You’re looking to start a business, you take it to the internet and google “how to start a business with no money” The answers mention things like YouTube, blog, dropship etc.
Well to be honest, those mentioned above are some good online businesses if you are willing to endure the long journey that is filled with ups and downs.
However, I still suggest that you follow these simple yet highly effective steps that should be completed before starting your business.
I suggest you start a business with some sort of capital. Investing money early in your business will make you eager to get it to work; no one likes to waste time, and certainly, no one likes to waste MONEY. Furthermore, having money to invest will allow you to take more risks, which will either help you progress or teach you a valuable lesson. Never be afraid to invest money in your startup, as long as you’re doing it smartly.
Step 1: Get a Job To Fund Your Business
The first step in starting a business without having any money is to get a job that will bring you some money income. I’m not a big fan of saving money long term as people do for the purpose of retirement as an example.
However, I do believe it is a good idea to save up some money for a specific short-term purpose. Get a job that you can earn money from. The purpose is to save that money for your startup. If one job is not enough or would take too long to save a good amount, consider getting a side hustle. Your first goal is to save up funds for your new business project!
Points To Consider When choosing a Job
- If possible, get a job that pays you well yet leave you enough time to work on your business every day.
- It is always better to get a job that is in the same line as your upcoming business.
- Make sure that you are not in it for the long run, your main goal is your business.
Step 2: Cut Unnecessary Cost
After reading this post, I want you to go ahead and have a look at your most recent bank statement, and the one before it, and the one before that. I am sure that you are going to find some transactions that you could have done without. Whether it was overpriced food or that Avocado Toast Graham Stephane keeps talking about. Smart guy, check his YouTube Channel.
Example of Cutting Down On Unnecessary Spending
- Use a must-have item shopping list, don’t include any wants.
- Have no spending days
- If you must buy online, search for discount codes from websites like Groupon.com.
Step 3: Invest In Your Self As Well As In Your Business
After you have started generating income and saved up enough money, consider your first step done. Now comes the second step of INVESTING in yourself and in your business.
I do not recommend you to build your startup immediately, you’re going to be in a much better position if you do not skip this step and use some money to acquire a valuable, specific skill that.
It has to be a skill that would ready you up for the business and the challenges that come with it. This could be enrolling in social media marketing courses, Sales, copywriting, trading, photoshop, cyber security, digital marketing, etc.…
Example Of General Valuable Skills For Business
- Interpersonal Skills
- Communication Skills
- Closing and Convincing Skills
Investing In your Business
Now you’re finally starting your business. Whatever it might be, I suggest you invest money in it as this will mean that you’re really serious about it. Do not be afraid of losing money that you have just invested but be afraid and worry about losing your motivation.
The purpose of the monetary investment is to keep you motivated, and as an added value you will be able to boost your startup if you invested the money in the right places. There are many of us who have attempted to start a business with zero initial financial investment, few were able to do it bust most failed and gave up on the idea of becoming an entrepreneur or a businessman. When you have money on the line you are more likely to be resilient and try harder until you eventually succeed.
Step 4: Stick To Your Plan
Building a business takes time, and there are many micro steps and daily struggles that you would need to overcome, so I urge you to stop looking for a shortcuts, if there were any, it would be exploited until the value of that business drops and becomes unattractive. A successful business needs many factors, including Hard and Smart work, money and timing to name a few.
It is absolutely important to have an outline and a plan about setting up your business from nothing. It is even more important to stick to that plan even if you feel tired or starting to lose faith. Frequent change in plans will lead to destruction of your potential for success. The more you change and switch strategies, the more clouded your mind will be.
Starting a business will require some hustle but if done right, you can expect great success. The following summarizes some of the steps and tips that you need to keep in mind before and during working on your business:
- Get a source of stable income to fund your investments.
- Cut unnecessary spending and invest the difference.
- Money should be invested in yourself before your business.
- Formulate a plan and stick to it.