Curious how to start a business with no money? Starting, and growing, a business with no money can be difficult. Most experts say that it takes a minimum of 3000 dollars to get a business off the ground.
What if I have no money, but want to become my own boss? What are the steps to begin a healthy start-up that will grow into a profit making business? Read on to discover ideas and tips about how to grow a small business with no money?
Start With a Great Idea That Solves A Need
Start with a great idea the solves the need of many people around the world. Think about something that people are talking about and relevant in today’s society. It may start with something you have always needed and wanted as child or adult. Research to see some of the biggest selling inventions ever sold and create a plan that will get it going.
Write A Great Business Plan
Write a great business plan that describes your goals, strategies potential roadblocks and solutions. Your business plan must be well thought out and have specific details about your business venture. The business plan must be error free for presentations to banks, venture capitalists and other institutions that may give you funding to get started.
Crowdfunding is a great way to bring your idea to the public. A great idea can bring in massive amounts of donations to get the patent and grow your start up business. Sign up, download a professional picture, write a great profile and detail how much money you need for growing your business. Detail how the money will be spent from patent purchasing, to buying supplies for your company, to reinvesting it into marketing.
Getting the money is one thing. Spending it properly is a whole different story.
Get a Business Loan
Getting a business loan can be difficult for anyone. If you have great credit, then you are half way thee. However, if your credit is not good, the bank may offer programs that fit your category. Stay in touch with the bank representative and build connections.
You will never know when one of those connections will pay off. Work hard and continue to let the bank know that you are serious about paying back your loan. Obtain a co-signer if this is a requirement of the bank for loan approval.
Get Grant Money From The Small Business Administration
The Small Business Administration or SBA, should be one of your first steps to building connections with organizations that can help you grow your business with no money. The SBA has resources that will help you obtain a loan or grant that does not need to be repaid. They offer help even if you are a start up and have no revenue. Speak with the SBA about starting your business with no money. Remember to be honest and forthright so they know that you are willing to o what it takes to be successful.
Borrow From Friends and/or Family
Speak with a wealthy family member or friend to help grow your business. Show him your business plan and what you have done to get your project off the ground. Your friend or family member needs to see that you are serious about starting and growing your business and looking for financial capital.
Float the idea of him becoming a silent financial partner in your business. Set up a payment plan that both parties can be happy with to repay what you have borrowed with interest.
Build Your Connections Network
Building connections is one of the most important things to do when growing a business. There is no connection that is too small when talking about business. One connection may lead to another more powerful connection. Stay in contact with your network and continue to let them know that you are serious about forging ahead with your business idea
Attend Small Business Growth Workshops
Begin attending as many business workshops as possible. There should be many free workshops listed in your newspaper. Business workshops and seminars offer valuable information and another way to build your network. Make a plan to attend at least 1 workshop each month to begin understanding the best way to grow a business.
Find a Silent Financial Partner
Find a silent financial partner who believes in your idea. There are many on different websites if you google venture capitalists. These are wealthy individuals looking for the next big idea to support and make a reasonable profit. Shark Tank cast members are all venture capitalists looking to invest their money into the next big idea.
Related article: Do I Need a Business Partner?
Find venture capitalists and ask for investment money for your big business idea. They will need a business plan and projected growth chart before they invest in your idea.
Use The Internet and Start Your Own Website/Grow Your Followers
One of the best ways to get your idea out to the massive public is to use the internet. Build your own website with a blog post that will attract readers to your site. Place interesting photos on your site about your idea and events of the day.
Grow your following with interesting concepts and how you are building your idea. Many small business owners with zero dollars have started a business on the internet. It is one of the best ways to reach millions of people daily. Once you have grown your followers, they will help you get your idea worldwide.
Make sure that the idea is patented for those who may be looking to scam and steal your idea.
Conclusion | How to Start a Small Business With No Money
These are some great ideas and tips on how to grow a small business with no money. Remember to do your research to see which idea works best for you. Build your network with your local community. Grow your followers worldwide for massive output from the public.
Speak with a bank about getting a loan. Contact the Small Business Administration, or SBA, about resources that will help grow your business.
Stay positive, work hard be persistent and consistent as you turn your dream of owning and growing your business into a reality. It is not the destination, but the journey that will develop you into the strong business person you need to be for running a strong and healthy growing start up company.