How To Start A Small Business With No Money Or Experience

Published Jul 02, 21
4 min read

How To Start A Small Business With No Money Or Experience

You will not have any paper to note down the idea. Some people carry small notepads to write things down, but I suggest noting spontaneous ideas on the phone. You can transfer them to paper later. I find it tedious to carry pen and paper with me everywhere. But if you can do it, go for it.

Out of all the ideas you have, narrow down to 5. Out of these, you cannot have more than two ideas that require an investment you cannot afford. The rest must be ideas which can you can start with little to no investment. You cannot pursue multiple ideas at the same time.

After you have filtered down to 5 ideas, cut down to 3. This time, you can have a maximum of 1 idea which requires a substantial investment. Having all three ideas with low investment works too. If you had an idea that requires a substantial investment, keep it aside. We will talk about finding ways to raise money for the idea in the next section.

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It is your business, so use your best judgment. You can pick the cheapest business to start, the one which requires the least effort, the one with the highest long term potential or any other criteria under the sun. So there you are. By now, you should have one strong idea which you believe you can start your business on.

You never know when your brain can flash an idea of brilliance. Keep trying. If you have one business idea which requires higher investment and one with low capital, finish the rest of the article. You can take a call at the end. Decide if raising investment is a route you want to take.

Unfortunately, you cannot manage the initial capital on your own, no matter how hard you try. What do you do? You can still arrange money in different ways. 1. Crowdfunding: Today, you can raise money from random people off the internet. We call it crowdfunding. Crowdfunding is a model where you raise money online for your idea by people all around the world.

25 Businesses You Can Start For Less Than $100

Interested people donate small chunks to help you start. Crowdfunding does not always take place over donations alone. Some crowdfunding models involve equity too. Take a look at Kickstarter. You will find many entrepreneurs pitching their idea and seeking funding. Kickstarter is a donation only crowdfunding. The donors donate money without any equity in the company.

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They will provide many answers to your question of how to start your business with no money using the funding route. 2. Seed Fund: Seed funding is the investment during the early days of the venture in exchange for equity. Many individuals with the big bucks are on a lookout for businesses at any idea stage to invest.

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The risk involved is the chance of failure and losing their money. For example, if you have an idea of skates that kids can use without any balance practice, a seed fund will help you build the necessary product. A seed fund helps you get the business from an idea to a product stage and make some initial sales.

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Venture funding involves a large sum of money after a business has shown potential. When you begin, the chances of venture capital are unlikely. 3. Raising money from known people: This method is no different than a seed fund except that you gather the cash from known people instead of an investor.

Do not hype up the potential of the idea and create false dreams. A word of caution before raising money from your friends and family. When your business changes for the good or the worse, your relationships can change too. In many cases, it costs people relationships itself. Here is one article which covers the pros and cons of raising money from friends and family.

Amazon is one of them. Advantages and disadvantages of each approach Now that you have learned how to start a business with no money and how to raise investment, you must know about the pros and cons of each. Advantages of starting a business on your own 1. You maintain complete control over the decisions This is the biggest advantage of starting the venture on your own.

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How To Start A Business With No Money - Business Know-how25 Businesses You Can Start For Less Than $100

Once you bring in investors to the party, they have their interests too. They have contributed their money. Even if you make it clear upfront that your call the shots, it isn’t easy to put it in practice with known people. 2. You can set or change the direction If you believe you need to pivot and move in a different direction, you can do so.



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