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How to Start a New Business Without Money
You have identified a gap in the market, you know what is needed to fill that gap, but, unfortunately, you don’t have the necessary resources to fill it.
Maybe you have a business plan ready, but you don’t know where to go from there. The good news is that with a little more effort, drive to succeed, and optimism, it is possible to make your dream of owning a business a reality even without any money.
There are many potential financiers who will readily invest in your idea if they see enough potential for a sizable return on investment. In this post, we will discuss 5 tips on how you can start a new business without money. Please read on.
1. SME grants and funding
Most developed countries offer their citizenry grants to start businesses. Youths, in particular, have endless financing options for as long as they have the drive and convincing ideas to start small businesses. Ask around if there are any free cash openings that you can apply for in earnest. Peruse through government databases and ask your local leaders for guidance- Anything that will bring in the money.
2. Start with a service-oriented business
You have two options when it comes to starting a business. You can either establish a product-oriented business or a service-oriented business. A product-oriented business is a business in which you sell products to your customers. You will need to liaise with manufacturers and suppliers in order to get the products to sell, which could be a tall order for you if you don't have significant up-front capital.
Services-oriented businesses, on the other hand, involve selling services to the client and then getting paid for it. This kind of business does not necessarily require up-front capital. If your dream is to eventually set up a product-oriented business, you can start by building up funds through a service-oriented business then transitioning to your dream gradually.
3. Do all the work
It will help if you don’t see yourself as the boss right away and instead learn to do everything in your new business, both executive and manual jobs. That way, you will be able to build up cash reserve and put every dime of that money back into your business. Don’t be tempted to outsource services to an outside company or to hire people to perform duties that you can comfortably handle on your own, regardless of whether you got the free SME grants.
Of course, doing all the work will be tough and exhausting, but it will just be a matter of time before you get the budget to delegate some of the duties to an employee or an outside company. As ambitious as it could sound, you will soon be looking to set up a company in China after conquering the local market. When that time comes, you will get a reputable China recruitment agency that will help you hire the best talents to push your dream.
4. A startup incubator could help
Business incubators are programs that are sponsored by institutions of higher learning or by economic development entities, both local and regional. These incubators assist ambitious entrepreneurs to actualize their solid ideas and to implement their workable business plans. The keywords here are “solid ideas” and “workable plans”. Without the two, you will not get the help of a startup incubator.
5. Leverage free resources
The internet is filled with tons of free resources that you can use to market and grow your new business. For example, you can rely on Facebook or Twitter to reach potential clients within a specified locality. Also, there are many sites where you can post your products for sale, e.g. Etsy. Some of these resources will require you to familiarize yourself with the digital world, maybe learn the necessary digital marketing skills, but it will all be worth it in the long run.
“As your business grows, you will need to come up with effective localization strategies that will help you get into the hearts of your target customers. When you eventually expand in China, for example, you will need to hire reputed professional translation services to localize your content for the Chinese market.” says experts from US Translations.
Starting a business with limited or no money is risky, but it isn’t entirely impossible. You just need to have the drive and the right strategy to take on existing competition. While at it, it is advisable to keep your current job and work on your business during your free time so that you don’t end up jeopardizing your financial position. Keep that steady paycheck for now and only quit once your business starts generating reliable revenue.