The process of starting a business is usually associated with that of accumulating large sums for start-up capital and marketing campaigns. Businesses have now moved away from that sort of thinking and have found easier and more innovative ways to get their companies up and running without having to find an outrageous sum of money. This calls for a total change in the mindset of the budding entrepreneur and a level of commitment to the process.
Starting a Business with Zero Capital
This will be a challenging task with many hurdles to jump, but once you are dedicated to the process you will make it. Here are a few tips.
1. Seek a Partner
Partnerships offer a great means of starting a business. Once you find someone who shares your passion and enthusiasm to become your own boss, then you have covered the first base. If you are really serious about finding someone who shares your vision and is willing to put his/her shoulder to the wheel and help build the business, you must be prepared to treat them like a partner and not a hired hand. If you pay someone for an hour, they will give you your money’s worth, but a partner takes the job more seriously.
2. Start Your Business from Home – Eliminate Expenses
You do not want to start your business with expenses hanging over your head, so eliminate those expenses. Start your business from home to avoid the cost of rent. If you’ve found someone to work with as a partner, then you should both start off doing all the work instead of hiring workers. Work it that way until you reach some point of profitability or some transitional point in the business (expansion) that would require added hands.
3. Get a Business Website Going
Depending on the nature of the business, you could start off with a business website. If the business idea does not require a brick and mortar building, then your first option should be a business website. If you do have a brick and mortar, then you can still have a website up and running in a short time. A good domain name is essential to your online presence, so you would want to spend some quality time selecting one. You can still get a good domain name without spending hefty sums. A free site from WordPress or Tumblr will also be a good starting point. You can start advertising your business through blogs or use the social media platforms, and they are all free.
4. Free Legal Advice and Incorporating Your Company
There are lawyers who offer free services, so you can get legal advice and documents that you can modify to suit your business needs. Incorporating your company may have to wait until you start earning, but until then you can register your company as a LLC, which may be the best business structure for now. You can also go through with the IRS procedure as well.
Jack Harding is a business consultant. He enjoys consulting upstarts and blogging about his insights on various business blogs. Visit Wish.co.uk to see how this upstart utilizes fun marketing to maximize its customer reach.