How to start a business with no money

We’re proud to announce our next online training course with Ed Dale called Starting from Scratch, which teaches you how to start a business with no money. This article gives you our thinking behind it.

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I’ve been in this online industry full time for about two years now and let me tell you one thing – it’s certainly not easy. It takes hours and hours of effort to be successful and so much of it is completely wasted, because you never know which hours are going to pay back.

I talk to a lot of people who are really interested in going it alone either online or in the ‘real world’ and the most common question is always how do you start a business with no money? People either have time or resources available to them and more often than not, it’s just time and very little capital. But that’s OK and it’s certainly not a reason not to start a business.

One of my mentors is a guy called Ed Dale. You may have heard of him – he runs a programme called The Thirty Day Challenge, which teaches you how to make your first $1 online. He is passionate about online marketing but he’s equally as passionate about helping people to start a business with no money. He calls his methodology ‘starting from scratch and has done it himself many times. I’ve enjoyed learning from him because he talks sense.

He has given me (at least) 5 valuable pieces of advice, which I’d like to share with you when it comes to starting from scratch in the online space.

  1. Don’t give up your day job – Giving up the day job with a business plan (a what?!) and a standing start is guaranteed to see your savings disappear quickly. There’s a better way.  Spend the bare minimum on your day job, bring in your salary and then spend every other waking hour preparing foryour next move.
  2. Today’s economic climate can be an advantage – 10 years ago, online marketing was easy. Cost per click was cheap and few people were in the online business. Today it’s much harder to succeed, yet the tools make your life easier if you know how to use them. You just need a laser guided focus and a will to succeed.
  3. You need to build a bank of cash – When you start a business with no money, accept it isn’t going to be straight forward – you need to build a small bank of cash which can then go onto fund the bare essential tools you need to invest in, such as domain names and webhosting. There are a number of strategies for doing this whilst you’re still doing #1.
  4. There is no excuse not to research your market – So many people start their business, create a product and then spend months trying to sell it without ever considering if there’s a market for it. With the Google Keyword tool and other tools such as Market Samurai, there is no excuse not to find out about the market place before you start… again making it so much easier to get the business off the ground without funding.
  5. It’s not for everyone – Accept that when you start a business with no money it’s a huge uphill struggle. Unless you’re passionate about what you do, have the support of your family and friends, then you’re always going to struggle…

If you want to know more about how to start a business with no money, Ed’s course with The 8.45 Club is now live and will teach you how to start from scratch in the online marketing world. Click the link to see the first module for free! It’s a tried and tested philosophy as you’ll see from the two case studies within the course.

2 replies
  1. kirkoconnor
    kirkoconnor says:

    Done the “start a business with no money thing”. Now all I need is to work out how to actually earn enough to pay myself after all the expenses have been cleared. 😉

    Patience and time and a lot of hard work and exercising of the old grey matter…..

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    This post was mentioned on Twitter by mark_copeman: 5 things to consider when starting a business without cash. From someone who’s done it. A few times. http://bit.ly/9gLD7O

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