Finance and Business

[Finance and Business][slideshow]

Start A Business Without Money in 9 Easy Steps (with pictures)

Beginning and maintaining your own business does not only lead to wealth but also to the achievement of your life dreams and aspirations. Though, it is not always a simple task but your efforts will pay off in the end when you have become a big businessman.
Establishing a business can be quite easy especially if you have a ton of cash in your bank, but I tell you that the  possibility of building your business from level one is certain provided that you persevere and learn from your mistakes.

Step 1
Do Not Quit Your Job:
It is always tempting to resign from your current job when a big business idea crops into your mind. Nobody doubts that you will make it. Yes, you will but it is going to consume a lot of time and of course money. Now, how will you pay up the potential business start up costs if you lose your constant reliable source of income? Trust me, losing your job is not a good step to take while opening a business. However, you can reduce the amount of time that you spend at your old job by maybe changing from a full time employee to a part time worker or even a consultant. With time, you can finally transfer to your business full time. Although it is not easy to do all this in the practical world, but it is better than closing off all your sources of income for a business that has not yet even began.
-- This is very necessary especially if you have people that is dependent on you financially like your family.
-- Do not agree to an employment contract that will bar you from making money from other sources. It is important to inform your lawyer if it becomes complicated.

Step 2
Create a Business Plan:
The goal of every profit oriented business is to make money and if the business that you have in mind cannot achieve that goal, then it is better not to start it.
Therefore, it is necessary to design a business plan in which you will address cogent issues concerning money making in your business. The sample basic questions that will serve as guide for you are:
1. What is the cost of production for your business?
2. What is the selling price for your product or service?
3. Does your business have the potential for growth?
4. How can your business outrank its competitors in consumer satisfaction?
5. What kind of people do you need to hire for the business?

Step 3
Analyse Your Competitors:
Before you break into the market, carry out an in depth research to find out your competitors and their mode of operation.
You are most likely to succeed if you can find a way to offer your products and services at a higher quality and at lower cost than your competitors are doing.

Step 4
Experiment on Your Business:
Seize any available opportunity that you can get to see how your business will work out in the long run. This will enable you to prepare and plan properly for the future of your business before it will even begin. For example, assuming that you want to open a women's hair saloon, offering to provide the service to some girls in your street at a very cheap price will give you an insight of how the business will look like when you have finally set it up. You can even survey your potential customers on what they will about hair dressing.
--The conclusion and the results of this research and test might necessitate you to modify your business plan. It may frustrate you to do this but it is the best way to ensure that your business does not become a failure at the very start.

Step 5
Take Advantage of Free Skill Building Opportunities:
Skill is very important for the establishment and growth of your business. Therefore, if you do not have it, get it at the cheapest cost possible. You can get the necessary training almost for free if you can beg the company to train you in exchange for the services rendered.

Step 6
Maximise The Use of The Current Assets at Your Disposal:
Most successful businesses today like Facebook didn't have enough assets to boast of. Facebook even began in a dorm room, so do not discouraged by the unavailability of some assets. You can make your car to be the means of transportation for your business. Some sections of your home can be converted into an office. This is a good way to start your business from scratch if you do not have enough money.

Step 7
Employ Only the Important Staff For Now:
It can be a real problem to pay the people working for you especially if your business strongly needs professionals. However, the staffing cost is going to be reduced to a large extent if you identify and employ only the basic skills which are necessary for the daily running of the business.
The good rule of thumb is to ensure that your staff number is not large at the initial stage. The U.S. Small Business Administration (SBA) advises that  spending nothing greater than about 50% of your profits on employee wages is the best option. If you find that you can handle the job alone without losing your sanity, then go and do so.

Step 8
Request For Loans From Family and Friends:
The beginning of every business can be tough especially because of finance. Even if avoid some of the start up costs through the use of your creativity and hardworking. As time goes, you will discover that you will need a particular costly piece of equipment without which you cannot proceed. The best place to get financial aid is from your family members and friends.
-- Although that the loan is from your family and friends but it is wise to put the terms of the loan in writing.

Step 9
Make The People to Know of Your Business:
Your business will become a failure if no one knows that it is in existence. You can cover up your lack of money by your own efforts. That is, if you are not financially strong to pay for television or billboard adverts, you can print out fliers in your home and go door to door sharing it to different people. The social media is also another platform for you to reach a large number of audience at no cost at all.
Pasting your banners at frequented public places like the library is also a good idea.

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