We all know many people in our circle who say they have a great business idea but no money to start it. If you are reading this, chances are you are one of those people. Yes, a generous credit line, some savings or having a team of investors to support you is critical. However, not having money is not a good enough excuse to not get started.
This is one of the most crucial lessons I learned from my mentors when I planned to invest in CFD stocks. The fact is, you can still start a business and bootstrap your way to success without funds. You need to get a little creativity that is all. So why not start with these tips?
Plan and Research Everything
Launching a business is a tough game and it is never recommended to start just like that. You need a proper plan. Why not create a solid business plan? This will help you bring your idea to life and launch a more sustainable business. You will dwell into each aspect of your business deeper and then work on eliminating all possibilities of failure.
Keep Your Day Job
Starting a business without any money is risky. Of course, your business requires extra attention and time but since you have no funds, do not quit your job. There is no point in jeopardizing your financial well-being. Be prepared to work harder than you had ever done though. Once your business is set up and it starts generating revenue that is the right to quit your job.
Do All the Work Yourself
You will have to learn to do most of the things yourself. Without investment, you can really attract someone to join you and work free. This rarely happens. Doing all the work by yourself will give you room to reinvest the money in your business. This is going to be tough for sure but you will have to take this pill.
Make the Most Out of Your Network
Look around your social network and find people with special talent.Some of them might be willing to offer their services for free or at a cheaper rate. First, you must list your business needs. Then reach out to your friends for their skills. Feel free to reach out to people whom you know just a little bit. They might have some wisdom to share with you. Create a partnership if you must. You need all the help you can get to make your business grow.
Look for Funding Sources
Just because you do not have any investment, it does not mean you cannot seek help. There is a world full of funding sources out there. If only you make an effort to see. Here are some creative ways you can gather funds:
- Use what you have:
- Sometimes what you are doing is not enough. However, desperate times call for desperate measures. Instead of your core business operations, if you have employees with additional skills such as web designing, tech support or any other, pitch clients with those skills. This will bring in more cash flow and maybe your net profit increases, too. As your business becomes stable, you can get the attention of investors. Then, with those funds, you can work on your core services.
- Get a credit line: All startups rely on a line of credit. So do not shy away. Use your credit cards for important business purchases. Nevertheless, remember one thing, keep your purchases to the minimum. Otherwise, one can easily lose track and drown in debts.
- Go for a business incubator: Do you have a solid business idea? In addition, your business plan is on point, too.Then look for a business incubator. These programs are meant to provide funds to startups with stellar business ideas. Some of these programs are also willing to offer administrative services and shared office spaces. They are mostly sponsored by local or regional organizations.
- Consider crowdfunding: This is another great way to get people to invest in your business. Multiple crowdfunding platforms are helping people gather capital for their ventures. If investors like your business idea, they buy shares in your business. Once your business starts doing well, these investors will get their return.
Pitch to Angel Investors
Angel investors are constantly looking for startups with potential.They are ready to invest $25,000 to even $1, 00,000. However, before they invest in a business, they do rigorous due diligence. They will also need your business plan. Some of them are also willing to offer their expertise to help you grow your business.
Get Inspired By the Best!
If you still think you can do it, here are some bits of inspiration for you:
Apple: The Company started in a garage and now look at where it has reached.
Whole Foods Market: John Mackey and Rene Lawson opened their first store in Texas by borrowing money from their friends and family. They used some of their savings, too. They were even evicted from their apartment. The two then had to live in their store.
Dell: Michael Dell was a dishwasher. He used to make $2.30 an hour. He started selling PCs from his college dorm room.
Nike: The founders of Nike sold training shoes from their car’s trunk.
I hope after reading this, you are now thinking of taking the first step to peruse your business even if it is related to online trading. Do not limit yourself just because you have no investment.