Having some funds saved up can help when starting a business. But you don’t necessarily need money to get started. Here are just a few ways to start a business without any money.
Run your business from home
You don’t need to rent an office to run a business. Many businesses can be run from home thanks to the internet. If you have your heart set on starting a shop, you can begin your company as an online store. There are even takeaway restaurants now being set up from home! On top of saving money on rent, you won’t have to pay extra taxes, energy bills and all the other costs that come with premises.
Build your own website
Every modern business needs a website. But you don’t necessarily have to hire a web developer. There are several platforms that can allow you to build your own website without any coding knowledge for free. WordPress and Squarespace are two popular platforms – check this comparison out to work out which is the best option for you. You may still need to pay for website hosting, but there a lots of cheap domains out there that cost only a few dollars.
Take advantage of free advice
A lot of business owners can benefit from hiring professional advisors, but for those that are on a tight budget, there are lots of places where you can find free advice. There are informational guides online on everything from taxes to marketing strategies. There are also sites and apps that you can use to get free business legal advice if you’re confused about certain laws regarding your trade.
Use your personal network
Friends and family may be able to help you find initial customers. This could save you a lot of money on initial marketing. In other cases, there may be people you know who work in trades like accounting or IT that can help you for free or for a discounted rate. This could help to save you money on outsourcing help. It’s always worth using Facebook to see if there’s anyone in your network that can help.
Consider a loan/seek help from investors
Many people borrow money to start a business. This could allow you to afford equipment, licenses and insurance – all of which you cannot get for free. It’s worth spending a lot of time shopping for loans so that you can get the best interest rates. Bank loans, private lender loans and peer-to-peer lending are all options.
There’s also the option of approaching investors. By offering shares in future profits, you may be able to receive some initial funding in exchange. Crowdfunding has become a popular way of seeking investments, while angel investors are another option. Make sure that you have a solid business plan so that you can gain the trust of investors.