20/7/2019 Checklist: How to Start a Business with No Money - Small Business Trends

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Last Updated: May 15, 2018 by Shubhomita Bose In Startup 25

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POLL
You having a great idea and
MARKETING you want to translate
MANAGEMENT it into opening FINANCE
TECHNOLOGY a business. There
ADVICE RESOURCES
is one big caveat, you are short on cash. And for most aspiring entrepreneurs,
Do you take work with you on
getting hold of the much-needed capital is usually the biggest challenge.
vacation?
So how to start your own business without any money? Always - can't get away from it.
Usually, yes.
Lack of funds, should not deter you from pursuing your entrepreneurial dreams.
With confidence in your idea and a clear vision of how you are going to execute it, Only check in by phone or text
you can do it. Once you have that covered, getting the funds to support your Never!
dream may not be as difficult as it seems. Vacation? Never heard of it.

Opening a Business Vote

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There are tens of millions of small business in the US alone, and starting a new
business to compete in this segment will require hard work and dedication. If you
know how to run a business and you have taken the right steps to starting a
business, money shouldn’t stop you.
you

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Start a Business With No Money Checklist

Keep Your Present Job
Being practical is extremely important when you are toying with the idea of starting
a business. You need a steady source of income before you can set up your
business, so it’s advisable to hold onto your current job. By retaining your present
job, you will be more secure when you need to take risks.

You will, of course, need to spend extra hours and work harder. But the transition
from being an employee to a business owner will be far smoother as you won’t
have additional expenses to worry about.

Work on Your Business Idea

Coming up with a great business idea is just the beginning of your journey as an
entrepreneur. There are many more steps that you need to take before you can get
started. Fleshing out your business idea is one of them, and it’s very critical to the
success of your venture.

Is your business idea really unique? What value will it generate? Is it something
your target audience really wants? Or is it something you think they’d want? Getting
answers to these questions is important to determine whether or not your idea
works.

Analyze Your Market and Challenges

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You have a brilliant idea that

MARKETING you know will definitely
MANAGEMENT work, but what
TECHNOLOGY about yourADVICE
FINANCE RESOURCES
competition? Will it be difficult for a rival to copy your idea and repackage it in a
better way? A potential investor will ask you this when you approach them for
funding. It’s very important to understand the market you operate in and your
competition.

You should first look at the trends and identify challenges that your business may
face. The next step is to understand how you are going to address those challenges
to stay profitable.

Assess Your Capital Needs

You require money to start your business, but how much do you really need?
Without a clear idea you run the risk of coming up with an unrealistic valuation of
your business, which will put off investors and get your loan application rejected.

So before you start wondering how you should raise money, you should focus on
evaluating your funding requirements. How much do you need to get started? How
exactly are you going to use the funds?

Explore Crowdfunding Platforms

Crowdfunding platforms such as Kickstarter have changed the way entrepreneurs
are raising money to fund their new businesses. Whether you want to sell a new
software tool or set up an organic noodle bar, you can get people to invest in your
business.

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Network with People

MARKETING MANAGEMENT TECHNOLOGY FINANCE ADVICE RESOURCES

When you don’t have money to start your business, it’s essential you find the right
people who can help. You may attend events and trade shows where you can find
potential investors. You may also join various online forums on social networking
sites where you can find useful tips and resources to bring your business to life.

Most venture capitalists and investors are quite active on social media, so if you
can wow them with your idea you may find a great way to get started on your
business dream.

Run a Trial
Want to be sure if your business idea is indeed unique? Run a test and find out. A
pilot will give you the confidence you need to take your idea to the next level and
mitigate risk. You can start on a small scale by giving away some freebies to a few
people in your target audience group to see how they respond.

A small trial can give you some new insights to grow your business and identify
challenges that you might have overlooked.

Gather Feedback
If you are planning to get into a completely new business, it would really help if you
got a second opinion from someone who knows the market and the challenges
involved.

A business idea that looks good on paper may not be that attractive when you
actually get into it. An expert’s opinion may help you look at things from a different
perspective and gain more knowledge that you may lack.

Secure a Small Business Loan if Necessary

There are several loan programs aimed at helping first-time entrepreneurs set up
their business. The Small Business Administration (SBA) operates the loan
programs offered by the U.S. government. To qualify for the loan, your business
must meet some criteria such as your business must operate in the United States,
your business must qualify as a small business according to SBA guidelines, you
must operate for profit and you should have a good credit score.

Print Out This Checklist:

Download it Now!

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AndMARKETING
if you’d like more checklists like this
MANAGEMENT one, visit our Small
TECHNOLOGY Business ADVICE
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Resource Center!
Center

For even more information on how to start a business with little or no money,

please visit:

Businesses You Can Start for Less than $100

50 Fun Homebased Business Ideas
50 Unusual Pet Business Ideas
10 Small Business Ideas for the Summer
17 “Second Career” Business Ideas
50 Low Tech Business Ideas
10 Steps to Start a Business from Nothing

25 Comments ▼

EDITOR'S PICKS

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Americans Don't Start Laptop for Your Small Outs of Video
a Business Business Marketing with These
Expert Tips

SHUBHOMITA BOSE

Shubhomita Bose is a Staff Writer for Small Business Trends. She covers key studies
and surveys about the small business market, along with general small business
news. She draws on 8 years of experience in copywriting, marketing and
Staff communications, having worked extensively on creating content for small and
medium sized enterprises.

