It’s true that you can start a business even when you don’t have money to start but the question is “how”?
Well, that’s why I wrote this article – to show you exactly how to start your own business when you do not have the financial capital required to start.
Well, you probably already know you need money to start a business and that’s why you’re reading this post.
What if you don’t have it initially?
Not a problem.
There are legitimate ways to get money to start a business without going to jail.
So let’s just dive into the meat of the post.
First off, how much do you really need to get started?
It will amaze you to know that you probably don’t need as much money as you think you do to start your own business.
Many people erroneously hold a notion that big money is required to start a business.
The truth is, there are different levels of business startup and the amount needed to enter at each level differs.
When you’re out to start your own business and short on cash, here’s what you should do… Enter in at the level with the least financial requirements.
I wanted to start an online magazine sometime ago and so began my research. I then figured that I needed around $500 to get started. ( Domain name: $20 for two years, Hosting: $180 for two years, premium theme: $50 from themeforest, logo & header : $25, article writers: 20 articles and then spend the remainder on advertising)
Then I had a conversation with one of my mentor and he asked me a simple question “can you really afford to start like this?”
That was all I needed to have a rethink… I realized I didn’t need to pay for 2 years hosting and domain, I could start out with a year and renew as the business grows. I didn’t have to pay for article packs, I could write them myself for a start. I didn’t even need a logo or premium theme to get started… I needed a place to post content and traffic – targeted traffic.
Thankfully, I didn’t have to spend so much money on that business before I realized that I didn’t have the requirements to make it work. (You’ll never truly know how much a business requires of you before you get started)
The point is I got started for under $200 – less than half the initial projection. While I didn’t follow through on that idea… I sure made use of the hosting for a different purpose.
So now that we’ve established that you probably don’t need as much money as you think to start your own business, what if you don’t even have the minimum amount required?
Still not a problem.
Do a self assessment to identify your strengths and find a problem you can solve to raise the money you need to get started.
Let me explain.
I like selling. I really do 🙂
So here’s what I did one time when I needed cash to buy a phone (Hey, I was going to sell it! 🙂 )
I simply looked out for someone else who wanted to sell their used phone and helped them sell it. (I later expanded to all things tech)
Of course I had a decent commission for each sale.
Hint: I share more on leveraging the relationships in your life to start your own business in my guide “How to Raise Capital for Your Business Without Collateral”
At another time, I had to start teaching (I’m a teacher at the core. I enjoy working with kids 🙂 ) in a school to raise the money I needed to invest in an online business.
I could go on and on sharing stories with you on how I’ve done it in the past but that’s not my goal for writing this article.
Here’s the conclusion of the whole matter, find out exactly how much you really need to get started and what it is that you have right now that you can deploy to solve a problem and earn money which you can invest in starting your own business.
And don’t let the devil or your circumstances fool you into thinking you have nothing.
Moses had a rod. The widow of Zarephat had a little flour and a cruise of oil. How about the other widow whose kids were used as a collateral and were about to be taken from her? She had “nothing in the house but a jar of oil”.
May your eyes be opened to see that which you have.
That’s it for today.
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God Bless You
The Blessed One