Starting Your Own Business Without Money

You would like to start your own business without money, how do you do that? This is an issue that concerns many people. Of course it sounds attractive, having your own company, but there is of course a lot involved. Especially when you want to start your own business without money. Still, this is possible, at least for minimal cost. Below are some tips for starting a business without money.

Start your own business next to your job

You run the least risk with your own business to start this next to your current job. Try to spend as much time as possible on your new business in your evenings and weekends. The condition is that you can do the work for your new company in the evenings. For example, this would not be possible for a lawyer who has to attend court cases. When it is possible to carry out your work in the evenings, this is ideal for building your business. Especially in the online marketing industry there are many possibilities here. In your spare time you can easily set up your own website or webshop. Once you notice that things are starting to take off and income is already generated, you can gradually work less for your employer and thus get more time for your own business.

Work with investors

You have a great idea, but you really need (a lot of) money for it? Then work with investors. They can give your company a hefty financial injection so that you can storm the market right away. Some of the benefits of working with investors:

You have a sparring partner you can ask for advice. An investor often also has a lot of business knowledge that you can use.

You can grow

You will be on the radar of potential buyers should you plan to sell your business in the future

There are, of course, also disadvantages to working with investors.

The biggest disadvantage is that you are no longer completely your own boss. The investor gets a share in your company.

You become less aware of money. When you run your business with your own money, you are probably more careful with spending your money. It is easier to spend with someone else’s money, which entails the risk that the costs will add up too quickly.

If you want to grow quickly, working with investors is a good option. However, if you really want to keep your company to yourself, it is less attractive.

Grants

The government sometimes makes government regulations for targeted goals such as starting, innovation and international business. These regulations consist of tax schemes and subsidies. There are various regulations that are possible from the government. Think about:

Grants for activities with, for example, an innovation, environmental, energy or sustainability aspect.

Credits

  • Guarantees / sureties
  • Tax incentive schemes
  • Financial contributions
  • Competitions and prizes

– Make a business plan

When you start your own company without money, a business plan is extremely important. A business plan offers you guidance. Good preparation offers you a better chance of success. A business plan gives you insight into the market, your own strengths / weaknesses and your position in relation to the competition.

– No work material

Choose an industry where you do not have to purchase an excessive amount of work material. For example, if you want to start your own company in construction, you need all kinds of tools for this and also a bus to take your tools with you. Therefore, try to choose an industry where you do not need much work material. Logically, the internet industry is best suited for this. Basically all you need is a laptop with internet and you should be able to get started.

– Work from home

When your work is possible, try to work from home. This saves you a lot of monthly costs that you would have when renting or buying a property. Once your business is running well, you can always consider renting or buying something. A nice interim solution would be to start in a multi-company building. You can often rent an office space here for a relatively low amount (from 250 dollars p / m). This also has the great advantage that you will automatically build a network because you share the building with fellow entrepreneurs.

About Stella Cunningham