Starting a business a few years ago must have been really tough for entrepreneurs with little or no finance.
But the world has changed so much over the last 10 decade, you can now basically start a business with little or no money at all.
Technology has made it possible to reach out to anyone across the world, selling products and services can now be done from the comfort of your home, and with little investment.
With advancements in technology, costs and barriers that startups encounter has reduced. You can get your business off the ground be leveraging on the different tech solutions that are now readily available.
Getting funding for business can be very difficult. Banks are usually reluctant to lend money to new businesses or startups because of the high risk involved, also, the increasingly tough economy makes it a bit difficult to reach out to friends and family for financial support. And funding your new business venture with your credit is quite risky.
While government-supported startup loans are great, you sometimes just don’t need funding, at least not yet. The best part is that there are some rules that you need to follow if you are Keen on starting your own business with no money- here are 5 Steps that you must follow:
Use the resources available to you
The idea is to reduce your need for spending to the minimal. Work from home or join a local library or café where you can do your writing gigs (if you are offering writing services), there you can use the free WiFi and not have to budget for that.
If you own a car, you can run deliveries and make some extra income. If you have a kitchen and you want to start a cake business, you should start from there instead of waiting till you can afford a space.
Use the skills you already possess to build your business
It is time to deploy all those skills that you have learned over the years in building your business. Everyone has at least that one skill that they can monetize. Ask yourself what you can do that someone will be willing to pay for? That’s a good place to start. Do you speak multiple languages? Can paint or draw portraits? Do you know how to design websites? You will find that some of your hobbies are skills that you can build a business with.
Develop a business that sells a product or offers services that people need
Your business must fill a gap or need or it won’t be profitable. There really is no point selling a product or offering a service that people don’t really need. Also, your product or service has to be something that your potential customers can understand right away, and can purchase comfortably without having to do any research. Suits that cost £10,000 are great, but socks that cost £5 – £10 are better.
Try to get payments upfront
If not all of it, half upfront should do, then they can pay the rest after delivery. Doing this ensures that your costs are protected, especially if you supply your products are sourced from elsewhere. You don’t want to be caught up in late payments – one of the reasons why many business startups fail.
Source for free equipment
Starting a business will require you to invest in some equipment from laptops to ovens, which could actually drive up your startup costs. But you can get around this by sourcing for free equipment. If you can find them for free, there are websites where you can source for refurbished equipment. If you are looking for refurbished network equipment/hardware, you should check out mynextbox.com