A Guide to Starting a Business When You’re Broke

Planning to start a business? But, money is the problem?

Many people always ask him about how they can start a business if they don’t have the capital for that business. He believes that the worst time of establishing a business is when you’re anxious because you really need money.

 Sometimes, if people don’t have enough money, they’re desperately looking a way out to fix their financial crisis. That’s why they think starting a business can save them.

If you don’t have the money to start a business, there must be a reason why you don’t have any money in your pocket right now. Maybe, you don’t have any skills, experience or knowledge. If you don’t have any money right now, then you’re not yet ready. You’re not prepared.

It’s better to think twice before you decide to put your idea into your business. Because business requires time, effort and resources. That’s why in today’s discussion, I’m going to give you some tips if you want to start a business without having any money. Today, let’s hear it from BUSINESS ADVISORY SERVICES.

Know That Entrepreneurship Is a Big Risk

Entrepreneurship is a risky venture. Also, media promotes entrepreneurship too much and that causes a problem. Media exaggerates the idea of “being your own boss” scenario and many individuals believe that, even if they aren’t fit to be an entrepreneur. Because of this, some entrepreneurs that are not yet ready are following this dream, and start establishing their business which can result from failing.

Remember that, if a profitable business is your goal, you must know that 90% of small businesses fail in the first five years. Entrepreneurship is really a risky venture because such a high percentage for small businesses fail when they attempt to start their own business. And others who don’t fail are just surviving and not thriving.

Let’s be real here. Those entrepreneurs that made it big are appearing in the magazine. Thousands of entrepreneur who fail won’t usually be mentioned in the media. That’s why I’m going to give you a more realistic version of the story.

Don’t Start a Business for the Wrong Reasons

Don’t start a business because you simply want to make money. Most Tax Accounting & Business Advisory says this.

Remember, if you’re having a hard time financially, it’s the worst time for you to start a business. If you currently don’t have money to support you, and you want to start a business, you just need to have a steady income first. You can work on a day job, and in the evening when you’re off work start focusing on building your own business. Millennials often called this process “side hustle”, they don’t get ahead of themselves by simply quitting their current job.

I’d suggest watching Dan Lok’s Wealth Triangle, where you can have the knowledge to develop high-income skills. These high-income skills can help you to earn money instantly, which can result from having the money you need to support your business.

And once you have the money, you can now start thinking about what kind of business you want to establish and how much money you need to support that business. But not everybody is suited for starting a business regardless if they have the money to do so. Because entrepreneurship isn’t for everybody.

Not Everyone Is Cut out for Entrepreneurship

Just like how not everyone can be an Olympic winner, not everyone can be an entrepreneur also. Entrepreneurs need to possess several important skills that are required for business. These skills are leadership, networking, sales and many more.

Mostly, individuals who start a business for the first time are excessively optimistic, instead of predicting some obstacles and having a plan to solve each possible obstacles. They forgot to be prepared for what’s to come and only focusing on what’s coming. This is one of the examples of why not everyone is cut out for entrepreneurship.

In those dark days of your life, you’ll be in pain because you’ll feel very alone and lonely. You’ll feel like no one can understand you even your family and friends. That’s why many people can’t endure this pain in a long-term, and that’s the reason why entrepreneurship is not for everybody.

You Don’t Have to Be an Entrepreneur to Make Good Money

Remember this, you don’t have to start creating your own business or be an entrepreneur to make a lot of money. In fact, you can make more money by having a high-income skill.

The income you earn with a high-income skill can be unbelievably high, and if you’ll invest that money correctly, you’ll have a comfortable life as a successful entrepreneur.

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