Ways to Set Up A Company With No Money

By: Zain Nabi  |   February 6th, 2013   |   Business, O Canada

The title sounds ironic, but isn’t. Setting up a company without heavy investment is very much possible and equally true is the fact that you can make a fortune out of it. It is a general belief that in order to start a business and do something big you must have a solid investment to support your expenses, but keep that stereotypical thought out of your mind for a moment and think of a number of business options you have got. They can be started without any major investment and if you follow some basic guidelines you can build your own empire.

 

We have got some tips from Travis Steffen, via The Globe and Mail, who has founded a number of start-ups, starting virtually with no money in his pocket. We will share some of them and hope that you can benefit from them.

 

According to Travis Steffen, clarification in concept is very important. You must clearly know your plans and intentions, and before you start working on setting up your own company, prepare a blueprint carrying details about the area you want to work on and the ways through which you will provide your services.

 

Market research is another important aspect and without knowing what people are thinking about the product/service you are going to offer you just cannot gain success. Prepare a design for your company. Be it an online business or any physical setup, you must have a design of the place where you will work.

 

Compare yourself with other companies offering the same services and following the same business model as yours. This will help you further gain understanding of the market and ascertain the level of competition you can potentially face when you start your own enterprise.

 

Education is another important factor. You must not have a business degree under your name but in order to be successful in setting up a business you must know the tools of the trade. You will keep on learning as you work, but taking some short courses online before you actually start your business will also help.

 

Check out all the possible ways to reduce your cost. Outsourcing is one of the options to cut cost. Since the outsourcing industry is very big and competitive you can find many people fulfilling your needs at relatively lower rates.

 

Networking is among the most important tools necessary for success of your business. You must bond with your friends, family, fans and supporters through social networks while you must also meet the leaders of your industry personally. You must develop a strong network as it will greatly help you in securing long-term future for your company. Also, you must discuss your idea and get some help from your mentor. Last but not the least, get an attractive logo designed and make an identity for yourself.

 

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