For as long as I can remember, I have always wanted to start my own business but I always seemed to lack the funds that are necessary to get up and running.
Starting a traditional brick and mortar business in today’s world isn’t cheap and you’ll likely need to take out a huge loan just to get everything up and running and making your first sale.
I have received a good deal of emails over the past couple weeks asking me if it really is possible to start a business if you have little to no money?
After answering this question 3 or 4 times, I figured why not share this information with everyone else by writing a detailed blog post on this topic and make this information readily available to anyone.
In the following post, I’ll be showing you guys whether it’s really possible to start a business with little to no money, or if the popular statement “You Need Money To Make Money” Is true or not.
I’ll also be comparing the start-up costs associated with a traditional offline business and comparing them to what you would need to start building a business online.
Which one is your best option?
Continue reading to find out!
Why Do Most People Fail To Become Successful Business Owners?
Before I get into things today, I want to give you guys some insight into the business world and make you aware of a few things that other people struggle with when they first get started.
This way you’ll have an idea of a few issues other people face and hopefully, you’ll be able to avoid them.
Here Are 3 Reasons Why Most People Fail To Be Successful In The Business World!
1. Insufficient Funds- Having a lack of funds is usually the most common problem that faces most young entrepreneurs today.
To Make Matters Even Worse, This Also Creates 3 Separate Issues That You’ll Also Need To Deal With:
- Creates A Barrier For You– Think of this like a cement block that is sitting right smack dab in the middle between your dreams and reality. This sucks, but unfortunately, this is a reality that most people face and this happens to be the main reason why they fail.
- Creates Doubt– You may begin to 2nd guess yourself and get you to thinking that maybe you should rethink your goals.
- Adds To Your List Of Excuses- Eventually, you may start to use this as an excuse why you can’t reach your goals. If you’re the type of person who procrastinates a lot and is always looking for an excuse then this would apply to you.
2. Stress Factor- This seems to play a huge role in running a business. (Usually The Brick & Mortar Type) The hassle of hiring employees and making sure that you have enough staff to cover your shifts could be enough to make you want to pull your hair out.
This isn’t even the tip of the iceberg, as you’ll also be responsible for balancing payroll, keeping inventory, and dealing with customers face to face.
Seems like a whole lot of work when you put it into perspective like this don’t it?
This is usually entirely too much stress for them to endure and they end up quitting.
3. Hard Work- Another key factor that plays a role in whether people are successful in the business world or not will depend on whether you’re willing to put in the time, hard work, and dedication required to build a business.
Most people don’t realize how much work is actually involved in starting up their own business and think it’s going to be a walk in the park.
They quickly realize that it’s quite the opposite and in order to achieve any kind of success, they’re going to have to work at it.
They say that only the strong survive and they have really hit the nail on the head with this one!
If you aren’t invested in your business enough to put in the time, dedication, and hard work that it deserves, then, chances are that you won’t end up making it very far in the business world.
The Costs Associated With Starting A Traditional Business In The Outside World
Like I said earlier, if you were to start up a business in the outside world, you would likely need to take out a huge loan and go into lots of debt just to have a chance at becoming successful and turning a profit.
Not to mention how much you’ll be paying in monthly utilities, food, gas, and or electric and paying your employees, providing them with benefits, health insurance, internet costs, etc……..
I could go on but I think you guys catch my drift don’t you?
Sounds like a whole lot of responsibilities to deal with, doesn’t it?
Take A Look Below At The True Costs Associated With A Few Popular Businesses Below!
|Papa John’s Franchise||Bar Or Nightclub||Small Coffee Shop|
|Startup Costs||$250K+||Up to $375K||$60K|
|Monthly Costs||Up To $5K or More||Up to $13K or more||Varies|
|Level Of Responsibility||High||High||Medium|
As you can see above, you can look to spend anywhere from $60K to open a coffee shop and all the way up to $375K to open a bar or nightclub.
It’s important to keep in mind that this is the bare minimum and you’ll likely need to come up with several thousands of dollars to buy equipment, hire a staff, and purchase inventory.
Depending on the type of business you decide to go into will determine your monthly expenses and how much money you’ll need to invest.
