You may ask yourself: “Is it conceivable to begin a business with no money?”Let me start with this. Beginning a business with no cash is conceivable. You have a thought for a business; you don’t have any cash to begin it. Start your organization today for $0 with Incfile.com. The absence of capital is a typical reason for neglecting to begin a business. If you have the drive to begin a business, combined with a good thought and an extraordinary drive to succeed, you can begin a business with no cash.
Starting a new business is, without a doubt, the most difficult part of the undertaking. Having the courage to bet on your own company requires, in the first place, a lot of determination. One of the main reasons for insecurity when opening a business is to do it without money or with little investment.
According to a National Small Business Association study, 31% of small businesses did not obtain access to adequate capital in December 2014. The same study revealed that 76% of small businesses have debts.
Similarly, the New York Fed research, also published in 2014, showed that only 39% of the small businesses seeking loans were accepted.
The scarcity of resources, however, can be a good reason for creativity. When we need to find differential alternatives, we demand more of ourselves and look for formulas that, perhaps, would not be imagined if the investment were higher.
How to start a business without money
According to a study by the Brazilian Service of Support for Micro and Small Enterprises (BSSMS) published in 2014, 39% of entrepreneurs opened their business without knowing how much money they needed for working capital. Also, the study showed that 82% of the companies that closed in less than five years had planned of, maximum, six months.
Investing all the economic resources or getting into debt and not getting success is the greatest fear when opening the doors of a company of your own. However, good planning can contribute to business success, even if there is not enough money. Learn our tips:
Have an Action Plan
The Action Plan will make it possible to see all the alternatives necessary to achieve the desired objective. When we decide to open a business without money, the organization is even more important. Define, with care, what the most needed investment is and what can be worked with differentiated alternatives.
Sell your idea
If you need an investment to start your business, sell your idea, available investors. When establishing a company, it makes clear from the beginning what the participation of the partners will look like, both in the benefit and in the routine within the company.
Use the Internet
With online access, you can reach many places without major investments. Create a page on Facebook or a blog to present your business to the virtual world. It will be an optimal way of relating to your consumer, as well as facilitating market research.
Create strategic partnerships if you do not have enough money to offer a salary to an employee. It would help if you also sell your idea to possible commissioners, encouraging them to bet and grow together with the company.
Another way to obtain credit or services is to offer the possibility of a swap. That is, offer your service or product in payment of another. Despite not generating a liquid profit, it is a possibility to start a business without money.
Prepare for a total commitment
When the individual decides to leave behind the life of an employee and is committed to his idea, it is essential to keep in mind that everything will depend on him. It is necessary to focus totally so that the business arises in the best way, especially those who undertake without money or with little.
The entrepreneur must know that he will have to occupy several positions within the company. Although it is a delicate period, it is clear that the possibility of a good idea being successful is great with determination.About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud-hosted desktop where their entire team and tax accountant may access the QuickBooks™️ file, critical financial documents, and back-office tools in an efficient and secure environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity.