The dream of becoming an entrepreneur and making it big has been giving you sleepless nights. You have the right idea and even the passion to make your dream come true. But, you just not able to find the funds to jump start your venture. What do you do? Give up on your dream? Stall it till you find the proper funds? Nope!
Do you know that you can actually start your business without any funding at all? Yes, you heard it right! You can start your venture with zero funds.
Take a look at some of these pointers that can help you out.
Ascertaining the Needs
Before you start out, what you need to know is the things for which you would need money. You would need funds for getting licenses and permits, for hiring an office space, operational costs, buying office equipments, paying salary to your employees etc. Make a list of all the things that you need to start a full – fledged business.
Cutting down the Needs
Once you have a list of all the requirements, understand what you can make do until the venture sets off at a consistent pace. There might be a few things which you just can’t overlook; like gaining a license, getting legal help etc.
However, you can definitely manage all by yourself for a few initial months and save the money that you might otherwise have to pay to an employee. You can also work from home till you can afford to rent an exclusive office for your venture. With home based ventures having to pay lower amount for licenses and permits, this definitely seems to be a better option.
Getting a Head Start
Instead of going for a full blown launch of your venture, it would be a good idea to take those baby steps. Go ahead and launch one product or service and put in efforts to market that properly. Wait and watch as to how this works. This way, you won’t face a heavy loss in case your idea does not work. Once your initial phase starts earning revenues, you can slowly launch the other products and services.
Getting some Funds
You can always try your hand at getting some funds from different sources. Don’t forget to ask your close family members and friends. You never know who might come up with the much needed bucks. You can also try to avail a loan from a bank. There are also a number of websites which allow the ‘would be’ entrepreneurs to present their ideas to prospective investors. If you make a good pitch, you can find a guiding angel who would be happy to invest in your business. You can even get some wealthy people in your locality or your city to fund your venture by luring them into a partnership.
So, there you go. Starting a business without funds is not an impossible feat. All you need is a forethought and a good plan. Also, you need to channelize your money properly to avoid unnecessary wastage of the precious funds that you already have.
A mother of two, my dream of building a career came true when I identified my gift for writing. A writer by profession and a bookworm by choice, I love reading, watching movies and listening to old hindi music when I am not working.