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How to start your business with no money

When thinking about starting a business, many entrepreneurs let the lack of funds inhibit their desire to start. But can you start a business with no money? We believe you can. With a good business idea and the unquenchable desire to succeed, you will be heading in the right direction of becoming a force to be reckoned with.

Here are five tips to get you further down the road to success.

TIP 1: Start where you are at

When you decide to start your small business, you need to assess what you have to start the business. Here are some questions to ask yourself:

  1. What skills do you have? Are you good with numbers? Can you sew? Are you good with computers?
  2. What experience do you have? What have you done in the past?
  3. What knowledge do you have? Here you need to look at what knowledge you have about the industry which you wish to enter.
  4. What resources do you have? Do you have access to the equipment you need for your business? What resources do you own?

When you have honestly answered these questions, you can assess your business idea and evaluate if you would be required to learn extra skills to achieve your business dream. If you do need more skills, you could do some free courses online to gain the extra knowledge you require.

TIP 2: Evaluate your network

Who do you know? It is important to go through your network and see which people could potentially help you to get your business off the ground. Do you have friends who would be willing to work for a limited salary and a share in your business to help you get your business off the ground?

TIP 3: Get into the trenches

Though it would be lovely to sit back and watch the money roll in with minimum work, it doesn’t always work this way. You need to work hard in the initial days of your business. This will be to your advantage because when you get big enough to delegate you will understand what effort goes into doing the job you have delegated.

TIP 4: Choose your business idea wisely

Product-driven businesses have a heavy initial outlay but you could consider starting a service business which could give you the cash flow you need to develop your product. This service should be in line with the product you would like to develop.

Another type of business to consider is an online business. Some online businesses only involve a computer and an internet connection while other business will require a little bit more of a start-up fee.

TIP 5: Only invest what you are willing to lose

If you do have some funds to invest in your company, it is important that you don’t invest more money into your business then you are willing to lose as it is not guaranteed that your business will be a success from the get-go. When you have started a business and it is starting to make a profit, it is important to reinvest some of the profit back into your business so that it can grow.

Remember many big-name businesses nowadays were small and have grown by consistent hard work been put into it to make it grow.

Proudly brought to you by the NSBC.