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How to start a business When you literally have no money

You don't always need a lot of capital to start a business. In fact, sometimes you can get started with little to no funding. (Yes!) Owning your own business and starting a business without money may seem like a far-fetched idea at first, but it is not impossible.

It's true that you need more than just additional cash flow to start and scale a business. You probably need partners, investors and a clear plan on how to use the funds of your new business for growth. But if you are just starting out, start small. Even better: you can start as small as you like.

If you are planning to open a store where you want to sell your handmade goods, you can always sell them to friends and family. You can build a good reputation and get first feedback. You can then sell them online on a third-party website. After that, you can proceed to hosting your own website and e-commerce store. You have the idea.

If you are worried about how to start a business without money, here are some ideas with which you can start your future business.

Ask yourself what you can do and get for free

It's easy to make a list of the obstacles that stand in your way and start your business. It is often more difficult to make a list of the opportunities that are right in front of you. If the thought of starting a business without money scares you, stop and think about what you can do now.

What is important for your company? Do you need a stylish website with an individual design if you have perfected only three items for your new online store? Could you create a Facebook page instead to promote your business locally? Or would it be wiser for you to put your items up for sale on a website like Etsy? Would it make more sense for you to develop your own marketing material on Canva? Could you trade your skills/products/resources for someone else instead of paying?

To say that there are a lot of free resources on the Internet would be an understatement. Make a list of what you need for your business and then find free alternatives online. Here are some common ways to save money:

* Accounting software and accounting: for the first year or two, you may not need these two things. Think about family or friends, maybe even yourself.

* Company insurance: You may not need it at short notice if your company does not have a liability problem or you do not have employees. However, it is useful in the long run, as it protects your personal property in the event of legal proceedings or defective products.

* Multiple social media accounts and fancy marketing plans: while you have set an amazing marketing strategy in your business plan, managing these accounts and your advertising budget is a task in itself. Look for low-cost ways to scale your marketing (SEO, referral marketing, radio) to generate revenue first. Focus on one or two social media accounts that appeal to your potential customers. 

It can be time-consuming and may even force you to learn additional digital skills to optimize your online business, but you save when you need it most.

Save six months on expenses

Admittedly, accessing your savings account is not an ideal situation. However, this is quite common among entrepreneurs. When developing your business plan, be open with yourself about how much you spend and how much income you are likely to earn. Then be realistic about how long it will take for you to see profits. It usually takes at least six months before you see an influx of cash. Set a goal to save on living expenses for at least six months so that you can devote time to your new business.

Ask friends and family for extra money

Remember, you are not asking for charity. You are not asking your friends and family to support your crazy business idea. No, you have a business dream, and your business plan is reliable. You crossed out all the dots above the "t" and placed the dots above the I.That's why you address those who are closest to you when you make your pitch.  Use your friends and family as multi-level resources.

Types of support and advice that family and friends can provide:

* Practical or strategic business tips: Your family and friends can be small business owners or entrepreneurs themselves. Ask them about their stories, successes, trials and difficulties-you may encounter very similar situations. 

Questions like " does my business model make sense? "and" do I need liability insurance?". completely justified.

* Monetary support: You can give them money directly so that they want to work with you to implement your idea.

* Networking: You can get to know people with experience in the industry. These lonely people could be clients, consultants and investors.

* Potential customers: Family and friends can become your first customers. 

At the end, practice your advertising campaign with them. Please for feedback!. Note: If your family can provide financial support, make a note of everything and when you will get it back. As a last resort, you can even use a crowdfunding platform to encourage people around you to encourage their networks to participate.

Do you know what kind of business structure you would like to have 

A sole proprietorship, a limited partnership, a limited liability company (LLC) and a C corporation may be terms of the legal structure that you need to understand. As a startup entrepreneur, you don't need to know what your business structure will look like in the next 10 years. However, it would be useful to know what your structure should be like next year. This is done so that you can structure your company accordingly. It is more than likely that you will start as an individual entrepreneur or partner if you can convince someone to take the plunge with you :). 

Knowing what kind of business organization you want to develop and how you share responsibility will affect the roadmap, financial planning and, possibly, even the name of your company. 

Apply for a small business loan if you need extra money

If you are looking for additional capital and are working on a tight budget, you should consider a small business loan. Banks and online lenders offer various types of small business loans to customers looking for additional cash flow or mutual funds. As a rule, you can get better conditions at a traditional bank in addition to high-end corporate bank accounts. However, online lenders tend to make their claims more lenient.  The interest rates on a business loan can be higher than on a personal loan, so be sure to keep an eye on your expenses. 

If you are not looking for a lump sum loan amount, you should open a line of credit for the company. In short, they are like credit cards for your business. These are good options for buying items as needed. (You can read about them and other small business lending options here.) 

Look for small business grants and local financing opportunities

In truth, small business grants are not always the easiest to find or receive. But as soon as you start your business (regardless of its size), you can seriously start looking for available money. Always keep in mind that grant applications are usually subject to special requirements. While you are meeting them, you are running for a bunch of money that is all yours. Start your search in government databases and always ask for help from the local branches of the Small Business administration (SBA).

Find out about potential Angel investors and research their location

You've probably heard of Angel investors by now, and for good reason. They come into play when it's time to expand your business beyond yourself and the handful of loved ones who have believed in it. Angel investors are usually among the first people outside the company to invest in a company.

Unlike third-party companies or other venture capital firms, angel investors invest their own personal funds. They can also become better mentors, as many of them are former/current entrepreneurs themselves. (Read more about how to attract Angel investors here.)

Frequently Asked Questions about Starting a Business

How important is market research for a successful company?

Market research is crucial for the success of a company. Market research includes 7 different activities that can provide useful insights into competitors, their customer base, their target market and consumer preferences. 

With a good market analysis, you can determine what kind of business you are going to do in the long and short term.

If I start a business, when should I start working with IRS and taxes?

The US Tax Authority assumes that the company will start on the date of registration. That is why the opening of your business and the calculation of the first start-up costs on a certain day may be important for tax deductions during the tax season. 

Is the commercial license important? And if so, how to get it?

Business licenses are important because they legally allow you to work in the state where you do business or where your company is located. 

There is a whole process for obtaining a business license:

1. Design your business and business strategy.

2. Enter your tax identification number (tin).

3. Determine which license you may need (there are state, federal and industry licenses).

4. Send your request to your SBA office - (do not take up business during this waiting period).

5. After receiving your license, contact your lawyer or legal team for further provisions (renewal, conflicts and scope). 

Can I be a full-time employee and at the same time have a license to do business?

You can really work full-time and at the same time work black on the side. Here are some things you want to keep in mind:

1. Online is easier-if your part-time job is freelance writing articles or optimizing someone's website to increase your online presence- it's easier than running a clothing store. So, think about the best way to use your free time when you are not working full-time.

2. Taxes-be sure to register your employer's identification number for your secondary business, which is included in your federal tax ID. In essence, you have two sources of income, so the tax season has just changed for you :).

If you decide to become an individual entrepreneur, you may need corporate insurance faster. Personal liability may extend to other sources of income and may lead you to bankruptcy in case of negligence or low-quality products. In addition to business insurance, there are many other things that you would like to have to ensure your own social security. Contact an employment lawyer and read the SBA government guidelines for best practices!