25 Reactions

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MARKETING MANAGEMENT TECHNOLOGY FINANCE ADVICE RESOURCES

Aira Bongco
May 3, 2016 at 9:07 pm
Back in the day, this is not even possible. It is amazing how technology can turn things around.
It is now possible to produce money without any money at all.
Reply

Armstrong

November 14, 2017 at 1:16 am

Hey sisters I appreciate about that.l need you to help me to succeed like you please.l
have a business idea
Reply

Martin Lindeskog
May 4, 2016 at 6:21 am
I will download the checklist. I will come back with ideas on how to start a hobby business with
no money, including a crowdfunding campaign.
Reply

Shubhomita

May 5, 2016 at 1:16 am

Looking forward to your ideas. Thanks
Reply

Ladi Folorunsho
May 4, 2016 at 10:24 pm
It is quite amazing how one can start a business these days with little or no fund. Just a lot of
passion and the right idea all thanks to technology
Reply

Shubhomita

May 5, 2016 at 1:04 am

Exactly, Ladi. It’s an exciting time to be an entrepreneur.
Reply

GNCORP
May 5, 2016 at 1:01 am
If it does not exist, create it. If you have an idea-ideas or skills, think of how to use your ideas or
skills to create a business and to put it out there to see what it can attract and what you can
create. Many successful businesses started with an idea and that idea has become a success
“from one person business to global corporations”. Failure is an attempt at success, if you don’t
give up and modify each attempt, then each attempt can become a success.
Reply

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MARKETING MANAGEMENT TECHNOLOGY FINANCE ADVICE RESOURCES

Shubhomita

May 5, 2016 at 1:03 am

Very well put. Thanks for your comment.
Reply

Vikrant Kothari

August 10, 2017 at 12:10 am

what is a procedure of starting a business without investing money
Reply

Amir Najam Sethit

August 23, 2017 at 4:35 am

It’s possible; This is Possible if your goal is firm. These Strategies are beneficial and efficient.
Thank you for sharing this article.
Reply

Anthony Marano

November 10, 2017 at 11:06 pm

I am trying to start a business on the Arise platform. I am a customer service guru…..funny but
true.
I need funds for state filing and office equipment. I am also a paraplegic so my mobility is very
limited but a home-based business would be ideal for me. Does anyone have any specific
suggestions for me to raise funds for this. I need about $3500.
Thank you!
Reply

Vittoria
November 29, 2017 at 2:25 pm
Have you tried crowdfunding, Anthony?
Reply

Mideva

December 29, 2017 at 6:14 am

Looking for a mentor please to offer mentorship on how to grow business wise n how to start
one… As an aspiring entrepreneur
Reply

jack zweska

December 29, 2017 at 4:46 pm

am very much inspired with these grt shares of wisdom about starting a new venture.thnx. am
actually facing it difficult to start my own venture..i really want to start something interns of

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business but it a bit difficult for me … how do i start a new venture.?
MARKETING MANAGEMENT TECHNOLOGY FINANCE ADVICE RESOURCES
Reply

SANTOSH VINAYAK GHORPADE

January 1, 2018 at 8:20 am

I am from INDIA now my age is 40 but I want to start a small business but not getting better
idea how can I start a business and where I can get better help mean guide line to raise funding
from bank and which small business should I can get with small funding.

Regards,
Santosh
Reply

Tammy

January 11, 2018 at 10:57 am

I would like to help my husband feel he has worth. He does not have a college education but
has a super high IQ. He has medical issues that keep him from getting a regular job. He is
contacted from time to time by the gov. to correct blue prints and schematics. How can we turn
that into a business for him? What would I advertise?
Reply

Neddrick Johnson

January 14, 2018 at 5:31 pm

Hi, I am really trying to start my own trucking company doing hot shot services. I know plenty
companies that would let me handle their needs but with the cost of living being so high in the
city it makes it so difficult to save money to get started with bills and child support. If anyone
knows anybody that could help me get a small business loan I would gladly appreciate it.
Reply

Famio
January 20, 2018 at 2:07 am
Very informative post. Even having a huge capital upfront to start a business does not
guarantee the success of that business. So these are great tips to start with nothing and step
by step make things happen. Thanks for sharing.
Reply

Rose

February 2, 2018 at 8:49 pm

Which Crowdfunding out there for Canadian startups ?
Reply

Sikuka Munalula

May 5, 2018 at 12:46 pm

It is really interesting to learn that what i thought of as being impossible can be possible.
Reply
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Reply

MARKETING MANAGEMENT TECHNOLOGY FINANCE ADVICE RESOURCES

Benson Chidiebere
October 12, 2018 at 8:58 am
WOW…THIS IS A GREAT CONTENT YOU’VE GOT HERE.

But don’t you think hat my location really matters here?

Reply

Kenia

November 24, 2018 at 10:23 am

Hi ma quiz is , is’t possible 2 start without a bussines without no money u can share 2 fb as well
coz pple r stack somewhere
Reply

Mugerwa Joseph

November 27, 2018 at 3:48 am

am in Uganda basically in masaka district aged 22 but i dont know what jod can fit me. am
thinking of selling easy sandles on street but can this work, my friends
Reply

CatherinaJalong
December 29, 2018 at 11:59 pm
Hey guys,I wish to build my own bussiness but I don’t have an idea of what bussiness should I
open at my young age.
Reply

Jovana

February 6, 2019 at 5:34 am

Great stuff, Shubhomita! All of these are super important, especially analyzing the market. A
while ago when I was starting my content marketing agency, these steps were essential. I’d also
add a few other important tips that saved my neck back then. First of all, make sure to partner
up with the right people. The wrong business partner could cost you your business (I learned
that the hard way). And secondly, make sure to have the right tools to help your business take
off. Good luck y’all!
Reply

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