In today’s world would-be entrepreneurs have more opportunities than ever to fund their businesses, this is mainly due to the growth of digital tools that are available.
This means that it is possible to start a business with no money, or at least with very little. If you are ready to apply hard work, ingenuity, and resourcefulness, your business can be up and running in no time.
Here are some tips for starting a new business without any money.
Vet Your Business Idea
If you’re starting a new business on the cheap, chances are you envision eventually putting money into your idea, even if you're going to reinvest the proceeds.
Before you put money in your business, make sure you validate your idea within your trusted circle. In many cases, a person might think they have a great idea, however when you explain it or pitch it to others, you can often discover that the concept may be difficult to sell.
Despite the start-up costs being low, it's essential to make sure your idea has legs that will make it worthwhile to sink not only your time into but also your eventual earnings.
Take Advantage of Free Resources
Although there are many high-cost business training options, there are even more low- and no-cost resources that can teach you almost everything you need to know.
Start with internet searches on government websites and a trip to your local library to search out free, quality business advice. You can also use social media platforms to avoid spending a lot on an expensive marketing strategy.
Network With Communities of Support
There's no need to go it alone as you jump into entrepreneurship. And in fact, joining in-person and digital communities of like-minded peers can be an incomparable help in moving you forward.
You can attend events and trade shows where prospective investors can be found. By going onto social media, you can even access different online communities where you can find helpful advice and support to bring your business to life,
Tapping into the knowledge, advice, and even funding that other offer can be done without spending anything, though it's important to have a lot of congeniality and goodwill in the bank.
Friends and Family
This source of money for your business is exactly what it sounds like all in all it’s asking your family and friends if they would like to invest. Family can be generous, but the situation can get prickly. Proceed cautiously, and make sure you have a clear, written agreement in place.
Incubators and Accelerators
These programs help high-potential businesses grow both with guidance and mentoring and with an infusion of capital. Incubators are for very new companies, while accelerators help established early-stage companies grow.
These programs tend to be intense and time-intensive, and participants usually give away some percentage of equity in their company in exchange for the assistance.
There is a large number of different grants available for business ventures. In most cases a large percentage of grants are typically geared toward supporting members of disadvantaged communities, such as; immigrant business owners, women business owners and business owners who have a disability. Look for these grants from government entities, both at the federal and state levels, and from community development corporations.
Crowdfunding can be best described as the process of asking potential customers to give you money upfront in exchange for the promise of special treatment in the future, whether that means they're first to get the product or they're treated to something extra.