03.01.2022 12:00

How to start a Business if you have $0 in the bank

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Getting a business up and running is a commendable feat that will take a lot of time in planning, structuring, and executing, but not necessarily a lot of money. The truth is that, unless you are going to open up a restaurant or a brick-and-mortar shop, you need virtually no money. Especially in this amazing digital era.

It will all depend on what you want to offer your clients but you have an invaluable asset to start: yourself. It is known that when you start a business, you need to start with what you already know, the expertise you already have, and also, something that you are passionate about.

With your know-how and your ideas, you can start small and build up from what you do. If you are considering making an initial investment that requires money that you don’t currently have, you can look up small business loans to help you get started. But, as in everything, before you go off trying to find financing, you’ll need to get your ducks in a row.

How to get started?

You’ll need to follow up on certain processes before you be marketing your product or service:

  1. Planning stage. Figure out what you are good for, what can you do better than anyone else, and what would make you happy.
  2. Create processes. If you want a company that will eventually run like clockwork, you need to build solid foundations and that means writing processes, figuring out a way to do things in a better and cheaper way.
  3. Surround yourself with the right people. Don’t expect to know everything about everything. Invite a partner that has experience in those things you lack and learn from each other.

Build your company

It doesn’t matter if you want to be a professional content creator or a pool cleaning service, the steps are mostly the same:

  1. Write a business plan. This will become a road map to achieve certain goals, it will help you understand your market, your place in your industry, the work you will do, and the money you’ll eventually need to grow.
  2. Let people know you exist. There are plenty of options out there so you can build your web page, this will be a basic requirement for your company to build on. Also, use social media and its advantages to explain what you do and the reasons why you are the best option out there.
  3. Have a digital offer. Build an, open your online store that can be stocked up on-demand, or even create a whole new way to offer a service that is traditionally executed offline.

Get the cash

Your initial investment can come from different sources.

You just have to look for the right one for your business:

  1. Use promotions and presales to get cash in advance that can help you manufacture your product. This can help you if you need money for the raw material that you will use to replicate that prototype you are promoting.
  2. Build your first client base. Friends and family can be a good way to start to sell your product or service. But you will also need to ask them for a small favor: to promote you among their family and friends. This way, you’ll spend no money promoting your good work and will achieve a solid client base.
  3. Apply for small business loans. It is not that hard anymore. If you don’t have experience in that department, you can steer away from traditional banking and start small, with the help of a fintech that focuses more on providing small business loans for new businesses.

Use the free tools at your disposal to start your company and start working and growing. Finding new niches can help you get a lot of clients and, this way, start your growing road, create jobs, and make it big. Can you imagine the success story of your company?

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