How to Start a New Business With No Money: Tips for Entrepreneurs

what if I started a brand-new business today how would I approach it let’s let’s just imagine this scenario slip bean the presentation stage that I started in 2014 disappears today kind of like like the leftovers okay so our AI design system disappears our SEO our useds our income and our crew and this YouTube channel in this alternative universe I’m left with my personal YouTube channel which is still tiny but you can follow me of course last-place paycheck plus I’m the only person in the world that recollects slight B never existed which entails I have no credibility as a benefactor all I have left is my experience so how do I start a brand-new business pace 1 the business idea let’s talk about the business idea first I securely believe you should only start a business around something you know how to do an manufacture you’re familiar with where you’ve worked for a while I have a good knowledge of the startup ecosystem though retain none knows who I am anymore I have some motif insight I have video revising and digital living my brand-new business is also expected to be related to one of those the competences and one of those groceries perhaps an AI expedited video editing stage though that are present maybe a pitch deck design and writing work for startups but somewhat previously does that funny in any way the challenge here is once again credibility when we started that line of business we already had a brand people new slab radiation so they weren’t leaving their moves to a stranger it was this cool company slide pain and a gues money that are beginning these chaps must know what they’re doing to raise money freedom without that background I like to think it would be a lot harder to compete so lessons learned now don’t really build the first thing that comes to mind find a market niche find something where you and your experience can stand out too the motivation to start a business shouldn’t be I want to start a business or I’m out of a job let me start a new company in this scenario I haven’t lost my savings but my savings would only last for a few months so no I would not go to start a business right away I’d get a day job so scratch step one and alter that to get a period hassle make sure you don’t have the pressure of running out of money and not being able to afford rent it’ll put you in a much better position for anything you set out to do I this should be a day job that gives you some flexibility if you’re confined to a desk nine-to-five it’s gonna be hard to get anything else done brand-new gradation to find a business idea so we already talked about that but let’s say that this new business is gonna be called layout Inc because it’s a daring and simple specify gradation 3 the co-founder I firmly believe you need a co-founder I disbelieve I would start a new company by myself well I can do some basic coding I wouldn’t have time to code and develop and sell the business so I’d need a brand-new co-founder for that since my move soul co-founders have disappeared and none knows that I know a thing or two about startups I have to start with my immediate contact network so I’d are to achieve friends who I know that have some of the skills and knowledge in the area I double down on my involvement in the local startup stage you know as in meetups go to occasions not conferences I’m innovate about that locate a co-founder is hard I made a video about that they should be in a same plight as you I mean senility date activity and they should be excited about the idea enough to commit to it we should date a little perhaps you know hack a secondary project together firstly before you know you know going all-in the pressure of not needing money is excellent we don’t need to rush things step for kickoff so I would aim at developing an MVP of the programme but before doing that we should agree on the company periods share dispensation and so on you can also find a video about that now an MVP doesn’t have to be an app when we started somewhat in our first MVP was a abstraction video explaining how this pulpit that didn’t exist yet run and that doesn’t exist anymore people bought into it hater apportion a button and affiliated our imitation waiting list the MVP for my previous company was a Kickstarter campaign it proved that people wanted this concoction so yeah that is a cheap MVP you can do it in a couple of weeks after we validate that we can start doing some coding if my co-founder is working on the commodity I would work on the website and the social proof as CEO for example takes a lot of time so since we’re starting from scratch we should aim at filling up a blog with some material as early as possible maybe some frog sides and reddit berths to see how people react to the concept and then I will launch this as soon as possible and as soon as it’s usable call it alpha beta whatever simply get in front of parties we look back at 15 hour work days now 8 hours of my day chore 7 hours on this new company that’s that’s really the route it ought to have step 5 friction and de-risking so I’ve always said you need traction to raise money traction meaning business de-risking confirming that the business is worth something so of course I would want to de-risk this business as soon as possible to find out if it’s worth quitting my era chore for it and using up my savings to be able to work 100% of the time into this business most of us can’t rendered to live for three years on savings so it’s a real life wager to do this and it gets harder as you get older of course so I would like to see a few thousands of dollars in revenue we’re a growing trend of thousands of users it depends on the business of course and then gradation 6 endeavour fund if this idea is a tech startup then I would look for investor capital yes I describe a line between tech startups and traditional occupations for which we also have a video so make sure you know what you’re getting into I would say it can write and design a nice lurch remain but if you can’t you can always go and get help from someone like sly bean which of course doesn’t exists in this universe I’d steer my network to approach investors so LinkedIn firstly angellist afterward this great pitch stick that I wrote with a fresh make with significant emergence should get me through the door for a few cases investors now don’t “ve forgotten” startup accelerators I did my fair share of programs and I don’t think there’s a lot more that I could learn today but what they do render is initial funding and an extensive network of investors for a company this stage with this amount of resistance you could look at something in the 500 startups dreamin or Y Combinator level smaller accelerators generally take theories theatre corporations but we already improved that friction ourselves what comes next well that really depends on the business but I hope this is enough to shed some light on the approach that I would make now back to this universe we build a checklist of all the steps you could take from idea stage to raising uppercase it’s available on benefactor centre do also if you want to try our very real super easy to use presentation platform you can use the URL in the description to get three free months on any of our hopes I hope you experienced that sorry for the clickbait entitlement but I’ll see you next week[ Music]

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