5 Ways To Start A business Without Money
First of all- Congratulations! You're part of the select group of people in the world with an entrepreneurial spirit that can't be tamed. This is especially obvious since you still want to start a business without the personal finances to do so. Starting a business takes a great deal of well, determination, and perseverance, so if you've got those things in check, you're on the right track. Now- the money part. Of course money is necessary to successfully start a business, but it doesn't mean the money has to come from YOU. Outsource! Sounds complicated, but it isn't. You need to get money from outside sources, and if you go about it the right way, it is completely feasible.
1. Friends and Family
Don't rule out the possibility of getting investment help from friends and family. They are most likely to believe in you and your dreams. Be thankful for that and offer them an opportunity to become involved as investors. If you are successful in your business goals, you might offer them their money back or some kind of perk that shows gratitude. Some family members or friends may just be happy to help. You'll never know unless you try.
2. Angel Investors
Sounds angelic. We know. Angel investors are wealthy people who back businesses that are just starting out. They typically invest in exchange of partial ownership or stakes within the company. Although it is a sacrifice, it is certainly worth considering, especially if you don't have many other options.
You must have heard of this by now. It's possible to get funding for almost anything with enough publicity. Crowdfunding works by publicly promoting your idea or business to gain funding from people. If you have a good enough idea, you should be pretty successful with this type of outsourcing.
4. Government Grants and Loans
The Small Business Administration helps small businesses grow by offering loans and grants to help them get their feet on the ground. Look into possible grants and loans you can receive to help you financially in the beginning stages of your business.
5. Bank Loans
Last but not least- a good old bank loan. If your credit is good, you can always get a loan from the bank to jumpstart your business. It's important to rationally map out a repayment plan so you don't get saddled with debt, but this is certainly a realistic option.
The important thing is to be confident in your vision. If you really think you have a winning idea for a business, don't let a lack of money put your dreams on hold. Where there's a will, there's a way!