How To Start Your Own Business With No Money
So you’re wondering, ‘How To Start Your Own Business With No Money,’ really? Not every new business idea out there is created equal, nor are they profitable. The majority of these ideas just plain suck. So if you’re wanting to get out of that 9 to 5 cubicle rut, and you’re wanting to create and then activate that new business idea, then hang on.
You’re dreaming of that perfect business that’s capable of pulling you out of the hole your in, the one that will earn you immediate income which will seamlessly replace your current lifestyle and possibly improve your living standards.
There are a boatload of different business ideas and blueprints out there which are not capable of generating revenue. Not the income which will allow you to ditch that dead end job. So it’s the… ‘Make Millions In My Own Small Business’ mindset that really needs to be ditched instead.
But that necessarily doesn’t mean that you won’t eventually be able to start that brand new sparkling business venture. What’s required is you going back to the proverbial drawing board and start plugging in any of these basic characteristics which may trigger or snuff out any of your business ideas.
Small Business Worksheet
Having An Exit Strategy
Your great business start-up won’t have a snowballs chance in a hot oven because your dream takeover will never happen. Google, Yahoo or Time Warner isn’t planning on buying out your business any time soon, or you’re not going public or getting millions in seed capital if you go broke before you get off the ground.
Your ‘dream’ end game of a corporate buyout will never become a reality without having a solid and profitable short term game plan. This short game plan’s number one priority is that you need to survive next week, you need to be able to make a living, be able to put food on the table. Make an immediate profit!
So the basic idea is, your new start-up business idea must be able to generate immediate income the day that it’s activated. There’s no point to base potential ‘profits’ on hypothetical ‘Paper’ paydays which will most likely never happen.
Start a business so it’s capable of making money right away, not because you’re copying a similar blueprint of an existing company or a business plan that you heard or read about in an ebook.
Creating Business Traction
Business models which has that traction are typically those Internet subscription or membership based sites, or sites which are supported by advertisements. The traction that you need doesn’t just automatically occur because you’ve got that great URL and all that excellent unique relevant content on your blog.
In most cases, that will usually never happen. Most of these sites today are required to attract tens of thousands of unique targeted visitors as well as heavy clicks on the ads per page, just to be able to make several dollars.
You just don’t have the time to wait and see if your business is able to attract any kind of a following. So you’ll need to be able to develop and sell a product, preferably a virtual product such as an eBook or a software application. These have a better chance of generating you immediate income.
Avoid Small Margins
Products or services which generate low profit margins, like five cents on the dollar, has absolutely no chance of survival. You’ll need to concentrate on building an online business with profit margins anywhere from a 60 to a 100% percent gross profit margin. As you begin to scale your business, your profit margins as a result may begin to decrease.
However, if you’re able to do the majority of the initial work yourself, or outsource cheaply in the early phases, then you’ll be a lot more successful in the long run as a result. This will be the only reason why you will be able to make money with a smaller margin.
Licensing Of Useless Unproven Intellectual Based Property
No large corporation will be hunting down your email address, knocking on your door any time soon, or be phoning you wanting to license your untested and unproven product.
Licensing is just not a legitimate start-up business, it’s a complex issue with big corporate players flinging around big dollars, and it just never goes in favor of the start up entrepreneur. So never base or hope that your primary revenue stream will be on this once in a million ‘licensing’ dream. Instead, put all your efforts into building your own great brand focusing on a successful as well as repeatable business model in a solid money making ‘niche.’
Your End Target Market Is Just Too Limited
If your business happens to target or goes up against those large established corporations, or you try to emulate those proven super rich gurus, or at the other end of the scale, there’s only ten people on the entire planet who would ever buy your product, then stop what ever you’re doing right now.
You can’t think or expect that you or your company are so special to be able to hit that solo home run, because it won’t. So never begin with a severely limited prospects pool that you can sell to. Instead, you’ll want to develop a well-balanced ‘in demand’ product or offer, one that is capable of generating instant cash flow from a wide range of ‘cash rich’ niche buyers. Create a marketplace which will support clients, regardless of what their interests are.
Those Costly Start-ups
If you require a lot of money to activate your business plan to get yourself into the game, or you need to stock humongous inventory so you can set up shop, then don’t start at all or at least scale it down.
Simplify it if you can, or even better, scrap the idea and move on. If you can’t start right away, and can’t make money right away, then you will die broke trying.
Avoid Those Businesses That You Know ‘Squat’ About
If you’re that brand new start-up on the block and decide to go up “head-to-head” in an attempt to compete against those who are already established, this instantly puts you you at an extreme disadvantage.
What really makes you think that you can start up a new company, fresh out of the ‘cookie cutter’ box, and honestly expect to kill the market with instant sales? You really have to live through that extreme learning curve when you’re first starting out, so stop thinking that you can operate a business immediately. Stop complicating matters when you most likely don’t have an absolute clue regarding the product or the service which you are planning to market.
Instead, attempt those easier business models which will rely on business-to-business revenue, or collects service fees or other similar business models where the revenues aren’t based on those uncontrollable circumstances which you can’t do anything about.
In the long run, you’ll always be able to experiment or scale up your business model so you can include secondary or longer term revenue streams. The reality is, you need immediate revenue for your new business, if not, it’s entirely possible that you may go broke before you get indexed by the search engines.