Is it really possible to learn how to start a business with no money? The answer is a resounding yes! As a Start Up Business Consultant, I cannot recount the number of times that I’ve been asked this very same question. The good news is that starting a business with no money is not only possible — but extremely smart.
I mean, why would anyone want to incur major debt from a mountain of small business start up loans if they didn’t need to — or rack up high interest credit card debt as a means of cash flow management. There is a better way – and it’s called bootstrapping.
Let’s take a look at three ways in which you can learn how to start a new business without big bank loans.
Expert Tip #1:
Start a Business from Home
When searching for the best small business to start on a shoestring, a home based business wins hands down. By choosing this option you are eliminating roughly 32% of a traditional businesses’ overhead costs. With a home based business, some of these costs may be greatly reduced or eliminated all together.
Consider the savings:
- No office lease payments
- No setting up services with utility companies (and no cash outlay for deposits)
- No fuels costs for commuting to work
- Decreased car insurance rates
- Reduction in child care expenses
According to a recent study, American companies could add more than $260 Billion to their bottom line profits, if their employees worked from home. There is simply no question that working from home is the smartest option for starting a business with limited resources.
Now that we’ve discussed where to start a business with no money, let’s examine the best small business to start on a shoestring.
Expert Tip #2:
Find Business Ideas Which Require Little or No Money to Start
Choosing the right business opportunity is the key ingredient to learning how to start a business with no money.
After all, not all businesses can be started without money. For example, is is near impossible to start a retail store with no money. Unless you have stockpiled a sizable lump sum, it is very likely that you would need small business start up loans to be successful with a retail business.
It is, however, possible to start a janitorial business with no money. Finding the best business to start without money will require some internet market research. Do your homework and be on the lookout for “too-good-to-be-true” claims of instant wealth.
Expert Tip #3:
Find Free Sources of Business Start Up Funding
The third and final factor for shoestring start up success is saving money on initial business start up expenses and daily operating costs. Reducing these costs at the business planning stage is essential for the long term profitability and success of any small business. Many budding entrepreneurs don’t realize that there are many creative strategies for starting a business without a heavy debt load from small business start up loans, or borrowing from family and friends.
Make your dreams of small business ownership a reality. You can learn how to start a business with no money by greatly reducing business start up costs and operating expenses. Eliminate or reduce these start up business costs and you’ll discover the secret to starting up on a shoestring.