How to start a business from scratch Start with a good business idea. If you're wondering how to start a business, it might be easier than you think. Conduct research on your business idea. The book that I most recommend to anyone starting a business in the era in which we live (the digital era) is The Lean Startup by Eric Reis.
Eric's book won't thrill or surprise you. Hey, I'm being honest. Another book that I highly recommend is Body of Work by Pam Slim. This book helped me a lot when I closed the doors of iWearYourShirt and I didn't know what the hell I was going to do with my life.
Pam has some fantastic exercises that you can do directly on the pages of the book (so I recommend that you do this paperback book, sorry, Kindlers). Whether you have a 9- to 5-year job, have 13 children, or are generally too busy to read, you should be able to read three books in a span of two weeks. We live in a time of crazy business valuations, venture capitalists galore, and statistics that say that 9 out of 10 business owners fail in their first year. You shouldn't need funding for your first business.
Heck, even if it's your 14th business, you should probably create a prototype or a simplified version of your business before trying to get funding. One of the biggest mistakes you can make in business is to make assumptions and hold on to them as if they were precious diamonds. Swallow your pride, listen to your customers, listen to feedback from your critics (if they have experience doing what you're trying to do) and be open to making changes. Honestly, this should be the first step, but I thought it would be a good way to round things out.
Every Monday we'll visit your inbox and share a lesson we've learned on our own business trips. We are realistic and not afraid to be vulnerable, honest and 100% transparent when it comes to being self-employed. If I were to start a business with no money right now and had no experience, connections, ideas, or money, this is exactly what I would do. If the idea of starting a business with no money scares you, stop and reflect on what you can do without right now.
Business licenses are important because they legally allow you to operate within the state in which you are doing business or where your company is headquartered. If you're starting a business cheaply, you'll most likely imagine investing money in your idea, even if you're going to reinvest the profits. Start with Internet searches and a visit to the local library for free, quality business advice. Dropshipping is a popular business model for entrepreneurs looking to start a small business with no money.
Banks and online lenders offer different types of small business loans to customers looking for additional cash flow or investment funds. What will be most important in determining your ultimate success will be choosing a great business idea and also learning everything you can about how to start a business. You're not alone if you're struggling with the idea of doubting yourself when it comes to starting a business. It's absolutely possible to start a business with no money, or at least with so little that you don't miss out on it.
From validating your idea to earning your first dollar, this is the plan for starting a business with no money. If you don't give a damn about the business you're creating or the customers your company will serve, then you should stop what you're doing right away. Send personalized emails to your friends and family saying something like “I'm thinking of starting a business selling XYZ stuff to a person from ABC.”.