How to start a business with little or no money 

Starting a business is often associated with the need for a large initial investment. However, this is not always necessary. Although difficult, starting a company with little money is possible and very common.

However, starting a business with limited resources implies a lot of effort, even more than usual. It requires patience, discipline, creativity, and a very well-defined strategy. Income rarely comes quickly, but with a solid foundation, these low-resource projects can become highly profitable and scalable businesses. In today's post, we'll help you achieve it.

The keys to success

Here we tell you what you can do to start a business with little money:

1. Low entry barriers. The main key to success with limited resources is choosing business models with low entry barriers. For example, businesses based on personal skills or digital services.
2. Creativity. Starting small to grow later is one of the keys. You don't need to have a disruptive and perfect idea from day one; it's better to start with something simple. Focus on solving a specific problem, and if it works, grow later, improve your idea, expand services, and scale the model.
3. Solid business plan. Having a good idea is the first step, but then you need to know how to make it happen and whether it can be profitable or not. To turn your idea into a viable business, it is essential to have a plan that details everything. Answer questions like: what problem do you solve? How are you going to generate income? What are your minimum costs? What business model will you follow? What resources do you need to start?

When starting a business without money, it is crucial to keep your overhead costs to a minimum. This can be achieved, for example, by working from home, buying second-hand equipment, and outsourcing only the essentials.

4. Your team. Starting a business surrounded by other people is easier than doing it alone. When there is no money to hire people, the alternative is to surround yourself with people you trust and who trust in your project. Look for friends, family, or acquaintances who have complementary skills and can provide value and experience.
5. Invest time in knowledge. Knowledge is a very important asset for entrepreneurs, and even more when starting a business with little money. Investing time in learning about finance, marketing, sales, and technology can save you many costs that you would otherwise have to cover by hiring third parties.
6. Put people at the center. Although the goal of any venture is to see profit, this should not be your focus, but rather the people. A business only grows when it provides real value and solves specific problems. Therefore, think about how you can positively impact your customers and offer a good solution to their needs. The revenue will come with time.
7. Validate your idea. One of the most common mistakes is investing time and effort in an idea that the market doesn't need. Therefore, validating the business before launching it is essential. The first step can be sharing the idea with your close circle to get their feedback, and later, you can develop an MVP and test it with potential customers.
8. Be flexible. Not all ideas work as initially conceived. Flexibility is one of the most important skills for an entrepreneur. Being willing to pivot, adjust the business model or change focus according to market needs can make the difference between failure and progress.
9. Networking. Networking can also be one of your best allies. Attending events, entrepreneurship fairs, forums, and conferences allows you to gain visibility, expand your network of contacts or find potential partners or clients.
10. Marketing strategy and social media. Marketing is an important area, whether you have a large or small company. You need to take advantage of social media, create valuable content, interact with your audience and build a community to improve the organic growth of your business without spending any money.
11. Alternative financing methods. If at any time you need economic resources that you don't have, you can resort to alternative financing methods instead of banks. Crowdfunding or FFF can be viable options in the early stages.
12. Economical tools. Today we have a huge number of free or low-cost technological tools that facilitate management, marketing, communication, and productivity. Researching and choosing the most appropriate options allows you to optimize resources and gain efficiency from the start.
13. Seek support in acceleration programs. One of the great options is to seek expert advice by joining acceleration programs such as La Lonja de la Innovación's.

Starting a business without resources is not impossible, but it is a path that requires perseverance and strategy. Betting on business models with low barriers to entry, starting simply, validating, and keeping costs under control are fundamental pillars for moving forward. In La Lonja de la Innovación blog we have numerous articles in which we support entrepreneurs by sharing knowledge, tools and real experiences. Furthermore, we have a permanently open call for anyone who wants to join our acceleration program.