Starting an Enterprise on Empty Pockets

A fine prerequisite for starting one’s own business is a massive idea. But it takes much more than creativity to set up an enterprise, grow that business and make a profit. Everyone knows that it takes some startup capital, right? If you’re young, perhaps jobless or pre-professional, but still highly passionate, think again.

Despite a lack of money in the bank, there are ways to sow the seeds of one’s entrepreneurial dreams. It’s just up to the creative individual who’s doing the dreaming to follow through and make that business a reality.

Starting an Enterprise on Empty Pockets by Exploring Your Options

You may be wondering how you’ll be able to set up a new company without capital. If you think about it carefully, it may turn out that you’re not entirely broke. This may be true only if you can find that one crucial source of funding to invest in your business. Do you have a savings account (maybe your piggy bank)?

Think back to the days when you were a high school or college student working part-time in the food industry or delivery services. Perhaps your parents were thoughtful enough to suggest that you save those earnings for an emergency. If this was indeed the case, you might regard your new venture as your emergency right now!

A major con is that if your business fails, you probably won’t be able to pay back the minimum and the entire borrowed amount plus interest – which can lead to bankruptcy. One other option to get some capital would be to ask your parents. If your parents can afford to lend you money, this would probably be your best option. Your parents may well agree to lend you the funds without checking whether your business concept will work or not.

The loan they give you would be interest-free and you probably won’t get a lot of grief if you’re a little late clearing your debt. However, a disadvantage of this is the possibility of a family rift. It may not be likely that a rift would develop between your parents and you, but there could be some resentment on the part of your sibling towards you or your parents.

Singapore Grants for New Businesses: A Complete Guide

Once you’ve obtained your capital, take a month off to focus on how you plan to develop and run the company that you set up. Use smart tactics to figure out how you’ll promote your company and make it into the success you’re dreaming of. Keep in mind that this one month is critical as it will be the foundation of everything that you’re trying to achieve with your business. However, if you find that you cannot survive this one month by being jobless, find some part-time work at a site like TaskRabbit.

Remember that you should only spend capital on the basics for your business at the start. You don’t yet need an extravagant, professional office. You can work from a quiet space in your home. Have meetings at reputable food establishments. Only when you start building some capital should you think about renting a space for your office. If you’re lucky, you may end up finding a furnished one!

Set Up a New Company on Empty Pockets by Charging Suitable Rates

Don’t become a hungry, homeless person in the process of setting up a new company! Without food and shelter, you wouldn’t be able to make important business decisions either. After one month, restart your hunt for a job that’ll pay enough you to survive. Determine the minimum rate you can charge so that your entrepreneurial efforts will be worthwhile. Don’t give in to your fears and bid a low price that’ll just end up being an exploitation of your skills. Do some market research to figure out the exact amount of money your skills are worth.

Determine the minimum rate you can charge so that your entrepreneurial efforts will be worthwhile. Don’t give in to your fears and bid a low price that’ll just end up being an exploitation of your skills. Do some market research to figure out the exact amount of money your skills are worth.

How To Set Up A New Company When You're Broke

Set Up a New Company on Empty Pockets with the Right Promotion

Can’t afford to promote your business through business cards, sponsorships or high-profile advertisements? Don’t worry, because there are many low-cost ways to promote. You can do so through social media platforms and some personal effort. Twitter is particularly helpful. Here, you can share content from another entrepreneur or leader to get back a follower. This will help you promote your own company to a potentially important individual in the business.

Also, you can address organisational leaders through emails to gain their support. This means you need to spend a significant amount of time building a solid network for your company. LinkedIn can be particularly helpful for this. Take advantage of webinars you can find at Skillcrush and workshops like the breakfast chitchat programme with CreativeMornings. These are all available to you free-of-charge.

Set Up a New Company on Empty Pockets with Intense Focus

As you’ve seen, you won’t be able to set up a new company in just a few days by following the described above. You’ll need to consistently persevere in order to . This will then lead to profits, and for this to occur, you need to be completely focused. Steer clear of distractions like hanging out and shopping with your friends. Rid your thoughts of any remorse you may feel from not being able to enjoy life like your friends do. Remember that one day when all your hard work pays off, you’ll be enjoying life much more than they ever will.

Steer clear of distractions like hanging out and shopping with your friends. Rid your thoughts of any remorse you may feel from not being able to enjoy life like your friends do. Remember that one day when all your hard work pays off, you’ll be enjoying life much more than they ever will.

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C.E.O @ The New Savvy
Anna Haotanto is passionate about finance, education, women empowerment and children’s issues. Anna has been featured in CNBC, Forbes, The Straits Times, Business Insider, INC and The Peak Singapore. She was nominated and selected for FORTUNE Most Powerful Women conference in 2016 (Asia) and 2015 (San Francisco, Next Gen). Anna has 10 years of experience in the financial sector and is currently a Director in Tera Capital. Her previous work experience includes positions at Citigroup, United Overseas Bank, a regional role in Business Monitor and a boutique private equity firm based in Shanghai. She graduated from Singapore Management University (Finance and Quantitative Finance).