Strategies on starting a business without money

With the skyrocketing level of youth unemployment world over, self-employment is the in-thing. In most cases the few available job openings require three or five years experience as the minimum requirement, which fresh graduates don’t have. Entrepreneurship is the way forward for young people who find themselves in this situation.  

Many youth keep asking: “How can I start a business without money?”. Some entrepreneurs who have started with little or no capital can confirm that it is possible, and if anything, the entrepreneur isn’t under pressure as those who obtain loans to startup businesses.  

Below are some useful tips that can get you started with little capital outlay. 

Reduce start up costs. Instead of the normal “business start-up” process which includes registering your business, renting office space etc. These processes can be done later when you are already earning from your business. This is what is referred to as bootstrapping.  

  

Do things yourself. As a start up, be ready to do all the things yourself. This enables you to avoid costs you would otherwise have to incur paying others to do the tasks for you. Doing things yourself of course means you will take longer to accomplish the tasks, but the joy is that you will have cut down expenditure. Learn how to make your own financial statements in Microsoft Excel instead of hiring a CPA to do it for you.   

Start small. Starting small not only helps a cash-strapped entrepreneur to get started, but also familiarizes the entrepreneur  with what works and what doesn’t before investing full-scale in the business. 

Starting a service business. If you have some special skills, service business or consultancy is easy to start. Armed with your skills, you are good to go. A skilled writer, or a computer tutor does not need much capital to start. One just needs to market his services through websites, social media sites, and other forums.  

Chose a field you like. If you want to be successful in a business venture, chose a business that entails what you like doing. For instance, if you like adventures then the Tours and Travel business is the thing for you. If you like writing, then copy editing or writing for magazines is the thing for you. Choosing an a activity you like gives you the passion and the dedication to strive for excellence, which in this case is  synonymous with business growth.    

Always keep learning. Be prepared to always learn something new in your line of business every now and then. Read available books and magazines on business and entrepreneurship. Watch entrepreneurship videos on YouTube. (This is literally like attending a free semester at a business school).  

Lookout for free services. In order to cut on operational costs, some free services can get you started without spending a buck. As you plan to buy a website domain name and hosting, you can set up a free blog at www.blogger.com or www.wordpress.com.  

Social Networking. Join online groups with similar interest as yours, and any other group from where you can get potential clients. Attend social events in your communities and use the opportunity to make word of mouth advertisement about your produces or services. Always make it a point to exchange business cards. Include your business or services in your e-mail signature. These are cheap ways you can advertise your services.

These are time tested strategies that worked for many people. There is a chance it may work for you too.