A reader asks:
I’d like to start a business but I’ve no spare cash after paying my debts. How can I start a business with no money/for free?
If you have no money and are in debt then perhaps starting a business is not the right thing for you. It might be quicker (and easier) to get a second (or even third) job to earn some money to either pay off your debts or to put towards funding your start-up business.
That said it is possible to start some businesses with very little investment. Here’s some tips for starting out on a shoestring budget:
- Work from home - if you can, it’ll avoid the cost of premises.
- If you really need premises see if you can find a complimentary business and share with them.
- Make do with "good enough" - do you really need a new PC, new desk or new chairs? Could you get by with second hand ones - look for businesses moving premises near you, they might have spares they’ll be selling off cheap. When it comes to software for your PC consider some of the excellent FREE open source software instead of Microsoft Windows and Office
- Make the most of free advertising opportunities - The Yellow Pages offers a free basic listing. There are also a number free online directories/sites that you can advertise on.
- Get mentioned in your local/trade press - getting mentioned in the press is easy if you think about what they (journalists/editors) are looking for and supply it. Hint: Interesting, topical stories.
- Enlist the help of your friends, family and anyone who owes you a favour.
- Make sure your advertising is effective and negotiate for a good rate.
- It’s not what you know, it’s who you know - network with your target audience whenever and wherever possible. Note networking is NOT selling.
- Keep score - keep a record of your budgets and targets, try to exceed them every month. Setting goals and targets to beat is a great way of motivating yourself.
Asking John:
Do you have a business question you would like me to answer? If so you can Ask John, inquire about using me as your Business Consultant or or you can ask on the forums where you’ll get both my input and that of your fellow entrepreneurs.
This blog is about business opportunities and ideas that I spot, think of or hear about and think are useful and interesting. It is intended to provide ideas and inspriation for you to help you find the right business idea for you to then grow it into a successful business.
Got A Question?
If you have a question that is not directly related to this post please consider asking it on the forums instead.