The fact that you are reading this shows that you have been thinking about starting your own business for some time now. But, there are obstacles like no money, lack of certain skills that are required, fear of losing the security of your current job, absence of a proper business idea, fear of the challenges when starting one, etc. But, the most important one of these obstacles is the lack of money, because if you have it, everything else usually follows.
There may be some ways to start it with bad credit, but laying a foundation for the same is surely a deadlock. But, as they say, nothing is impossible. With the advent of the world wide web, new ways of earning the money with no or little investment have emerged. Although, if you are aiming for a large brand that you can expand worldwide, then it will take at least some investment and a lot of efforts.
You can start with the research, business idea development, and market study phase with zero capital. However, you will need to generate it as you get closer to starting one in reality. The following points will guide on how to generate that capital:
The web is a very good starting point for new businesses, and with the evolution of social media, its benefits have increased ten-fold. Start with a website or blog for which hundreds of free resources are available. Here, you can test the various ideas that you may have for your initiative. If you want to launch your own brand of T-shirts, you can start a website or a blog that provides unique T-shirt designs, and reports the latest trends in the same.
If your designs are genuinely good, you will get good readership, from which you can develop a community of people who like your T-shirt designs. You can even earn money from it with the help of free tools such as Google AdSense. Then, you can launch premium services on your website, and that will be the beginning of your brand.
Angel Investors and Microcredit Organizations
If you have a path-breaking business idea, you can get your investment from angel investors or microcredit organizations. They are individuals (or companies) who provide grants to small start-ups, in return of ownership equity or convertible debt. But, to get someone to believe that your idea is going to work for sure and that their money is not going to be wasted is not an easy task. You have to be ready with your research for the idea, the business plan, the market study, the sales projections, and your commitment towards it.
If your idea is inclined towards social causes, environment conservation, green technology, etc., there are many NGOs, which will fund your venture. However, it will be essential for you to convince them of your good intentions, along with being ready with the complete plan. There are also certain government schemes, which may be able to help you.
Exploit all the Free Resources
There are many free resources available online, as well as offline that can help you in your endeavor. Find and use them all. Even if you don't start your business online, you will need a website for providing its information. Also, make use of the power of social media sites for free publicity.
The best way to ensure that your new initiative work is to start it in the field that interests you. For those who have a job, it is advisable that you don't quit it altogether till your business gets going.