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5 Ways to Start Your Business With No Money!

22683730.jpg If you count yourself as one of the masses that is sick and tired of the daily grind of your mindless job, then getting out and starting your own business is a real possibility. It may seem like a daunting task; but you can get into business on your own with as little as $5,000.

Erase the notion that you need hundreds of thousands or millions of dollars to make it on your own. If you can get your boss (read: spouse) on board then you’re on your way to a liberating experience. Here are some tips for you to get started on opening your own business:

1. You’ll need more than an idea.
Once you’ve created your business model you’ll have to develop the skills necessary to make it in this nitty-gritty world of the unknown. Pure smarts aren’t enough to be successful. You need to rely on determination, guts, tough skin and confidence. You are sure to encounter many roadblocks along the way and you have to be ready to face these head on.

2. Scrape together your dough.
You have to assess how long you can get by with little or no income. Aside from turning into a frugal being, you have to be completely honest with yourself when it comes to your personal finances. Make sure you credit is in good order as this will help you when it comes to applying for bank loans.

3. Cut corners.
As much as you’d want to have a luxurious office you have to be reasonable. Work out of your home and set up an office that has all the amenities minus the rental costs. If you need space for conferences or meetings then ask around friends and see if you can share their space for cheap. Remember you will have to have some face-to-face meetings, so plan accordingly.

4. Make do with what you’ve got.
A new computer system could cost upwards of $2,000 so maybe what you’ve already got could be sufficient. If you need a new system then lease instead of buy.

5. Think outside the box.
There are many ways to be frugal without looking cheap. Search bargain outlets for office materials, scour the internet for deals and just keep your eyes and ears open for opportunities as they come knocking because the best deals aren’t advertised but are found out through word of mouth!

Comments (29)
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29 Existing Comments

  1. Vlad said:
    on June 6th at 04:11 pm

    Thanks for contacting me yesterday. I must admit – I almost had the same idea for my blog, but it turned into somewhat of alternative view of cutting corners. In brief this post talks about how cutting corners on PC hardware may eventually cost you more in the long run. Here’s the link (if you allow) to that post: http://www.istudioweb.com/cheap-hardware-thats-expensive-2008-06-06/

  2. Pete said:
    on June 6th at 11:45 pm

    To #4: leasing seems to be one of the real “tricks” of owning a business. Get the stuff you need to make your business work and grow without all the upfront costs. I’m just getting started with the legwork with the biz plan for my first company, and anything I can do to save a buck in the start-up will help.

    Though I will say, it is tough to both try your best to cut corners and save money, while also trying not to be “penny-wise and pound-foolish.”

  3. adri said:
    on July 11th at 02:41 am

    I think it’s difficult to start business without money, I have tried to make business on internet I have spend more than I got

  4. kbl said:
    on August 3rd at 11:27 pm

    I don’t think it’s easy to start a business without money. I’ve tried with a couple of hundred of dollars to start with a home business, it’ quite OK because I still earn though I’ve to pay for the advertisement and other expense every month; but because you’re trying to save as much cost as possible, you can’t get assistant or a better machine, so it’s very tedious. You can’t earn big bucks unless you really invest in something solid, like getting an office space ,equipment and helpers, which are very costly, and there’s no guarantee that you’ll definitely succeed and earn back what you put in. I think ultimately, you need to have a very good plan, products, as well as knowledge, contacts and financial support, at the beginning stage, to start off and to keep going well in order to succeed.

  5. smebus said:
    on September 5th at 11:53 am

    A little misleading for anyone expecting to start a business with No money,as it starts saying you can do it with $5000. But none the less good logical but often overlooked advice. I think if you can get the first one right you have evry chance of success.

  6. Janie said:
    on September 12th at 11:54 am

    Good article. I always recommend tapping into your social network, especially family and friends, to get money and resources to start a business.

    40billion.com helps entrepreneurs raise money for startups through friends and family rather than through traditional financial institutions. It is the first friends-and-family funding network for small-business entrepreneurs. Using the Internet-based service, entrepreneurs connect with their social networks – friends, family, friends of family, colleagues, and others – to raise capital, and entrepreneurs can share their fundraising pages on MySpace and Facebook too. 40billion.com’s scalable platform facilitates the funding requests and transactions to make it easier for an entrepreneur to manage many investors, who can provide $50 to $10,000 each.

    For more information, visit http://www.40billion.com .

  7. maurice said:
    on October 15th at 05:25 am

    i am Nigerian i don’t have fund to start up a business neither do i have a business idea which i can start up

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  9. Ken Kaufman said:
    on December 13th at 12:10 am

    This is how most businesses get started. We call it boot-strapping, and it is sometimes the healthiest way to get started!

  10. Robert C Carr said:
    on October 15th at 05:33 am

    I would like to start an East Texas Baseball Academy for boys 8 – 18 years of age. Need help financing. I do have a business plan which includes some projections. The community of East Texas needs a business like this because many of our boys are interested but lack trained abilities to compete for their high school and city league programs. I can help by teaching the fundamentals of hitting & pitching.

  11. Dan said:
    on June 6th at 08:43 pm

    Your site is a great resource. When it comes to financing these days, people do need to get more creative. There are tougher times, and banks need to see a lot of security in order to approve a loan.

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