Written By Roberta Fisher, Gadd Business Consultants
Yes, you can start a business without funds if you have the main ingredients, a dream, self-assurance and a mental picture how to achieve your dream.
Staying employed while you establish your new business is beneficial in a couple of ways; it provides an income and helps when taking chances with your new venture.
Having a dream is a great beginner step, but, it should be distinctive, have great worth and most importantly be desired by customers. The answer to this statement can be answered by evaluating your competition, reviewing trends and any opposition to your business. Having a lucrative business will depend on how you handle these issues.
Evaluate what actual funds are needed to begin your business before you apply for loans and determine how the funds will be put to use.
Social media can and does play a large part in acquiring the attention of venture capitalists. Go to trade shows and become a member of online discussions on social networking sites. This will allow you to pick up tips and possibly the means to start the formation of your dream.
Perform an experiment to discover if your product will be well accepted by customers by giving away some freebies in your surrounding area and analyze how it was accepted.
Do not be afraid to get another business owner’s opinion to see if you are a right fit for this new venture. Looking at a project from all angles is most beneficial and less costly.
After you have done your homework then apply for any loans you may need. The Small business Administration (SBA) would be an excellent source if meeting the requirements of operating for profit, having good credit and the business must be operated in the U.S.A.
Reference: SmartBrief on Main Street, May 3, 2016, http://smallbiztrends.com/2016/05/start-a-business-with-no-money.html