How to Start a Business Without Capital

There’s a traditional notion that goes something like this “you need money to make more money” while that’s true it doesn’t mean that you fold your hands and wait for the day you get a loan, an investor’s money or your accumulated savings before you start a business.

For a lot of young people in this economy they just want to start something. Anything.

And even if you don’t fit in that category, its always daunting to look at your resources and feel how inadequate they are in turning your dream business into a reality. 

So how do you start a business with little or no capital?

These three tips should be help.

1. Look within you.

They say charity begins at home. So before u start looking for ideas around you. Ask yourself what are my good at? What marketable skill do i have? This could be anything from cleaning to graphic design to public speaking. Once you have decided on one, then the next question is  “how do I monetize that skill?”

There’s always something that we overlook when looking for these ideas. We often look so much at how much money we can get from putting them to use. It’s very easy to forget believing in whatever it is we choose is just as important. So as you search make sure you really believe that the skill you have can really take off.

2. What do you have?

This is a crucial step in starting a business. If your skills are in consultancy, then surely you will need a computer to get your work done. When looked at this way one can start without having to buy a new computer and other equipment. Chances are that you have an old laptop lying around somewhere or know someone who does. 

Another resource that is often over looked is who do you know? Yes! Networks and connections are also important. These will be the first people you reach out to find business. But depending solely on your networks can be risky especially if you’re looking for genuine feedback for your product. Look at your target market instead. Free service websites out there like Canva for your graphic design needs can help too! Also, social media can be a good resource when leveraged well. 

3. Know your industry!

Services like delivery, cleaning, repair and maintenance, consultancy, graphic design and many others are cheaper to start with because of the reduced cost. This is because the service industry doesn’t require one to buy inputs to sale as a product.

Finally, it’s important to know that your business will require cash sooner or later. So its important to plan for the future. You can always find cost effective ways to build your business. You can start by working from home and then as money trickles in, you can find a location that you can rent once the business is on its feet.