How to start a business without money?

How to start a business without money? One good way to get out of poverty is to start a business that makes you money. But many people find themselves in a catch 22 position: starting a business costs money, but if you don't have any, how can you get your business started? So, how to start a business with no money?

First of all you have to remain realistic, if you want to start something like a car sales business, a restaurant in center of town you do need a lot of money up front. Maybe you should reconsider your plans and start with a business that doesn't require a lot of starting capital. If you're handy with cars, instead of selling cars you could start by fixing cars, possibly even start by fixing cars for friends. If you wanna start a restaurant, you can first try catering, so you don't need to a location for which you need rent.

How to start a business without money

    How to start a business without money: Is it possible?

    Yes, it is possible to start a business without money, but it will require that you have either skills or things that can add value to other people in your community around you or online. You can also consider finding partners with complementary skills that together become a business!

  • Make a simple 2 page business plan so you can start a business without money today. This plan should include all your skills that you can competently and happily perform better than others around you.
  • Talk to friends about your plan and see if their skills and availability match yours. Make sure you have proper rules for time spent and tasks to be performed and everyone must agree to follow these. It will be chaotic, but you must stick to the plan.
  • Take out a loan if your credit permits to execute the plan outlined above. If you cannot take out a loan, find a way to get money from friends and/or work together to start saving so you can make it happen.
  • Even if you don't have anything yet, start the plan with a plan to save money for the business. Soon you will be able to work yourself up even if you have bad credit and so on.
  • Work on clearing your name from credit agencies and other debts so when you need a business loan for working capital, you are set and ready!

How to start a business without money

    How to start a business without money: What kind of business can I start?

    There are many types of business you can start with little or no no money at all, as long as you are willing to invest time in applying a skill you already have or acquiring a new one. It is all in the perspective: a business is nothing more than you offering a service to another entity. You can wash cars and get paid for it, then get a camera and film yourself washing the cars and then get to display your videos online. Then get sponsors. You just have to start, and no: it is not always about a "passion" you have, but about a journey that may often require sacrifice, pain and compromise. In this list you will see the simplest types of business that require little more than an able body. You need also good relationships, the desire to have a good reputation with your neighbors and simply the grit to get started.

  • Catering: if you know how to make candy, pastries or anything else with a special flavour, it is time to get started! All you need is some food, a good internet connection to get some recipes and try them out, and a good our about neighborhoods to get on selling some treats to stressed out office workers. Or the street too: summer goers flock beaches and other public places and you can make thousands selling treats such as hotdogs and soda. Try to be special and unique!
  • Cleaning: there are hundreds of thousands of euros to be made in the house and office cleaning business. It may start with a simple free ad on craigslist. Make sure you have what it takes: washing toilets is not for everyone. Make sure you do a spotless perfect service, otherwise you won't get referrals.
  • Fixing stuff: can you install some light fixtures, patch some dry wall? You can make hundreds a day in the right market!
  • Assembling: you can assemble IKEA stuff for people for a few hours every week and get something simple going. All it requires is a way to get to your customer's place and some advertising (posted at IKEA stores or Craigslist)
  • Packing and moving. People move about all the time and need help. If you can sort and pack, and if you are smart, rent the Uhaul to do the entire moving, you can make 300 bucks in a way that feel can simply moving people's stuff from one apartment to another!
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How to start a business without money

    How to start a business without money: Minimum requirements

    In some countries you don't need to actually register before you get started. If you have products or services for sale you can simply start selling them. In other countries you're legally required to get your paperwork ready: company register, taxes, possibly a bank account. Check out what applies to your legislation. If you can somehow avoid a business bank account, you should. Banks somehow charge a lot more money to businesses and if you only expect to make a few sales you can probably do just fine with your normal private bank account. What is the least amount of stuff or work you need to get a business started and get going? Let's find out:

  • You don't need to register right away. You can start experimenting with stuff and not have to worry much about registration. Governments want you to be legal, but there is room in there for you to try something before you make sure you will be paying taxes and become a contributor.
  • You don't need loans. As much as other may lead you to believe, you don't need thousands to start, or even hundreds. You just need your hands and a smile!
  • You don't need bank accounts. You can get paid cash no problem! Even in Bitcoin! Hey, you can probably get a credit card machine without a bank account even.
  • You don't need a car. You can work off your neighborhood with a scooter. Or off your home.
  • You don't need a better computer. Chances are your computer is fine to perform most tasks that are important, such as keeping track of communication with customers.
  • You don't need fancy advertising. Most advertising is worth of mouth and your own reputation silently working for you.
  • You don't need a website. A facebook page will go a long way!

