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How To Start A Business With Almost No Money - Business - Nairaland

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How To Start A Business With Almost No Money by Glory12345(f): 7:26pm On Apr 09, 2016
While I just launched this my newly bought phone, surfing the Web next, the post I saw next was about this.......

http://www.zergnet.com/o/953973/1/0/963949

Be blessed as you read

NB: The newly bought phone is the Boom j8

Option one: Reduce your Needs

Your first option is to change your business model to demand fewer needs as listed above. For example, if you were planning on starting a company of personal trainers, you could reduce your “employee” expenses by being the sole employee at the start. Unless you need office space, you can work from home. You can even do your homework to find cheaper sources of supplies, or cut out entire product lines that are too expensive to produce at the outset.

There are a few expenses that you won’t be able to avoid, however. Licensing and legal fees will set you back even if you cut back on everything else. According to the SBA, many micro businesses get started on less than $3,000 , and homes based franchises can be started for as little as $1,000.

Option two: Bootstrap

Your second option invokes the idea of a “warmup” period for your business. Instead of going straight into fully fledged business mode, you’ll start with just the basics.

You might launch a blog and one niche service, reducing your scope, your audience and your profit, in order to get a headstart. If you can start as a self-employed individual, you'll avoid some of the biggest initial costs (and enjoy a simpler tax situation, too).

Once you start realizing some revenue, you can invest in yourself, and build the business you imagined piece by piece, rather than all at once .

Option three: Outsource

Your third option is all about getting funding from outside sources. I’ve covered the world of startup funding in a
number of different pieces , so I won’t get into much detail, but know there are dozens of potential ways to raise capital -- even if you don’t have much yourself.

Here are just a few potential sources for you:

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Friends and family. Don’t rule out the possibility of getting help from friends and family, even if you have to piece the capital together from multiple sources.

Angel investors. Angel investors are wealthy individuals who back business ideas early in their generation. They typically invest in exchange for partial ownership of the company, which is a sacrifice worth considering.

Venture capitalists. Venture capitalists are like angel investors, but are typically partnerships or organizations and tend to scout businesses that are already in existence.

Crowdfunding. It’s popular for a reason: with a good idea and enough work, you can attract funding for anything.

Government grants and loans. The Small Business Administration (and a number of state and local government agencies) exist solely to help small businesses grow. Many offer loans and grants to help you get started.

Bank loans. You can always open a line of credit with the bank if your credit is in good standing.

Thanks
Re: How To Start A Business With Almost No Money by daremarvell: 7:28pm On Apr 09, 2016
Actually you should have wrote it for us though it cool...
Re: How To Start A Business With Almost No Money by Orator2383: 7:49pm On Apr 09, 2016
Cool write up
Re: How To Start A Business With Almost No Money by daremarvell: 7:21am On Apr 10, 2016
Good morning

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