How to Start a Small Business With No Money
You want to start a small business. One problem you have is that you do not have much money, or any money, to cover the startup costs. You still want to be your own boss and still want to be a so called entrepreneur. So what can you do?
Here is some help, a quick guide on how to start a small business with no money in Canada.
Getting Started
When deciding to start a small business, there are certain things that you must do to ensure success.
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These include having a valid business idea, creating a business plan, dedicating time and effort to the business, and of course, having money for your business.
No matter if you have a million dollars ready to start your small business or if you have zero in your bank account and want to start with no money, the idea and the requirements are the same.
- You must have a business idea.
- A business plan will be needed.
- You have to dedicate time to your business.
- Money. You have to have it or figure out a way to get it.
Those with a lot of money can simply pay for it and get it done. If you want to figure out how to start a small business with no money, things are a bit different. You may have to get down and dirty to get the same job done, but it is doable.
Is It Possible to Start With No Money?
It is possible, but not very easy.
You can search online and find websites talking about starting a business under one hundred dollars. But really, how?
They suggest you can be a clothing designer, jewelry maker, photographer, handyman, landscaper, marketing agency, app developer, and more.
But realistically, if you plan on making any money, you need some money.
Just to register your business in Ontario, it costs sixty dollars.
Gas money, business cards, a website, a camera, and other necessities all cost money.
So what is the way around it? How can you start a small business with absolutely no money?
Figure Out What You Want to Do
The first step of starting a small business is knowing what you want to do. It may be hard to figure out a valid business idea if you are thinking about how to start a small business with no money, but for now, take that out of the equation.
Ask yourself what it is that you want to do.
List your skills, what you are good at, and what you want to do. Come up with a few ideas.
This is not an overnight process. Take your time, think it through, do the research, and pick one.
Create a Business Plan
A typical business plan written by a professional can cost between fifteen hundred and five thousand dollars, depending on the industry and complexity of the business.
There are tools such as the Business Plan Builder Tool that can be used to create a plan for under five hundred dollars.
Most people starting a business write their own plan. While this can take time and be frustrating, it can be done.
If you want to know how to start a small business with no money, writing your own business plan is a top priority.
No Shortcuts
Starting a business with no money is extremely hard.
Every little thing, such as creating a logo, building a website, getting business cards, conducting research, and registering licenses, costs money.
While most of it can be done with enough time and patience without spending money, it is time consuming and frustrating.
But it can be done.
Getting Money for Your Business
The last step in how to start a small business with no money is to get money.
Funny, right?
You will need money sooner or later, but government funding is an excellent source of funding for startups.
Funding exists to help individuals start up, pay for hiring staff, provide training support, cover marketing and advertising costs, and purchase tools and equipment.
Some programs can fund employee wages for up to fifty two weeks.
This means money without having money to start with.
The Government of Canada has hundreds of funding programs in the form of grants, loans, and tax breaks that can help fund a small business.
If you require help with your funding search, you can use the Funding Database, which lists available funding programs.
The Problems of Starting a Business With No Money
While it is possible to start a business with little to no money, there are certain concerns.
Many business people warn against starting a business without any money in your bank, as starting and running a business can be costly.
While this is true, government funding can help.
There are many individuals who have started successful small businesses without money, but time was a major commitment. Make sure you have it.