I wanna open my own business – But I have no money! This is the state of many young entrepreneurs of today. Now, how to start a startup with no money – Well, I would be lying to you if I said that you do not need money for a business. Money is important – however, in the starting stage of your startup you can kick it off without money too.
Many startup aspirants drop working on the million dollar idea that they have got just because they think that they do not have enough money to run a business.
Does it sound like you?
Well, don’t worry! We all have been through that stage. Everyone starts with nothing but eventually builds up a successful business with their efforts.
One of the biggest mistakes that people do is that – when they do not have enough money to start something big – they turn to cheapest business to start with the resources that they have got.
This is wrong! Small business means small returns. Don’t be in a hurry just for the sake of starting a startup. Lay the foundation strong before going all-in.
With all that said…
Now, let’s get to the core – how to make a startup company. I have listed down point by point on what kind of startup that you can start with no money.
How to start a startup with no money
Start a startup around a service
You might want to start a product based startup, but starting off with a service will help you in many different ways.
Start talking to people in your network, let them know that you are good at certain service. Help them solve their problem – get paid. Then save that money for building your startup.
Always start small and then scale up. Why spend hundred of thousands on something that you are not sure will work? Start small, once it starts to work out – then invest in it to scale the business further.
Starting around a service also helps you know the actual problems of your potential customers, this will help you build a better product or service – which in turn will bring in more revenue in the future.
By offering service you will have to connect with your potential buyers, you will know their problems better and you will be able to get the money to kick off your product.
Once you accumulate the confidence to finally start your startup, then you will have the money, the product and the customers ready for you.
The best part? You don’t need to spend any money on renting an office space or hiring people and any of such sort that you will have to do when you have an established business.
Remember, You don’t have to spend money to make money!
Now you might be wondering what kind of service should I offer?
If you set out to start a startup it is assumed that you already have the idea. Find a service related to your product. For example, let us assume that you want to start a business that offers a product which is related to secure authentication of users. Then your customers will be companies which have user logins. Makes sense?
Now, start a service around information security services – such as bug finder, server security, information security consultant, etc. Start there and then scale up.
The idea is to solve a very small problem that will make the customer go – “Waw! That guy is amazing” and then he will recommend you to other as well. Then you will get more customers, more money. You can increase your price eventually as the demand increases.
Did I say anything about a point-by-point list about starting a startup with no money? Sorry! I lied! This is the only thing and also the best thing that you can do start a startup with no money.
If you do not have any network or client to work with to provide your service then check out sites like – Freelancer, Upwork, etc. These websites provide a marketplace for freelancers and employers to collaborate and work.
TIP: The best way to succeed in business is to be in business
You might have understood it by now but let me make it clear to you. You need to be the field of business in order to succeed in that business. Don’t quit something or do it on and off just for the sake of doing it.
Business is your bread and butter, focus on it. Give it your energy and time – work on it and then you will see the results.
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