4 Simple Steps To Start A Business When You Have No Money
Do you have a great idea for a business but no money to start? It is a challenge that many entrepreneurs face on this exciting journey. Money is probably one of the most important assets you will need when starting a business whether it is for supplies, equipment, office space or even legal fees. Everything has a cost when starting up but do not allow the lack of capital deter you from what could probably be the next bright idea. Here are some simple steps to help you work smarter when you have no money.
- Identify A Cash Cow
A cash cow is a business activity that generates large, regular predictable and positive cash flow. Usually the easiest types of businesses to start will be a service-oriented business where you get paid upon completing a service. This type of business is less capital intensive and guarantees that you are earning money immediately and the money can then be used to fund the product based-business.
Unfortunately there is no substitute for hard work when it comes to your start up. You have heard about the long hours and the constant challenges entrepreneurs face and unfortunately the rumors are all true. To get your business off the ground, you will have to be prepared to roll up your sleeves and dive straight in. No one will believe in your idea the way you will and no one will go the extra mile the way you will. Be prepared to knock on as many doors as possible for as long as it takes even when it looks like you are not making any money. Persistence beats resistance every time and you will eventually reap the rewards.
- Be open to opportunities all around you.
A key trait of successful entrepreneurs is being able to identify opportunities around you. Traditional entrepreneurship philosophy dictates that, to be successful, you should stick with one thing and not deviate from it. But desperate times call for desperate measures. If you are having trouble finding access to funds, there are a number of creative ways to find the money you need like crowd funding, joining an incubator or an accelerator program. Never stop looking for opportunities around you to raise money.
- Be Yourself, Everyone Else Is Taken!
Differentiation is imperative to stay ahead in business. Sometimes the smallest things you do can go a long way in creating a unique selling point for your organization. Do you have a letter of commitment from a notable investor? Do you have valuable intellectual property with the potential to generate revenue? Differentiators like these can make the difference between getting funded and being overlooked by investors and lenders.