How to start a business without money

    How to start a business without money: people, teams, agreements.

    One of the most important aspects of a business that is started with little or no money is you putting a team together that is smart and competent yet with complementary skillsets and levels of dedication and commitment. In other words, people can be smart and not dedicated and that does not work. People can be dedicated but have the wrong skills and that does not work. So, how do you start a business without money, without people and find a way to keep your team together?

  • Make sure you have a plan that includes people that are willing to fo sales and operations simultaneously or at least fully dedicated to either in a way that is obviously working out. If people aren't succeeding with their strategies, do not waste time.
  • Conflict management is important. You must have rules of engagement and a situation that is unspoken. It must be like a family: people have to stick around and try very hard instead of allowing small stuff derail the entire operation.
  • If you have access to a wider network, try to get mentorship and advisory from people that have a lot more experience than you. Sometimes these people will believe so much that they will invest in you on their own business ideas.
  • Communicating with people: make sure you have rules for communication that are agreed upon between parties and ultimately help you deliver on the promises of your business. You must be clear with your verbal communication.
  • On writing only! Make sure you have everything you agreed on in writing, so there aren't quibbles rendering unpleasant long term situations. Everyday operations too: text messages are guarantees that you have asked stuff done with a time stamp!

How to start a business without money

    How to start a business without money: the reality of a startup business

    Most will fail, and they will fail because of a variety of factors. Yet, no business has ever failed because of too much hard work. It is absolutely imperative that you see that working for yourself is HARDER than for others. Once you do it, you will quickly realize that your former bosses were right! You end up working harder and expecting others to do the same and rarely see the results that you can perform on your own.

  • Have grit, resilience and perseverance. In other words, work hard and relentlessly towards your goal, don't give up when it goes south and learn the trade so you are the best.
  • There will be problems and they will be enormous because they will be the sum of many little things left behind. If you the grunt work, you are likely to succeed because you won't be stacking tasks to be done in the future date. If you want coffee, you have to wash the cup afterwards and put it away.
  • Invest your weekends. Yes, your life is your business and live with it. If you do it and succeed, at least you will have reduced to zero the risk of never having tried with 100% commitment and as a result live life with a clean conscience.
  • Agree with loved ones you are in for the long haul. They will miss you, they will beg you do come up. But you must be strong and you have to work. Do not listen to the naysayers nor the lucky outliers that succeeded with little work. There is no such thing as learning the piano with a couple of lessons!

How to start a business without money

    How to start a business without money: Getting a loan

    There are plenty of ways to start off with some cash, and these include loans from friends, banks, bitcoin loans, partners, schools, government and venture capital firms. Here are some options:

  • Getting funding is as easy as 1-2-3!
  • Kabbage Working Capital
  • Banks. Banks will happily lend you money if you have a plan, good credit and a history of timely payments.
  • Venture capital. With a really good idea you can get into startup environments such as what is called "business incubators"
    with millions of dollars available to invest. You must have a technology based idea.
  • Friends or family. Risky but low cost, make sure you make them partners and you can provide a good balance between ROI and risk.
  • Bitcoin loans. If you are familiar with crypto markets, you can raise a lot of money with what is called an ICO.
  • Partners. Sometimes partners enter with the money and others enter with the work.
  • Government. Government are willing to invest thousands of dollars if you are willing to start a business in remorte areas, including giving you free land. Look it up!

How to start a business without money

    How to start a business without money: Alternatives

    There are many other alternatives to making money and still have an incredibly fulfilling life. Life a life without money for example, find a community that share certain principles, move to a country with little cost after saving a lot of money, move to a monastery and dedicate your life to the pursuit of spirituality. There are meaningful ways to live life out there!

  • Save money, move to a country where you can life with little money. There are countries out there that one can get by with 5 bucks a day.
  • Take a break and go back to school. You can get on your life (especially if you are European) with paid studies as a researcher for a university.
  • Find an alternative community. Some places out there will even give you a parcel of land if you are willing to work and have a compatible personality. Families are welcome too.
  • Become a tech nomad. There are thousands of people with blogging businesses living their lives on the road.

Further reading

Small Business Loans for Women

Small Business Loans for Women

Who run the world? Girls! Beyonce’s anthem for the modern woman rings true in light of the numerous female heroes in business and beyond. The women empowerment movement has truly done some incredible things for business confidence, and the market is booming to many small and medium entrepreneurs.