This week on the Htet Tayza blog, I want to let all of you budding entrepreneurs out there know how to start a business with no money.
Most Entrepreneurs Start Out With Nothing
Most young entrepreneurs start out with nothing. Well nothing but the power of their idea and their will to succeed. Look at people like Steve Jobs, Jay-Z, Oprah Winfrey and Michael Dell. They started out with nothing and became millionaires; it is possible.
The reality is that at the beginning of your trip into the world of big business, you are going to have a cash flow problem. You can’t let this set you back. Instead you should persevere, power through and drive yourself to the top.
Follow these Five Tips to Start a Business with No Money
Of course, even with will power you have a problem. How can you make money when you have none to invest in the first place? Lucky for you, you have the Htet Tayza blog to hand; so sit down, take a breath, and read over the following five tips for starting a business with no money:
- Keep the Day Job: When you’re starting out, you don’t need the hassle of finding money for everything. That’s why I would always advise that until you start generating capital, you keep the day job, to ensure that your life remains secure. Yes, this essentially means you will have to work two jobs, but if you are committed enough to your idea, you will be able to find a way to balance the workload.
- Rely on Your Relationships: Contacts are always essential in business, and they’re never more crucial than at the beginning. If you have a relationship with someone who could help you lower your expenses and streamline your service; use it. You have to use every tool at your disposal on your climb to the top.
- Negotiate: Bartering is the world’s oldest form of currency, and in the modern world, when you have no actual capital to trade with, bartering is all you have to get yourself off the ground. Do you have a skill that wold be useful to a potential supplier? Offer it to them! And trade it for their help!
- Plot Out an Effective Business Plan Early On: You need to know where you’re going if you hope to actually get there. Plot out a good, solid business plan before you do anything else so you know what your project will actually entail. Then, you have all the information in front of you to ensure that you can achieve your dream with as small a budget as humanly possible. Plus, if you hope to secure a business loan, you need a good business plan, which leads us nicely to tip number 5…
- Secure Funding Immediately: Everyone needs start-up capital, otherwise you don’t have the cash you need to pay for any of your start-up costs, which is why you should seek initial funding once the ink is dry on the business plan. A good idea is to try crowdfunding; it’s free, and you don’t have to give away any shares in your fledgling company.
Anything is Possible with Advice like This
Starting up a business is difficult under any circumstances. Yet when you have no money, it seems impossible. Remember Htet Tayza followers, it isn’t, as long as you follow these five tips for starting a business with no money.