Here’s how you can start that business without money

How can you start a business without money? You don’t know yet. Read this and find out.

One of the universal challenges faced by entrepreneurs is raising capital. It’s even more so for women. This is because a good number of investors will not invest in a woman’s business. There is a preconception that women are too emotional to make sound business decisions. Thus, when they do give you financing they expect great control over management.

We’ve heard of savings, family and friends, bankers, investors, venture capitalists, going public and franchising as means to raise capital. But how about starting a business without money?

You heard right. You can, technically, start a business without money. I am going to show you how. Be warned, this will require of you certain skills and you’ll have to work twice as hard.

One skill you need is Resilience. It means you will need to develop a tough skin, that can bounce back up against the word ‘No’ not matter how quietly or publicly it is said.

You will need the virtue of Faith. You will need to have faith in what you hope to achieve and that it will come true, because if you are not convinced about your offer how would anyone else be?

The third skill you need is Innovation. I see a lot of passionate entrepreneurs and I sincerely want to work with them, but the ideas don’t stand out. There’s no cutting-edge.

So if you have all that, let’s move on and make this practical.

I once worked with an IT company providing consulting services. The company was struggling to meet sales target and they were desperate for a savior. They were not just willing to pay for instructions but wanted someone who will walk the talk with them. And because I had a tough skin that did not fear the word ‘No’ I dared to ask for a share in the company and I got it.

Here’s another example, Last year I took a challenge of a project I had no experience with and really not even close to enough funds to complete it. So here’s what I did. I did the magic thing that enables one start a business with no money. I collaborated.

I met with the person who had the space, then the one who had the furnishings, then one who made the raw materials, one who made packaging and the ones who will market the product. I came to a win-win agreement with each of them and voila my process was complete with very minimal spending. But of course you have to be selfless to go down that path because your business will start and run but you won’t get all the profits. You will share something with each of them.

I always make these types of agreements to last no more than a year. At that time you chose to start paying their regular wages or continue however you want. It takes a bit of strategy and careful planning but it’s possible and if you master this approach of collaboration you can start any business with no money down.

Why? Because every person in business wants profit, and if you offer them that especially on a very innovative product or service you’re sure to get a yes.

I wish you all the best and welcome your comments and questions.