Wednesday, March 3, 2010

How to start a business with no money

If you are reading this, you probably want to learn how to start a business with no money.


Well, if you want to make it work out the best for you, then you need to have a few things down pat.

You need to understand the market you are targeting, you have to ask yourself "is this a niche or am I a small fish in a big pond?", is someone else doing the same thing but not advertising or charging too much?, can I turn what I have into a business plan and sell it to a potential investor? Do I need an investor? Can I do this out of my house/car/garage/basement? Can anyone in my family afford to invest money into this business? Do I have a steady income? Am I willing to work my normal job (if you have one) and work this business full time if it goes well?

These are serious things you need to think about, and I'll go through many of them as in depth as possible. But I'll try to keep this post on HOW to start a business with no money. This is with no background of your business idea, personal finances, how quickly you "need" this to business to startup, if it's a niche. Nothing. Some of this post may not even pertain to you, as you think about this more you may realize you can't do anything of the things I am talking about, in which case move on. Don't get discouraged.
So you have NO money? Does that mean you can't scrounge up $10 a week? $10 a month? You have to answer this for yourself. Or you need to think of a way to cut out what you normally do so you can get something saved up if at all possible, as this will only make things easier.

Lets pretend for a minute that you are going to start a "Computer Repair Business". What should you do first?

Check your local newspaper. See if anyone else is advertising. No? Great. Easy. They are? What are their prices? Do they list them? Do they do computer repair in the customer's house? Do they have a Brick and Mortar building? Do they have a website?

So, lets say they charge $45/hour. Then you charge $30/hour because you have nothing to lose, you are just starting. They have a building, no problem. They do in home computer repair for $60/hour. Ok, so you just charge a flat fee of $30/hour regardless of whether you pick it up, the customers drops it off, or you do it in their house. Good.

Checkout the yellow pages, Google your city and see who else is there. Anyone else? Check out their pricing, what they do, and how they say they do it. Awesome.

So, now you know what you charge. You're a computer guy, so you have some programs you can use to remove a virus, you know how to do wireless setups including security, you know how to setup cable and dsl modems, you understand how to use the registry a bit, you know how to restore a machine, reinstall windows, recover data. We're pretending you know most of this, if not more for this scenario.

When you started searching for how to start a business with no money, I hope you didn't think it was going to be easy. Most of this stuff is simple, it's just not easy.

Personal Contacts

So, start calling everyone in your family that you know who has a computer. Say, "Hey Uncle Tim, It's Joey." Ya'know, create the small talk like always. Then ask them, "Hey uncle Tim, I was looking at starting a computer repair business and I was wondering if you had any problems with your computer that needs fixing." your uncle says yes, great! Tell him your pricing and ask if he wants to setup an appointment. No issues with his computer? No problem, tell him to keep you in mind and if he has any friends or other family (in the case of an Uncle who married into the family) to give them your number. Rinse and repeat this for every family member you know that has a computer, every friend's parent you know that has a computer. This is you building a small network of people who already want you to succeed. If you get a few bites from family members, your services may be required by a decent amount of people in your city. If not, start a small business that’s different, more unique, more "nichey". Don't quote me, every situation is different.

Another idea yet!

Same computer repair idea, and you're still asking how to start a business with no money. Hit up some flyers. Why? They are cheap and easy to produce. Simply take these flyers and post them in relatively high foot traffic areas. In my home town, there are 4 trailer parks with several large mailbox "enclosures". Take your flyer and on the bottom of the flyers make "pull tabs" with a snippet of your info, and then cut around it to people can rip them off. Heck, I've seen people do this with a paper plate and a tack, get creative here people. You're an entrepreneur. Tack it up in every one of these and there you go. More easy and cheap advertising. Does your local Wal Mart, Target, Taco Bell, Walgreens, Blockbuster, any store or restaurant have a board where people can post business cards, flyers, etc.? Post it there too. You can use this in conjunction with the first idea. If you can get both to work, great for you.

These are only some of the ways on how to start a business with no money, I will leave more information for another day.

TechSavvyT

No comments:

Post a Comment