If the insanity of 2020 has taught us anything, getting a job at a reputable company and working your way up will be a thing of the past.
And when millions of people who felt “safe” actually lost their jobs last year, many of them made their choice It was time to start a business. But figuring out how to start a business with no money (or little money) can be puzzling.
The truth is, it’s not that complicated. Like most people, you are likely to reconsider.
You don’t need a life changing idea, fancy deal, or investors breaking your doors.
We guarantee: You can start a business without money – whether you want something extra money from a side business or want Try full-time entrepreneurship.
Step 1: give yourself a pillow
When people learn how to start a business, they want everything to be easy and sexy.
The truth is, what will be most helpful to you in starting your own business is building it a pillow – or a financial runway – that gives you space to experiment, learn, and build your business.
If you’re out of money right now, starting a full-time business probably isn’t the smartest thing to do (unless you’ve done it before).
There will be too much financial pressure to cut corners or make exceptions that you shouldn’t.
Instead, work a simple job or work part-time while building your business until you can take it over full-time.
Step 2: worry about the essentials; forget the rest
Before we go too far here, we have a simple framework to help you finally learn how to start a business without money.
It is this: worry about the essentials; forget the rest.
And frankly what you think is probably not important.
For example, IWT has generated millions and millions of dollars … and we still don’t have stationery. We have never lost a customer because we didn’t have business cards!
However, we focused on the things that were critical to growing the business in the next phase – – and that made the difference.
So what do you need It’s easy. You need:
- to sell something (a product)
- someone to sell to (a customer)
- a way of communicating (marketing)
Here is Ramit’s take on the question:
Step 3: decide what to sell
While you don’t need a world changing idea, you do need something to actually sell to people.
You could sell professional services, write and sell an ebookdevelop and sell a video course or do something completely different. Make sure it suits your skills.
But until you have something to sell, you cannot start making money. And if you’re not making money, then you have a hobby, not a small business.
First, choose something that you can make yourself and that you don’t have to hire anyone else for (yet).
Pro type: Your product doesn’t have to be perfect. Remember, “done” is better than “perfect”. The idea is to come here quickly and not get stuck in the “brainstorming” or “creation” phase.
Here’s some help from Ramit on how to find the right business idea and scale the business.
Step 4: find customers
This is where many aspiring entrepreneurs find themselves frustrated trying to figure out how to start a business in general.
Find customers or customers can be frustrating when you don’t have the money to grow your business.
Here are some places where you can find and interact with potential customers 100% FREE:
- Facebook groups for your target audience
- LinkedIn hashtag threads from your industry
- Twitter conversations about your business idea
- Meetups near you (as soon as Covid has calmed down)
Step 5: start promoting
Once you have a product and an audience of potential customers, it’s time to get to work.
When learning how to start a business, you need to be willing to put in extra effort to make up for the lack of budget.
But no business worth it has ever been built without serious sweat capital. You can do that!
First, reach out to your close friends and family members and ask them if they know anyone who would benefit from what you are selling. Call local businesses and offer your services. Email people and ask for feedback or give them a trial of your offering.
The idea is to get creative here and use the employees to win your first customers or customers.
For more tactics and ideas on how to actually promote your business, check out our in-depth Marketing Guide.
Step 6: plan ahead and take risks
When your company takes root and grows, you should look to the future.
Learning how to start a business is just the beginning of your journey. At some point you want to ask the following questions:
Of course, no business can grow without a bit of risk. So ask yourself, “How much am I willing to risk to grow my business?”
Remember: you have this!
More resources for starting a business with no money
If you are serious about starting a business you might want to take the next step and join Earnable, one of our most famous and popular courses. Earnable breaks down the hidden steps behind starting a business. It’s all laid out step by step. And you don’t even have to have a business idea to get started.
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