You may be sitting at your work desk right now in an office full of people who can never seem to get your name right and doing a job that makes you wish every hour between eight and five away. You may have big dreams of starting your own business but have no money to back the idea up.
Well, what if you were told that it is possible to start up a business without any money? You’d want to jump on that train right now, wouldn’t you? Well, technically, there are ways to go about starting a business without having the initial capital to get it off the ground. You just need to be smart about it and do it the right way.
Choose the right business
If all you know is that you want to start your own business, then pay close attention to the following business ideas that cost next to nothing to start up.
- Creative business: If you’re creative and can write, draw, paint, sculpt or craft items that appeal to a market, then you’ve got yourself a business that will only cost you the materials you use. Then it’s as easy as finding an online platform or local market to sell it all.
- Home-services: Pay the price to fill your petrol tank and offer your services as a house sitter, pet sitter, babysitter, or dog-walker. You could also spend the extra cash to buy your own supplies and register yourself as a mobile nail technician, repairman, pet groomer or garden service. People like it when they don’t have to leave their house for things or when they can trust their house to be under the care of other people for a while.
- Reselling: Find a brand or set of products that you can personally endorse and buy it from a wholesaler or drop shipper to resell to your own market of customers. This is a popular side business for most people and the more successful you are at it, the more you can rely on it as a stable income.
- Use what you’ve got: Have a car? Or a spare bedroom? Uber and Airbnb are “micropreneurship opportunities” where you can basically run your own business through the template of a head organisation.
But if you have bigger business plans in mind, just keep reading. The above business suggestions can also be seen as extra ways to start making and saving some money for the big leagues.
Don’t quit your day job… for now
Once the “I want to start my own business” seed has been planted, it’s very tempting to quit your day job and start spending all your energy on this new venture. That’s not going to be the best move. If you don’t have money to start a business, you probably won’t be able to survive very long without any income. And new businesses generally cost money before they start making you money.
So, don’t quit just yet. Use any extra time you have to do your research on the business you want to start, the industry it’s in, the market you want to target and coming up with a sound business plan – right down to the asset finance solutions. You’ll know when it’s the right time to focus solely on your own business.
And by sticking to your current job, you’ll be in an environment where you can learn new things, build experience and grow your network. After all, it’s all about who you know when it comes to business matters. Networking within your current company and the companies affiliated with it will make it easier for you to find investors for your business when you branch out and do your own thing.
Design a crowdfund-worthy product
Your business idea may be exactly what the public has been waiting for. To see if you’ve created a crowdfund-worthy product, set up an account and campaign on a crowdfunding website. This way you can gauge the amount of interest (or lack thereof) there is in what you want to do as well as earn the money you need to get started.
Be prepared for the chance of there being zero interest or not enough to confirm your business idea. In that case, you can either think of something else or find the money somewhere else and sell your product to a different market.
Secure a business loan and start with the basics
The next step, once you’ve done your research and have a solid business plan in place, is to apply for corporate financing and secure a business loan. Depending on the type of business you’re starting, you’re going to need equipment to help you do it.
Apply for machinery asset finance within the industry you’re going to work in. Financing your equipment allows you to start your business while in the process of making the money you need to make it better. You’ll find that once you start, things get a bit easier. And with finance loans, you’ll be able to afford that start.