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No Cash? No Problem! 7 Ways to Start a Business With No Money

May 08, 2019

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You’ve had an idea.

You’ve spotted a gap in the market and have come up with a solution to fill it. You’re sure your product/service is going to be a hit.

You want to start a business to bring it to fruition. You aren’t alone. Indeed, over 600,000 new businesses are opened every year in the United States.

However, you’ve got a problem. You don’t have the money to get your idea off the ground.

There’s nothing more demoralizing. Dreams and aspirations are stopped in their tracks. After all, it’s impossible to start a business with no money, right?

Well, not quite. It isn’t easy. But it’s far from impossible. Think about Jobs and Wozniak starting Apple in their garage. With the right attitude and approach, you can do it too.

Looking for ways to make it happen?

Keep reading to learn 7 ways to start a business with no money.

7 Smart Ways to Start a Business with No Money

You’ve got the perfect idea for a new business. But no capital to get it up and running. Here are 7 ways to do it anyway.

1. Think Opportunities Not Obstacles

A lack of money can feel like the nail in the coffin of a fledgling business idea.

It’s incredibly easy to become disheartened. You look to the future and see a long line of obstacles that could be easily overcome with money. Money that you don’t have. It feels impossible.

Changing your attitude to the problem is essential.

Look at the lack of money and say ‘good’. You have the chance to build something literally out of nothing. What an achievement that’ll be when you do it. A positive mindset is a powerful way to overcome obstacles.

2. Get Proactive

Let’s assume you’ve already got your business idea.

That’s a major first step. Congratulations. Now make a list of what you need for the business. Think about websites, inventory, and so on. How could you do it differently?

Maybe a free Facebook page would suffice for now. Perhaps you could hand-make your first few products, or learn how to program the software for your service. It doesn’t need to be perfect. You just need a beta model that demonstrates the potential.

You could sell the first few to family and friends to get a bit of cash. Or take them to potential investors to inspire them to give you the money.

Get positive, then be proactive with the resources at your disposal. Often, at the outset, that means your time and energy.

3. Search for Free Alternatives

You’d be surprised how much you can do with no money.

The internet is full of incredible free opportunities.

There are free courses, products, blog posts, videos, pieces of software and more. Build a website for free on WordPress. Use GIMP as an alternative to Photoshop. Do your graphic design on Canva…

Research what’s out there that could benefit you and get started with them.

4. Get Saving

You want to get moving on your business ASAP.

After all, you don’t want someone to steal your idea and create the business before you.

We get it. However, in reality, you can probably afford to wait a few months. Take that time to save. Scrimp and scrounge to put aside enough savings to invest in the business.

While you’re doing so you can take the opportunity to fine-tune the idea. Create a solid business plan. Look ahead to the problems you might face. Forecast the development of the company. And so on.

With the savings in the bag, you can get started on the necessary expenses.

5. Seek Friends and Family Investment

Friends and family are often your biggest business support network.

They’ll encourage you every step of the way. They might also be willing to front you the necessary capital to get it started.

Be serious about it though. Don’t treat this as free cash. You’re asking for their hard earned cash to invest in your idea. That demands respect.

Take your business plan to them and explain how your business will be a success. Explain how they’ll see a return on their money and how long it will take.

The benefit of a loan from family and/or friends is the absence of interest on it (unless they’re mean). You get the money quickly and only have to repay what you borrow.

6. Create a Crowd Funding Page  

Crowdfunding is music to the ears of all budding entrepreneurs, artists, and bands.

People around the world actively give you their money to fund your idea.

You create a crowdfunding page. Explain your idea in a compelling way. Let the world know how it’s going to make a difference and solve a problem.

Set a target. Offer incentives for people to donate. Maybe you’ll send them a signed t-shirt with a company logo for a $100 donation. Perhaps they’ll get the finished product through the post when it gets created, and so on.

Countless big businesses have been started in this way. Here’s a handy guide on how to get started with crowdfunding.

7. Get a Small Business Loan

Sometimes there are no two ways about it: you simply need cash up front to really get cracking.

Consider applying for a loan. There are numerous options at your disposal.

For instance, a small business administration (SBA) loan can be a good bet if you’ve already started your biz and have a decent credit rating. End up struggling to make payments? Here’s how to qualify for an SBA loan deferment.

Not everyone meets the criteria for SBA loans. Loan sharks are a tempting alternative. Steer clear of them. There are many options online for people with poor credit to get short term loans.

But the interest rates can spiral and stop your fledgling business in its tracks.

Time to Wrap Up

There you have it: 7 top ways to start a business with no money from the outset.

There’s nothing worse than feeling unable to act on a new, exciting business idea. You’re an entrepreneur without the means to bring your product or service to fruition. However, a lack of money doesn’t necessarily mean you can’t make it happen.

It’s definitely possible with the right approach.

Hopefully, the ideas above have highlighted how to do it!

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