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February 6, 2025 | 04:27 pm
TEMPO.CO, Jakarta - People often tie success in business too closely to pre-existing money and previous experience, leading them to give up before they even start.
The truth is entrepreneurship can excel with limited capital and expertise. With saying that, the real question arises: “How do I start a business with no money?”
The answer is simple, go back to basics. Leverage every free resource you have—your connections, your creative ideas, and your communication skills. All of which are building blocks for your future as your own boss.
Citing Investopedia and Forbes, this article guides you with the steps to start a business with no money.
- Connect with Successful Entrepreneurs
You may not realize it, but building relationships with successful people is an important step to starting a business with no money. By simply striking up conversations with them on their experience and learning from that, you’ll gain valuable insights about their careers and experience, which will offer you far more than any book on the topic.
Going to industry events and joining career-focused platforms like LinkedIn will open doors, giving you access to a broader network
- Determine Your Target Customer
After gaining the perspective of a successful person, you’re likely to start seeing a clearer picture of what success looks like, right? If so, the next step is just as crucial as the first. Which is to understand who your target customer is.
To build a strong foundation for your business, take time to dive deeper into researching your ideal customer’s preferences, needs, and pain points. Also, don’t hesitate to leverage AI tools to refine and specify your customer profiles even further.
- Solve Real Problems
A successful business thrives when it’s solving a problem for the customer. Look at your target customer and start engaging with them directly. Use DM’s, comment on posts and do whatever else feels natural to connect with your customer base to understand them on a deeper level.
- Develop a Cost-Effective Business Concept
Now, combine everything—understanding the problems and providing solutions—into a low-cost business model. Endless possibilities await, and you don’t need much more than a laptop and an internet connection to get started.
Dropshipping, digital products, and handcrafted goods are just some of the countless small business ideas you can dive into.
- Gather Feedback
No business prospers without embracing feedback and improvements. At this stage, it's crucial to reach out and gather opinions from your audience. Not only will this boost your confidence, but it will also be instrumental in refining your business and getting more successful.
- Manage Resources
Once that’s all done, you need to look at your resources and manage them efficiently. Look for free tools and software that can streamline your operations, such as project management tools, social media scheduling apps, or accounting programs.
If you're looking for guidance, don't ignore the valuable resources like SCORE and the National Women’s Business Council, which offer access to experienced mentors and coaches who can provide you with valuable feedback and grow your business.
- Set Up Your Business Today
As your business begins to take shape, there’s no reason to procrastinate any longer. With the feedback, insights, and everything you’ve gathered, it’s time to act and set up your business now. Refinement and improvement can happen as part of the process but waiting for the right time does not help.
Now that you’ve figured out what you want to do, stop procrastinating and do it! Theres no reason to stay in that grey area of should I, or shouldn’t I? The path is always unclear, waiting doesn’t change that!
Awab Elbashir contributed to the writing of this article.
Editor’s Choice: 10 Ways to Reduce Business Expenses Effectively
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