You can start a business without money using creativity, so your company will grow with a stronger foundation.
If you’ve ever wondered how you can start a business if you don’t have money, you should know that lack of money should not be an excuse . We have often been able to observe how entrepreneurs who have had money to spare for the start of their business, have come to make worse decisions than those who, due to lack of capital, had to use their creativity. We have updated this article dated 2018 to also collect a video on how to start a business for less than 1000 euros.
I want to start my own business, but I don’t have money. What I do?
It is true that money facilitates the process of creating the business, but more certain is that when we have enough to start, we save many mistakes that are usually made, laying the foundation of the company very well.
For example, an entrepreneur with money to spare for the start of the company, could get to rent an office and hire a secretary even before having sales and benefits to meet that expense.
When creativity is used due to the scarcity of resources, at the beginning we should probably be the seller and the receptionist, causing us to incorporate the necessary means when we already clearly see that we can afford that investment.
It goes without saying that all companies can start without money, although some businesses can start almost without investment .
In the first place, we must be very clear about some concepts that Tim Ferris was talking about when it comes to quickly profiting a company. We must be very clear if we are going to create demand or meet demand, if our idea is to compete only in price in a saturated market or if our product is going to be very select.
Our product will be focused on everyone or only one sector. Answering all these questions in advance will give us the route to follow.
Normally it is advisable to make a business plan , but if the business plan is not going to be done with the idea of obtaining financing, the truth is that there is no better business plan than attracting our first client. Then to a second client, then to 5 more. If we do not have difficulty attracting our first 100 clients, our plan works, and it is a matter of repeating or improving that process to attract more clients.
It may seem like a bullshit, but as we have said on more than one occasion what we must do is a travel plan and not a business plan, because knowing that we want to get from point A to point B, we will change our plan as many times as possible necessary.
Steps to start your business without money.
1. Start your business before opening it
You won’t know how long it will take to get benefits, so try to start your business part-time while you’re working full-time (if you have that option). This way you will have financing. Go looking for some clients, lend them some services or start selling them. In this way, when you decide to open your business, you will not start from scratch.
It goes without saying that if what we are going to create is an internet business, we could be in no hurry until the income of our business exceeds our salary for someone else’s work. Let’s say this reduces the risk of loss to the maximum.
2. Surround yourself with experienced people and expand your social circle:
As they say, success leaves clues. It is a matter of incorporating into your circle people who have undertaken the work you want to do. You can learn a lot from other entrepreneurs and they can avoid a lot of mistakes. First of all, they can offer you excellent advice.
3. Study everything you can about the business you are going to start.
Very close to the previous point, learn, study and read everything you can about business, the sector you want to enter, etc … prepare well and start being an expert in the field. You will probably make many mistakes even if you get ready to market, but the more experience you have beforehand, the better.
Remember that a business succeeds or fails, in most cases, even before opening it. We also cause customers not to see a newbie trying their luck in business, but a serious professional.
4. When you feel ready, take the leap but … not big time.
Think big, but start small. This premise should always go ahead when it comes to starting a business.
Start the business at home if you have the possibility to do it. Before diving into the costs of an office (rent, secretary, cleaning, electricity, water, etc.), start your business at home. At the beginning the search for clients is done in the street, not in an office. You will only need a space in your home, telephone and internet for your beginnings.
5. Your first commercial … Internet:
Hire your first commercial 24 hours. Become a blog, page or web space, although you should have done it during step 1. That way some customers would already be reaching you from the internet. Try to make your page as professional as possible. Today, if you do not have an Internet presence, it is as if your business did not exist.
If your product can be sold online, start studying the option to reach millions of users thanks to the publicity offered by companies such as Facebook, which can take your product to the wall of millions of people.
6. Your first commercials:
When you feel that the functions are already accumulating, that you are growing and you can cover more, hire your first commercials. Find them on commission. Try to be sales professionals, people used to work for incentives or commercials that are already introduced in the market with other products similar to those of your business.
We are taking for granted that we are at the beginning of the business reducing economic risks to the maximum. It is clear that later, his thing is to hire exclusive sellers for your company and put good conditions on the table.
7. Analyze your situation
How is your business going? Have you grown in these months? Does my clientele increase weekly? Can i cover more? Do I want to cover more? If all the answers to these questions are yes, the time has come to take the next step.
If your benefits can already meet the rent of an office, go ahead. But do not fall into the error of abandoning your clients for the decoration of your office. Now your job is your business . So do part-time all these local tasks.
8. Expand your network:
You already have your own customers, those who enter through the internet and those who capture your commercials. Expand your field of action or the number of commercials, increase the sales of your business in some way that we have already talked about
And if you have reached this point, it is because in a way you have succeeded. But this is where you either reaffirm yourself as a successful entrepreneur or go bankrupt . The decisions you make from now on are decisive and key to the operation of your business. If you already reach a considerable volume of sales, not everything works. You must have people on payroll, your well-defined legal situation, etc … Now is when you really need to invest.
How to start a business with less than 1000 dollars or euros and make it work.
In this video in which Charles Denney, considered a business guru in the United States, is interviewed, he gives us some ideas and advice on business that we can start with less than 1000 euros or dollars.
I want to emphasize an idea that shows in the video and that to some may seem absurd, which is that of advertising inside the pizza boxes. Well, it is no absurd business idea, since some years ago, that idea was thought by a man who lost his job.
He asked for a pizza and to open it he thought that the inside of the box is the part that a person observes most when you open it, so it would be an advertising without spoiling the logo of the pizzeria outside.
This entrepreneur went to the pizzeria and asked them how many pizzas they delivered on a normal day, the answer being around 700 on weekdays and about 1,300 on weekends. At that time, he went to work in search of advertisers, and currently covers a high percentage of advertising within the boxes of the pizzas receiving a percentage of intermediation.