, nurture it to grow and develop.