Starting A Business With No Funding
So, you’ve got an incredible business idea but no funding to get it off the ground.
Don’t despair, there are still options open to you to help you pave the way to creating a successful business.
There’s a variety of reasons why you could be starting a business with no money at all, whether it’s through choice or circumstance.
There are 10 steps and options that can help you move your concept forward and start drawing in revenue.
1. Focus on the skills you have
If you’re starting a business with no funding, you’re the biggest resource you have.
Assess the skills that you already have and build your plan around these.
2. Look at the free resources you have
Running a business from home can be a challenge but there are resources around the corner that you can use.
Coffee shops are the perfect place for meetings, while the library can support your research efforts.
3. Access the advice on offer
Did you know that the British Chamber of Commerce runs a calendar of free events aimed at startups?
The advice and insights you could gain could prove invaluable to building up your business.
4. Solve a problem
One of the easiest ways to build an audience is to solve an existing problem, positioning your product or service as a necessity rather than a luxury.
Don’t underestimate the potential that networking could offer your business – it’s worth investing time into.
It could help you identify market gaps, find funding, or secure a mentor with experience.
6. Listen to feedback
If you want to build your business fast, listening to feedback and responding is essential.
Test and monitor your idea to minimise the risk of missing the mark before you launch.
7. Invest in building your skills over outsourcing
It might be tempting to outsource some of the tasks but where possible investing in building your own skills is advisable.
It’ll cut cost in the long run and put you in a better position going forward.
8. Consider crowdfunding
If you need capital to get started but don’t want to go down traditional routes, crowdfunding is an alternative.
It can get your business idea moving with backers receiving perks that you set.
9. Keep your existing job
If you’re currently employed, keep your job until your business reaches a profitable, stable level.
It might seem like a challenge to juggle the two but it gives your business a greater chance to mature.
10. Use technology for free marketing
Marketing is critical for businesses and the good news is you don’t need huge budgets to have an impact.
Technology means you can reach thousands of potential customers without spending a penny, for example creating a social media following.