How to Start a Business with No Money

Do you have a great business idea, but no money to get it off the ground? This is relatively frequent situation many entrepreneurs face when they start their first business, but lack of money is not always such a big obstacle that it cannot be overcome with clever thinking and a few adjustments to your original business idea. If you are wondering how to start a business with no money consider the following:

Make a List of All Your Start-up Costs

Start with making a list of the absolute minimum requirements to get your business off the ground and start making money. Once you have that list, go ahead and start marking anything that you can do without. The goal here is reaching the shortest but still workable list of requirements you can manage.

Analyse Your Business Income Steams

If your business is going to have several income streams stick to the fastest money making ideas first. For example, if you aim to become an online publisher and make money from AdSense and information products consider which of those two options is more likely to start producing revenue quicker, if you put your undivided attention on it. Remove from your requirements list anything that doesn’t help that idea.

Look for Free Resources

Once you have a single business idea that is going to make you money, and a list of requirements, look at how to get that equipment for free. For example, you may be able to use free public resources such as Wi-Fi on an internet café, or a computer from your local library. You may also be able to use your personal resources such as your home kitchen to get started, instead of looking for business premises elsewhere. Look at the Internet, as it’s often a good way of reaching clients with minimal costs.

Use Bartering To Your Advantage

If you cannot pay for a service you absolutely need consider bartering your own services in exchange for theirs. Turn to the Internet to find associations in your area that promote this kind of deals among local businesses, or call on friends and family to give you a hand. You will also be able to practice your business selling skills and define your USP even more clearly, as you’ll need to show others why your services are valuable to them.

Second Hand and Freecycling

You may be able to get some of the things you need much cheaper if you look at second hand stores online or in person. You should also take a look at Freecycling, where people offer things they don’t need for others to pick up, for free. It’s not only ecological, but can get your business off the ground in terms of equipment. And if you keep the bills you can probably claim most of those purchases as self employed business expenses to lower your tax bill.

Focus on the Essentials: Making Money

If you managed to get or borrow the equipment you needed to start up your business is now time to focus on generating some income as soon as possible to purchase everything else you need. Stick to your plan, and buy things only when you can afford them to avoid having to pay costly interest for business loans. This way you can make your business idea into a profitable enterprise gradually, instead of being blocked by not knowing how to start a business with no money.