Surely, you have pondered on the thought of starting your own business. Yet, what hinders you from pushing your thought and ideas is the fact that you lack the financial resources to make everything happen. The good news is starting a business with no money is achievable. This initiative may have hunted you many times, so to give answer to all the things you are planning about, here are the top ways to start a business with no money.
1. Start a Home Business
If you are looking for the most promising business to begin without money, why not start a business right at home since this will surely make you win with all hands down. By considering this, you are actually eradicating more than 30% of the conventional overhead costs of starting a business. By starting a home business, you can take away or significantly reduce the costs involved.
To be able to appreciate home business more, take a look at the following:
- No need to settle office or location lease fees
- No need to set up utility services or pay deposits
- No need to spare money for gas or transportation
- Reduced rates for car insurance
- No need to pay someone to look after your child
With all these, there can be no doubt that building a business from home is one of the smartest option for those who looks forward to starting a business with no money.
2. Find Someone to Partner Up With You
If you have little money to start something big, it is advisable to venture into a partnership. It is easy to locate well grounded businesses that are in similar niche as yours. These are the companies that you can approach to build a promising partnership. For instance, if you are a web or graphic designer, you can partner up with a company that specializes in marketing. They may need your services and expertise so they can market their products to clients. In this way, you actually earn without having to spend at all on the business itself. All it takes are skills, determination and talent.
However, if you want to make your own business, but you just can’t because you have no capital, the best thing to do is look for a partner who is willing to start the venture with you.
3. Give out Something Unique
If you have a skill that can be sold anywhere, you have a great chance of starting a business even without money. Well, this means that you have $0 in your account. This just means that you only have a couple or few hundred bucks to spare on business. If you are good at something, why not come up with a business that is service oriented, so you can begin without cash flow.
This strategy is perfect if you are good in writing or you are a skilled photographer, accountant or web designer. Such skills are not innate to everyone. There will always be someone who will need your services. You may directly sell your services to individuals and firms or you may make use of the Internet to promote what you can offer. This type of business mainly relies on what you know or what you are skilled at, so you do not need money to begin with.
4. Consider Taking a Loan
If you do not have the money to start a business, taking a loan can be a good solution. This is especially the case if you want to begin with something grand or a business that requires funding. In order to do this, the first thing you need is a business plan. For example, you are planning to have a restaurant business. In this case, having a business plan is required to be able to borrow money from a bank or lending firms. Lenders surely want to have a clear idea if the plan you have has a high chance of succeeding.
So, when you visit banks or lenders, make sure that you have copies of your business plan with you along with other financial documents. Also, come up with a list containing your liabilities and assets as these may be required in the application. If you wish to make a loan, it is advisable to work with banks that offer loans for small businesses.
If bank loans and other types of loans are not feasible, another method to acquire funds is to borrow from relatives. Although this can be an easy way to get cash, make sure that you take it legally as many relationships have been destroyed when the legal contract is neglected. Even when a family member does not want to have it bonded in a contract, you should insist to preserve healthy relationships.
5. Take a Look at Outsourcing
If you are into fabrication of tangible products, a huge start up capital may be required depending on the product. Regardless of the item you wish to manufacture, it will be helpful to outsource such products on per use. There are companies that can deposit money with you so that you can have the capital to use for manufacturing products that they can utilize. Also, there are customers that will deposit fund so you manufacture items that they can use. In both ways, you do not require to spend your cash to perform the business.
6. No to Inventory
Products like music and software carries a unique advantage over items that require handling and shipping since physical deliver need special attention. In case you are planning a business that will need fulfillment and physical delivery to clients, try to maintain inventory levels into minimum in the early years of your business. This is possible by dealing with manufacturers that can drop ship straight to your customers. But then, you need to be selective when it comes to choosing drop shippers.
By taking on all these smart ways in starting a business with no money, your chances of landing into a lucrative business with no or little capital at all can be very high.