Is it possible to start a business with no money? Is it true that it takes money to make money in business? What business can I start if I only have very little money to get going?
These questions are some of the common emails I get from start-up entrepreneurs and employees in Zimbabwe and beyond. In fact many people have been waiting for years to finally have enough to start their business…most never do.
In this post I’ll provide you with resources, realizations that will help you overcome these hurdles in a big way…or at least get you going.
First you need to realize a few things about starting a business in Zimbabwe (or anywhere).
1) It takes a lot more than money to start a business. Understanding this is important because it opens up your mind to the truth that your lack of start-up capital may not be your only (or biggest) challenge. Many focus so obsessively on getting the money to start-up, that they neglect other areas of their business creation. Have you done this? Money, skills, product/ services, processors and systems and of course a market. Actually, when you have all of these other things well planed and in place…money isn’t nearly as hard to find. Reason?
2) The money to start your business already exists. Some forget this. Somewhere out there is someone – an individual or organization that would gladly give you the money you need to start a business, if you’ll give him a strong enough reason. There is no amount of money people, the bank, investors won’t give you if you show them how they can win big by making your dream come true. It requires that you get out of the limited mind frame of how you will personally benefit and start to find out who else can gain if your business get’s off the ground. That’s where your money will come from. Actually, in my book Cash Baron Secrets, I explain in detail how this works, using the ‘four leverage keys.’
3) It’ actually not money you need. Seriously. It’s what you can exchange money for that you need. In other words…if you wanted money to advertise, then it’s really the advertising you need, no the money. Get this in your brain. Once you do you’ll realize that money is not the only way to purchase a given service or product. Barter trade is actually the oldest form of exchange – all the way back since the first cave man swapped his spear for a slice of meat. You can do the same. In fact this is something I’ve done often and it can often bring the price of your purchase drastically down when you know how. What do you have to exchange for what you want?
4) Less money you have, the money you need of something else. As I’ve already said…money is a resource, and in many situations, it’s not the only resource that can do the job you need. However when your money goes down, there are a few things that must go up if you are to succeed in your business.
a) Clarity. Confusion wastes resources – especially time and money. Lack of focus spread out your resources to thinly. Be extremely clear on what you want, how to do it and by when. Be clear on who is doing what and how. Be clear on your strategy and the tactics you’ll use to implement it.
b) Education must go up. When you have nothing to waste, you’ll need to know how to maximize what you have. It take education to do that. No necessarily formal education (that’s been known to disadvantage some), but results based education. Find someone who has or is achieving what you want and take them for lunch. Pay them for consultation. Read good books. Get educated on how to produce results.
c) Time. Some times it’s possible to exchange time for money. Money speeds things up. What I mean is that instead of paying someone else to do the job, you may have to learn how yourself and that takes time. It’s not pretty, but it can work.
Now here’s how to get by with a tiny budget.
1) Start a home-based business. A good many successful businesses are started that way. Have your meetings at a nice (but reasonable) restaurant or hotel – or even in your clients offices.
2) Get into online marketing. It’s by far the cheapest and easiest way to get going for many businesses. And it can be extremely effective once you understand how. Dipleague, getmoreinfo, Zimboogle, classifieds – these are all online advertising services that offer free and cheap ways to reach thousands of people in Zimbabwe.
3) Read this
4) Subscribe to this blog! We’re always sharing smart ways to go about making your business a success. And feel free to browse the archives for posts you haven’t read. Knowledge is power in business.
As you can see, IT IS possible to start a business with no money…you just have to be smart and creative. There are a good many other things I’ll share with you perhaps later this week, but that should get you going. Finally, if you’re looking for a really smart way to use your money to start any kind of business in Zimbabwe – checkout the Bizsetup kit. Nothing like it.
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