How to start a business without money?
Save current work. By maintaining a reliable source of income and finally starting a new business, you don’t have to worry about paying your mortgage or paying your mortgage. Mortgage and a lot of potential debt. However, you will have to work hard. Ideally, as your new business starts to take off, you can gradually transition from a full-time employee at your old job to a consultant or part-time employee. Eventually, you can work full-time at your own company. While this process is often not that easy in real life, it is safer than giving up everything to pursue an unfulfilled dream.
If you’re raising a family, the first step is even more important. Don’t jeopardize your family’s future by giving up your primary source of income for your personal dreams. While it can be difficult to juggle your side hustle with your main work and home life, it’s much safer.
If you think you want to start your own business in the near future, avoid signing employment contracts with clauses that limit your ability to earn other sources of income. Don’t be afraid to carefully draft your contract with an attorney.
Develop a business plan.
How will you make money? If you can’t answer this question, don’t start your own business. The goal of any nonprofit organization is to make money. Before you get started, develop a detailed plan for your business. Try to answer the following questions – they are very simple, but by no means exhaustive:
Where does your company offer better deals than your competitors?
Who should be hired? Can you still work without these people?
Who are your competitors?
How much do they charge for the product or service you provide? Can you realistically offer this product or service at higher quality or at a lower cost? If so, congrats – you might have an idea! Research the market you’re trying to enter and the companies that have (and haven’t) been successful in that market.
Not all industries are equally vulnerable to hacking. Business research firm IBISWorld recommends a list of industries suitable for small business owners because of their low cost and high growth potential. These include: Human Resources and Benefits, Street Sales, Online Auctions and E-Commerce, Ethnic Grocery, Wine and Spirits Making, Web Publishing, and more.
Explore and test your ideas.
Preparation and planning are very important before embarking on any business venture. If you can, look for “trial run” opportunities. For example, if you’re considering opening a restaurant, try raising money for a church or school first to see if you can handle the busy environment. Busy the kitchen and assess whether your food is well received. You can also try surveying potential customers to determine if they would visit your hypothetical business.
A business plan is a document that is being developed. If your research or test results conflict with your current plans, don’t be afraid to change your business plan or start from scratch. It can be frustrating, but it’s much smarter than risking business failure because of an idea that doesn’t work.
Find cheap skills development opportunities.
If you have a business idea but don’t have the skills or training to make it happen, get the most affordable training you need. Try negotiating with educational institutions or companies to educate you in exchange for the services they provide. Get paid internships or part-time jobs.
