7 Practical Tips to Become an Entrepreneur with No Money

7 Practical Tips to Become an Entrepreneur with No Money

In a generation where self-made success stories are synonymous with inspiration and most people desire to make it on their own, the allure of entrepreneurship has spread far and wide. For the most motivated individuals, the only thing left to do is to take action.

If you are one of them but you feel cash-strapped to put your plans into motion, here are 7 practical tips for you to start embarking on your own entrepreneurial journey without breaking your bank! Lack of funds should not, in any way, deter you from pursuing your entrepreneurial dreams!

1. Put your hands to work

One of the easiest ways to keep costs low is to employ a hands-on approach. On top of reducing the need to utilise and finance manpower. By taking a hands-on approach means that you will most likely be dealing with a service-based business, which is more no-frills than a product-based business would be. If there is something in particular that you are good at which also has potential to generate revenue, you can turn it into a business at a relatively lower or no cost.

2. Begin with what you already have

Do you have the knowledge or skills that someone else might be prepared to pay for? Can you paint, design, code or speak a foreign language? If you possess knowledge or a skill that other people do not, or would need to spend time and money learning themselves, that would immediately put you at a big advantage. Tap on your skills to provide these services at no cost!

3. Look for free resources online

The beauty of the internet these days lies in the fact that you can access information quickly and tap on all the online resources for free! Build a website at little or no cost via online website builder platforms such as WordPress or wix. Then get onto the social networking platforms like Facebook or LinkedIn. They are free, easy and an amazing way to reach out and promote your businesses without spending much money. Start small and grow it!

4. Get a little financial help

A budding entrepreneur can head to a bank to obtain a bank loan for his or her starting capital to get the ball rolling. But of course, banks are strict with their loans, and the process of obtaining a loan may end up to be more cumbersome than otherwise. The good thing is that banks are not the only option. There are often government grants and funding schemes like Startup SG or Capability Development Grant targeting entrepreneurs of various categories and industries. If your business idea fulfills the criteria, then you are more than eligible to apply for these grants.

5. Get help through crowdfunding

In this era, there exists platforms that help budding entrepreneurs get an early head-start, and surprisingly, it isn’t too difficult to figure out. Like Kickstarter or FundedHere, there are platforms for budding entrepreneurs to put out their new innovations and seek funding through any keen consumer who stumbles upon their page. On top of financing their plans, this is also a great way to get one’s name out there, and as we all know, word of mouth is sometimes the most powerful way to get around. Utilising such platforms not only helps you attract investors, but also gets you a solid customer base when your business becomes a reality.

6. Join a career that lets you run your own show

How does a career that challenges you to grow as an entrepreneur sound like to you? If you like to have the flexibility to choose your target markets and build your team, consider becoming a financial advisor. Financial advisors work with people to help them (and yourself too) prepare financially for the future, and the work you do can transform the lives of your clients and their families. It may be tough in the beginning, so joining an agency or network that provides you with free trainings and access to like-minded peers from across the country can give you the support and advice specific to your practice and career path.

7. Last but not least – Think partnership

Tap on the capabilities of others which you may not possess. This can reduce your costs of outsourcing or employing someone to do the job. But you may ask, where can I find my partners? Well, join networks, meet more people, and start establishing trust and credibility. If you’ve had prior business success, talk about it. If you haven’t, discuss your professional achievements so they see you as someone they can trust and work with. Then, make him or her an offer that they simply cannot refuse. With the same passion and constant communication, you can benefit from this synergetic partnership to achieve your desired success from your entrepreneurial journey!

Eunice

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