Money Wisdom Series: How to start a business a with no capital or funding

One daunting task for every individual in the world is starting a business even for people who went to business school or have gained some experience working with a company. The confidence and boldness to start is a big deal coupled with the deeply rooted mindset of failure.

However, the most successful and rich people in the world do not work for salary, but are mostly business owners/entrepreneurs or people who have turned their talent/hobby or passion into a business. The beginning of starting a business is to be ready to serve and provide a service that enhances people’s lives.

Access to funding/money is extremely difficult, and the bank are very reluctant to lend money to individuals with no track record.

What even makes it worse is the tough economic conditions that make borrowing from friends and family even more difficult because they are scared you may not be able to pay back.ADVERTISEMENT

Starting With No Money

  • Have a mindset of a problem solver ie. Work on your mindset skill and be bold
  • Search in your area/circle for a problem you can solve by providing a service. Very much easy is using the resources you have available ie start a delivery if you have access to a car. Start cooking for workers if you know how to cook and offer to wash cars for workers etc.
  • Build a business with the skill/knowledge you have already possess; think about what service you can provide with the skill you possess that people would be ready to pay for? Can you make cloths, paint, drive or program a computer or even speak a language, these are skills and hobbies you can immediately monetize and take advantage of to start your business.
  • Partner someone who has the money but doesn’t have the business idea/skill or knowledge to start a joint business together.ie. Create a product needed by people in your area/school or service needed by people in your church.

What you need to be successful with your business

  • Closing a deal skill
  • Public speaking skill
  • Managing your time/priorities
  • Mindset skill

What are your Assets to start the business?

  • Intellectual property
  •  Talent/Hobby/Passion
  • Acquired knowledge/skill /craftsmanship
  • Landed property if it can generate cash flow
  • Your network of friends/family
  • It is important to note that starting a business takes time, you would get rejection, you will fail and success would not happen overnight but determination, consistence and persistence would lead you to success

©Jerry.J.Afolabi, unlike others is passionate about financial education, independence and financial freedom. He is approachable, provides one on one client engagement and genuinely interested in helping people to take control of their own finances.

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