Setting up your own business can be exciting but it is also expensive. You need to hire staff, buy products, set up a store, etc. and all of this means money. As a new entrepreneur with no financial backing, finding the necessary capital to start a business can be difficult. On top of that, finding investors to invest in your new idea and business can be almost impossible. So does that mean you give up your dream of being a business owner? No. Surprisingly, the internet has made it super-easy to set up a business with no money at all says Wired. Here is what you can do.
Speak to Experienced Entrepreneurs
Experience is always important states Marieforleo. Why should you make the same mistakes that someone else has already made while setting up their business? Get in touch with established entrepreneurs, visit their webpages, read up on business websites, ask for help from the local chamber of commerce, or find a mentor. All of these options will provide valuable information on how to set up a business quickly and efficiently with the least expense.
Offer a Service
Service-based industries are the most popular online. For example, a website entrepreneur who can offer services like content writing, medical editing, industry-specific consulting, and online tutoring will draw plenty of customers. With good video conferencing software, you should be able to work from home and still make your business a success.
Make the Most of What You Already Have
Now, almost everyone has all the basic equipment for setting up a business. For example, you may already have a state-of-the-art computer with a fast internet connection. To save money, you can even set up your laptop at a local café or store that offers free Wi-Fi for its customers. Combine this with a webcam and an affordable videoconferencing solution from a company like Bluejeans, a website or a blog hosted on a free platform, and you are good to go. Most of these tools are already available and you do not have to spend extra on them. In case you need better services, you can easily upgrade your website, the video conferencing software, etc. according to demands.
Develop Bartering Services with Other Entrepreneurs
Setting up a barter system for essential services can be quite useful. For example, once your business is up and running, you will require supportive services like accounting and payroll. A fulltime employee can be quite expensive but you can barter for the service and save money. If you are a website design company, you can set up a website for a CA and then ask them to do your accounting and taxes in exchange. This works out well for everyone and it can be very useful for new business owners.
Replace Fixed Costs with Variable Costs
Even with the best cost-saving measures, you may have to spend on a few essential features. You may need to hire meeting rooms, find staff, etc. for essential jobs. In this case, it pays to find temporary facilities. You can hire a meeting room by the hour, or find freelancers to work by-the-hour, etc. to save on costs.
Market Yourself Online
Selling yourself and your business online is vital to success states Nolo. With the advent of Youtube, Twitter and Facebook, you no longer have to worry about visibility and advertising. These three websites are the touchstone of advertising through social contacts. All you have to do is leverage your existing tools to create videos, articles, eBooks, freebies, coupons, etc. and promote them through social media to as many people as possible. It is simple, free, and fast. Another good idea is to pre-advertise your products before actually launching your online business. Blogs are also a great way to increase product awareness. However, you will have to update the website regularly with relevant fresh content otherwise you’ll lose readers. You can also use press releases to increase product awareness and to advertise your website. With pre-advertising through social media, blogs, and press releases, you should have customers lining up to buy your services before you actually open.
These are just a few of the tips you can use to set up your business with minimal investment says Brandbuildsell. In the end, starting a business with no money will actually force you to streamline your processes, cut down on costs, and truly put in an effort to become a success. In case you decide to expand, you can always get in touch with investors to promote yourself and get funding once you’re successful. Investors are more than happy to fund profitable upcoming companies. If you can show that you were a success with no funding, imagine how quickly investors will come on board and just how much you can expand with a little outside investment.