What New Business can one start with no money?
There are more than you think!
One would think that there is no such a thing as starting a new business with no money. But if you think about it, some of today’s largest success stories started with no or very little money. HP, Dell, Google just to mention a few. One would ask how is it possible.
For many service and technology based businesses, you really do not need any money. What you need is a great idea, determination, perseverance and time. Let’s just look at a few examples:
Recruiting firm: A dear friend of mine started one in the mid 90’s. He had a pack of business cards and a bunch of letterheads printed up. Total cost was under $100. He got an extra phone line into his home for $37 a month and he was in business. He worked from home, went to see clients in their offices and as he was making deals, saved up for growth. Eventually he moved into a small serviced office and started hiring recruiters working for him. Today, 19 years later he has twenty-seven associates and revenues are in the tens of millions. All these with less than $100 investment.
Iphone app developers: Another interesting case study. Two guys started with an idea to develop applications for the Apple App Store. They worked from home using their own computers that they had since their university years. Start up cost is $0. Once their first product started to generate cash flow, they hired more developers, rented an office and created more aps. Three years later they have seventeen employees and millions in revenues.
There are many more examples that I could give you. A great book on the subject is Timothy Ferriss’ The 4 Hour Workweek. He has some great ideas starting up businesses with very little or no money, and work only a few hours a week. I would definitely recommend it to anyone wanting to start a new venture.
The idea of starting a business with no money and reach untold wealth may sound intriguing to many but the reality is a bit more sobering. No question it can be done. But the chances of succeeding is considerably lower than doing something tried and proven.