How to Start a Business with No Money
Starting a new business requires certain amount of capital. The amount of investment required to start a business would differ based on the business model and the business plan. However, the investment in the business has nothing to do with the success of the business or potential size of the business. For instance, Infosys started in 1981 with an investment of $250 (Rs.15000) is now a $8.64 billion (Rs.54000 crores) global company. Therefore, if you are an Entrepreneur with a limited budget, you can follow the following steps to start a business.
LLP Registration with EMI Option
The first step in starting any business is to incorporate a new business entity. Incorporation of a business entity would facilitate opening of bank account for the business, obtaining tax registrations and invoicing clients. LLP (Limited Liability Partnership) registration is the lowest costing business registration at just Rs.8000. Further, with EMI option available from www.complianceindia.co.in for LLP Registration, a business can be started in India at just Rs.715 per month with a 12 month EMI plan.
Sell on Ecommerce Portals
Once the business in registered, becoming a seller on Flipkart or Snapdeal is easy. The articles on “How to become a seller on Flipkart” and “How to become a seller on Snapdeal” provide detailed information for becoming a seller on an established ecommerce platform. Becoming a seller on an established ecommerce portal like Flipkart or Snapdeal or Amazon provides easy access to potential customers. Further, as aspects relating to marketing, technology and logistics are taken care of by the ecommerce platform, you can easily start generating revenue.
Start providing Services
Starting a business that provides services often times requires very little investment and can be scaled up easily. Businesses such as Digital Marketing Agency, Medical Transcription, Web Development, Tutoring, etc., require very little investment or infrastructure to start. Here are also some great Home Based Business Ideas. Further, the Government of India provides an exemption on Service Tax applicability until a business reaches an annual turnover of Rs.10 lakhs. Therefore, small businesses that provide services do not have to collect service tax from customers, giving an edge over established businesses. You can also find numerous clients for starting a service business on platforms like Elance and Freelancer.
Compile a Great Business Plan
If you have a great business idea but no funds to execute, then preparing a business plan would be the way to start. Today more than ever money is not required to start a business with plenty of private equity firms and angel investors looking to fund the next big idea. Therefore, it is important to prepare a good business plan and a pitch presentation to showcase the idea to friends, family and investors. Also forums such as TieCon, CII, FICCI, etc., conduct regular pitch presentations wherein you can easily reach out to prospective investors. So get a business plan prepared and be ready to pitch – if you want to start a business with no money.
The Central Government and State Governments have a number of schemes to promote first generation entrepreneurs. These schemes provide seed funding for the Entrepreneur to start a business along with the required bank loan. Some of the schemes that provide such funding are NEEDS Scheme in Tamil Nadu, Self-Employment and Talent Utilisation (SETU) Program (announced in 2015 Budget), etc., Entrepreneurs with limited funds can also contact the nearest MSME Office to enquire about seed funding schemes from the government to find ideas for starting a new business with no money.
To start or manage a business in India, visit www.complianceindia.co.in.