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Checklist: How to Start a Business with No Money

Start a Business With No Money Checklist

There are tens of millions of small business in the US alone, and starting a new business to compete in this segment will require hard work and dedication.

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Checklist: How to Start a Business with No Money - Small Business Trends.
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Being practical is extremely important when you are toying with the idea of starting a business. By retaining your present job, you will be more secure when you need to take risks. You will, of course, need to spend extra hours and work harder.

Coming up with a great business idea is just the beginning of your journey as an entrepreneur. There are many more steps that you need to take before you can get started. Is your business idea really unique? What value will it generate? Is it something your target audience really wants? Getting answers to these questions is important to determine whether or not your idea works.

STARTING YOUR OWN BUSINESS - RICH DAD POOR DAD

You have a brilliant idea that you know will definitely work, but what about your competition? Will it be difficult for a rival to copy your idea and repackage it in a better way? A potential investor will ask you this when you approach them for funding. You should first look at the trends and identify challenges that your business may face. The next step is to understand how you are going to address those challenges to stay profitable. You require money to start your business, but how much do you really need? Without a clear idea you run the risk of coming up with an unrealistic valuation of your business, which will put off investors and get your loan application rejected.

Opening a Business

These Strategies are beneficial and efficient. So before you start wondering how you should raise money, you should focus on evaluating your funding requirements. Famio January 20, at 2: Or sign up using:. Without a clear idea you run the risk of coming up with an unrealistic valuation of your business, which will put off investors and get your loan application rejected. The next step is to understand how you are going to address those challenges to stay profitable. Starting a business is surprisingly simple--you just need to take the first step.

So before you start wondering how you should raise money, you should focus on evaluating your funding requirements. How much do you need to get started? How exactly are you going to use the funds?

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Crowdfunding platforms such as Kickstarter have changed the way entrepreneurs are raising money to fund their new businesses. Whether you want to sell a new software tool or set up an organic noodle bar, you can get people to invest in your business. You may attend events and trade shows where you can find potential investors. You may also join various online forums on social networking sites where you can find useful tips and resources to bring your business to life.

Most venture capitalists and investors are quite active on social media, so if you can wow them with your idea you may find a great way to get started on your business dream. Want to be sure if your business idea is indeed unique? Run a test and find out. A pilot will give you the confidence you need to take your idea to the next level and mitigate risk. You can start on a small scale by giving away some freebies to a few people in your target audience group to see how they respond.

A small trial can give you some new insights to grow your business and identify challenges that you might have overlooked. If you are planning to get into a completely new business, it would really help if you got a second opinion from someone who knows the market and the challenges involved. A business idea that looks good on paper may not be that attractive when you actually get into it.

Checklist: How to Start a Business with No Money

There are several loan programs aimed at helping first-time entrepreneurs set up their business. To qualify for the loan, your business must meet some criteria such as your business must operate in the United States, your business must qualify as a small business according to SBA guidelines, you must operate for profit and you should have a good credit score. Back in the day, this is not even possible. It is amazing how technology can turn things around. It is now possible to produce money without any money at all.

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I will come back with ideas on how to start a hobby business with no money, including a crowdfunding campaign. It is quite amazing how one can start a business these days with little or no fund. Just a lot of passion and the right idea all thanks to technology. If it does not exist, create it.

If you have an idea-ideas or skills, think of how to use your ideas or skills to create a business and to put it out there to see what it can attract and what you can create. These Strategies are beneficial and efficient. Businesses are taxed on "personal" property, just like individuals. Where I live, no form is required for the year the business is established.

If you are required to file a business personal-property tax form and you plan to work from home using computers, tools, etc. If you purchase tangible personal property during your first year in business, you will list those items when you file your business personal-property tax form the following year. Every locality has different requirements. In my area, for example, a "home occupation permit" is required to verify that a business based in a home meets zoning requirements.

A certificate of resale, also known as a seller's permit, allows you to collect state sales tax on products sold. There is no sales tax on services. If you will sell products, you need a seller's permit. Your state department of taxation's website has complete details, forms, etc.

Start a Business With No Money Checklist

One of the easiest ways to screw up your business accounting and possibly run afoul of the IRS is to commingle personal and business funds and transactions. Using a business account for all business transactions eliminates that possibility. Get a business account using your business name and EIN, and only use that account for all business-related deposits, withdrawals, and transactions. Pick a bank or credit union that is convenient.

Check out your local credit unions; often they provide better deals than banks. Worry about business accounting software like QuickBooks later. For now, just create a spreadsheet on which you can enter money you spend and money you receive. Bookkeeping is simple, at least at first. All you need are Revenue and Expenses columns; you can add line items as you go.

Instead of spending hours playing with accounting software, dreaming up potential expense and income categories, and creating fancy reports with no data, spend that time generating revenue. As long as you record everything you do now, creating a more formal system later will be fairly easy. It will also be more fun, because then you'll have real data to enter. These articles are editorially independent - that means editors and reporters research and write on these products free of any influence of any marketing or sales departments.

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Or sign up using:. Sign in if you're already registered. Straight to Your Inbox. Starting a business is surprisingly simple--you just need to take the first step.