Starting a business is expensive. On average, even a microbusiness costs about $3,000 to start from the ground up. But, if you have a great, innovative idea or you’re truly passionate about something, starting a business seems like the next logical step.
So, what can you do to start a business without any money? It happens more often than you might think! Not everyone has a line of investors standing by or years of money saved up for this exact reason.
Thankfully, you don’t have to put your business plans on hold or give up on your dream. There are ways to start a successful business from nothing more than a brilliant idea a lot of work.
With that in mind, let’s take a look at four practical tips you can use to get your business idea off the ground.
1. Think About What You Can Get for Free
When you’re starting a business, it’s tempting to hit the ground running and try to build it quickly. Without money, though, that isn’t always feasible. Thankfully, with technology, you don’t need a lot of money in order to build a brand right away.
For example, do you need to hire someone to create an expensive, state-of-the-art website if you only have one or two products/services to showcase? While a website is absolutely crucial for a business, it may be something you can hold off on until you start to grow. Instead, consider creating a strong social media presence. Invest your time in Facebook, Twitter, and Instagram to let people know who you are and what you have to offer. These platforms are totally free, and a great way to get your name out there.
Do you want amazing graphics and design elements for your brand? Of course. But, if you can’t afford to hire a designer right away, you may need to “DIY” some things, at first. A good rule of thumb is to stick to a specific color scheme or a basic logo, so you don’t have to make any drastic changes later when you can afford a designer.
2. Lean on Friends and Family
The people closest to you want to see you succeed. So, don’t be afraid to ask them for financial help. Don’t let your pride get in the way. Asking for help isn’t charity. Make sure they know anything you take will be considered a loan, and it will be paid back when you start to expand and find success.
If you don’t feel comfortable asking people for money, ask them for advice. They might be able to offer cost-cutting tips or ways you can grow faster. Remember, they are on your team, so take advantage of that!
3. Consider a Remote Work Environment
The days of having to lease an expensive office are gone. If you have the opportunity to run your business remotely, take it. Thanks to technology, so much can be done in the business sector, no matter where you are in the world. If you want to establish an actual location for things like Google Maps, or have virtual assistants working for you, consider a virtual office rental.
Working remotely saves you money on a building, and it can also allow you to either hire people from all over the world, or work with contractors as needed, so you don’t have to worry about paying for things like insurance or other full-time benefits.
4. Research Investors
If you think you have a great idea, chances are, someone else will love it, too. It’s not just major corporations who can snag investors. Small businesses do it all the time with people who believe in them.
So, don’t be afraid to reach out to individuals who might be on board with what you have to offer. Create a sales pitch, and showcase just how much passion you have for your business. You might just be surprised at who is willing to take a chance on you and back you, financially.
Is money required to start a business? Yes. But, that doesn’t mean you need thousands of dollars to turn your dream into a reality. If you don’t have the funds right now to start the business you want, go slow and start small. Work with what you have, and lean on the people in your life. In doing so, you can continue to grow your business into something successful, and start to spend more on the things you need for continued growth over the years.