Are you tired of slaving away at a job every day that you hate? Are you sick of “working for the man”? Do you feel locked in a position that fails to stir your passion?
Perhaps, you should consider starting a business of your own.
According to statistics published by Forbes, 70% of employees are actively disengaged at their jobs. And, over 50% of workers claim to be truly unhappy at work.
If you’re part of those statistics, it’s time you find out how to secure a business loan and start charting a new course in life.
Believe it or not, you don’t need loads of cash to start the company you’ve been dreaming of. But, you will need enough funding to cover your startup expenses.
Read on to learn how to start a business from scratch without any money already in the bank!
How to Start a Business When You’re (Basically) Broke
Depending on the type of business you’re interested in starting, the amount you need to get it off the ground could be less than you think.
The Small Business Administration reports that the average cost of starting a microbusiness is around $3,000 dollars. And, a home-based franchise typically costs between $2,000 and $5,000 to start.
When you realize that you can start a business for less than $5,000 bucks, the idea might seem more like a possibility, rather than a pipedream. But, even $5,000 dollars can be overwhelming when you’re starting with nothing.
If you have a great business idea but lack the funds to get it up and running, take heart. Where there’s a will, there’s a way. And, we’re here to show you how it can be done (despite what your current bank account balance may read).
As a business owner, you’re bound to face a lot of decisions along the way. But, the first thing you’re going to need to decide is what type of business you would like to start.
Obviously, a lack of major funding somewhat limits your options. But, some of the most successful companies had humble beginnings. So, you shouldn’t let your financial situation deter you from starting a business that you’ll love.
Believe it or not, there are countless businesses that can be started for less than $1,000 dollars.
You might want to to consider a home-based business in order to avoid high overhead costs.
Accept the reality that you will have to make some sacrifices during your company’s early days. But, with some luck, any sacrifices that you make will be well worth it in the long-run.
After you choose the business of your dreams, you’re ready to take the next step in your journey to becoming the proud owner of your very own business.
Funding Options to Consider
Next, you’ll need to get the funds to make your dream come true.
There are several ways to get the funds you need, even if you don’t currently have any cash you can personally contribute. But, securing a business loan without any money may require some creativity on your part.
How to Secure a Business Loan With No Money
Many lenders are most likely approve a loan only when you have money in the bank or collateral to back the funds. But, this doesn’t include all of the lenders that are out there.
Today, it’s easy to apply for fast working capital with just a few clicks of the mouse. In fact, there are loan companies that will allow you to complete the entire process online.
A quick internet search will be able to provide you with a long list of companies who offer loans to people just like you.
In addition to loans for people without money, there are loans available to consumers with less-than-perfect credit scores. And, there are even companies who lend to people who have no credit established yet at all.
You might also consider asking a friend or family member to loan you some or all of the money that you need for your startup. Or, you could ask someone to consider cosigning on a loan with you.
Once you’ve secured funding to start your business, it’s important that you the money wisely. And, you don’t want to make decisions that will cause your company to start off raking in debts that you won’t be able to pay back.
When seeking a loan, it’s best to stick to the lowest possible amount necessary to take care of essential expenses. Then, you will be more likely to afford the loan payments you’ll have to make going forward.
The last thing you want to do is to be unable to pay back the funds you’re lent and risk ruining your business credit straight from the start.
Make sure that you create a budget for your business and stick with it. This is especially important during your business’s first years.
When deciding on company spending, you should also set aside some funds for marketing expenses. It’s essential to market your company to the public if you want to attract customers.
Luckily, with the help of social media, there are many potential low-cost digital marketing options. And, you may be able to cut costs even more by choosing do-it-yourself marketing materials instead of professionally produced products.
Need help deciding on a great business idea?
Once you have a startup in mind, you may worry less about how to secure a business loan. After all, there are lots of cool companies that you can start without much capital.
It may be best to hang on to your day job while your business gets off the ground. You might be surprised to learn how effortless it can be to run certain kinds of companies.
If you’re undecided on a business plan, we can help.
Check out this post to find out about businesses that are so simple they can actually make money while you sleep!