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How Do I Start A Business Without Money

In this digital age, everything from daily shopping to cash payment has moved to an online platform and they can handle all your needs like a retail store. You may find yourself interested in this phenomenon and want to start your own business. But you may be wondering, ‘Is it possible to start your own business without money?’ On searching the related queries, Google has landed you here. Well, today you’ll get to know answers to all your queries. 

If you want to succeed in this fast-growing era, you need to stay tuned with the market trends. People are starting to set up their businesses such as retail stores, banks, real estate, etc, on digital platforms. If you have doubts in your mind, it would be beneficial to clear them before getting started. But before that, have a look at some of the companies that started with almost nothing in their hands:

  • Whole Foods Market – John Mackey and Rene Lawson saved and borrowed money from their near and dear ones in 1978 to open their first store in Austin, Texas. They lived in their first store after getting evicted from their apartment.
  • Apple, Google, Harley Davidson, Disney, Hewlett-Packard, etc, all were started in small garages.
  • Nike – The founders Philip Knight and Bill Bowerman began by selling training shoes from their car trunk.

Steps To Start Your Business Without Money

Here are some steps that you need to follow before starting a business:

  1. Keep your current job: By maintaining a reliable source of income and starting your new business as a side business, you can protect yourself from a lot of stress. You don’t have to worry about the sources from where you will arrange money to pay off your mortgage and potential debt. 

    However, you have to work harder than before. Ideally, when your new business starts to pick up steam, you can gradually transit from a full-time to a part-time employee. Eventually, you can move into your own business and work on it full-time. Although this process often does not go smoothly in real life, it is always safer than to give up everything to pursue the dream before having a stable background. Remember not to risk the future of your family by leaving your job to pursue your dream.

2. Make a business plan: Have you thought about the fact of how to make money? Well, if you cannot answer this question, you should replan and must not start your business before having a solid plan. The objective of any for-profit organization is to make money – thus, it is crucial to have a detailed business plan of how to do this before starting your business venture. Answer the following questions before moving further:

Make a business plan
  • How much will it cost you to deliver your product or service to the customer?
  • What would be the selling price of your product or service? 
  • How will you increase your business volume?
  • How can you offer a better business deal than your competitors?
  • What kind of people and how many will you need to hire? Can you manage to work without them?

3. Do a competitive analysis: Before entering the market, you need to know about your competitors and what they’re charging for the products or services that you are offering. Are you able to provide that product or service with better quality and at a low cost? If so, congratulations – you are ready! Research the market you are trying to break into, as well as businesses that have (and have not) achieved success in this market.

4. Research and test your ideas: Preparation and planning are necessary before setting out on any business venture. Business plans are documents that need to be evolved at regular intervals. If the results of your research or testing contradict your current plans, don’t be afraid to modify it or even start from scratch. Doing so can be frustrating at that point of time, but it’s smarter than risking your business on an idea that won’t benefit you.

Research and test your ideas

5. Find opportunities to build skills without money: If you have an idea for a business but you lack the skills or training to pursue it, get the training you need from the possible free sources. You can take on a paid internship or apprenticeship part-time. You can learn from different free sources like YouTube or your friends or any relative. It is vital to maintain a source of income during this period.

6. Make the most of your existing assets. On starting a new business from nothing, one should use the resources he already has at his disposal as much as he can. For instance, one can use his vehicle as his company’s vehicle or use areas such as the garage into a workshop. If you have a home in the same city you can use it as the subsequent business site, rather than renting an office & paying for it. By doing this you can save money for other things. 

7. Streamline your staffing plans: It’s expensive to pay for your staff, especially if you want to hire well-trained professionals. In the beginning, try to keep your staff limited to minimize expenses. Or you can employ a few people necessary to do the job safely and professionally. And as the business grows, you have to hire more people to fulfil the business’ needs.

8. Promote your business: Even the best-run businesses fail if nobody knows it exists. You may not afford to run TV ads or rent billboard space, thus, you can try printing off flyers at home and sharing them out on weekends. You can go door-to-door for advertising your business. Make your banner to hang in the front of your business. 

Promote your business

Today, you also have a way to reach out to your customers via digital platforms. Social media is an effective way for a start-up to represent itself to its customers online. Also, it’s free to join almost all major social media sites. You can connect with an expert digital marketing company such as LeCiel Technologies to help you make your business presence online on Social Media channels and Google My Business or Amazon, etc. The professionals will also promote your business online and will create quality content to get it recognized. 

Therefore, it is proved that starting a business without money is possible. So, follow these steps and start pursuing your dreams today by balancing everything smoothly.

Ravi Sharma
Ravi Sharma
I am passionate about content writing. I write articles for businesses that want to see their Google search rankings surge. My articles focus on balancing informative content for the website that helps businesses to connect with customers through content online. Find more about digital marketing concepts here that could grow your business.