Most people want to start their own business – it allows them to be flexible, start a company they believe in and be in charge of their financial future – however, the problem is that they do not have the capital to start the company.
In order to start a company successfully with no money, you need to work smart. Here is a list of six strategies to start your company with no capital:
Number One – Do not rent office space, instead work from home. This allows you to absorb your overheads into your currently monthly bills, with minimal extras.
Number Two – Do not hire employees. Hiring staff means that you need to pay them, instead start off small and doing all the work on your own. Once your sales are up and you cannot cope with the increase of work, hire an additional person. Remember, the income generated by the employee needs to exceed their salary.
Number Three – Learn how to do your own bookkeeping. Take a quick course on how to create a trial balance, general ledger and other financial statements. This will help you save money, as you will not need to hire an account or firm to keep track of your cash flow.
Number Four – Create your own website. Instead of buying a new domain or hiring a web development team to build a website, buy an existing domain or create a small blog type website for your company. Once you have created this website, begin building your reputation with your target market by being reliable, transparent and accessible.
Remember to add customer testimonials, working experience, rates and YouTube clips about the company on the website. This way people can gain more of an understanding on the company and the services that it provides.
Number Five – Payment systems. When starting your company, one of the key areas that you need to decide on is your payment methods. Do you accept cheques, credit cards, eft’s ect. The easiest way to start would be to request that your clients use PayPal or Google checkout.
Number Six – Learn the basic seo. Seo (search engine optimisation) will help you understand who your target market is and how they will search for you on the internet. Do some basic research on the keywords customers search to determine how best to target them. This will help your website to become relevant, reliable and show up on Google searches.
In conclusion, starting your own company is an exciting time. Ensure that you follow these six strategies to maximise your reach while on a limited budget.
I am Greg Jones, a small business loans specialist. I wrote this article to help small business starters understand the best way to start a new company, ensure that you follow these six strategies. In my spare time catch me reading a book or on the beach enjoying the sun.