You’re planning to start a business but you have very little or no money to invest. You’re wondering if it’s even possible. Guess what? Not only is it possible, but it’s also a great way to pull yourself up by your bootstraps and build a brand-new company from scratch.
Unlike brand-new business owners with plenty of working capital, you’ll have to scratch and claw your way to the top to get everything that you earn. It may seem impossible now because it’s such a huge challenge, but with a little bit of time, patience, and focus in the right direction you can make this dream a reality.
Forget about the naysayers who tell you it’s impossible to open a company with little or no money. Forget about the people that are always trying to bring you down. Focus on the task at hand and take the necessary steps to build your business one brick at a time. This is the only way to succeed at creating a thriving business when you have little or no money available to you when you first get started.
Do you know what else? It’s going to take brainstorming, clear thinking, ingenuity, and the willingness and ability to work hard while you develop a sales pitch that will allow you to ask friends, family members, and others for funds to help you get started. You can invite them into the company as investors or you can ask them for a loan. It’s your choice.
No matter what, with the right steps and the right attitude, you’ll have no trouble starting a business without any money and turning it into a real and lasting success. You just have to have the drive, intestinal fortitude, and the willingness to go above and beyond to turn your vision into a successful business.
There are many things you will need to get your business started and a logo is one of them. You don’t have to spend thousands or even hundreds of dollars on your logo. Take a look at LogoMyWay to purchase your logo.
With that said, please use the following suggestions to help you start your brand-new company with very little money to your name.
Work Hard at Your Existing Job & Save Your Money
In this day and age, instead of opening up a brand-new company as your main source of income, you should start your new business as a side hustle. Continue working in your existing job so you have this source of income available to pay your day-to-day bills. Take whatever you have leftover and save it so you can have six months’ worth of expenses to pay for the things you need to get your new company up and running, and successfully off the ground.
Are you the kind of person willing to sacrifice for the greater good? Are you willing to make personal sacrifices right now in order to create a better life for yourself in the future? You may need to cut down on your spending for the time being so you can save enough money to pay your new business expenses. This is critical in many cases, so think about areas where you can limit your spending and save that money toward growing your future business.
It may take a while to save up six months’ worth of expenses. Try to be realistic with your goals and remain focused on the prize, which is opening a successful business that you can run full-time in the future.
If you find yourself struggling to save money, think about taking on extra work by asking your boss if you could work extra hours for overtime pay, or maybe take a second job and put this money aside to build your ideal business. Just focus on doing whatever it takes to get you to wherever you need to be in order to reach for the stars and achieve your goals of opening a business with very little to no money.
Do Not Be Afraid to Ask Friends and Family Members for Loans or Funding
How important is your desire to open a business? Are you willing to put your pride on the line? Are you willing to tuck your tail between your legs if necessary to convince family members and friends to loan you money or invest in your vision?
Believe it or not, if your friends and family members truly believe in you they may not mind loaning you money or becoming a silent partner by investing in your business. In fact, they may think that this is a tremendous opportunity that you’re presenting to them and could be willing to immediately write you a check to help you fund your dream business.
You’re never going to find out your answer unless you’re willing to ask. You have to talk to the people in your life and see what they think about your thoughts and vision of opening a business.
If they seem like they aren’t receptive to your proposal, thank them for their time and move on. If someone seems like they are very receptive to your proposal, fill them in on even further details and remember to sell them on your vision so they’d be happy to give you money or become an investor to help turn your plans of opening a business into your actual reality.
Apply for Small Business Loans
On the other hand, if you have decent enough credit and you can prove that you’re a worthy candidate, you should feel confident when applying for a small business loan. You wouldn’t start your business if you didn’t think it had a chance at succeeding. You wouldn’t even bother wasting your time, right?
As long as you believe that you can achieve success with this business, you shouldn’t feel funny or unworthy of a small business loan. You should walk into your local bank or financial institution with a business plan, a small business loan application, and a great story that you can tell your potential loan officer.
Banks and other lenders prefer to invest in small businesses with a solid business plan. They want to know that their money is going to be safe in an otherwise unsafe proposal. Because most small businesses fail when just starting out, so you’ll really need to prove that your business is different and that the extra money that they lend you will be safe and secure.
Consider Opening a Service Business That Doesn’t Require A Lot Of Cash
At the end of the day, certain businesses are much more conducive to being successful when you have very little or no money available to fund the company. You can open a cleaning service and use whatever supplies you have on hand to start the business as one example.
Another example is a concierge service for affluent people in your community. You can run errands for them by picking up their kids or taking them to school, soccer practice, afterschool activities, and other events. Go grocery shopping, pick up dry cleaning, and ultimately act as a personal assistant. The wealthier your clientele the better, because they have extra capital to burn and you’ll be doing them a favor because they have very little time available to take care of their day-to-day wants and needs.
Dog walking and pet sitting is another excellent service that you can provide to members of your local community that will barely cost you anything to get started. You may need a small amount of money to advertise your services, or you can sign up to Wag, Rover, or Pet Backer and connect with customers through these services. They’ll take a small percentage of your fee, but you’ll have easy access to people looking for dog walking and pet sitting services right in your community, so it’s a win-win situation for everyone.
It doesn’t really matter what type of business you plan on starting although some are a lot easier to get up and running with little or no money. Just be willing to go out of your way to do what it takes to get your company set up and off the ground.
As long as you have the stick-to-itiveness and personal fortitude to withstand the trials and tribulations that you’ll go through when opening a company, you will eventually succeed and before long you’ll have achieved your lifelong goal of starting your own business.