From Scratch: Starting a Business Without Capital

[Project managers take note!  Starting a business from scratch and without capital is something you may do if you want to start a private practice.  Plus starting a project from scratch without capital is very similar.]

When you have little to no startup capital, founding a business can feel like climbing a mountain. Fortunately, the digital revolution has made starting up easier and more affordable than ever before and, with the right know-how, it’s possible to pitch for funding and run operations at a minimum expense.

Business Models

If you’re working with a limited budget, it’s important from the get-go to structure your business in a way that’s financially sustainable.

•  Some business ideas are more affordable to manage than others, this is especially true when you compare physical with digitally-based ventures
•  Your company’s structure can play an important part in its continued survival
•  Before you invest any of your own money, be certain to research and then write out an airtight business plan to help you navigate the road ahead and secure investment

Operations

Without capital, the day-to-day running of the business will need to be financially sound. Refine your processes to ensure low-cost and long-term stability.

•  Many high-quality CRM (Customer Relationship Management) programs are easy to use and available for free
•  You can organize your finances and manage these more efficiently with free accounting software
•  Be sure to utilize the many and varied free tools online that can help you to optimize images, copy, and other marketing collateral, like this one that lets you easily remove the background from images, making them more customizable for your purposes

Funding

Ultimately, you want to secure investment in order to grow your business. Doing so is often more straightforward if you know your options.

•  Crowdfunding sites are a novel but effective means to secure funding as a growing business
•  Private investment remains a viable option for strong prospects
•  Regardless of where the money comes from, it’s important to practice your pitching/presentation techniques so that you can impress when the time comes

Getting a business off the ground without capital requires more smart thinking and hard work from the owner but it is possible. Make sure you use all the technology available to you and maximize your exposure to increase the chance of funding.

We specialize in serving aspiring, new, and accidental project managers, and their organizations seeking to improve their project management practices. Whether you are an individual or an organization, we can help you advance your journey. Learn more, at: www.accidentalpm.online.

Guest blogger Brittany Fisher has spent more than 20 years as a CPA. She runs her own site, Financiallywell.info where she shares her knowledge about taxes, personal finance, and general financial literacy hoping to help anyone who may benefit from it.