No Money and No Investors?
One way to improve your current finances and achieve independence is to learn how to start a home based business, even if you have little to no money to invest. Individuals and entire families are waking up to the fact that they are living in tough economic times, and that they had better increase their own assets and get out of debt fast. Starting a home based business that earns a monthly income is an asset that can help you survive a job loss or economic recession. Here’s how to start one with “no money.”
Don’t expect to launch a six figure income home based business with no money in the beginning. The best advice on how to start a home based business with no money is to start small. Narrow your business idea down to work within your time and monetary limits, and then grow and expand as you make a profit. For example, if you want to start a home based music school, you’ll need to narrow your focus in the beginning to offering piano lessons (if you have a piano) or music theory tutoring. Once you build up a base of students and have a steady income, you can start thinking about a music school.
Word of Mouth Marketing
Telling others about your business doesn’t cost money. Encouraging friends and family to tell others about your products and services doesn’t cost money either. Most businesses fail because they fail to market, and they would survive if they learned how to use word of mouth marketing.
If you’re short on business startup funds, then learn how to spread the word about your business. Make a list of everyone you know, such as co-workers, family members and others in your online and offline communities. Email or call them about the business you’re launching and obtain their permission to add them to your email list to send them updates. Use social networking sites to spread the word, including Facebook and Twitter. Even if you don’t own a computer, you can do all of this at a public library.
Use What You Have
When you run a business, you want to separate business related items and expenses as much as possible. For example, keep a separate business bank account. However, a way to get around the fact that you don’t have the money to buy new items is by using the equipment, materials and supplies you already own. Be creative and think about how you can use what you have to start and operate your home based business. Using your personal computer and the Internet access you already pay for in your online business is a logical option. Think of the not-so-obvious solutions as well. For example, if you plan to sell homemade soaps, use baking pans you already have instead of buying soap molds. Think of temporary solutions to get started and replace those methods when you reinvest in your business.
Now that you know how to start a home based business with no money, the only thing left is to convince yourself that you can do it. If you have a full-time job, consider launching it as a part-time business and make it a family affair.