How to Start a Business without Money?
Would you like to start your own business, but have no money? In this article I give you 5 pieces of advice to start your business without money.
Many starting entrepreneurs have exactly the same problem as you, not even money. But don’t let this “problem” stop you from starting your business.
Advice 1: Provide a stable income
If I had to start again without money, I would first ensure a stable income. A stable income can be a benefit or a (part-time) job.
With this income, after deducting my fixed costs and living expenses, I will invest in sales and marketing of my new company.
Advice 2: Select a niche
Do you already know who your customers will be? Make sure you have this in mind as clearly as possible.
Find out if there are certain niches within the market you are entering.
If you specifically target a target audience, they will quickly start to see you as the specialist for their problem.
Example: You are a personal trainer and you target people with overweight from 130 kilos. You help them lose 20 kilos in 6 months by means of a training and coaching process.
You see? The more specific the better….
Advice 3: Pricing strategy: Sell 1 high-priced product or service
If you start without money, it is better not to sell a low-priced product or service.
Don’t make the mistake of thinking that if your product or service is priced high then it is necessarily expensive.
With a high-priced product or service you will reach your turnover goal much faster.
Suppose you are a personal trainer and want to generate € 5000 monthly turnover:
If you ask for $ 100 a month, you have to sell 50 times and have 50 customers
If you ask for € 250 a month you have to sell 20 times and you have 20 customers
If you ask € 500 a month you have to sell 10 times and you have 10 customers
If you ask € 1000 per month you only have to sell 5 times and you only have 5 customers.
Advice 4: Find your first paying customer as soon as possible
Your problem is that you have no money, so you have to find customers who will pay for your product or service as quickly as possible.
Put an advertisement on the marketplace today and offer your product or service there. Post on Facebook that you started a business today and see what comes out.
It is very important that as many people as possible know that you have started your business.
Advice 5: Immediately invest your money back into your company
When you start making some money, make sure you invest it in your business again.
I recommend that you only invest in revenue-increasing activities.
In the initial phase of your company, the income is not yet stable. You will probably still have periods where little money comes in.
That is why you have to keep investing until you have a stable recurring revenue pattern every month.
