Starting a business with no capital might seem like a far-fetched idea, but it is doable. You don’t always need capital to start a business; you can exploit other avenues that require no capital and focus on that by monetizing it to build your business.
Starting a business with no money might limit the growth of the business, but start small and build on it; once you have gained people’s loyalty, then seek angel investors, loans from banks, crowdfunding and other legitimate means of raising funds to boost your business.
Are you worried about how to start a business with no capital? We got you covered.
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Business requires a lot of public attention, and by this, I mean you need to advertise your business so people can know what you sell. To start with, Facebook ads, Instagram ads, and Google ads will attract a few bucks, so you might want to boycott ads and settle for a Facebook page where you can post on a schedule and advertise your business at no charge.
If you have a huge number of friends, then you need to ask for likes and shares so your post can reach a larger audience, and if you have few friends on Facebook, you might want to target influencer’s posts so you can clip your business posts in their comment section.
Also, well-designed flyers and logos speak volumes for your business; there are a lot of applications where you can design them yourself at no charge. Canva, PicArts, and Pixellab are excellent graphic design applications all business owners must-have.
Build Up Your Savings
After consistent days of posting on Facebook and other social media platforms, you will start getting noticed by your target audience, and you will start making sales. Note that this could take weeks or months, but if you remain consistent, your hard work and perseverance will pay off.
A true businessman will make a business plan to guide him through his entrepreneurship journey. Part of your goal is to save up your profit without irrelevant spending for six months, so make saving a culture during the first six to eight months.
Turn To Friends and Family For Funds
Many aspiring entrepreneurs got this all wrong; you can’t ask for funds from people around you if you have no tangible business you are running. You have to help yourself before being helped; start your business and keep growing. When people around know you’re growing, they will be willing to render help as well.
Gather a few that are willing to help and pitch your ideas to them; state the date you will return the loans and sign the necessary documents.
Apply For Business Loans
In some climes, your chances of applying for business loans might be limited if you don’t get to know about company formation. Registering your business as a limited company is referred to as a company formation which is also known as company registration in some climes.
There are company formation services that help with these procedures and beyond the procedures; they give you premium access to essential business tools and investment opportunities.
Company formation services help your business in numerous ways, and one of such is helping your business with banks or platforms that can offer you loans.
Woo Angel Investors
Just like the real angel, angel investors are unique, and they are the first set of people that will be willing to invest in your business outside of your friends and family circle. Angel investors go beyond pitching your business ideas to them; they can also serve as mentors since the majority are business owners.
Conclusion
When we hear of a start-up, we think about a huge amount of money to fund the business, but that is not the case for every business. You can start a business with no capital and build on your consistency before seeking help from friends and family.
Additionally, you can seek a loan through business formation or choose to woo angel investors for funding; they will also serve as mentors and advisors for your business to guide you right.
Conclusively, starting a business with no funds is doable, but it requires dedication and consistency.
