Ah the infamous recurring question: I don’t have any money, how do I start a business? Contrary to popular belief, having a business isn’t necessarily a synonym of coming from a wealthy background. Continue reading to understand how you can start your business without money.
Establish a Business Plan
First things first we have to plan how to do this. What’s your plan? Prep the expected and unexpected outcomes? How do you foresee this developing?
The secret to establishing a good business, just like everything in life is to research and plan appropriately.
Putting together a consistent and coherent plan that can act as the foundation should be the start on how to act about it.
If putting together a business plan sounds like something that would straighten up give you a headache and not know where to start there are some groups and associations in the UK that might help you coordinate that burden and organise efforts.
As a general tip; do keep it simple and keep a realistic budget associated with it. Often the best business plans/models are the ones that simplify or simply make sense. Do write down what do you need and a realist timeline and see it come to fruition.
Test The Market
Before starting your own business it’s necessary that you test the market to ensure there’s a market opening for your core serving.
There’s a couple of ways to do so. But the easiest and most efficient way to this is by resourcing to your social capital; asking your family and friends.
If you have an idea for a product, give them a prototype and watch them carefully. I’m sure they have thoughts and suggestions (and won’t be shy about them!). Listen to their concerns and register them because those could be your audience’s concerns as well.
Once you have some ideas about how the market will react to your business idea, and you’ve prepared accordingly, it’s time to move to the action part: it’s time to set up your business.
If you’re based in the UK, there are some ways that you can obtain funding without having to personally bank your dream.
Funding options for starting your business including investment, grants, loans and more.
There are great associations that can help you build the assets that you need as well. You’re just a Google search away from your new career.
There’s funding platforms that allow people to invest in donations to a product that might believe such as Kickstarter. With that being said, do keep in mind that these campaigns do require a big marketing investment beforehand as well as a reward that incentivises users to purchase.
Once you have a business plan and you understand the different teams you need for your business, it’s time to take care of the less fun but necessary aspects that go into building a business such as registering your business.
To do that, you must go to companies house and sign up for your address and your business there.
Monetarily wise, do consider that for any business to be stable, it has to be able to build up to six months of savings for expenses.
If you’re thinking about quitting your job to start working on your business, do consider this before-hand and try and gather savings for more than 6 months.
Just Do It
Don’t fall into the mistake of overly prepared. Often the best way to start a business is to just start and figure out the rest as you go!
Entrepreneurship comes with its challenges but that does not mean it’s not worth it.
Now go out there and make your dreams a reality!
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