Recently I was asked the best way to start a new business with little or no money. Is that even possible? What can someone do to make it happen?
When you have no money, coming up with that amazing business idea probably seems like it was the easy part. However, that does not mean that all is lost. There are plenty of startups and businesses that began with little to nothing. How many companies come from dorm rooms and garages? It is absolutely possible to take an idea and turn it into a successful company, but it is not a small task. Not in the least.
Even the best, most ingenious, idea is going to take hard work. Crafting your product/service, raising money, building your team, networking – the list continues.
If you are ready to take this challenge head on, then my biggest piece of advice is to master the art of networking. This is important for anyone starting a new business. Join local groups where you can meet people. Join online small business groups. Keep up with old business or school contacts. You never know what random connection might lead to your first investor or buyer or employee.
What Else Can You Do?
Other ways to get you and your business out there include: offering your services for free or on a trial basis and opening an online store. If this is a totally new business and a career change, it will be difficult to find traditional investors, at first. You may need to get creative with your initial financing. Friends/family, angel investors, business incubators, local small business organizations all may be sources of your earliest funds. Combined with the networking, you really never know where the initial money might come from. However, that doesn’t mean you should give up. Hard work really can pay off.
Many people do opt to try this out on their own, however if you’d like the assistance of a skilled startup and financing attorney please feel free to reach out to my company LawTrades. We can match you up with the right attorney to help turn your business idea into reality.