No Money? You Can Still Start A Business

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Dave-Ramsey-Should-Retirees-Move-Investments-to-a-CD-Chispa-MagazineUnfortunately, there is no definitive advice for starting a business that will guarantee you success. This is because there is no set path. Some people work in a certain sector for years before going out on their own. Other people spot a gap in the market, save up some funds and go for it. And, others have become dot com millionaires with a simple idea for an app. Of course, you could go on the internet and Google ‘startup advice for new businesses’, however you are probably going to be inundated with lengthy blogs that claim they know the secret to success and can guarantee you’ll become a millionaire in three months. Don’t trust these articles. Instead, trust yourself. Don’t overthink or over-analyse, just take a deep breath, make a list of what your business will need and then do all the preparing and researching you can. But, to help you narrow these down, we have come up with a few ideas of where to start, even if you have no funds of your own.

It’s all in the plan. A business plan is a must. It is also the best place for you to start. So once you have decided you want to start your own business, it is important that you start detailing everything in a business-plan. Make a note of the opportunities you have spotted in the market, come with an achievable plan of how you are going to enter this market, what your goals are and when you plan to achieve these goals. The more detail, the better. But, make sure you question everything you can and then come up with some form of solution for these questions. Not only will this assist you in knowing where you want to go and how you will get there, but it will also help your raise the capital necessary to get your journey underway.

Raising funds. This is hard but, luckily for you, there are also more ways than ever to do this. It used to just be a matter of gulping, walking into a bank, sitting down opposite a skeptical bank manager, hearing them say ‘no’ and then trying the next bank. Not anymore, though. There are banks, angel investors, crowdfunding sources, peer-to-peer lending websites. These days, easy business funding is more accessible than ever. But remember, the more detailed your plan and vision, the more likely you will be to succeed.

Outsource whatever you can. The less overheads you start with the better. The reason for this is, well, you are going to be cash-strapped when you start. Yes, you may have secured funding, but you will still need to be savvy with your money. So don’t buy equipment when you can lease it. Don’t employ full time staff when you can outsource to freelancers. Don’t pay thousands of dollars to a design agency when you can have a student design your logo for $30. If you don’t need a location, then don’t lease one. If you can do it with a pop up shop, or do it from home, then do so. The more you save the more chance you have a succeeding.

Clever marketing strategies. It is totally possible to market your business without spending much money too. It is just about knowing how. As such, start off by making a website that suits your brand. If you don’t know what your brand is, what the feel and vibe you want to emit, then think of your business as a person and build from there. Once you have built yourself a website (and you can do so for a pittance at places like Wix), then we suggest you start getting to grips with social media. There are so many options out there when it comes to social media, so pick the ones that suit your startup. If you are offering a professional business service, then look at LinkedIn and Twitter. If you are providing a visual product, then look at Instagram and Pinterest. Another great strategy to adopt is blogging, and that is because blogging is a fantastic way to improve your website’s SEO. Once all this is established, it is time for you to get out and network. You need people to know about you, to talk with you and to spread what you do through word of mouth. You know your brand better than anyone, so be an ambassador for it. Explain why people should give you a chance, get them to give you a single piece of work and build a relationship from there. This is how you will start building momentum.

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Milo Senalle

Milo Senalle

Managing Editor at Chispa Magazine
As one of the managing editors of Chispa Magazine, Milo Senalle is the go-to man for all things technology, ethical, and financial concerns. Providing laughs with his style of writing and problem-solving techniques, Milo is a voice of reason among the girly staff at Chispa. Married with children, living in Atlanta, he works 24/7 on becoming a man of courage and believes honor begins at home.

Milo Senalle

As one of the managing editors of Chispa Magazine, Milo Senalle is the go-to man for all things technology, ethical, and financial concerns. Providing laughs with his style of writing and problem-solving techniques, Milo is a voice of reason among the girly staff at Chispa. Married with children, living in Atlanta, he works 24/7 on becoming a man of courage and believes honor begins at home.