How to start business with no money

Starting a #business with no #money requires #creativity , #resourcefulness and #hardwork . With the right mindset and planning, it is possible to #launch a #successful and #profitablebusiness .

How to start a business with no money?

1.Identify a viable business idea

Identify a niche or industry that interests you and is in demand. Look for problems or gaps in the market that your business idea can address.

Three important checks are:

1. Feasibility check - is there a market?
2. Sense check - do people want or need your product or service?
3. Test - will customers actually buy your product or service?

2.Research your market

Conduct market research by studying your competition, identifying potential customers, and learning more about their needs and preferences.

Without research, it’s impossible to understand your users. Sure, you might have a general idea of who they are and what they need, but you have to dig deep if you want to win their loyalty.

Lean User Experience (UX) design?is a model for continuous improvement that relies on quick, efficient research to understand customer needs and test new features.

Lean market research can help you become more:

• Efficient?: it gets you closer to your customers, faster.
• Cost-effective?: no need to hire an expensive marketing firm to get things started.
• Competitive?: quick, powerful insights can place your products on the cutting edge.

3.Create a business plan

A business plan will serve as a roadmap that outlines your business goals, target market, marketing strategies, financial projections, and other important aspects of your business.

KEY TAKEAWAYS

• A?business plan can also be used as an internal guide to keep an executive team focused on and working toward short- and long-term objectives.
• Businesses may create a lengthier traditional business plan or a shorter lean startup business plan.
• Good business plans should include an executive summary and sections on products and services, marketing strategy and analysis, financial planning, and a budget.

4.Identify funding sources

Look for funding sources such as #loans , #grants , and #crowdfunding platforms that can support your business idea. You can also consider seeking out #angelinvestors or #partnering with a business mentor.

SELL! The best source of capital is often a customer and selling has two benefits. First, you make the cash register ring immediately. Second, You quickly learn what resonates with customers and can use those insights to refine your offering.

5.Build an online presence

Create a website and social media profiles to promote your business and reach potential customers.

6.Start networking

Attend business events and engage with other entrepreneurs to build connections, share ideas, and learn from their experiences.

7.Keep track of your finances

Monitor your business expenses and revenue to ensure that you are staying within your budget and building a profitable business.

SOME EXSMPLES:

ZOHO: 4,000 FTEs. 18M customers. $300M+ in revenue. Not bad for a bootstrapped startup taking on Oracle and Salesforce!

GoFundMe:?Viral marketing is dismissed, rightfully, when it is tacked on to a business model, but it can be a powerful driver when properly integrated into a product. Paired with hyper-efficient Conversion Rate Optimization, it can be unbeatable. The founders of GoFundMe were able to use these twin forces to bootstrap a business to the point where it was?valued at ~$600M.

RXBar:?When one of the entrepreneurs behind RXBar shared his ambitious business plan with his father, the paterfamilias told his founder son to stop theorizing and start pounding the pavement, “You need to shut up and sell 1,000 bars.” That advice, plus $10K in savings, proved to be worth $600M as Kellogg’s ended up gobbling up the startup.

The Wirecutter:?Who says blogging doesn’t pay? Founded by a former Gizmodo editor, the Wirecutter promised more thorough and fair-minded reviews, paired that with Amazon affiliate feed, and the self-funded startup was ultimately rewarded with a $30M exit.

ShutterStock:?Jon Oringer was a professional software developer and an amateur photographer. He combined this set of skills and used 30,000 photos from his personal photo library to start a stock photo service that is currently worth $2 billion dollars. His capital efficiency paid off and ultimately turned him into a?truly self-made billionaire.