I probably heard many times that I want to start my own business but I don’t have money to start it.
What business exactly is? The simple example is: Suppose I created a product, you need the product,
here what will we exchange? I need the money and you need a product. Simple, we exchange it. Now, this is known as business. The buyer get product and Seller get money.
But the question is, How to start a Business with No Money?
First of all, you can’t build a successful company without money, it is an essential part of the business. Then Question arises on how to starts a business with no money.
Don’t worry I am here to help you out:
1) Think What you can Offer
We have no money, that’s right. Now, here come skills.
Your skills are the only thing that can help you to build a business without money.
There are many examples in the world that people start their business from nothing to everything.
Do you have to think that what you can offer for free?
Suppose you are a person who can analyze the market and can find what’s the trend of the market. But can’t have money to develop their own product.
Here you, Suppose analyze the market have your skillset. Now, you have to find a person that supports you with money. This person is known as an Investor.
2) Testing and Validation
Now, You have to test that is your product is right. This means that you have to re-verify that the product talks about will fulfill the customer’s needs. You are going to start a business with no money, So, be careful you don’t have to make any mistake.
One Servey, show that the first reason, 42% of startup fail because the product’s they create,
Have no market need for their products at all.
Read Article: Click Here
Make sure that you pick the right product according to the market need.
3) Make Your Product or Outcome Simpler
As of you, you are an expert in your field, you can understand the complexities of your product.
If we are talking about the people, most of them don’t have high knowledge as you. They use different tools to make their work simpler.
But if your product is to complex and if they don’t understand it, they find their alternative.
A few days ago, I need an application to help my work. I found that which I need. Although the application has a lot of tools and providing many functions.
But when is start reading reviews the first review was that “This application is to complex to understand! Uninstalled!”.
Here, I realize that people don’t care about your products that just need their work don’t. They don’t care how much work you have to do in creating the product. I advise you don’t make your products too complex for peoples.
4) Online Presence
Now, Oh! This step where people will find you. Now it is the era of technology. People don’t want to go out locally and find their products.
Almost all people in the world have mobile phones. They just open Google and type the product name according to their need. Mostly they will find details about the products (Online).
So, you need a website that can represent the products that you are offering. If you can afford it then, it is very veeeerrrry good.
If you can’t afford it then don’t worry. We have another option.
Now, there are different website which provides free domain and free hosting. You have to search it according to your need on Google. Don’t ashamed, It is better than nothing.
When visitors come to your site don’t forget to collect email form them. This is the main purpose of your website So that you can contact them later and guides you about your products.
5) Save Money
Hint: 29% of startup fails because of running out of money.
If you will follow all four of these steps then you are going well. Only this will start generating you some profit but from that profit, you have to save some money.
You have to save money only for business purposes so don’t spend your profit on other activities.
When you are successfully collect the amount that you have to need for your business that this will reduce the chances of cash flow because many of the startups are failed due to the cash flow.
6) Business Plan
There are a lot of things that come inside the business plan. Because the business plan is the road map of your startup where you will define all the steps that you will take in the future. If you are going to start a business with no money then this will be written in the business plan.
In Business Plan, the most and essential part of this is the Financial Plan. If you don’t have a financial plan then there are many chances that your startup will face the cash flow issue.
In Business Plan, many people now start their startup don’t write the quality and quantity of their products which again the most important part of a business plan, make sure you do this.
Read Article: Things Keep in Mind While Writing a Business Plan
7) Learn to Manage People
People Management is also a skill and anyone who is doing business or wants to do business has to learn people management.
Managing the people is an art, it may be difficult to master. But those how master it has less chance to failed in their business.
Because while sealing the products you have to face different types of peoples. Some of them will be nice, some of them will rude, some of them will jerk, but if you want to present your products to the market.
You have to be the master of managing all these peoples. Business is for those, who have patience because people are emotional.
If you feel them happy, they will start supporting you and play an important role to make you popular.
If you can’t then maybe they start fighting with you and all this happens in the business.
TIP: Think that business is a game and you have to master it.
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If you don’t them please let me know in comments.
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