While decades ago it might not have been impossible to start a business with limited finances, modern technology can now help many start-ups launch a brand on a small budget.
If you don’t have much cash in the bank or an investor backing your brand, but believe you have a great idea that could become a profitable business, read the following advice on how to start a new venture with no money.
Lower Your Overheads
You don’t need to rent a large office space to make it as an entrepreneur.
To help your brand grow from strength to strength, you must find ways to keep your costs as low as possible, so you will have more money to invest back into your business.
For example, you could:
- Work from home, at a local café or at a library with free Wi-Fi
- Outsource projects to freelancers over hiring permanent staff
- Lower stationery costs (Use cheap printer paper, source Cartridge People own brand cartridges, for instance)
- Use cloud-based software
Ask Customers to Pay Upfront
Late payments can lead to business failure. If you want to ensure your costs are covered, ensure your customers always pay upfront – or at least pay half upfront and half later.
It will ensure you never run out of money, which could otherwise signal the end of your budding venture before it has even begun.
Source Equipment for Free
Do you not have much money to spare for a desk, computer chair, printer or maybe even a laptop? Consider turning to the many community websites that allow you to secure equipment for free, such as Freecycle.
Also, regularly review the freebie sections on various UK listing sites, such as Gumtree and Craigslist.
If you have spotted a gap in the market and believe you could be the right person to fill it, you could always promote your idea on a crowdfunding platform, such as Kickstarter.
It doesn’t matter if you want to launch a new software solution or retail store, there might be many people out there who are willing to invest small amounts of money into your idea, which could help to get your unique business off the ground.
Don’t Quit Your Day Job
While you might want to give up your 9 to 5 to focus on your new venture, it will be almost impossible to start a business with limited cash in the bank.