How to start a company with no capital
- Start with where you are, but don’t start with zero
First and foremost, self-assess your current skill, knowledge and resources, once you know where you are, start your entrepreneurial journey from there.And remember to keep some backup money (for few months)for your personal and family necessities, its going to be a bumpy ride, and you must be in a never quit mode to start it. Then take a leap.
- Start service business (Consultant, language trainer, writer, coding…)
One of the best ways to start your entrepreneurial career is to choose a niche or skill that can be monetized then focus on mastering it. Once you havethat skill, go for a service-based business where you can give this service to a chosen target audience and be paid for it.
- Find a passionate partner- who believes in your idea
It is really a good idea to find a business partner or co-founder, someone who believes in your idea and someone who can bring in more resources (like cash) or skills (different skills than yours). Remember, the bigger the dream the more important the team.
- Use free resources
You can setup your business store online, the good thing is there are a lot many websites like WordPress, who would let you use their platform for free or may charge a very minimal amount for their resources.
- Explore and expand your network
If you wish to grow your business with less cash, then you would have to focus on building and expanding your network with quality people, communities and institutions, because your network is going to define your net worth.
- Study people who are already doing it, and go for affiliation
Next step should be to study successful people and start-ups who are already doing what you wish to do, study their work ethics, culture, strategies. Trust me this will give you a lot of ideas to keep marching forward. And also try if you can find or create a way to associate with them.
- Sell first – build later
Don’t make the beginners mistake, there is a right time to focus on growing your business and that is not at the starting of your business, your first and biggest focus should be to sell and find all the possible ways to sell. Just Sell.
- Crowdfund, Government support, Bank or angel investment
As soon as you start to make your way further, start to look for more cash to further grow your business, these are some of the ways you can generate cash if you are consistent with your result.
- Focus on personal branding
Build your social media, that’s one of the biggest sources of traction to your platform, and a way to build your personal brand and business credibility.
- You don’t have money but you have time
Don’t worry, you many not have a lot of cash initially, but you have time. Spend your time wisely, spend it on learning, networking, reading books, attending seminars/webinars, with your mentor, with successful people, on building success habits, on doing exercise, and all that which can help you turn your time in money.