This could sound like the worst situation to start a business, we have no money, we are young and inexperienced, we have no access to loans and we have no contacts or business networks. This could get even worse, if we are still living in a recession. However, many self-made billionaires started from next to nothing. They didn’t only survive the recession, but could also thrive financially. Many new business owners are young with a lot of energy and they could be well-educated as well. Fortunately, there are ways we can do start a business, despite our conditions.
- Move back to parents’ house: New business owners will need to cut all of their costs to the bone. In some cases, it is a good idea to move back home to the parent’s house temporarily to reduce all costs associated with mortgage or renting a house. Many new businesses with impressive ideas go down the drain because owners can’t sustain their operations, due to high personal costs. This transition could help business owners make a transition from limited profitability to better profitability, or from less established business to more established one. It is better to drive an old Volkswagen Beetle and live out of the parents’ basement, if we can sustain an increasingly profitable business.
- Perform related part-time job: In some cases, it is a good idea to perform related part-time job that can be supported by our primary business. This won’t be too demanding and business owners can pursue their dream. The extra money can be used to improve investment for the primary business. By performing related part-time job, it is also possible to expand business network and we will make an impression among people in the industry. We can have relations with other business owners and contractors who can provide us with additional works in the future.
- Get involved in social projects: If we hear about social projects in our marketing areas, such as places of worship, schools and other community groups, it is a good idea to volunteer and help out. This will allow us to make an impression among many organizations who like our work ethics and enthusiasm. This will also allow us to expand our network and get more jobs in the future.
- Create a brand: Although new businesspeople have almost no money for additional efforts, they should at least establish a brand. They could start by buying good quality business cards and make a great logo. When we give others our cards, people would love to take one. A brief elevator conversation could develop into real business sales and partnership if we know how to utilize business cards and other marketing tools that contain our brands.
- Join business groups: This is an important step for new business owners with very little money. They can join business groups and expose themselves to the market. There are many individuals who can become their mentors and they will be exposed to an active network.