So if you were looking to start a traditional brick and mortar biz or looking to purchase a franchise would the term “It takes money to make money be true?
The majority of this money is usually borrowed which means you’ll also be charged interest on it as well as other fees!
The Internet Has Revolutionized The Costs Of Starting A Business Forever
Before the internet came along, if you didn’t have a substantial amount of money to invest then you were S.O.L if you were looking to start a business.
The internet has leveled the playing field when it comes to building a business online and it doesn’t matter if you have lots of money to invest, or if you’re on a shoestring budget.
This is probably the single most important thing that seems to crush most entrepreneurs dreams when they first start out and the internet has removed this barrier and makes it possible for anyone to succeed.
If you do happen to have a substantial amount of money when first starting out that’s awesome.
You could put this money to work for you and if done properly, this will pave the way for you to build a really successful business.
However, this isn’t necessary and you’ll have just as much opportunity to be successful with your own business as someone whose pockets may be a little fatter than yours.
Let’s Take A Look At The Costs Of Starting An Online Business
Many people seem to think that running an online business isn’t much different from running an offline business but they are sadly mistaken.
While both business models run off the same concept and I can see the similarities in both of these, there are a few things that differentiate an online business from a traditional business in the outside world.
The costs associated with an online business doesn’t even come close to the money you would have to fork over to start a brick and mortar business and I’ll be going over these costs for you guys below.
|Startup Cost||$14.99||$20-$50||Varies from $10- $100||Up to $500 or More||Up to $2k Or More|
|Cost To Maintain||$14.99/Yearly||$50-$100/Monthly||$5-$300/Monthly||$97-$300/Monthly||$500/Monthly|
These are only rough estimates that most companies will charge you for their products and services and this varies from one company to the next.
If we were to go on the high end of things here you would be looking at spending up to $2500.00 in startup costs and around $1200 in monthly fees to maintain your business and keep it running smoothly.
There are many services out there that charge this and this usually involves joining 5-10 different companies just to manage your business and this alone can be pretty overwhelming on its own.
If you’re just getting started and aren’t that computer savvy then you’ll likely get confused pretty quickly and get tired of logging into several different services just to manage your business.
Wouldn’t It Be Nice If There Was 1 Place That Managed All Of This For You & Made It Super Affordable For You To Get Started?
With all the internet scams out there and get rich quick schemes that seem to plague the internet you may find it next to impossible to find a company that will manage all of this for you, that won’t charge you an arm and a leg to get started.
Trust me, I found this out really quickly when I first ventured into the online world and was looking for an all in one solution to start, build, and grow an online business.
I ended up losing thousands of dollars to companies that claimed they would help me, but in the long run, they ended up taking my money and I was no further ahead than I was when I initially started my search.
It wasn’t until I discovered Wealthy Affiliate that I was able to find a place to manage everything I needed in 1 place and guess what?
I didn’t need to pay anywhere close to $2500 to get started or pay $1200 a month to maintain my business.
Let’s Take A Look At How Much You’ll Need To Invest To Get Started Building A Business At Wealthy Affiliate!
|Website Security||Training||Website Builder||Hosting||Support|
|Wealthy Affiliate Startup Costs||$0||$0||$0||$0||$0|
One of the things that make WA stand out above all the other online companies out there is that they offer a Free Starter Membership Package.
This way you can take their services for a test drive to see if this is something you would be interested in pursuing without handing over your credit card or having to take out a huge loan.
Once you have got a general idea of what you’re doing and are ready to take your business to the next level you would need to upgrade your membership to premium status.
Everything you could possibly need to build, maintain, and grow your online business in 1 place for a very affordable price of only $49 a month.
Where else can you start and maintain a business for only $49 a month?
WA has removed the barrier that stands in most people’s way and prevents them from getting started by making it affordable for anyone to get started building a business no matter what your financial situation may be.
So to answer the question ” Can You Start A Business With No Money”? the answer would be yes.
With over 3.5 billion people online every day spending money and looking for information there has never been a better time to get started than today.
I really hope this has helped you guys out and given you the information you were looking for. If there was anything that I failed to mention or if you have any questions for me please leave them for me in the comments section below.