How To Start A Business With NO MONEY (What The Rich Don’t Tell You) | Summary and Q&A

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August 1, 2022
by
Simon Squibb
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How To Start A Business With NO MONEY (What The Rich Don’t Tell You)

TL;DR

Learn how to start a successful business without needing any external funding by utilizing cash flow, seeking support from family and friends, attracting angel investors through asking for help, and exploring various crowdfunding options.

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Key Insights

  • 😇 Starting a business with no money can be achieved through creative strategies like leveraging cash flow and attracting angel investors.
  • 👪 Seeking support from family and friends should be done with clear communication about the risks involved and the potential for equity-based returns.
  • 😇 Developing relationships and asking for help rather than direct funding can increase your chances of attracting angel investors.
  • 🤨 Crowdfunding provides various options for raising funds, including equity crowdfunding and product crowdfunding.
  • 🤑 Clearco offers a unique concept of raising money based on projected cash flow, allowing businesses to obtain funding without giving away equity.
  • 🍄 Building relationships, having fun, and injecting excitement into the fundraising process can create a positive experience for both investors and entrepreneurs.
  • 🗯️ Researching and understanding different VC firms and crowdfunding platforms is crucial to finding the right fit for your business funding needs.

Transcript

i asked 25 people what was stopping them from starting a business 24 of them said money i find this really frustrating because believe it or not you don't need any money to start a business i'm going to tell you a story how i made 2 million u.s dollars starting with nothing and i'm also going to reveal four easy ways you can start a profitable busi... Read More

Questions & Answers

Q: Is it really possible to start a business with no money?

Yes, it is possible to start a business without external funding. By utilizing cash flow, seeking support from family and friends, attracting angel investors through asking for help, and exploring crowdfunding options, you can launch a successful business with minimal or no financial investment.

Q: How can cash flow be used to start a business without money?

One way is to pitch your business idea to potential clients and ask for a deposit upfront. This deposit can cover the initial costs of providing the service and allow you to start the business without external funding. Cash flow from client payments can then sustain and grow the business.

Q: What should I consider when seeking support from family and friends?

It's important to have a clear understanding with your family and friends that any money they give you may be lost, and they should be comfortable with that risk. Consider offering them equity in the business, so if it succeeds, they can share in the profits.

Q: How should I approach angel investors for funding?

Instead of directly asking for money, ask for help. Show the angel investor that you value their expertise and connections. Build a relationship with them, understand their motivations, and ensure that they see investing in your business as an enjoyable and mutually beneficial opportunity.

Q: What are the different crowdfunding options available for raising funds?

There are two main types of crowdfunding: equity crowdfunding and product crowdfunding. Equity crowdfunding allows you to offer equity in your business in exchange for investment. Product crowdfunding involves pre-selling a product or idea to gather funds for manufacturing and marketing.

Summary & Key Takeaways

  • Starting a business with no money is possible by leveraging cash flow. Pitch your business idea to potential clients and ask for a deposit upfront to cover costs.

  • Seek support from family and friends, but make sure they are aware of the risks involved and consider equity-based arrangements to benefit them if the business succeeds.

  • Approach angel investors by asking for help rather than money. Build relationships, gain knowledge and skills, and show them that investing in your business will be enjoyable and rewarding.

  • Explore crowdfunding options, including equity crowdfunding for investments, or product crowdfunding to validate and fund a specific product or business idea.

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