In one of our previous articles, we promised you that we will bring you some workable tips on how to start a business if you have no capital at all.
So here we are, with some amazing ideas how to start your own business, even if you are standing with empty pockets!
Build Your Business Idea Around Your Personal Skills
Instead of venturing off into uncharted territory, make sure that you build your business around your skills and knowledge. The less you have to rely on outside sources the better. When your business is built around your own personal expertise you can eliminate consultants and outside assistance cost completely. Also, having that knowledge is sometimes all that is needed to successfully take the plunge into entrepreneurship.
Offer A Barter To Get What You Need
There are ways to get supplies you need for starting your business without money. For instance, if you find yourself in need of a used laptop for your writing business, try to barter for it. Write promotional content for a used electronics supplier in lieu of his old computer or offer babysitting services to your neighbour for their old laptop. You will have to be proactive to find out what is out there, which you can use for your business, without paying any money for it.
Advertise Your Business In Your Immediate Circle
Inform your family, friends, social contacts and past colleagues about your new business. Call, send emails and make your new venture known on your social-media profiles. Your friends and family members can help you spread the word, and past business contacts can introduce your brand to their professional contacts as well. This type of grassroots marketing can help introduce your company to a much larger audience.
Take Advantage of Free Advertising And Marketing
There are several ways to generate a buzz for your business without breaking the bank. Social media is a great way to gain exposure and interact with potential customers. Make a business page on platforms like Facebook and LinkedIn, and start adding information to it. You can also reach out to local media and offer your expertise in barter for publishing your business ads. Make as many local media contacts as you can and be extremely responsive to their requests. This can lead to them to branding you as the local authority, generating plenty of free press for your business.
Be The One Man Team In Initial Stages
Hard work is an absolute necessity, but when you are starting a business with little to no capital, then you must be prepared to dedicate everything you have into making the business a success. This might mean cold calling, handling customer support, dealing with billing and accounting, marketing and promotions and every other working part of your business. You will wear many hats and it will require the majority of your time and energy if you are to make it.
Utilize Low-cost Services
As mentioned previously, you can use free websites to advertise your products and services on, but you can also use these platforms to build up your own branding. For instance, many designers on such platforms offer logo designs and branding at low cost (that come with free revisions). Sort by reviews and look at past examples to find a designer or service provider that matches your style. You can again, barter your skills, have the work done and pay in kind instead of cash.
Invest The Initial Revenues Back In Development
When little business starts rolling in and you start to generate some revenues, be it the smallest, invest it back in the business development. For instance, purchasing some equipment or advertising on bigger and paid platforms where the results are sure shot.
Make A Good Rapport With Your Customers
To sustain a business without money, one of the imperative ingredients is a a sound rapport with the clients that come in to avail your services or buy your products. Make sure you offer the best that you have and keep up to your delivery promises. Your customer’s experience with you will become your instant advertisement, and word of mouth will help spread your business faster than you think.
Starting a business requires ingenuity and a passion for what you are doing. Once you find yourself doing something you enjoy, you will be more likely to find ways to make it all come together.
Don’t let limited capital prevent you from taking a great idea to the skies.