You are having a great business idea, you are willing to take risks, you are excited to get into the entrepreneurial world, but you don’t have the budget to start! Read and discover how to start a business with no money!
You are fascinated by the idea of starting your own business company, build a brand, be responsible for different business decisions, and etc. You are interested to start a business, you already have a specific business idea in mind, you aren’t afraid of challenges and risks and you are ready to leave your current job, just to make everything a reality. However, there is one problem – you don’t have enough money to turn your business idea into a reality.
This may seem like a huge problem to you, but we can ensure you that the lack of money shouldn’t stop you from achieving your dreams. As a matter of fact, it is possible to start and develop a business with almost no finances whatsoever, if you are absolutely sure you have the right idea and you know what you are doing.
So, how to start a business with less or no money?
You have two ways of starting a business with less or no money: increasing your current capital from outside sources and lowering your costs. We are going to present you 3 options to keep in mind:
- Lower your needs – The first option you could try is to change your business model so you can require fewer needs. For instance, if you were planning to start a business as a freelancer or a consultant, you can lower your employee costs by being the only employee at the start. You can work from home and save on renting expenses, you can find cheaper sources of supplier and cut expensive product lines that don’t really bring you profit. However, there are a few expenses that you won’t be able to cut such as legal and licensing fees.
- Bootstrap – This is the second option you could use and it is known as a warmup period for your new business. Instead of building a full business company, you will start with the basics first. For example, you might launch a blog, just a few products, and one niche service. By doing so, you will reduce the audience, the scope, and your costs. After some time, you will be ready to expand your business.
- Outsource – Your third option is to get funding from outside sources. A few potential sources are friends and family, angel investors, crowdfunding, venture capitalists, bank loans, and etc.
— M.Losee & Associates (@LoseeAssociates) 22 de febrero de 2018
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