10 Steps How to Start Your Business With No Money

Everyone dreams of financial independence, being their boss, and, most importantly, being happy in that job that they’ve always wanted to do! But, what stops people from starting a business? What stops everyone from doing anything: money.

Just twenty years ago, it was virtually impossible to start a business without at least a few thousand dollars, but the Internet has changed all of that. There are plenty of people who have started up successful, million-dollar businesses with very little to no investment.

So, for those who want to start up that great business, but don’t have a single dollar to invest, realize that spending time on it is just as important. Here are the ten best steps towards starting your own business:

1. Don’t quit your day job!

You know this business is going to work. You know it can make millions but don’t rely on it to make a lot of money in the first year, or even the first five. It’s essential during this time to have a regular, full-time job to keep those bills paid and the rent up to date.

Is it hard to have a full-time job by day and business at night? It sure is, but if you want this, it means putting in the extra hours.

2. Do you have a great idea?

It’s great to want to start a business, but you need to have that great idea that’s going to make money, and it should be something you love. It doesn’t matter if it’s selling crafts online or aspiring to create organic peanut butter for the whole planet! All that does matter is that it’s something that you’ll stick with because you enjoy it.

3. Develop that great idea.

Now that you have the idea, develop it and ask the appropriate questions. Is this idea going to create a successful business? Just how successful can it be? How much time out of every week can I spend on it? How long will it be before it starts bringing in money?

Most of all, ask if it’s viable. It’s great to start a business, but going into debt for it could turn a dream into a nightmare.

4. Create a business plan.

This is probably the most common thing for people to hear as that next step on their journey of creating a business, and it’s usually the scariest. Many people envision a business plan as some kind of foot-thick document with enough calculations and statistics to make a person go crazy, but it is simpler than that.

A business plan should be looked at as a guide towards creating a successful business and not a burden. It allows a person to ask important questions like what you’re going to charge your customers, what’s your profit margin, and how can you expand?

If you’re worried about creating a business plan or simply don’t have a clue, don’t worry! You’re not the only one, and there is plenty of advice and instruction online on how to do it, but it is essential to do one.

start a business with no money

5. Find out who your competitors are.

This is probably the most crucial step you can take in starting a business. Many people get great ideas, like creating an excellent essay pro review service, or so they think until they run into a fierce competition market that grounds them into the dirt. So, figure out who your rivals are.

Opening a pizza place on a street that already has two operating means that there will be severe competition from the get-go. Discovering that a new business has only one or two rivals, however, is actually quite promising.

6. Figure out a way to distinguish yourself.

Now that you’ve identified the competition, make sure that you know a way to show the customer that you are, in fact, different from them, and definitely better! Find out what they charge for their service or product and calculate a competitive price.

7. Do some research.

Having a great idea in one’s head is where it also gets the most praise, but you have to find out just how much interest there is in your service or product and then discover how much people are willing to pay or it. After that, offer it for free to a few people to see how they react and also to refine the process for when you go live.

8. Get a small business loan.

This is where coming up with a business plan really pays off. There are many government and other institutions out there that do offer loans for those who are trying to get a business started.

Is it absolutely necessary to get a business loan? No, but it can help to have the money available if you suddenly find yourself in need of it. There are even loans from institutions that don’t even require repayment!

9. Create a workspace/office/home base.

Now that everything else is ready to go, it’s time to find a place for that business. When it comes to a small business, started without any money, then we’re probably not looking at leasing office or retail space, at least not right away.

The great thing about small businesses is that they can exist just about anywhere. This can be a room in the basement, a dedicated office space, or even a corner of the bedroom. The only thing that matters is that it be a dedicated space for the business and nothing else.

10. Create a network.

A business needs to grow. Friends and family are a great start, but one needs to cast as wide a net as possible. This is where the Internet comes in, in spades. If there’s one thing that the ‘net has, it’s plenty of opportunities and sites to network in!

Find places for professionals in your field, online small business sites, and social networking sites to increase the crowd that’s paying attention to your product or service. Expand on it by doing things like creating an Instagram or Facebook account for the business and encouraging followers to come aboard!

Also remember to get outside and work a bit in the real world, too! Businesses can be drummed up from there in addition to the myriad possibilities online.

From here, your business should have what it needs to prosper, so get to it and good luck!

Dragan Sutevski

Posted by Dragan Sutevski

Dragan Sutevski is a founder and CEO of Sutevski Consulting, creating business excellence through innovative thinking. Get more from Dragan on Twitter. Contact Dragan