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December 27, 2019

Here's How to Start a Business When You Have No Money

Starting a business with no money might seem like an impossible feat, but with the right amount of savvy, you can make it happen. In fact, the internet and modern technology has made it easier than ever for anybody to turn their business idea into a reality without the need to apply for hundreds of thousands of pounds in startup funding. Online shopping is booming, and strategies like dropshipping mean that it’s now perfectly doable to start an online store without the need to buy and carry stock, for example. And, starting small and scaling your way up is always the best way to go when starting a new business. So, if you’re strapped for cash but have a great business idea, there’s no need to wait around; you can start making it happen today - here’s how.

Test the Market

The first strategy to take is testing the market; you’ll want to make sure that your business idea is viable and will hold up in the real world. Before you spend any of the little money that you have available to make your business idea a reality, you will want to be sure that people are actually going to be willing to spend their money on what you are offering, whether it’s a product or a service. One of the best ways to do this is via social media - you can post polls in local groups, for example, to gauge the level of interest and determine whether or not going ahead with your business idea will be worth it.

Draft a Good Business Plan Early

You can get started with little to no money, but chances are, as your business grows and requires more investment, you’re probably going to start thinking about getting some kind of funding. The good news is that there are loads of options when it comes to funding your business - from traditional bank loans to angel investors and specialised small business lenders, who’re used to funnelling cash into smaller companies often deemed as high risk by others. Having a solid business plan laid out will be one less worry off your mind when it gets to the point you’re considering getting some business funding.

Figure Out Where You Could Save Money

One of the biggest mistakes that you could make if you’re trying to start a business on a shoestring budget is failing to shop around. By cutting out doing some extra research, you could end up paying way more than you actually need to for business essentials. For example, if you’re setting up your company in a physical office space or store, then use Utility Bidder to find the best business energy prices and be sure that you’re not paying any more than you have to. And when it comes to buying equipment, look for second-hand deals - office closures, auctions, and even charity shops that carry technology can be great places to find some bargains.

Utilise Free Technology

Don’t spend more than you have to for technology and software solutions to get started with your business - open source software is usually free or very cheap to use and you can find plenty of programs that you can use to get your business off the ground, whether you’re building a website, setting up a chatbot service or CRM, or understanding your social media ads.

Market Your Business for Free

Many new entrepreneurs think that marketing is going to be the biggest chunk out of their budget, but the truth is that this doesn’t always have to be the case. In fact, there are several ways in which you can market your business completely free of charge. Start with social media - make sure that you have strong, active profiles set up on networking sites like Facebook (News - Alert), Twitter and Instagram to put your brand in front of millions of users free of charge. Share posts into local groups and get your family and friends to share on their profiles so that you can maximise your reach as much as possible.

Work with Freelancers

Sometimes, you’re going to need a little help - but there’s no need to start hiring full-time employees. Today, the internet has made it easier than ever to collaborate with freelancers without ever needing to meet face-to-face, and cloud-based services like Google (News - Alert) Drive and Dropbox mean you can collaborate with them in real-time no matter where they are based. And, working with freelancers means that you can take your pick of the best talent while paying per-job and saving money.

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