Did you that you can start a business without capital?
Yes, you can!
Are you among those people who think that without thousands or millions of money, no business can start and grow?
You don’t need tons of money to start a business. And I am going to show you how.
If you are seated somewhere wondering where your next meal is going to come from, or you are deep in debt, keep reading.
So, where do you start?
In this piece, we will explore ways in which you can bid farewell to hungry nights and debt by highlighting the simple ways you can start a business without capital.
After this read, we hope you will have a change of mind and start executing the points below in favor of that business idea you’ve been toying around with for all this time.
8 Ways To Start a Business Without Capital
1. Business Partner
One of the best ways you can start a business without money is by looking for a partner. Some many people are looking to invest in companies, but they have no idea where to start.
Therefore you can find them and sell them your brilliant business idea, and if they like it, they will fund it.
You can find business partners on social media, for example, on Facebook, Twitter, or Linkedin, or maybe through friends and family.
One thing to be cautious about is, do not tell strangers everything about your business idea. They may end up stealing it from you.
2. Family and Friends
No man is an island. Everyone comes from a family and has friends, even if it’s one. Why not ask for small loans from your family and friends?
Start by sharing with them your business idea while not giving its core secrets.
Be open about your financial challenges and ask them to refer you to people or agencies that can assist you in getting the capital you need to make your idea a reality.
Remember, no business can take off without marketing. And where best to start if not with the people close to you? Family and friends.
3. Small Business Loans apps
In the 21st century, there’s been a rise in loaning platforms, especially mobile phone loan apps. These apps have eased the way we get loans from the comfort of our phones. The only challenge is that they offer small amounts but whos complaining?
Armed with your noble business idea, you can download these mobile loan apps and borrow from them. Be faithful to pay back in time because its the only way you get to increase your loan limit. And eventually, you will be in a position to raise the required capital for your business.
Examples of loan apps are:
4. Low-Cost Business Ideas
So your business idea needs this significant amount of money that you don’t have, why not start with the low-cost business ideas and save the proceeds for the bigger one?
You can start by doing tasks like;
- Repairing gadgets
- Online writing
- Affiliate marketing
- Consultancy services
- Manual work
“Remember behind every small business, there’s a story worth knowing.” Paul Ryan
5. Unconventional sources
By unconventional sources, we mean using ways that are not commonly used to raise capital. For example, participating in competitions such as:
- Art and design competition
- Blogging competitions
- google innovators competition
6. Avoid unnecessary expenses
When starting a business, you may be tempted to rent an executive office, make plastic or business cards just to fit in the business world. In reality, these things are not necessary, especially when you don’t have money.
You can start from home or even your garage like Bill Gates did when he started Microsoft. After the business has picked and is bringing in profits, you can go ahead and create an image for your company.
7. Free Advertising and Marketing
Make use of free marketing and advertising tools that are available to market your business. It may be a cumbersome exercise, but after a while, it will bear fruit.
Great marketing platforms include social media accounts such as Facebook, Twitter, Instagram, and youtube. Also, you can connect with the local media in your town offer your expertise for free in exchange for advertising opportunities
Create numerous contacts and be very timely in responding to your client’s needs. Word of mouth remains the fastest and more trusted way of advertising. Let your work speak for itself.
Another fundamental way of starting a business without money is crowdfunding. How does crowdfunding work, you may ask? In crowdfunding, people raise money on the internet through people, businesses, and charities.
They invest or donate in projects and expect to make profits in return. So be very sure of the viability of your business before going the crowdfunding way because it usually is a risky affair.
An excellent example of a crowdfunding platform is Kickstarter.
Final Thoughts on 8 Simple Ways to Start a Business Without Capital in 2020
At this point, I believe that you are fully equipped to bring your business idea to life with the eight tools stated above.
Note that this is not going to be smooth. You have to be ready to fail several, be prepared for rejections and regrets you will get, but no matter what happens, don’t give up!
Also, be ready to work hard. Read about people who made it in business, and one characteristic that stands out is the fact that they spend very few hours of sleep.
So if you are not ready to lose sleep, this is not for you. Cheers!