Follow the 10 Tips below to Bootstrap and Start a Business With No Money
1. Don’t rent an office
Try to see how you can work from home. If your business requires that you meet clients in person, arrange and appointment with them at a nearby restaurant or fix a lunch meeting with them at a recreation park. Even people with very nice offices do this, anyway.
2. Don’t hire employees
Even if your business requires that you have a few employees, try to do everything yourself until you start to earn some cash from your business. This is because employees are expensive to maintain especially when your incoming cash flow is not yet predictable or certain. So, you will be your own accountant, secretary, and more.
Also don’t hire professionals at the very beginning. You can delay hiring lawyers, graphic designers and other technical people until later. Though this might prove a costly mistake in the long run, especially when it comes to legally protecting your business assets or intellectual properties. So my candid advice is this, do everything possible to cover yourself legally. It will save you a lot of pain in the long run.
3. Get free professional services
You can get a free lawyer and free legal advice from the mentors at Score.org. Find out other places where you can meet professionals who are willing to render some of their services for free, and grab any opportunities you find.
4. Write your business plan and financial statements yourself
Learn how to write a good business plan. Also, instead of hiring a CPA or bookkeeper, you can do you financial statements yourself. But this doesn’t mean you won’t have to hire one later as your business grows.
5. Get a cheap domain name
If you must have a website for your business, don’t ever pay for a premium domain name. If your most desired domain name is no longer available, choose one from the many available ones. Better yet, you can make do with a free domain until you can afford to buy your own. WordPress.com and Blogger.com are platforms on which you can host your domain free of charge.
6. Use a free theme or template for your website
Many available free themes look very professional. You can find tons of them at deluxetemplates.com. Choose one that appeal to you and use on your website. You can upgrade to a paid template or theme later on.
7. Create a free logo
Don’t hire a graphic designer to create your logo. You can use LogoYes to create your logo by yourself. You can also visit flamingtext.com to create a text-based logo for your business.
8. Use a free or cheap payment processor
If you will need to accept payments on your credit card, don’t start with a full merchant account. Most of them are complicated to register, requires some programming expertise, and come with monthly feeds. And it goes without saying that this would cost you much money. As an alternative, use a simpler payment solution like PayPal, Google Checkout, or 2CheckOut.
9. Use free marketing methods
Promote your products and services via social media. Also, write articles and publish them on free article directories as a way of attracting prospects to your website. You can generate more leads by offering a downloadable incentive on your website. This could be a valuable eBook or video. To set up your mailing list, use Mailchimp and opt for the free plan, which allows you to send 12,000 free emails monthly to up to 2,000 subscribers.
10. Learn more about your business using the web
To learn more about your business, find free resources. You will find more than enough on the web. Explore them to learn more about your business rather than paying high prices to buy books and videos that offer information of equal value.
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