“Can I start a business without money?” is a common question among wannabe entrepreneurs. The answer: yes you can! And we will share with you tips on how you can go about it. So, let’s dive in!
Tips to start a business with no money
Use free alternatives
Often, you fail to start a disruptive business because of the thought that you need capital to start. While this is true for some business models, most of the business’s ideas can commence without money. Let’s say you want to start an online store.
Chances are you’ll need money to set up a website, for marketing and more. Now, what if you start with a Facebook page to advertise your products? Maybe list them on Etsy, or design your products using Canva? You see, there are numerous free options you can start with and scale your business as it grows.
Save for up to six months
It takes roughly six months for a new business to breakeven. Unfortunately, during this period you’ll obviously family obligations to meet.
To avoid a scenario where you have no money for your daily expenses, you’ll need to have six months’ worth of savings. This will help you run your business hassle-free.
Seek additional funds from friends
Just like asking for funding from investors, you’ll need to have the same approach when asking friends and family. Share with them your business plan and seek their feedback.
Ask them where they feel you need to change or improve. And when you are ready to start the business, ask for small loans from them and be sure to pay them back in time.
Apply for business loans
Once you realize your new business needs a boost, do not hesitate to reach out to your local bank to seek. While you can reach out to online lenders, their interests are usually high.
Take advantage of grants and funding
Another way to start a business when you have no money is to apply for free money such as grants. While they come with strict requirements, they can help kick-start your business. A good place to hunt for them is on government websites.
You have no excuse for not starting your business when you have all the above options. Start with marketing your business through Facebook pages and groups. As you gain a customer base, seek extra money to expand your business. So, what’s stopping you from implementing that business plan?