start business without money

How to Start Your Own Business Without Money

By Abby Whitmer

Entrepreneurship is alive and well in the United States. According to Docstoc, approximately 543,000 new businesses get started each month. Why do people start businesses today?  For some people, having their own successful business brings a feeling of accomplishment. They run their own show. You are your own boss. Others are driven to start their own business out of necessity. If a job does not offer enough income, one might start a side business to generate extra income that can eventually turn into a full-time business. These are just small pinches from the many reasons why people nowadays are into business. But despite having many reasons and strong urges, there’s one logistical problem why some aspirants hold back: they don’t have much money.

But worry no more! Lack of capital shouldn’t stop you from pursuing your business goals. In fact, it’s entirely possible to start and grow a business without money! Here are some useful tips how to do it.

Clarify Your Concept

Before deciding what steps are necessary to move toward your business goals, you must be very clear about your concept. Clarify the value you want to be known for delivering. Then, deliver the same type of value to all of your customers. This is an effective way to build a sustainable brand. Stick with your simple but clarified concept first. If you find it working, that is the time you could innovate.

Keep Your Current Job

If you have a job, hold onto it. Start your business during your free time and only give up your current job once your business is able to pay you a wage. If your business doesn’t work out, you still have a reliable source of income to sustain your living. If it does, the transition to being your own boss begins. But remember, by doing this, you have to work extra hard.

Stick with Something You Know

Build your business on your own personal expertise, with your own knowledge and skills. Instead of venturing off into uncharted territory, stick with something you know. The less you have to rely on outside sources the better.

Get Paid Upfront

Small businesses have a hard time getting paid. This could lead to a significant impact on the sustainability of your business. To sustain your business, you need a healthy cash flow. To have a healthy cash flow, you have to ensure that your customers pay you on time. You have to get paid promptly.

Advertise Your Business for Free

You can still advertise your business without spending a dime and still emerge victorious in your respective market competition. Make the most of free technology to promote your business. You can set up a blog for your business using free online blogging software, like WordPress.com, Blogger.com, TypePad.com or Tumblr. You can also create a Facebook business page and share updates about your business. Join Facebook groups that are related to your business. And you may create an Instagram and Twitter profile for your business and post updates about your business. These are effective means to advertise for less since people nowadays spend a lot of time using the internet, more especially, the social media.

Secure a Small Business Loan if Necessary

If you reach a point where you simply can’t proceed without a little money, you can get funding from outside sources like a business loan. Many governments offer loan programs specifically designed to get small businesses off the ground. In the U.S., the SBA is the agency that operates these programs. However, make sure you specify the terms of the loan in writing before the agreement. This will save you and your business.

Indeed, money is a huge hurdle for you to overcome, but success in business is not about starting out with lots of money. You can always start your own business; you just have to possess the right attitude, balanced resourcefulness, and the determination to put the effort in and give the best shot!

Subscribe to the Small Business Bonfire Newsletter
And get your free one-page marketing plan template.
Abby Whitmer on DeviantartAbby Whitmer on Twitter
Abby Whitmer
Abby Whitmer is just another college student who acquired a student loan; that's why she's very gumptious in life. She also blogs at Direct Finance Loans about money management.

2 comments

Get RSS Feed
  1. Marie L. Beckham

    So interesting strategy which is worth trying. I must admit that I have been quite skeptical regarding the idea that it is possible without a bunch of money.

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.