In a survey done by Phoenix Business School 39% of employees wants to start their own business. The reason many of these employees do not start their own business is because they think it takes huge invest and risk to start your own business.
In this short video Evan Carmichael, who is a very successful entrepreneur and Youtuber explains how you can start a business with no money at all.
So before you watch the video here is some facts about Evan:
At only 19, he built then sold a biotech software company. At the age of 22, he was a venture capitalist helping to raise $500,000 to $15 million. He now runs EvanCarmichael.com, a popular website for entrepreneurs.
Summary – 7 Ways to Start a Business with NO MONEY
1. Start with a Service
Starting with a service might not be as glamorous as having a product, and it is not as scale-able, but it allows you talk with your customers and find out what they want and don’t want.
Most importantly it gives you cash flow fast, which you can use for the running of your business.
Also, if you do decide to start growing your business and offering products, you already have clients and cash that you can invest into the creation of the product.
2. Use Facebook as your website
Many people think they have to spend thousands of Rand’s building a website, rather spend your resources on getting your first clients. Once you start making money you can decide if you want to invest it into a website.
On your Facebook business page you can enter all the important details, like your services, content, client testimonials or reviews and your contact details.
Make sure to keep your page up to date and post valuable content regularly.
3.Go To Them
When you are starting your business you do not need a office, you can meet you clients and potential clients at there offices or at coffee shops.
If you meet at their office you can get a better feel of their business and you might think of other ways you can help them or they might even introduce you to key people in their business.
Make sure you find a coffee shop that is not too noisy and is a bit professional where other business people are also doing business. I have found that coffee shops in hotels are good for business meetings.
4. Make Alliances
Team up with people that are selling to your target market.
Pass business to each other, if you service their clients well it reflects great on them and they will refer more business your way. Make sure you do the same for them.
So who is your client buying from before they buy from you or even after they buy from you? For example if you sell web design services you could partner with businesses that do business registration or with people that do Social Media Marketing for small businesses.
5. Get Noticed
This goes without saying, make use of social media, connect with people in your industry by commenting on their post, asking and answering questions on their platforms. Write articles, connect with the Media and definitely attend relevant networking events
6. Pre sell
With websites like kickstarter.com you can literally get payment for a product or service before you create it. Only if you get enough money, will you start to create your product, the obvious benefit of this is that you don’t give out any money of you own to create the product but what is even better is that you now already have a list of buyers that love your product for repeat sales and upsells and they will do a lot of the marketing for you.
Trade your skills or services for what you need in your business, for example, office space, accounting services, IT services etc
This way you don’t need to give out any money and you can invest your profits back into your business.
I learned so much from this video and i hope you did as well. Now the challenge is to implement what we have learnt.