*This is a contributed post. This post contains affiliate links.
Starting a business is a challenge, even more so when you don’t have any available funds to start with. When creating a business from scratch, some people will already have savings available to personally put towards the creation of the business. However, that’s few and far between.
The accessibility of creating a business nowadays has improved greatly but that doesn’t mean making it successful is any easier.
If you’re looking to start a business in 2023, then here are a few tips on how to set up a business with zero funds to your name.
Speak to investors
Firstly, speak to investors. There are plenty of people out there who are willing to back those who are starting a business and perhaps have a really unique or sellable business idea.
There are plenty of places to find investors, from LinkedIn to networking events that are specific for connecting new businesses with investors looking to invest in a company or two.
Don’t be afraid to reach out to investors and pitch them your company for backing. It might fall flat with some investors but for many, you only need to find one interested investor to get the funding you need to set up your business.
Start the business online instead
If you’re looking to save some money, then you can always consider setting up the business online. There are a lot of savings to be made by starting a business online. It might not be the right solution for every business venture, but it’s definitely worth considering if you’ve got limited funds to work with and don’t have the money to just lease out an office for the next year.
Operate remotely
Operating remotely is definitely a great option nowadays for any business. Since the pandemic, a lot of businesses are operating in a hybrid format or entirely remote in some cases. While office work hasn’t been eradicated completely and will always be needed to some capacity, being able to operate remotely can definitely save you money.
As a new business, consider the advantages and disadvantages of operating remotely. You may find the answer is right in front of you.
Make use of a company credit card
A company credit card is a suitable option for those who need access to more funds. If that sounds like, you then it’s worth checking out the best merchant service company for credit card usage.
With a company credit card, it, of course, needs to be handled with care. You don’t want to be building up too much credit card debt and it’s worth making sure it’s paid off sooner rather than later.
Outsource instead of hiring staff
Finally, it’s worthwhile outsourcing your staff instead of hiring them. With outsourcing, you simply pay for the work done, rather than having to be financially responsible for them. As a new business, you want to keep your running costs low so hiring staff full-time might not be the best decision.
With these tips, you have every opportunity to start a business, even with limited to no funds available.
Want to stay connected and inspired in your fashion business journey? Join our list for free here!
