Did you know it is possible to start a business with no money? Women throughout the UK are making a splash on the UK business scene and turning their business ideas into reality with cupcake businesses, tech start-ups and luxury chocolate companies etc.
According to the Great Business website if women started new businesses at the same rate as men, there would be a million more entrepreneurs in the UK and it has been calculated that an increased level of female entrepreneurship could add a further £60 billion to the UK economy.
There are more than a million small and medium-sized businesses run by women in the UK today and the diversity of ideas is staggering. Julie Deane, founder of the phenomenally successful Cambridge Satchel Company, says this is part of what makes female entrepreneurship so exciting.
Sadly it doesn’t matter how amazing your idea is: without finance arrangements in place, the business will probably struggle to get off the ground. Unfortunately, finance is not always easy to come by and banks are very wary handing over cash these days.
But the good news is that there are plenty of experts offering business and career advice for women entrepreneurs. It is really possible to start a business without no money or a penny to your name – and here’s how!
8 Ways You Can Start a Business with No Money Today!
1. Stay Employed
Until the business is established, it is sensible to stick with your current job. That way, if things go pear-shaped and your idea doesn’t quite pan out, you still have an income. And if things do take off, you can hand your notice in once the business can afford to pay you a living wage.
2. Borrow Money from Family and Friends
If you need some cash to buy stock or equipment, ask family and friends for a start-up loan. It isn’t always sensible to borrow from people you know, but as long as you have a good business plan, your venture won’t be seen as a pie-in-the-sky pipe dream and loved ones will be keen to invest.
If you do go down this route, make sure you agree terms before any money exchanges hands.
Related: How to Borrow from Family and Friends (without losing the love)
3. Crowd Funding
Got a fantastic idea? Crowd funding is the new way to source funding for a start-up. The concept is simple: you pitch your business idea on a crowd funding website and wait for investors to put up the cash.
If the business idea is good, it shouldn’t take more than a few days. And if you don’t meet your investment target, then it is a good idea to give serious thought as to whether you have a viable business plan.
For more information on crowdfunding, check out our handy guide on how crowdfunding works.
4. Make Use of Existing Resources
If you already have existing resources to hand, starting a business won’t require any capital. For example, say you want to build a catering business – this is something you can do from your own kitchen in the early days.
The same applies to many businesses – why spend money when you don’t have to?
5. Tap into Existing Demand
It is a lot easier to build a successful business from scratch when people need your product or service. And remember, small, inexpensive products are a lot easier to sell than high-end expensive ones.
6. Sell Yourself
A cheap way to start a business with no money is to sell your skills. If you have a skill that is in demand, you can justifiably charge for your services. It’s a great way to start a business with zero cash in reserve.A cheap way to start a business with no money is to sell your skills. Click To Tweet
7. Source Freebies
Need some equipment or supplies? Look online for free items other people are recycling. It is also a good idea to make use of free resources in your area. For example, camp out at a local coffee shop with free refills and Wi-Fi.
8. Be a One Woman Band
Most entrepreneurs start off working alone. It can feel like a thankless task, working all hours with nothing much to show for the effort, but in the early days, this is your lot.
Learn how to save money and be prepared to plough every penny you make back into the business so you can build up a decent cash reserve.
There are loads of supports out there for female entrepreneurs, so what are you waiting for? If you have an idea for a business, go and make it happen!
Have you started a business on a shoestring? Tell us about it in the comments below. We’d love to hear from you!
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