How to start a business with no money: tips for entrepreneurs

Starting a new business - Caya Slidebean CEO

How do I start a new business?

Step 1: the business idea

Alright, let’s talk about the business idea first when starting a business.

What’s your motivation when starting a new business?

Also, the motivation to start a business shouldn’t be ‘I want to start a business’- or I am out of a job, I’ll start a new company.

Step 2: find a business idea.

We already talked about that. Let’s say this business is called design.inc, because it’s a bold and simple name, which is a great thing to keep in mind when starting a new business.

Step 3: The co-founder.

I firmly believe you need a co-founder. I doubt I’d start a new company by myself. While I can do some basic coding, I wouldn’t have time to code AND grow and sell the business, so I’d seek a new co-founder for this.

Step 4: kick-off

I’d aim at developing an MVP of the platform. Before doing that, we should agree on the company terms, share distribution, and so on…. you can find a video here. Again, we would do this while keeping our day jobs.

Step 5: Traction and De-Risking

I’ve always said you need traction to raise money. Traction = business de-risking. Confirming that the business is worth something.

Step 6: Seek funding

If this idea is a tech startup, then I would look for investor capital, yes. I draw a line between tech startups and traditional small businesses, so make sure you know what you are getting into.

Get help with your Pitch Deck

I’d navigate my network to approach investors. LinkedIn first, AngelList, later. This great pitch deck I wrote, with a fresh product with significant growth, should get me through the door for a few investors interested in starting a new business.

What comes next?

Well, that depends on the business- but I hope this is enough to shed some light on the approach.

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