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Listen in! Pick up some expert advice to a reader's question that we selected from CyberSchmooz.

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How to Start a Business With No Money

 

Starting a business is a surefire way to generate income, but you need to invest resources to make this a reality. Apart from time and energy, you also need to secure the right amount of money to structure your business.

According to the Small Business Administration, you need at least $3,000 to start a microbusiness. It can be costly if you don't have that much in the bank, but it's possible to finance business even if you have no funds at all. Here are a few tips to help you start a business while your pockets remain empty:

  1. Get your friends and family members to contribute

The first thing you can do is to pitch your business idea to your inner circle to see if anyone is interested in investing in your idea. Relatives and college roommates are more likely to contribute than anyone else, so let them know about your plans and see if they can spare a few dollars to help you start your journey. You can also encourage them to take part in improving your idea. Make sure to repay them for their contribution. If they insist on keeping the cash, at least acknowledge them or pay them in kind.

  1. Apply for a small business loan

Apart from your inner social circle, you might also want to apply for a small business loan. The amount you can qualify for will depend on various factors, including your credit score and the nature of your business. Since you’re starting out with little to no capital, you may want to get an SBA microloan at an average amount of $13,000. You just need to look for a bank that offers such loans.

The good news is that you can find microloans as far as Richmond or Seattle. You can look for a bank in Virginia that has experienced loan officers who can walk you through the process of securing the right type of loan for your business needs.

  1. Start a crowdfunding campaign

Crowdfunding has to be the most popular way to raise capital for your business. By creating an account on platforms like Patreon and Kickstarter, you can start receiving online donations from people who are interested in your product or service idea. All you need to do is to create a compelling crowdfunding page that provides full details about your concept. You can provide incentives to encourage people to contribute and get involved in developing your business. 

  1. Apply for a government-sponsored grant

Governments are allocating funds for innovations and projects that are focused on developing key sectors such as agriculture, healthcare, and green technology. If your idea for a business can help support government research and development initiatives, you may qualify for a small business grant. Acquiring one can be difficult, since grant applications are always competitive, but you can get more than enough funding to start your business.

Even if you are strapped for cash, you can still get the money you need to build your business from the ground up. Use these tips and turn your ideas into reality.

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