How to Start a Business, Even When You’re Broke!

I speak with a lot of entrepreneurs and people that want to own their own business(s). One of the primary excuses people have for not getting started with their business is, 1) they don’t have any money or 2) they don’t have enough money to get started.

It’s your idea, your time and your future so get started anyway. Own it; when you own something, you invest in it. You may not have any or enough money to invest in your business the way you’d like to right now but that doesn’t mean you can’t invest in it with your time and best efforts.

There is always something you can be doing to fuel the vision of your business. If you have no money to invest, then I would do the following things:

 

  1. Make sure you have no money to invest

People always say they don’t have money…but when they really take a good, honest look at their finances, there are a lot of places where they can trim the fat…(i.e. cable bills, eating out, entertainment… etc.).  This may take some sacrificing but trust me, it can be done, and it will be worth it!

 

  1. Take advantage of all of the available resources that are out there.

Is there a guru in your industry?  Start following that person on social media.  Start reading the books they read. When your business is not making any money, then by all means, take advantage of all the free resources that are available to you online. Successful people leave breadcrumbs, especially in today’s social economy. Follow the path!

 

  1. Attend conferences.

Regardless of what industry you’re looking to enter, attending conferences pertaining to your craft can be a major benefit to you and your business. If there are marketing or sales conferences, attend those too. If you cannot afford the conference fee(s), then try to volunteer to work at the event. You’ll at least be exposed to the information if you can’t afford to pay for all of it.

 

  1. Join your local small business associations and chambers of commerce.

They may have some resources available to you. Many times these resources are FREE and or discounted to members. This also gives you a prime opportunity to network and connect with local entrepreneurs you may be able to partner with.

 

  1. Just get started!

Some businesses don’t take a major investment. You need to just get STARTED. You can get your website up in running for a relatively small amount of money. Then, presto! You’re in business.

 

Of course, I could go on and on about each of the five things I mentioned above. But the bottom line is….get started. Your business won’t work unless you do!

Finally, have a plan. Even without any money for your business, you can create a plan of the things you want to accomplish for your business in the first quarter. For example, don’t just say “by the end of March I want to launch my business”. No. Make your plan(s) specific and task oriented.

For example, “by March 28, I want to have my website and business cards completed and by April 15th, I want to make five new business contacts”. The list can go on and on from there but the more specific you are with your goals, the greater chance you have of achieving them.

These are just some examples to help you begin the process. Remember, don’t use money as a reason not to get started on getting your business going.  And if you truly need money for starting your business then you may want to consider bringing on partners or getting a second job that will allow you to invest more financially.

I hope this helps! Let me know what you think in the comment section.

[If you liked this post make sure you join my Traffic Sales and Profit group on Facebook. The #1 resource for entrerpeneurs just like you!]

Lamar Tyler
 

Using his motto "The Gatekeepers Are Gone," Lamar, along with his wife Ronnie, has successfully leveraged social media to move the couple's website BlackandMarriedWithKids.com from a small personal blog to an international brand with over 500,000 Facebook fans. As a filmmaker Lamar directed and produced five full-length documentaries which deal with the challenges and triumphs of marriage in the black community and have been screened to sell-out crowds nationwide. Among the recognition received for his work, in 2012 Lamar, along with wife Ronnie was named one of Ebony Magazine's Power 100, a list of the top 100 movers and shakers in the black community for the second consecutive year. The list also includes President Barack Obama, Beyonce and Jay-Z and Tyler Perry among its ranks. In 2014 the couple was selected as finalists for Black Enterprise's Family Business of the Year and in 2015 were selected as finalists for the Infusionsoft Small Business ICON award.

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