Funding or a huge capital is not always necessary when building a business – and this is best exemplified by the millionaire couple who started their ice candy business using the only money they had at the time: just P20! Truly, one can start a business with virtually no money in their hands!
We share here a guide to start a business with no money or only with very little capital to help you get started…
Step 1: Use What is Available
We assume that you are broke and don’t have much capital to start with – don’t worry because a lot of now-rich entrepreneurs started that way, too! When you’re broke, your survival instincts kick in. You just might find it easier to start a business when that happens because your mind is telling you to work hard in order to survive!
So, what’s around you? For the couple with the ice candy business, it was a fridge. So, they bought ice wrappers with the P20 to sell ice. It was very simple yet it launched the business, anyway. At the end of the day, that is what’s very important: Taking the first step!
Check around you for stuff you can use. For example, the computer and internet connection you have at home could be your gateway in building a freelance writing or designing business. Of course, by “what is available”, we also meant what you are capable of doing. So, if you are good at writing, you might want to tap on that for a freelance business.
Step 2: Work, Work, Work!
Your business won’t grow without your hard work. Be prepared to input long hours, especially at the start. If you think of quitting because you are too tired, remember that a lot of successful people started as fledgling entrepreneurs like you. Work hard and you’ll later reap the fruits of your labor.
Step 3: Grow Your Capital
Remember the couple who started with P20? If they didn’t grow their capital, they would be stuck at selling ice for a couple of pesos – but they did not stop at P20, of course. Using the profit they earned from the ice, the couple made ice candy. Although this ice candy costs more than ice to make, it can also be sold for a higher price; thus, a bigger profit.
Then, using the money from the profit they got in that first batch of ice candy, they made more. They began consigning their ice candy to ambulant vendors and school or office canteens. Soon, they were expanding to other barangays, then to other towns and cities!
Step 4: Do Not Be Discouraged
Of course, not all entrepreneurs can be as lucky as the ice candy couple – but did you know that they also faced major rejections from many canteens who refused to sell their items? Yes, they faced rejections yet they did not give up. Instead, they searched for more places to sell their ice candy.
Today, the business that started with just P20 now earns millions of pesos a year! Isn’t that incredible? So, if you feel discouraged because business is not picking up, try other ways to market your products or to target new customers. You just might become the next millionaire who started with no or very little capital!
Check out the full story of the ice candy couple: