Entrepreneurship has become the need of the hour in today’s time. Partly because of the fact that the economy is not doing so well and good jobs are hardly available and partly because people want to work for themselves instead of others, but whatever the reason may be entrepreneurship is the way to go.
While it is definitely not an easy task, but consistency will eventually bring about fruitful results. An entrepreneur once admitted that he quit his 9 to 5 job to work round the clock.
The only thing that restrains a lot of people from venturing into starting their own business is the need for initial investment. However, there are ways by which one can start a business with no investment at all as well.
As untrue this might seem, but one needs wisdom more than money to kick-start a business that will eventually get on the road to success. Often, it is the idea and not the monetary investment that pays off. If this had been the case, anyone with money would become a successful businessman.
Service based businesses are commonly known as low-cost startups. Here is how one can start a business with little or no investment.
Start a Service or Skill Based Business
Service and skill based businesses require no capital or very minor initial investment. This is particularly because these businesses need a lot of skill and revolves around selling that skill.
For instance, software houses, internet marketing businesses, web development houses, mobile application makers are all businesses that sell services instead of products and these services need skill to be developed instead of intensive initial investment.
While all these businesses may eventually require a set up or an office, since they are skill based they can be started at home. All one needs is a computer to implement the skill along with knowledge that is appropriate for such services.
Once these businesses grow and prosper a lot of profits and money can be earned. Businesses that start with offering to sell one service eventually grow into offering a plethora of services that further grow that business. This shows that service based business have the potential to grow in terms of business and geographical location as well.
Cash the Idea
Another way to start a business with no capital is to come up with a unique idea that has chances of selling and then sell your idea to an investor in exchange for partnership in the company. There are several investors in the market who have enough capital and are looking for groundbreaking ideas to finance.
Team up with someone like this and instead of investing cash; invest the idea, the hard work and the expertise while someone else invests the capital. Sometimes great minds even sell their ideas for an equal partnership and eventually benefit from 50% of the profits.
It might sound too good to be true but it happens in today’s age. However, one requires an absolutely brilliant and groundbreaking idea for it to work out.
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See you at the top,