Have an idea but no money, it’s fine.
A strong idea is your way to generate money. India ranks third worldwide in startups. Even you can also have your startup without money devoted. Raising capital for your business can be difficult and can be challenging for many but for the business you want to start, you should have the skillset for it and the immense passion to build it.
There are some businesses you can do without having any major resources. These will help you earn a living and even grow your business. One of the major aspects of every business is competition, you have to face your competition without any fear and believe in your idea and skills. Many entrepreneurs don’t study the market well. That is the biggest mistake, you should know the market well and the requirements of the market well.
● Affiliate marketing
In affiliate marketing, you are a third party that the company assigns to advertise their products through you and you will receive a commission on that. You have to generate leads or traffic to the company’s website and products. You can even collaborate with a blogger to endorse the company’s products or services. Gradually, you can advertise products of three to four companies and make your name in the market.
A fancy name for dropshipping is priced arbitrage. You buy products at low cost and sell them at a higher price which yields a good margin of profit for you. For drop shipping, you don’t need cash or storage space. You have to list your products and focus on marketing and selling.
● Buying a failed business
When you don’t have any money you are ready to take risks. You can take over a failed business and pay them back when you grow that business. Many businesses failed to generate profits due to many reasons like poor management, narrow mind decisions, and much more. Creditors who don’t want to lose their money will encourage you to grow the company and get their money back.
These are some ideas you can try but you have any idea which can make its way but no financial resources. There are ways you can start without funding. You don’t need to take a bank loan, paying back the principal amount plus interest won’t be pocket-friendly. In the long run, taking the loan will be more sensible than taking it at the start.
If you have any lucrative business ideas it will be easier for you to get a grant. One of the benefits of grants is that the awarders won’t take any share in the equity of the awardees. If your project is about making a change using artificial intelligence or about problems like climate change or hunger, then companies like Google also support such causes by granting them funds.
2)Investors to pitch in
At the age of startups, thousands of investors are investing money in new and potential ideas. Investors’ main focus is how much money their investment will get them and not the too deep technicalities of the business. Many entrepreneurs vaguely present their ideas as the reason they lose ground for their funding. Present your idea in such a way that investors immediately invest money in your company or they may even ask for equity to be on a safer side. Today, people do not invest in ideas but in the story, the more successful your story is ahead the more chance you get to win the investor’s heart.
One partner can bring in money and the other partner can implement his idea. The partnership can fulfill your requirement of finance. All the burden will be distributed, the load won’t come on just one person. Partners can focus on their specialized areas which will help the business grow strong in the market and generate profits. There can be more than two partners as the need of the business.
4)Family and friends
Family is our backbone. People may come and go, but the family won’t leave. You can make money from your family and friends for your startup. They will believe in you more than any creditor. You need to gain their trust by impressing them with your idea for the startup. The capital formation can be fruitful as family and friends all can invest little in your startup. Be careful when you use their money as it carries the weight of exceptions of all the members. Mistakes happening in a row will make you lose not only money but trust and support too.
Starting your own business, you may be the one-man army as you don’t have the resources. Your efforts and right use of capital generated can make you millions of dollars. Mobilizing resources in the right direction will make your way ahead strong.